(21)The Independent Regulatory Board for Auditors of South Africa has competence in public oversight, external quality assurance and investigations of auditors and audit firms. It implements adequate safeguards prohibiting and sanctioning disclosure by its current or former employees of confidential information to any third person or authority. Under the laws and regulations of South Africa, it may transfer to the competent authorities of the Member States documents equivalent to those referred to in Article 47(1) of Directive 2006/43/EC. Documents obtained in the performance of inspections and inspection reports may however only be shared with the consent of the auditor or audit firm registered with the Independent Regulatory Board for Auditors of South Africa. That requirement may present difficulties in implementing the regulatory cooperation requirements set out in Article 47 of Directive 2006/43/EC. Therefore, the regulatory cooperation between the Independent Regulatory Board for Auditors of South Africa and the competent authorities of the Member States should be subject to close monitoring and review by the Commission to assess whether the consent requirement presents an obstacle to information exchange in practice. On that basis, the requirements met by the Independent Regulatory Board for Auditors of South Africa should be declared adequate for the purposes of Article 47(1)(c) of Directive 2006/43/EC for a limited period of time.