Johannesburg, Friday 15 September 2017 - Following ongoing media reports of purported unethical behaviour by Chartered Accountants, the South African Institute of Chartered Accountants (SAICA) has affirmed its absolute commitment to maintain the integrity and ethical standards of the chartered accountancy profession in South Africa.
With regard to the recent management change developments at KPMG, the SAICA Chief Executive Officer, Terrence Nombembe, said that “SAICA continues to monitor these and other developments and awaits the outcomes of the firm as well as the Independent Regulatory Board for Auditors’ investigations. SAICA will initiate appropriate steps when the outcomes of these investigations are available.”
“The chartered accountancy profession is absolutely committed to upholding the ethical standards expected of members as set out in the SAICA Code of Professional Conduct,” said Nombembe.
“SAICA pro-actively maintains trust in the profession by administering vigilant investigations and disciplinary processes,” explained Nombembe. “Nothing passes without being dealt with either as a result of a formal complaint being received or through SAICA becoming aware of allegations against its members through pro-active monitoring and/or through business relationships with regulatory organisations.
In the event of improper conduct, after due investigative and disciplinary processes, SAICA will deal decisively with members who have acted unethically.
We do not, however, comment on speculation or summarily suspend individual members and only pronounce on factual findings once due processes have been completed,” emphasised Nombembe.
Safeguarding the integrity of the Chartered Accountant designation is essential to ensure investor confidence in the capital markets of South Africa and hence the economy. Maintenance of ethical standards and compliance with the SAICA Code of Professional Conduct by members backed up by a credible and fair disciplinary process is non-negotiable for SAICA.
SAICA’s strategy as a member organisation is to contribute to ensuring the success of South Africa as an attractive investment destination as well as contributing to nation building.
“We do so by ensuring world class accounting, auditing and tax standards are maintained as well as by contributing to nation building through our pro-active initiatives to improve the governance of organisations we are requested to assist. In all instances the principle is that the SAICA Code of Professional Conduct is applicable, even when no-one is looking,” concluded Nombembe.
The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes. The Institute provides a wide range of support services to more than 42 000 members and associates who are chartered accountants [CAs(SA)], as well as AGAs(SA) and ATs(SA), who hold positions as CEOs, MDs, board directors, business owners, chief financial officers, auditors and leaders in every sphere of commerce and industry, and who play a significant role in the nation’s highly dynamic business sector and economic development.
SAICA Media Contact:
Communication Coordinator: Corporate
SAICA Communications & Marketing Division
011 479 0698