News Articles and Press & media releases

Below are just a few of the latest 2018 press releases:

SAICA’s response to the VBS Mutual Bank report released by Advocate Terry Motau SC on 10 October 2018

Last Updated Thursday, October 11, 2018 6:18:52 PM

Johannesburg Thursday 11 October 2018 - The South African Institute of Chartered Accountants (SAICA) takes note of The Great Bank Heist, Advocate Terry Motau SC’s forensic report on the alleged fraud that took place at VBS Mutual Bank.

In the interest of transparency, SAICA acknowledges the following Chartered Accountants [CAs(SA)] have been implicated in this report and would like to confirm that all individual CAs(SA) who are found to have contravened the SAICA Code of Professional Conduct (the Code), will be held accountable.

The findings of Advocate Motau SC’s report will be used as input to the SAICA disciplinary processes.

  • Chartered accountants mentioned in the report who are members of SAICA and therefore fall under our jurisdiction are:
    • Phalaphala Avhashoni Ramikosi
    • Bhekwayinkosi Gift Manyanga
    • Charl Cilliers
    • David Broom
    • Mariëtte Venter
    • Sechaba Serote
    • Andile Malusi Atwell Ramavhunga
    • Tshifhiwa Matodzi
  • People implicated in the report who are referred to as accountants but are not members of SAICA and therefore fall outside our jurisdiction are:
    • Yolanda Deale
    • Yvonne Page
    • Kafuma Munalula
  • There is one chartered accountant who is a member of SAICA as well as a registered auditor with the Independent Regulatory Board for Auditors (IRBA) and therefore, according to the SAICA by-laws, needs to go through the IRBA’s disciplinary process first:
    • Nhlanhla Kelvin Sipho Malaba

How the SAICA disciplinary process works

While SAICA cannot comment in the media on any disciplinary matters that are still ongoing as it may jeopardise the administration of justice, we can confirm the process that members in the investigation process face.

It is important to note that the SAICA Disciplinary Code applies only to its members, namely individual CAs(SA), and not accounting, auditing or consultancy firms. The Investigation of firms and individual Registered Auditors for their audit conduct falls under the jurisdiction of the IRBA. As per SAICA by-law 19.2, all complaints in respect of registered auditors are initially referred directly to IRBA. SAICA will use the findings from the IRBA as part of its disciplinary processes related to CAs(SA) who are registered auditors. All implicated CAs(SA) will be subject to the SAICA investigation, and where appropriate, disciplinary process.

SAICA does not have powers of search, seizure or subpoena, so we rely significantly on the investigative capacity and findings of external prosecutorial authorities which have these powers to form part of our hearings. All CAs(SA) are bound by the Code and, as such, are treated equally and are subject to the same rules.

“SAICA is doing all we can to restore trust in the profession and ensure that our members, irrespective of the roles they happen to occupy, re-commit to operate in the public interest. For this reason, we will leave no stone unturned in our quest to ensure that any CA(SA) who is found to have transgressed the SAICA Code is dealt with appropriately. SAICA members who fail to uphold the highest ethical and professional standards compromise our public and private sector institutions and our economy as a whole,” says Fanisa Lamola, SAICA Acting CEO.

About SAICA
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 46 000 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
Kulani Chauke
Communication Coordinator: Corporate
SAICA Brand Division
011 479 0698
kulanic@saica.co.za