Should our confidence in financial reporting be shaken?

Johannesburg, 15 December 2017 – South Africa has adopted International Financial Reporting Standards (IFRS). These are global financial reporting standards developed and approved by the International Accounting Standards Board (IASB), an international, independent private sector body. The IASB has a robust and transparent due process, detailed on its website, of how these standards are developed and…

SAICA clarifies progress around the establishment of the Independent Inquiry into the Conduct of CAs(SA) employed by KPMG

Thursday, 12 October 2017: On Friday 22 September 2017, The South African Institute of Chartered Accountants (SAICA) announced its unequivocal support for an Independent Inquiry into the alleged misconduct of certain members of SAICA employed by the audit firm KPMG. Terence Nombembe, SAICA Chief Executive Officer, indicated that: “The Independent Inquiry will not be conducted by…

WEF Global Competitiveness Report – A time for reflection

Johannesburg, Monday, 2 October 2017 – The World Economic Forum’s Competitiveness Report 2017-2018 that was released last week, shows that South Africa’s overall ranking has declined from 47 to 61 (out of 137 countries included in the recent report). The global competitiveness index (GCI) comprises 114 indicators, which are grouped into 12 pillars. One of…

SAICA announces its support for an independent inquiry into the conduct of CAs(SA) employed by KPMG

Johannesburg, Friday, 22 September 2017 – The South African Institute of Chartered Accountants (SAICA) has announced its unconditional support for an independent inquiry into the conduct of certain members of SAICA employed by auditing firm KPMG. Terence Nombembe, SAICA’s Chief Executive Officer, commented: “The reputation of the chartered accountancy profession and the CA(SA) designation in South…