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 SAICA, but by an independent judge or Senior Counsel who will act as its Chairman. At the time of this announcement it was expected that more elaborate details pertaining to the Independent Inquiry would be announced on 12 October 2017 by the Chairman of the Independent Inquiry.
I am reliably assured that the Independent Inquiry Chairman is finalising the Terms of Reference including timelines, the methodology and the regulations that will guide the panel’s processes.
Further, the Chairman is finalising the composition of the Independent Inquiry panel.”
Nombembe outlined that: “The Chairman will announce the details of the Independent Inquiry in a week’s time.”
The SAICA Board decided that, in order to maintain the independence of the Inquiry, the funding of the entire Inquiry will be provided by SAICA even though SAICA will have no involvement in the work of the panel.
As the future announcements around this matter will be made by the Chairman of the Independent Inquiry, SAICA will not make further comment in this regard.
The outcomes of the Independent Inquiry will inter alia feed into SAICA’s Disciplinary processes to restore the public trust in the CA(SA) profession as a vital ingredient in re-establishing investor confidence in the capital markets as well as service delivery within the public sector in South Africa,” concluded Nombembe.
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