Johannesburg, 16 January 2020 – The South African Institute of Chartered Accountants (SAICA) notes the recent press commentary and social media speculation about Deloitte’s dealings with Eskom.
SAICA is in the process of establishing if any of its members are implicated in this matter. Should any member of SAICA be allegedly implicated in any activity that contravenes the SAICA Code of Professional Conduct, the Institute will initiate an investigation and, where appropriate, disciplinary action.
“SAICA is already at advanced stages of disciplinary processes against various members implicated in matters related to contravention of SAICA’s Code of Professional Conduct, emanating from several previous reports. Should any additional information, relevant to existing cases, emerge from the Deloitte and Eskom matter, it will be dealt with accordingly,” says Freeman Nomvalo, SAICA’s CEO.
It is important to note that SAICA deals with the investigations and disciplinary processes of individual members and not with firms. SAICA is further cognisant of the fact that the Deloitte and Eskom matter relates to consulting contracts and not audit related issues.
“According to SAICA by-law 19.2, where a CA(SA) is also a Registered Auditor (RA) and therefore a member of the Independent Regulatory Board for Auditors (IRBA), the IRBA must first undertake its investigation and disciplinary process. Should SAICA find that any member allegedly involved in the Deloitte and Eskom matter is also a RA, it will be referred to the IRBA. SAICA engages on an ongoing basis with the IRBA regarding all cases where SAICA members who are also RAs are involved,” adds Nomvalo.
SAICA takes all instances of members’ alleged contravention of the SAICA Code of Professional Conduct seriously and these matters will be investigated, irrespective of the nature of the assignment or the individual member involved.
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.
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