Overview of media coverage related to the Chartered Accountancy profession in South Africa – 2017 and ongoing

The Chartered Accountancy profession is currently faced with significant criticism following the purported misdemeanours of CAs(SA). The summary below gives a media coverage update specifically related to SAICA matters.

21 May 2020

21 May 2020: SAICA announced that its revised by-laws will be effective from 1 June.

20 February 2020

SAICA announces the continuation for Mr Anoj Singh’s Disciplinary Committee Hearing

11 February 2020

SAICA CEO, Mr Freeman Nomvalo, did an interview with Financial Mail’s Rob Rose

21 January 2020

SAICA Announces the continuation for Mr Anoj Singh’s Disciplinary Committee Hearing

13 November 2019

SAICA Announces the Disciplinary Committee Hearing for Mr Anoj Singh

09 November 2018

SAICA begin disciplinary proceedings against former VBS executives Andile Ramavhunga and Tshifiwa Matodzi. Andile Ramavhunga and Tshifhiwa Ramatodzi failed to appear at the disciplinary hearings, the hearing was postponed to a later date

29 August 2018

SAICA continued disciplinary proceedings against accused member and former Thuthuka Bursary Fund (TBF) programme manager, Mr Khaya Sithole. The hearing was postponed to a later date.

08 August 2018

SAICA Acting CEO, Communication Team met with Media24 editors regarding the state of the profession

12 July 2018

SAICA Acting CEO, Fanisa Lamola, gave an exclusive interview to Financial Mail’s Hanna Ziady earlier on 2 July 2018, the article was published on 12 July 2018.

06 July 2018

SAICA reiterated its determination to restore the public’s trust in a profession whose very reputation is based on ethics and standards. It therefore placed on record its stance on the removal and suspension of members implicated in corruption and governance failures.

22 June 2018

The SAICA Board noted the statement issued out by Mr Khaya Sithole, which makes mention of allegations against SAICA’s acting CEO and executive team.  The SAICA Board distances itself from all the allegations and wishes to reiterate its support for its whole leadership team.

19 June 2018

SAICA informed stakeholders and the public that, after an extensive period of investigation, charges of misconduct have been preferred against Mr. Anoj Singh.

7 June 2018

SAICA announced that is has amended its by-laws to permit the issuing of public statements by the SAICA chief executive officer (CEO) regarding the institution of any complaint or investigation or action against a member once a draft charge sheet or a charge sheet has been issued to such member and such matter, complaint, investigation or action is, in the opinion of the CEO, in the public interest. This decision is aimed at ensuring that the transparency of the SAICA disciplinary processes is enhanced.

01 June 2018

The SAICA Board announced that it has accepted KPMG’s offer to resign as SAICA’s external auditors, citing possible perceived independence concerns if they were to perform the 2018 audit as a result of the current SAICA-appointed Ntsebeza Inquiry which is looking into some of the former and current KPMG-employed Chartered Accountants.

28 May 2018

The Ntsebeza Inquiry announced that it is entering the final stage of its work. This is according to Adv. Dumisa Ntsebeza SC, who said that the Panel is currently wrapping up and will soon start to write its report.

08 May 2018

Lindie Engelbrecht was interviewed on Classic FM – Business Update regarding the relevance of professional bodies that cater for accountants.

4 May 2018

SAICA Acting CEO, Fanisa Lamola, featured on SABC News to give an overview on the state of the profession in South Africa.

4 May 2018

Redefine Properties and Sibanye-Stillwater follow suit, ditching KPMG as auditor.

3 May 2018

Barclays Africa becomes the first major bank, and biggest client, to cut ties with KPMG, saying it will propose to shareholders to vote against the reappointment of KPMG at its AGM.

30 April 2018

Old Mutual Shareholders vote overwhelmingly in favour of keeping KPMG on as external auditor.

24 April 2018

A week after the Auditor General announced the termination of public auditing contracts with KMPG and Nkoki Inc., the latter announced it has taken the “very painful and difficult” decision to undergo voluntary liquidation.

18 April 2018

SAICA, in collaboration with Wits University, held a panel discussion on Ethics, the first in a series of discussions. The topic was: Has the South African accounting profession lost the public’s confidence, and if so, what does it need to do to restore that confidence?

17 April 2018

Auditor General Kimi Makwetu announced his office’s decision to terminate, with immediate effect, the government’s auditing contracts with KPMG and Nkoki Inc.

15 April 2018

KPMG briefs the media regarding a raft of new measures it will implement to reassure clients on its ethics and the quality of its audit work. This includes the review of at least 200 audit files going back two years and integrity checks on senior employees.

14 April 2018

KPMG announces the resignation of the lead audit partner on VBS Mutual Bank. Sipho Malaba and Dumi Tshuma, who did not disclose loans that they held with VBS, resigned with immediate effect. They are facing disciplinary charges from KPMG.

13 April 2018

SAICA contributed to a feature article on Business Brief magazine titled “Accounting Accountability”. SAICA’s contribution was Accountability in the accounting profession and the role of SAICA.

11 March 2018

VBS Mutual Bank is placed under curatorship. KPMG is the bank’s external auditor whereas PwC was its internal auditor.

08 March 2018

The Chairman and Acting CEO of the South African Institute of Chartered Accountants (SAICA) released a statement assuring the South African public that SAICA and its entities have never been party to any form of state capture or been consciously involved with those accused of any such dealings.

07 March 2018

The SAICA Board informed members and stakeholders of the decision to second SAICA’s Chief Executive Officer, Terence Nombembe, to the Judicial Commission on State Capture.  The board acceded to a request by the Deputy Chief Justice, Raymond Zondo.

2 March 2018

The Ntsebeza Inquiry adjourned the hearings on 21 February 2018 to allow those who will take the witness stand enough time to prepare themselves. In ensuring procedural fairness, the Inquiry must ensure that every implicated member of SAICA, in relation to the KPMG saga, is aware of the allegations against them, and that all of them will be given an opportunity to cross-examine witnesses, if they so wish or are so advised.

22 February 2018

Advocate Dumisa Ntsebeza SC, who chairs the Ntsebeza Inquiry, released a statement praising SAICA for its commitment to the process.

19 February 2018

Then CEO of SAICA, Terence Nombembe, gives a speech at the opening of the Ntsebeza Inquiry Hearings.

31 January 2018

The Ntsebeza Inquiry announced that it is moving into the hearing phase of the investigation.

20 January 2018

The Ntsebeza Inquiry issued a statement giving an update on the progress of the Inquiry.

15 December 2017

SAICA sent a second ethics and discipline update via bulk e-mail to members and associates.

6 December 2017

eNCA Taking Stock: SAICA CEO Terence Nombembe spoke on rebuilding the trust of the CA(SA) profession and addressed the Steinhoff matter, one day after it was first reported in the media.

24 November 2017

The Ntsebeza Inquiry, initiated by SAICA on 2 November 2017 called for submissions by interested parties to make representations to the Ntsebeza Inquiry on the conduct of any member/s of SAICA employed by KPMG South Africa with regard to work conducted by the firm related to possible contraventions of the SAICA Code of Professional Conduct.

2 November 2017

The Ntsebeza Inquiry was convened by SAICA after receipt of allegations that some of its members employed by KPMG have allegedly engaged in conduct which is in contravention of the SAICA Code of Professional Conduct.

29 September 2017

SAICA informed and updated members and associates via bulk e-mail about the current state of what the Institute is doing to address ethics and discipline.

22 September 2017

SAICA announced its unconditional support for an Independent Inquiry into the conduct of certain members of SAICA employed by KPMG.

21 September 2017

Then SAICA CEO, Terence Nombembe, appeared on eNCA, discussing the responsibility SAICA has to the chartered accountancy profession.

15 September 2017

KPMG South Africa announced leadership changes and key findings arising from KPMG International’s Investigation. SAICA reacted to this on SABC NewseNCA, and CNBC Africa.

15 August 2017

SAICA hosted members of the media to discuss SAICA’s Ethics and Discipline with regard to our members.

7 August 2017

SAICA hosted an Ethics and Discipline Forum with members to address activities in the media with regard to our members.