The South African Institute of Chartered Accountants (Saica) says they will leave no stone unturned to deal with their members who do not adhere to their code of conduct.
Speaking at the public hearings into audit firm KPMG, Saica CEO Terence Nombembe said none of its members can plead ignorance to its ethical standards.
Saica instituted an inquiry into KPMG after receiving complaints from the public about its ethical and professional conduct.
This was in relation to KPMG’s involvement into the allegations of state capture and Sars’ rogue spy unit report.
KPMG has initially withdrawn the findings of the recommendations of the report and offered to pay back Sars R23 million.
The report was partly instrumental in the downfall of former Finance Minister Pravin Gordhan, who was accused of knowing and endorsing the rogue unit.
Saica says it’s important to adhere to its ethical conduct to boost investor confidence.
Saica CEO Terence Nombembe says, “Fundamental reasons for this inquiry were the public’s concerns that emanated from the KPMG report which is the Gupta-linked clients as well as Sars. We thought it was better to have an independent process.”
KPMG is not a member of Saica, but its employees who were embroiled in the controversy can have their membership revoked if found guilty.
“The repercussions range from the members being subjected to Saica’s own disciplinary processes which has got its own sanctions which will be informed by the extent of the breach of conduct and it ranges from a suspension or loss of membership.”
The inquiry is looking at the misconduct that took place between January 2013 and September 2017 at KPMG.
And Saica is optimistic that this inquiry which will be completed in April 2018 will help them uncover the truth of what really happened at KPMG.
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