The merger of Sekela Consulting and Xabiso Chartered Accountants to form SekelaXabiso has brought into being one of the country's largest accounting and auditing firms - one that has defined its goal as furthering good governance through providing best-practice internal audit services, external audit, forensic services and business consulting.
The two auditing firms identified the need to create a single entity with the resources, capacity and expertise to provide specialised internal auditing services to the private, public and institutional sectors. "The merger has given us the size we require to be able to specialise, as well as to offer existing clients a greater pool of expertise and experience," says SekelaXabiso chairman, Abel Dlamini.
With an impressive public sector client list that includes Transnet, Eskom, the Passenger Rail Agency of South Africa (PRASA), the Department of Public Works, Correctional Services, MIBFAR, and Royal Bafokeng and the Department of Arts and Culture, the new firm's aim is to extend its reach in the public sector as well as to enter into the private sector as a significant and trusted provider.
Need for consolidation
"The merger comes as a response to the market need for consolidation and capacity," says CEO Lindani Dhlamini. "Large corporations in particular want the assurances that only bigger firms can provide. So our objective in deciding to merge was to expand and to enable us to focus strongly on one area - and to have a meaningful impact in that area."
Both chairman and CEO take great pride in having established fully BEE-compliant and gender empowered companies, which have now joined together as an even greater expression of the principles defined in government's BB-BEE policies. They are equally proud to have extended the options available to both public and private sector clients.
With a staff complement of approximately 300 and an annual turnover in excess of R200 million and a vision of achieving a R1 billion turnover by 2020, SekelaXabiso is intent on re-defining the role that internal audit has to play in securing good governance in South Africa and beyond.