Saica launches inquiry into some members employed by KPMG

The South African Institute for Chartered Accountants (Saica) has convened an independent inquiry after reports that some of its members employed by KPMG have allegedly engaged in conduct which is in contravention of the Saica Code of Professional Conduct.
Saica launches inquiry into some members employed by KPMG
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Panel
This inquiry will be conducted by an independent panel comprising senior members of the legal and accountancy professions, to be chaired by Advocate Dumisa Buhle Ntsebeza SC.

Ntsebeza has appointed the following panel members to assist him in his task:

  • Advocate Vuyani Ngalwana SC – a member of the Johannesburg Bar, chairperson of the General Council of the Bar of South Africa and the country’s second pension funds adjudicator.
  • Dr Claudelle von Eck – CEO of the Institute of Internal Auditors; member of the executive committee of the Public Sector Auditing Committee Forum; chair of the Unisa College of Accounting Sciences Advisory Board.
  • Freeman Nomvalo – former accountant general at National Treasury and co-author of the Auditing Profession Act, 26 of 2005.
  • Malcolm Robert “Bobby” Johnston – former chair of the Johannesburg Stock Exchange.

    Phases

    MMMG Attorneys Inc is the secretariat to the inquiry, and instructing attorneys to the two senior advocates.
    The inquiry shall run over the following phases:

    • Phase 1:

      • Call for written submissions and receipt of written submissions – 2 November 2017 to 30 November 2017

    • Phase 2:

      • Review of Submissions by Members – 1 December 2017 to 15 December 2017 & 2 January 2018 to 19 January 2018

    • Phase 3:

      • Hearing of testimony – 22 January 2018 to 28 February 2018; andPhase 4: Review of testimony and recommendations by inquiry – 1 March 2018 to 30 April 2018.

    The terms of reference and regulations have been published on the Saica website, and the inquiry is required to complete its work within five months from 2 November 2017. In terms of Saica’s Constitution and the Auditing Profession Act, SAICA will seek to explore to what extent those instruments provide an opportunity for Saica to liaise and cooperate with IRBA, with respect to the findings and recommendations of this inquiry.

    The inquiry is not designed to usurp the statutory functions of the IRBA, but seeks to investigate the conduct of its members, as it is entitled to do by section 48(6) of the Auditing Profession Act. This has been conveyed to IRBA.

    Call for submissions

    The calls for submissions are scheduled to commence on 2 November 2017 and shall close on 30 November 2017. Prior to the commencement of hearing of evidence, the panel shall review and consider the written submissions, statements and/or evidence pertaining to the members herein.

    Any person who wishes to make a submission or to give evidence at the hearing may submit their representations by hand to MMMG Attorneys Inc at 345 Rivonia Boulevard, First Floor South, Rivonia between 08:00 and 16:30. The representations must be accompanied by relevant supporting information, including any relevant documents.

    An online submission portal will be announced in due course. Any announcements regarding the inquiry that may be effected will be posted on the website of the inquiry.


 
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