Business 3.11.2017 01:31 pm

KPMG employees who worked on the Gupta books to face the music

FILE PICTURE: Adv Dumisa Ntsebeza seen during the Marikana Inquiry ahead of proceedings being cancelled, Rustenburg, 3 October 2012. Picture: Refilwe Modise

FILE PICTURE: Adv Dumisa Ntsebeza seen during the Marikana Inquiry ahead of proceedings being cancelled, Rustenburg, 3 October 2012. Picture: Refilwe Modise

The members’ alleged contravention of the organisational code of professional conduct will be probed by a panel.

 Adv Dumisa Buhle Ntsebeza SC will chair an independent inquiry convened by the South African Institute for Chartered Accountants (SAICA) to probe allegations of misconduct against its members employed by KPMG.

The members’ alleged contravention of the organisational code of professional conduct will be probed by a panel comprising senior members of the legal and accountancy professions at this time. SAICA believes Adv. Ntsebeza SC will lead the probe without fear, favour or prejudice.

Ntsebeza will be assisted by Adv Vuyani Ngalwana, who is also the chairperson of the General Council of the Bar of South Africa; Dr Claudelle Von Eck, who is the CEO of the Institute of Internal Auditors and former accountant-general at Treasury, Freeman Nomvalo. They will also be joined by Malcolm Johnston, former chairperson of the Johannesburg Stock Exchange.

The first phase of the inquiry commenced on the 2nd, and will be completed on November 30, constituting written submission from concerned parties. Phase two will be a review of submissions by members from 1st to the 15th of December. After the festive season break, the review will resume on the 2nd of January and be completed on the 19th of January, 2018.

READ MORE: SAICA: We have too many white and Indian accountants

The hearing of testimonies will happen on the 22nd of January, and will be completed by the 28th of February 2018. The last phase of the inquiry will be made of a review of testimony and recommendations by the inquiry panel from the 1st of March to 30th April, 2018.

The association clarified that the inquiry was required to complete its work within five months from 2 November 2017. It said in terms of its constitution and the Auditing Profession Act, “SAICA would seek to explore to what extent those instruments provided an opportunity for SAICA to liaise and cooperate with IRBA [Independent Regulatory Board for Auditors]”.

This inquiry does not aim to usurp the statutory functions of the IRBA. It seeks to inquire into the conduct of the members of SAICA, an independent professional body, as it is entitled to do so by section 48(6) of the Auditing Profession Act. This important purpose of the Inquiry has been conveyed to the IRBA, and IRBA seems to understand it.

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 or emailing info@mmmgattorneys.co.za or tebogo@mmmgattorneys.co.za

SAICA’s independent inquiry into KPMG finalises terms of reference

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