• Register
Return to: Home > News > Financial Results > Ntsebeza Inquiry into SAICA members employed by KPMG due end of June

Ntsebeza Inquiry into SAICA members employed by KPMG due end of June

The Ntsebeza Inquiry, which was tasked by the South African Institute of Chartered Accountants (SAICA) with examining the conduct of current and former members of SAICA employed by KPMG, is due to be completed by the end of June 2018.

The inquiry is entering the final stage of its work, according to chair of the inquiry Dumisa Ntsebeza, who said that the Inquiry Panel will soon start to write its report. The report, which was originally due at the end of April, was delayed due to requests by various parties for extensions to the submission period, legal arguments as well as the availability of relevant parties.

Ntsebeza commented: “We are sensitive to the fact that the auditing profession is under immense pressure and that many of KPMG’s clients are awaiting our report. Indeed, the world is watching.”

Ntsebeza indicated that the Panel did not receive complete cooperation from all parties it had engaged: “Although we had great cooperation from many, in some instances we were disappointed by the lack of understanding of our role.”

The Inquiry was tasked with finding the facts and determining whether there is prima facie evidence that point to a need for SAICA’s disciplinary processes to kick in. Ntsebeza added: “It is not within the ambit of our mandate to determine guilt or not. That’s for SAICA to decide, and in the case of registered auditors, it would be in the hands of IRBA,”

After seven consecutive years of sitting in the World Economic Forum’s top spot for its auditing and reporting standards, South Africa tumbled to 30th in 2017.

In a media statement issued by the Ntsebeza inquiry, it was noted ‘chartered accountants throughout South Africa are naturally anxious to see those who have damaged their profession’s reputation be held accountable after appropriate due disciplinary process’.

Top Content

    Nigeria: building compliance and engagement

    Opportunities created by regulatory and legislative changes in Nigeria are tempered by the fragile state of the economy, although practitioners are generally confident that conditions will improve over the next few years if appropriate steps are taken. Paul Golden reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.