Morison International’s South African member
firm SizweNtsaluba VSP has merged with Gobodo to form the fifth
largest accounting firm in the country.
The newly merged firm SizweNtsaluba &
Gobodo will overtake Grant Thornton as the fifth largest firm in
the country with predicted revenue of more than ZAR400million
($58million) and 800 staff.
The merger is said to be a major boost to the
Black Economic Empowerment in the accounting profession as both
SizweNtsaluba and Gobodo are black accounting firms. SizweNtsaluba
is the first firm in South Africa to be owned and managed by black
African accountants.
The Black Economic Empowerment rating is part of South Africa’s
Transformation Charter, which proposes black South Africans own 25
percent of the equity of audit firms attempts to encourage the
profession to tackle the issue of race in the profession. The
merged firm’s partnership is 82 percent black.
SizweNtsaluba & Gobodo executive chairman
Nonkululeko Gobodo said the accounting profession in South Africa
needs a big player outside of the Big Four.
“We intend on multiplying the firm in terms of
number of staff and revenue within a short space of time. It will
be the new house for black professionals.” she said.
SizweNtsaluba & Gobodo chief executive
Victor Sekese the firm currently competes with the Big Four.
“We are an audit firm accredited by the
Johannesburg Stock Exchange, the New York Stock Exchange and the
Luxembourg Exchange,” Sekese added.
