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Saica takes action against accountant

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Accountability seems to be the key issue in all recent scams surrounding the profession. Blame is constantly shifted between different levels of authority and too much time is taken before individuals are prosecuted.

There are many scandals surrounding the accounting profession which has resulted in criticism from outsiders. Some of these scandals include KPMG, the former Eskom and Transnet CFO and Markus Jooste from Steinhoff.

Khaya Sithole is a chartered accountant, commentator and was a lecturer at Wits University. He will be inquired into by The South African Institute of Chartered Accountants (Saica) due to ‘acting without integrity’ and working against the accounting industries’ ethics.

Between 2014 and 2016, Sithole who was the program manager at Wits, irregularly added 129 students to Saica’s scholarship scheme. This resulted in R10 million spent which Saica has not budgeted for. This is the first public inquiry by Saica and this may be owing to the scandals.

Accountability comes into question in the matter and why CA’s are not properly disciplined by Saica.

Sithole forged the project director of the scholarship scheme’s signature to award the students with bursaries. He shifted the blame to high-level officials and stated  that they gave him the order to add these students without doing it according to the necessary processes.

He will be represented by Tembeka Ngcukaitobi. Sithole must still come before the commission to testify.

Fin 24 states: “Saica announced a governance review of the organisation by former chairperson of the King Committee on Corporate Governance Professor Mervyn King”. By the 30thof November, Saica plans to appoint new a board and modify its constitution.

We hope that the accounting profession continues to take action against any irregularities and holds individuals accountable for their decisions.