Accountants could be sanctioned

THE South African Institute of Professional Accountants (Saipa) yesterday acknowledged that two of the accountants implicated by former Bosasa chief operations officer Angelo Agrizzi are its members and said those found to have violated the professional code of conduct and the International Federation of Accountants (Ifac) code of ethics would be dealt with accordingly.

In the affidavit filed by Agrizzi as part of his evidence at the commission of inquiry into sate capture, a number of senior government officials have been implicated for wrong-doing, including chief executive of Amscor, Kenvin Wakeford, who is a chartered accountant.

Saipa said in light of the allegations against the two members, the institute would initiate preliminary investigations as the accused members will be given an opportunity to provide their version of events per affidavit.

If the members are found guilty of unprofessional conduct, misconduct, bringing the organisation into disrepute, or failing to uphold the International Ethics Standards Board for Accountants code of ethics, Saipa said a harsher sanction would be imposed and they stand to lose their membership of the Institute.

Shahied Daniels, Saipa’s newly appointed chief executive, said as an Ifac member body committed to protecting the public interest, they took their role as a professional accountancy organisation seriously and would act promptly against any member who has not upheld its code of conduct.

Agrizzi is set to continue his testimony to the commission on Monday.