CAPE TOWN – The South African Institute of Chartered Accountants (Saica) on Wednesday announced the appointment of a new board following a rigorous governance review of the institute.
The Saica governance review kicked off in July 2018 with the establishment of a Governance Review Task Team (GRTT) led by Roy Andersen CA(SA).
The GRTT mandate included the review of Saica’s governance structures and defining a more diversified and balanced board inclusive of independent persons from outside the membership of Saica, with the necessary skills and experience to provide strategic guidance.
Saica came under harsh scrutiny in July 2018 by industry stakeholders for allegedly dropping the accounting profession “into the gutter”. The media reported that according to JSE chairperson of the financial reporting investigations panel and former Saica employee, Linda de Beer, Saica’s board structure was “fundamentally flawed”.
The organisation was reportedly criticised by one of its members, Khaya Sithole who called for the entire board to be dismissed. Saica responded to this by distancing themselves from Sithole as well as the allegations and reiterated its support for its whole leadership team.