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South African institute's independent panel inquiry into KPMG South Africa staff appointed

The South African Institute for Chartered Accountants (SAICA) has released the names on the independent panel members who will look into alleged misconduct of KPMG South Africa staff.

The Independent Regulatory Board of Auditors (IRBA), South Africa audit regulator, launched an investigation into KPMG South Africa in July this year, and had warned that SAICA had no legal mandate to conduct independent inquiries.

However SAICA said it does not aim to usurp IRBA’s statutory functions. SAICA stated that it has conveyed to IRBA the important purpose to inquire the conduct of its own members and it will liaise with IRBA on the findings and recommendations.

The phases of the inquiry will call for written submissions until 30 November, which will then be reviewed, and then there will be a hearing of testimony between 22 January 2018 and 28 February 2018, followed by a review of testimony and recommendations by 30 April 2018. The inquiry is required to be completed within 5 months from 2 November 2017.

The inquiry will be conducted by an independent panel of senior members of the accountancy and legal professions and will be chaired by senior advocate Dumisa Buhle Ntsebeza.

The panel of the inquiry appointed by Ntsebeza will also include CEO of the Institute of Internal Auditors South Africa Dr. Claudelle Von Eck, former accountant general at National Treasury Freeman Nomvalo, former chair of the Johannesburg Stock Exchange, Malcolm Robert Johnston and Vuyani Ngalwana.

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