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November 16, 2017updated 24 Jan 2022 1:34pm

Professional bodies working on a MoU to fight non-compliance with laws and regulations

By sarajuddin isar

The South African Institute of Professional Accountants (SAIPA) has announced that it collaborates with other accounting professional bodies to develop a memorandum of understanding (MoU) to extend cooperation between parties in the fight against Non-Compliance with Laws and Regulations (NOCLAR).

The terms of MoU have not yet been developed, however a series of suggestions according to SAIPA were made. For instance, it was suggested that while member information of each body is subject to protection which should not be shared between them, when members have been found guilty of gross misconduct related to NOCLAR or any deviant behaviour within their professional body, this record will be available to others.

It was also suggested to examine the principle and processes being practiced by each body in combating the corruption and where these processes and principles are found to be sound, consensus should be sought in making them applicable at the universal level as well.

This tentative MoU comes in the light of the NOCLAR standards by the International Ethics Standards Board for Accountants, which became effective on 15 July 2017.

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