The board of the South African Institute of Chartered Accountants (SAICA) has appointed Freeman Nomvalo as its CEO, effective 1 February 2019.
Nomvalo, who replaced Terence Nombembe, was South Africa’s Accountant-General from 2004 to 2013, where he helped the British Commonwealth assist in promoting internal audit and risk management in 18 Caribbean countries from 2009 to 2011.
SAICA chairman Lwazi Bam said: “The SAICA Board has chosen a steadfast operator that has been given the mandate to restore trust in the chartered accountancy profession. The Board believes that SAICA will benefit from Mr. Nomvalo’s experience with the broader accounting profession, specifically his previous role in the development of the accounting profession legislation and policy.
“The Board looks forward to his contribution as we not only deal with the current challenges but also with preparing the chartered accountancy profession to respond to the ever-changing environment.”
Nomvalo said: “I relish the challenge of addressing the strong mandate given to me by the SAICA Board and look forward to working with all of the Institute’s stakeholders to provide leadership which will ensure that trust in the chartered accountancy profession is restored.”
Trust in the profession within South Africa has wavered over the last 18 months following a range of high profile scandals involving KPMG and work it conducted for companies linked to the controversial Gupta family.
The firm has taken measures to restore trust such as the appointment of a new CEO from outside of the firm, the donation of fees earnt from Gupta related entities to good causes, and an open letter of apology by the firm’s chairman addressed to the citizens of South Africa.
KPMG had been SAICA’s external auditors but made the decision to resign in June 2018 due to the perceived independent concerns as the firm is currently under investigation by the SAICA appointed Ntsebeza inquiry.