The South African Institute of Chartered Accountants (Saica) will appoint a new board after the organisation and the accounting profession has been mired in controversy in recent times.
In a statement yesterday, Fanisa Lamola, Saica’s acting CEO, announced imminent changes to the organisation’s constitution that add new requirements for the composition of the board.
This comes after the body instituted disciplinary proceedings against one of its members, Khaya Sithole, on allegations of corruption.
Sithole, in turn, made public an explosive affidavit detailing allegations casting aspersions on senior Saica officials and members of its board.
In March, the institute was revealed to have received a R1.2 million donation (which it has since paid back) from Trillian Capital Investments, a company linked to the Gupta brothers and allegations of state capture.
“The accountancy profession has been under various forms of challenges and in the spotlight for some time and this necessitated the need to review the purpose, relevance and governance processes of Saica to deliver on its mandate and stakeholders’ expectations,” the institute said yesterday.