Forensic accountants needed to fight corruption

South Africa is battling a great amount of fraud and corruption, and if it hopes to win the war, it needs a new generation of forensic accountants.

In a new partnership that will address the shortage of forensic accountants, young people from disadvantaged backgrounds are at the forefront of the fight against corruption. Partners include the NWU, the Special Investigating Unit (SIU) and the Thuthuka Education Upliftment Fund (TEUF) of the South African Institute of Chartered Accountants (SAICA).

TEUF wishes to empower those previously disadvantaged persons who strive towards entering the accounting profession, yet do not have the financial means to do so. While doing this, TEUF also contributes to the greater skills development in South Africa by focusing on those occupations that are considered ‘skills in high demand’ such as forensic accountancy.

An agreement between SIU, TEUF and SAICA was signed on 30 May to help combat the war on fraud and corruption through the establishment of an R10 million bursary fund to assist forensic accountants students who will also be allocated to the SIU for participation in vacation work programmes and will be employed by the SIU upon completion of their forensic accountancy studies as part of their training contract period.

Its purpose, according to the memorandum of understanding (MoU), is not only to reinforce the SIU’s forensic accounting capabilities but also to address inequality in the profession and reduce unemployment by providing opportunities for young people. The SIU desires to contribute to the forensic accountancy profession, as part of its drive to capacitate the unit with the skills that are critical in successfully fighting corruption and economic crime.

The agreement is for a period of four years and, based on the operational requirements at the SIU, will be reviewed and possibly extended. The initial intention is to capacitate the provincial offices of the SIU to fast-track investigations concerning proclamations that have been signed by President Ramaphosa and must be investigated effectively and timeously.

SIU senior manager of learning and development Enock Qoma said he was excited to witness such a transformative agreement.

Qoma said the purpose of the memorandum was not only to strengthen the capabilities of forensic accountants but to heed the call of the president to give opportunities to young people to alleviate unemployment in the country.

“The memorandum addressed the need to tackle the imbalances in the country,” he said.

According to Advocate Andy Mothibi, head of the SIU and alumnus of the NWU, forensic accounting abilities are critical for successful investigations. “This MoU will allow us to construct the timber we require.” This is a high-profile initiative aimed at reducing youth unemployment. We are delighted and ecstatic that these programs are gaining traction.”

Prof Linda du Plessis, the acting principal and vice-chancellor, says the dream of the NWU is to be an internationally recognised university for engaged scholarship, social responsiveness, and an ethic of care.  “For the 2021 academic year, we delivered 14 484 graduates who entered the world of work. For us to fulfil our dream we must offer qualifications that are relevant, accredited and fill the skills needs in the market. Therefore, in 2006 we were the first university in South Africa to start offering forensic accounting programmes in both our undergraduate and postgraduate qualifications. Our qualifications are accredited by SAICA and the Institute for Commercial Forensic Practitioners.”

According to her, the NWU believes that everyone deserves equal economic, political, and social rights and opportunities.  “Every year we see strikes at universities where students are desperate for funding. That makes the signing of this MoU even more memorable because it allows us to enable students to enter the university in a safe environment where we can offer them quality education so that they can take their place in the world. Specifically, in forensic accounting, they can continue this quest for social justice by fighting fraud and corruption and ensuring a healthy economy for South Africa.”

SAICA CEO, Freeman Nomvalo, believes the MoU is a question of principle. Following the establishment of the Zondo Commission, Nomvalo says they as an institute recognized the need to respond by delving deeper into the issues that led to state capture.” The fourth Zondo report has been released, highlighting a number of concerns. We need to figure out how to respond to this more quickly and create the human capacity to do so,” he said