Saica head asks Ntsebeza inquiry to be thorough

The SA Institute of Chartered Accountants' (Saica) CEO Terence Nombembe has called on the Ntsebeza inquiry "to leave no stone unturned".

The Ntsebeza inquiry is investigating the alleged misconduct of Saica members who worked for international auditing firming KPMG in relation to the Gupta accounts and the SA Revenue Service's so-called "rogue unit" report.

Nombembe said the events surrounding the work KPMG had done for the controversial family resulted in a decline in trust‚ both by the markets and individuals‚ in the chartered accountants profession.

He was speaking at the opening of the public hearings of the inquiry‚ which was set up to investigate Saica members employed by KPMG whose conduct may have contravened the code of professional conduct. Nombembe said at the conclusion of the inquiry‚ Saica will take disciplinary action against any of its members who are found to have acted unethically.

Two evidence leaders‚ advocate Pule Seleka SC and advocate Amaechi Olua‚ have been appointed to lead the inquiry.

Seleka on Monday said the inquiry would look at work done for the Guptas from January 2013 to September 2017. KPMG found itself embroiled in allegations of state capture involving the Gupta family.

The Hawks swooped on the family last week‚ raiding their Saxonwold compound and issuing arrest warrants. A number of Gupta associates and a nephew appeared in the Bloemfontein Magistrate's Court last week in connection with the Vrede dairy farm project.

Ajay Gupta‚ the family patriarch‚ is currently on the run.

KPMG SA has come under fire for the role it played in the audit of Gupta-owned Linkway Trading‚ which was allegedly used to channel taxpayers’ money to fund the Guptas’ 2013 Sun City wedding. The money was to have been used for the upliftment of indigent farmers in the Free State.

The firm has also come under fire for its role in the SARS report‚ especially as it withdrew the findings and recommendations of the report but not the whole report.