The launch on September 18 of Prof Wiseman Nkuhlu’s memoir of his time as chair of KPMG SA from January 2018 to March 2020,, is a necessary reminder of the fundamental role of auditing and the need for greater reform in the profession.
However, the profession has, in recent years, experienced numerous challenges resulting in an erosion of trust and greater scrutiny by stakeholders and the public. Criticism should not be ignored or disregarded by the audit profession as it shows that stakeholders appreciate the uniquely influential role auditors play.
The finance professionals and auditors allegedly involved in the malfeasance mentioned above may not have adhered to the highest standards of competence and ethics. But if one truly wants to prevent this kinds of unethical and sometimes criminal conduct from happening again, or at least if one wants to make it difficult for criminal conduct to occur, all elements of this oversight ecosystem have to work better.
Independent verification of the conduct of business by a trusted audit profession is crucial to the prospects of a nation. A trusted and independent audit profession is effectively a buttress against the abuse of power. It stands between the public and self-serving individuals seeking personal enrichment.
The integrity of financial markets and security of the nation’s savings and investments depends on good governance and trust in the audited financial results. When the kind of alleged unethical behaviour we have been seeing lately happens, it not only harms investors, it diminishes faith in the integrity of reporting and trust in companies and markets — and this affects everyone.
Saica will continue advocating that audit reform discussions not only be conducted on an ongoing basis, but that they be accelerated. In addition, solutions need to be comprehensively explored with all the relevant stakeholders, including regulators, the government, accounting institutions, audit committees, users of audit reports and the audit firms.
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