Accounting body to investigate two members implicated by Agrizzi

The SA Institute of Professional Accountants will probe two accountants implicated by former Bosasa COO Angelo Agrizzi in his affidavit submitted to the Zondo commission of inquiry into state capture.  

SAIPA said this was in the interest of transparency, as these accountants would fall under its jurisdiction. SAIPA told Fin24 on Friday afternoon that at this point of time it will not provide the names of the accountants plans to investigate. It has given them an opportunity to respond to SAIPA's internal processes.

"Immediately thereafter, we may make the two names public even if we haven't started our investigations,” said SAIPA.

Agrizzi alleged this week that Bosasa was involved in paying bribes to top government officials, tender irregularities and payments for ANC events.

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"Any SAIPA member found to have violated the Professional Code of Conduct and International Federation of Accountants Code of Ethics will be dealt with accordingly," said SAIPA in a statement. 

As part of the disciplinary process, the members will be given an opportunity to provide their version of events. The matter will then be placed before SAIPA's investigations committee, which will either make a recommendation against the member or refer them to the disciplinary committee.

If the members are found guilty of unprofessional conduct, misconduct, bringing SAIPA into disrepute or failing to uphold the International Ethics Standards Board for Accountants code of ethics, a harsher sanction will be imposed, such as losing their membership to the institute.

• READ: Ramaphosa: It’s too early to suspend officials over commission testimony

"As an IFAC member body committed to protecting the public interest, we take our role as a Professional Accountancy Organisation very seriously, and we will act promptly against any member who has not upheld our Code of Conduct," said Shahied Daniels, SAIPA’s newly-appointed chief executive, said in a statement. 

"SAIPA shall ensure to restore trust in the profession and that our members – irrespective of the roles they happen to occupy – always operate in the public interest and trust."