On Friday, the South African Institute of Chartered Accountants (Saica) will reveal details of an independent inquiry into certain of its members employed by KPMG. The announcement comes as the Independent Regulatory Board for Auditors has been at pains to point out that the institute, a member body, does not have a legal mandate to launch inquiries into audit firms, including KPMG. The board, which regulates auditors, urged the market to allow its investigation into KPMG’s audit work for Gupta-linked companies to run its proper course. However, Saica can discipline members internally. A member of the International Federation of Accountants, it is the custodian of the Chartered Accountant of SA (CA (SA)) designation, which it awards to individuals who have completed the necessary training. These individuals, in turn, pledge to adhere to its 151-page code of professional conduct. In cases of non-adherence to the code, Saica can take disciplinary action against members, with the harsh...

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