Black firms ready to fill vacuum in accounting and auditing profession
The recent crises present an opportunity to tackle economic transformation and restore credibility in the sector
Recent developments in the accounting and auditing profession are a cause for concern for the country. As the developments have a significant effect on market and investor confidence in SA, the Association for the Advancement of Black Accountants of Southern Africa (Abasa), as a significant stakeholder in the accounting and auditing profession, needs to actively engage all other stakeholders in tackling the issues. Since the collapse of African Bank in 2014, the Steinhoff developments, the KPMG debacles linked to Linkway, the collapse of VBS and the recent debacle around Nkonki, which has resulted in the liquidation of this black-owned firm, there has been great discomfort in the sector and the financial markets. We believe significant reforms aimed at protecting the public, investors, pensioners and shareholders, who rely on the credibility of the information coming out of many sources within our financial system, should be facilitated by all stakeholders. Such market failures are ...