Let’s cancel Saica membership until it gets its house in order
Once feared and revered, the SA auditing profession has been exposed for what is really is — a place where rampant greed has replaced rigour and ethics
Once upon a time there was a professional designation whose uncompromising ethics meant any report or communication emanating from individuals using this designation were confidently accepted as fact. This profession’s reputational standing and pre-eminent status served as a beacon for school leavers, who were attracted to a course of study that, while arduous, was a key building block for a potentially successful and rewarding career in either the profession or commerce. Aspirant students served articles under close scrutiny of audit partners who, even in the large firms, were for the most part a rather pious and boring bunch. These partners lived comfortable but not extravagant lives and drove cars in keeping with their modest offices. Statute required that all companies had to be audited meaning that their practice income, while not of the super profit nature, was effectively guaranteed providing the type of assurance which resonated well with their risk-averse and conservative n...
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