Yakhe Kwinana excluded from SAICA membership following conclusion of her disciplinary hearing
Johannesburg, Thursday, 6 April 2023 – The South African Institute of Chartered Accountants (SAICA) has excluded Ms. Yakhe Kwinana from membership following the outcome of her disciplinary hearing.
Ms. Kwinana’s disciplinary hearing concluded in March 2023 and the SAICA Disciplinary Committee (DC) has delivered its ruling, finding her guilty of 13 of the 14 charges proffered against her. One of the charges was withdrawn.
The DC has imposed the following sanctions:
- The DC was of the view that the Respondent was not a fit and proper individual to be a member of the profession and that she should be excluded from membership of SAICA with immediate effect;
- A fine of R300 000 (three hundred thousand rands) per charge was imposed in respect of Charge 3 and Charge 9;
- A fine of R500 000 (five hundred thousand rands) per charge was imposed in respect of Charge 1; Charge 2; Charge 4; Charge 5; Charge 6; Charge 7; Charge 10; Charge 11; Charge 12; Charge 13 and Charge 14;
- Publication of the outcome in Accountancy SA and on the SAICA website which includes the Respondent’s name, a brief description of the offences she had been found guilty of, and the penalty imposed on her;
- Save for the costs incurred by SAICA in relation to security services for the hearing, the Respondent is to bear all of SAICA’s costs in respect of the proceedings for this matter.
A summary of the DC Ruling in respect of Ms. Kwinana’s disciplinary hearing may be found on the SAICA website.
Freeman Nomvalo, SAICA’s CEO, says: “SAICA takes all instances of members’ alleged contravention of the SAICA Code of Professional Conduct seriously and all these matters are investigated, irrespective of the nature of the assignment or the individual member concerned. SAICA deals with all allegations without fear or favour. SAICA members who fail to uphold the highest ethical and professional standards compromise public and private sector institutions and the South African economy. SAICA is committed to ensuring that members operate in the public interest by taking the necessary steps to ensure a fair and equitable outcome of its disciplinary processes. This step confirms SAICA’s commitment to holding all its members accountable as well as an unwavering focus on serving the public interest, which is the foundation of the chartered accountancy profession”.
About SAICA
The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes. The Institute provides a wide range of support services to more than 50 000 members and associates who are chartered accountants (CAs[SA]), as well as associate general accountants (AGAs[SA]) and accounting technicians (ATs[SA]), who hold positions as CEOs, MDs, board directors, business owners, chief financial officers, auditors and leaders in every sphere of commerce and industry, and who play a significant role in the nation’s highly dynamic business sector and economic development.
Chartered Accountants are highly valued for their versatile skill set and creative lateral thinking, that's why all of the top 100 Global Brands employ Chartered Accountants.
SAICA is a member of Chartered Accountants Worldwide (CAW), a global family that connects over 1,8 million fellow Chartered Accountants and students in more than 190 countries. Together, we support, develop, and promote the role of Chartered Accountants as trusted business leaders, difference-makers, and advisers.
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