The South African Institute of Chartered Accountants (SAICA) has issued a statement saying that it will be taking disciplinary action against eight of its members who are implicated in the VBS Mutual Bank saga.
Willie Coates, Saica Senior Executive for Brand, says Saica has noted the contents of the South African Reserve Bank forensic report, and investigations will be conducted on members implicated in the report.
At this point in time, it will be an investigation rather than a disciplinary process. The report will be used as input to Saica's investigation.— Willie Coates, Saica Senior Executive for Brand
Coates says the organisation is not only investigating members implicated on the VBS Bank but in other cases as well.
Currently, we have about 265 cases that are under investigation and going through disciplinary processes.— Willie Coates, Saica Senior Executive for Brand
Saica takes these matters very seriously and will put all the cases through a proper investigative process and make sure where members have transgressed they will be held accountable.— Willie Coates, Saica Senior Executive for Brand
To hear the rest of the conversation with Willie Coates, listen below: