This report was compiled with the assistance of Lettie Janse van Vuuren, chief technical advisor at the SA Accounting Academy (SAAA) and Nicolaas van Wyk CEO of the SA institute of Business Accountants (Saiba).

In one key respect, the accounting profession has lost its way: professional skepticism is no longer part of the accountant’s armoury.

As we noted in an earlier article, the accounting professional has some work to do to restore public trust after a string of accounting-related scandals, starting with Masterbond and moving on swiftly to Leisurenet, VBS Bank and Steinhoff, to name the most obvious. That’s not even counting the looting at state-owned companies under the watch of the “accounting profession”. Read more on Accounting Weekly.