19 August 2022

SAICA welcomes the appointment of members to the Financial Reporting Standards Council

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Following the re-establishment of the Financial Reporting Standards Council (FRSC), the Minister of Trade, Industry and Competition, Ebrahim Patel, has appointed members to bolster the integrity of South Africa’s financial reporting ecosystem and promote and enhance the global recognition of the country’s accounting standards.

The South African Institute of Chartered Accountants (SAICA) notes that some of its members have been appointed to serve on the Department of Trade, Industry and Competition’s (dtic) FRSC.

Freeman Nomvalo, the CEO of SAICA, said: “In welcoming the re-establishment of the FRSC, we recognise the important role our members will be responsible for, including amongst others, receiving and considering any relevant information relating to the reliability of and compliance with financial reporting standards. They will further advise the Minister on matters relating to financial reporting standards as well as consult with the Minister on the development of regulations pertinent to establishing financial reporting standards”.

The Minister has appointed the following CAs(SA) as FRSC members for the period of three years, effective 1 July 2022: Dr Len Konar (Chairperson); Ms Lebogang Senne (Deputy Chairperson); Mr Blaise Colyvas; Mr Cobus Grove; Mr Shabeer Khan; Mr Herman Thlako ; Ms Chwayita Mtebele; Ms Tania Wimberley; Ms Gisela Coetzee; Ms Madelie Olivey; Ms Keshni Kuni; and Ms Renshia van Noordwyk.

Nomvalo concluded: “Our members are mandated to serve in the public’s interest, In carrying out their duties of improving financial reporting within the private and public sectors, and members would need to hold themselves accountable to the highest ethical standards, in line with the SAICA Code of Professional Conduct. This will ensure the improved governance required in financial reporting that will enhance the reputation of capital markets in South Africa.”

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.

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