Institute of Commercial and Financial Accountants(SA) reacts to statement by Finance Minister Trevor Manuel

Gordon Webb, President of the Institute of Commercial and Financial Accountants(SA) reacted favourably to the statement by Finance Minister Trevor Manuel, in last week's budget speech to refer the Accounting Profession Bill back to all stakeholders for further consideration.

Webb added that while the process prior to the intervention of the then Deputy Minister, Gill Marcus, had been long and drawn out, the bill that was finally forwarded, had failed to address the issues of offering protection to the public investor, ensuring fair and transparent regulation, and in making the accountancy profession more accessible.

Wider consultation with all the stakeholders was essential - a process to include preparers and users in addition to the auditors. It would be opportune to look carefully at overseas models that have been more successful in limiting financial failures.

Webb concluded by stating that while the official stance in South Africa is to encourage development of the SME sector, inhibiting legislation mitigates against that very stated objective. The plethora of levies, regulations, and the insistence of the audit for small and owner managed private companies were three examples.

It was opportune to have a vision beyond the improved regulation of the profession.

Issued by the Institute of Commercial and Financial Accountants(SA)
Contact:
Bill Shellard (CEO)
011 486 0283
bshellard@cfasa.co.za




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