THE second round of the South African Institute of Chartered Accountants (SAICA) disciplinary hearing against chartered accountant Khaya Sithole resumed today. Sithole is accused of acting without integrity and adding on a total of 129 students to the Thuthuka Bursary Fund, (TBF) during his tenure as the fund’s Wits University co-ordinator. The TBF is co-funded by SAICA and the National Student Financial Aid Scheme (NSFAS).
Parts of Sithole’s explosive affidavit in response to the accusations, gives insight into gross misuse of power by top officials involved in the scheme, who often instructed him to add-on students, some of whom didnt qualify for the programme and were outside the budget allocation. He accuses Wits Vice Chancellor Adam Habib, Associate professor Nirupa Padia, head of School of Accountancy at Wits, SAICA CEO and TBF Trustee Terrence Nombembe, now former NSFAS Chairperson and TBF Chairperson SIzwe Nxasana, and SAICA’s executive director Chantyl Mulder. http://uncensoredopinion.co.za/khaya-sithole-hits-back-at-accountants-institute/
This is the first SAICA hearing that is open to the public following the many scandals in the accountancy profession, worldwide, and criticism that the industry did not hold chartered accountants and auditing firms to account.
In the first round of the hearing, held in June, Wits University issued a statement rejecting its former employee’s saying proceedings should be allowed to run without interference. Habib also rejected the allegations of nepotism levelled against him calling them “malicious and a blatant lie”.
Sithole is yet to testify before the commission and is being represented by well-known legal personality Advocate Tembeka Ngcukaitobi.
Here are the some of the emails UnCensored published during the first hearing http://uncensoredopinion.co.za/saica-vs-sithole-we-release-some-emails/