The South African Institute for Chartered Accountants disciplinary process was put to the test in 2023. It failed dismally. In its handling of a complaint against CA Graeme Rigby, seemingly systemic problems in SAICA's disciplinary system were revealed. The conduct of SAICA raises serious concerns about the institute's commitment and ability to hold its members to account for misconduct.

You don't need to look hard at any of South Africa's defining corporate frauds or corruption scandals to find a chartered accountant. The same applies to lawyers, auditors, bankers and other professionals who have become some of the most important enablers of economic crimes in South Africa and around the world. A key obstacle to changing this is that these professionals often enjoy impunity for their conduct.

An important reason for this impunity is the reluctance or inability of professional bodies like SAICA to hold their members accountable. Some of the most infamous testimonies at the Zondo Commission came from accountants and auditors implicated in wrongdoing. This included Yakhe Kwinana (a former CA and registered auditor) comparing billion-rand SAA tenders to a family member selling vetkoeks. The South African public rightly wondered why professional bodies had not acted sooner to hold people like Kwinana accountable. The Independent Regulatory Board for Auditors (IRBA) later admitted that it had received complaints about Kwinana's conduct but found insufficient evidence to proceed.

Just a day after the first report of the Zondo Commission was released, SAICA issued a press release promising swift and effective action against CAs implicated in State Capture. Then CEO...