Saica conference puts the emphasis on ethics and sustainability

Wants to maintain integrity in the profession while supporting sustainable development goals.

As the world grapples with the pressing challenges of climate change, social inequality, and environmental degradation, businesses are increasingly expected to adopt sustainable practices. Chartered accountants (CAs) play a vital role in this transformation, ensuring that companies remain financially stable while upholding ethical commitments to sustainability.

At this year’s Difference Makers Conference, the South African Institute of Chartered Accountants (Saica) made it clear that it is at the forefront of guiding CAs to a future where ethical practices and sustainability are inseparable.

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Listen/read: Saica’s plans to improve 14% pass rate

“Ethical leadership must be the cornerstone of what we do,” said Saica CEO Patricia Stock in an opening address that set the tone for the conference held at the Sun City Convention Centre on 13 and 14 September.

The theme – Making Waves, Empowering Change – underscored the role Saica members play in driving sustainability.

“We must support SDGs [sustainable development goals] to eliminate poverty and inequality, make a difference, and create a sustainable future,” said Stock.

Let’s talk about it …

A panel discussion featuring Saica’s Standards Team focused directly on sustainability.

Saica’s panel discussion on sustainability and ethics featuring its Standards Team – (from left): Kedibone Sono, Pieter Faber, Milton Segal, Thandokuhle Myoli and Viola Sigauke. Image Supplied

Milton Segal, Saica’s executive director of standards, referenced the United Nations definition of sustainable development: “It’s development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”

Ethics and principles

A key focus of the discussion was ethics, especially in light of the role of auditing companies in recent corporate scandals and state capture.

Such scandals have been at the forefront of conversations within the profession, highlighting the importance of ethical practices in ensuring the integrity of financial reporting.

Listen: Saica taking steps to restore reputation following accounting scandals [Apr 2019]

Viola Sigauke, Saica’s project director of ethical standards and sustainability, emphasised that ethics and sustainability are intrinsically linked.

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She stressed that when addressing sustainability, CAs must remain mindful of the five fundamental ethical principles outlined by Saica – integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour.

“You need to have integrity; always be straightforward and honest in all business relationships,” she said.

“Then objectivity – ensure that your professional judgment [is not] compromised.

“Professional competence and due care [means] you need to accept assignments only if you possess the necessary skill and knowledge.”

Regarding confidentiality, she stressed to the delegates that “you have to respect the confidentiality of client information that you have acquired [while] doing the work”.

“You cannot use that information for your own gain.”

Read: Saica will investigate all members implicated in state capture [Jan 2022] SA chartered accountants back on top of the world [Oct 2023] Saica qualifying exam pass rate hits a low [Sep 2024]

Echoing her words Segal said: “As an accountant, as a profession, we have a direct duty to our clients and members, and to the economy. But there’s also an expectation … [of] custodian trust.”

Linking ethics to sustainability, Segal said: “In the context of sustainability there [are] additional areas of responsibility that our members will be participating in which … require additional [ethical] reinforcement.”

Siguake emphasised that it is the organisation’s duty to ensure that its members adhere to its principles to ensure that faith is maintained within the institution.

“People have faith in us, [and] that faith … we need to keep it.”

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