The South African Institute of Professional Accountants (SAIPA) on Friday acknowledged that two of the accountants implicated by former Bosasa chief operations officer, Angelo Agrizzi, are its members and said those found to have violated the professional code of conduct and the International Federation of Accountants (IFAC) code of ethics will be dealt with accordingly. 

In the affidavit filed by Agrizzi as part of his evidence at the Zondo Commission of Inquiry into State capture, a number of senior government officials have been implicated for wrong-doing, including chief executive of Amscor, Kevin Wakeford, who is a chartered accountant. 

SAIPA said in light of the allegations made against the two members, the institute will initiate preliminary investigations as the accused members will be given an opportunity to provide their version of events per affidavit. 

If the members are found guilty of unprofessional conduct, misconduct, bringing the organization into disrepute, or failing to uphold the IESBA  (International Ethics Standards Board for Accountants) code of ethics, SAIPA said a harsher sanction will be imposed, and they stand the risk of losing their membership to the Institute.

Shahied Daniels, SAIPA’s newly-appointed chief executive, said as an IFAC member body committed to protecting the public interest, they take their role as a professional accountancy organisation very seriously and will act promptly against any member who has not upheld their code of conduct.

"SAIPA shall ensure to restore trust in the profession and that our members – irrespective of the roles they happen to occupy – always operate in the public interest and trust," Daniels said.

"For this reason, we will act decisively against any member who violates our code of conduct as it impacts on our reputation and standing in the accountancy profession and society at large."

Agrizzi will continue giving testimony at the Zondo Commission on Monday.