Tag: Paul Hoffman

Is the accounting profession experiencing a crisis of credibility? Current events locally and internationally are demanding higher levels of accountability in the accounting and auditing professions. Unethical accounting and auditing practices in South Africa have reverberated globally, with the reputations of large accounting and auditing firms severely damaged by their links to public service corruption and financial misrepresentation by large multinational companies like Steinhoff.

State owned enterprise ESKOM is insolvent and illiquid such that its ability to meet operational costs and long-term debt obligations appears unlikely. The Institute for Accountability in Southern Africa (Accountability Now) is questioning how ESKOM is to continue to trade in the present circumstances which would, in Accountability Now’s opinion, be contrary to section 22 of the Act on any reasonable interpretation.