Terence Nombembe lands on his feet

2013-11-24 14:00

Outgoing Auditor-General (AG) Terence Nombembe has found a new gig as the CEO at the SA Institute of Chartered Accountants (Saica).

Nomembe’s contract as AG ends at the end of this month.

Before becoming AG, a post he has held for the last seven years, his experience included partnership in public practice, a stint in internal auditing and financing in the energy sector, as well as working as an accountant in the retail industry.

His office has been lauded for being tough on municipalities, particularly on the use of consultants and poor financial controls.

Nombembe replaces current Saica CEO Matsobane Matlwa, who will be stepping down at the end of January to pursue personal business interests.

Saica chairman Suresh Kana welcomed the appointment. “Terence has the appropriate balance of skills, a stakeholder engagement mind-set, experience, and qualities to deliver on the Saica strategy.

“I believe that Terence will make a meaningful contribution to the continued high level of governance and financial reporting in South Africa,” he said.

Nombembe joins Saica at a time when the transformation of the accounting profession is a strategic focus area for the institute. Saica statistics state that out of the 33?000 chartered accountants in the country, black Africans make up just 7%, while coloureds account for 3%.

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