Faith Zandile Ngwenya earned a Master’s in Accountancy degree from the University of Natal in 2003. She is a Professional Accountant (SA), qualified Chartered Certified Accountant (ACCA).
Ms. Ngwenya's professional career spans 8 years in Commerce and industry and 15 years as a lecturer. She is currently the Technical & Standards Executive of the South African Institute of Professional Accountants (SAIPA).
Her current position involves, among other things, providing technical support to professional accountants and making comments on proposed new legislation or amendments to legislation related to accounting standards. Faith is a member of the SAIPA Management Committee, Continuous Professional Development Committee and Recognition of Prior Learning Committee. In her position, she engages with government on behalf of professional accountants and small- and medium-sized entities. She represents SAIPA at various international and national stakeholder meetings with groups such as the Edinburgh Group, the South African Revenue Services (SARS), the Companies and Intellectual Properties Commission (CIPC), the World Bank Ease of doing business in South Africa. Faith is a member of the Institute of Directors.
Faith is a board member of the following organisations; the Association of BEE Professionals (ABP), the Association for the Advancement of Black Accountants (ABASA) and Tshifhato Investment Holdings. She is also a member of the Anti- Intimidation and Ethical Behavior Forum (AEPF).
Baubre Murray is a Director of DM Consulting Ltd, a small accounting firm based in Wellington, New Zealand, specialising in providing tax and accounting services to the SME sector. She is a Fellow of Chartered Accountants Australia and New Zealand (CA ANZ).
Baubre has been involved as a volunteer with CA ANZ and the NZ Institute of Chartered Accountants for more than 15 years in roles ranging from Chair of the Women Accountants Group in Wellington, to member of the Public Practice Advisory Group and the NZICA and CA ANZ Councils.
She is a Chartered Member of the NZ Institute of Directors and holds several governance roles including Chair of the Human Resources Institute of NZ, and trustee of Sport Wellington and the LIfeBlood Trust.
Baubre is committed to improving financial literacy and has recently published her experiences on how to improve financial sustainability in her book "Stop Worrying About Money".
All stakeholders are invited to register and participate.
The IESBA invites you to join a 45-minute webinar on Monday, April 20, 2020 at 4pm EDT to hear about its initiative on exploring the ethics implications arising from the transformative effects of technological trends and developments on the accounting, assurance, and finance functions.
The proposed revisions broaden the definition of a public interest entity (PIE) to include more categories of entities, given the level of public interest in their financial condition, for the purposes of additional independence requirements to enhance confidence in their audits.
“The PIE concept is central to the International Independence Standards as it determines whether the auditor of an entity should comply with additional independence requirements,” said IESBA Chairman Dr. Stavros Thomadakis. “As economies around the world evolve, capturing the appropriate types of entities as PIEs and doing so in a globally operable way is a matter of public interest. I am grateful for the good input provided by the IAASB, under our established arrangements for close coordination.”
Among other matters, the proposed revisions:
Introduce an overarching objective for additional requirements to enhance confidence in the audit of financial statements of PIEs.
Provide guidance on factors to consider when determining the level of public interest in an entity.
Broaden the definition of PIE to additional categories of entities.
Replace the term “listed entity” with the term “publicly traded entity” and redefine that PIE category.
Introduce new requirements for firms to determine if additional entities should be treated as PIEs for independence purposes and to publicly disclose if an audit client was treated as a PIE.
Recognize and encourage local regulators to refine PIE categories in regard to national conditions.
In the holistic approach adopted, the specifications for the PIE categories are set at a high level given the wide diversity in national PIE definitions which necessarily reflect local circumstances. Integral to this approach is the role the IESBA expects regulators, national standard setters or other relevant local bodies to play in refining these high-level categories so that the right entities in the local context are captured. To assist in understanding this prospective role, the IESBA will undertake outreach and education activities over the coming months, including guidance material in February and webinars in March.
How to Comment
The IESBA invites all stakeholders to comment on the Exposure Draft by visiting the IESBA website. Comments are requested by May 3, 2021.
As part of this public consultation, the IAASB invites stakeholders to comment on aspects of the Exposure Draft for its consideration of the possible development of its International Standards.
About the IESBA
The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA serves the public interest by setting ethics standards, including auditor independence requirements, which seek to raise the bar for ethical conduct and practice for all professional accountants through a robust, globally operable International Code of Ethics for Professional Accountants (including International Independence Standards).
The IESBA believes a single set of high-quality ethics standards enhances the quality and consistency of services provided by professional accountants, thus contributing to public trust and confidence in the accountancy profession. The IESBA sets its standards in the public interest with advice from the IESBA Consultative Advisory Group (CAG) and under the oversight of the Public Interest Oversight Board (PIOB).
Collaborates with the International Auditing and Assurance Standards Board (IAASB) to Seek Convergence on Related Terms and Concepts
