Mind the Gap - an African perspective

Mind the Gap - an African Perspective

The expectation gap between the public, the accountant and the auditor

This event discusses the implications of the

Good Governance Academy’s 9th Colloquium for professional accountants across Africa

About this event

The Public Interest Oversight Board (PIOB) released its 17th Public Report in October 2022 and on this occasion launched the “Mind the Gap”, a project. The project is aimed at bringing together contrasting mindsets, including businesses of all sizes, regulators, the accountancy profession, users, preparers and the wider public. This focused stakeholder engagement intends to stimulate an exchange of views around the public interest in standard-setting and narrow the expectation gap. The project will offer stakeholders a space to participate in the oversight debate on the global standard-setting architecture.

The Good Governance Academy’s 9th Colloquium brought together global thought leaders to discuss this gap and engage with stakeholders.

This event unpacks and discusses these insights from an African perspective.

Background information

All supporting materials, highlights and the recording of the 9th Colloquium can be found here.

Guest speakers

Welcome from the Pan African Federation of Accountants

The PIOB's Mind the Gap project

Questions to the panel

+27 11 717 3300
info@goodgovernance.academy

Wits Business School, 2 St Davids Pl, St Andrew Rd, Parktown,

Johannesburg, 2193, South Africa

Prof. Mervyn King

Patron, Good Governance Academy

Mervyn King is a Senior Counsel, former Judge of the Supreme Court of South Africa, and designated Chartered Director (South Africa). He is Professor Extraordinaire at the University of South Africa, Honorary Professor at the Universities of Pretoria and Cape Town, and a Visiting Professor at Rhodes University. He has honorary Doctorates from Wits University and Stellenbosch University in South Africa, Leeds University in the UK, and Deakin University in Australia.

Mervyn is honorary fellow of the Institute of Chartered Accountants of England and Wales; the Institute of Internal Auditors of the UK; the Chartered Institute of Management Accountants; the Certified Public Accountants of Australia; the Chartered Institute of Public Relations of the UK, and the Chartered Secretaries and Administrators.

Mervyn is Chair Emeritus of the King Committee on Corporate Governance in South Africa, as well as of the Value Reporting Foundation (incorporating the International Integrated Reporting Council and SASB) and the Global Reporting Initiative (GRI). He has received Lifetime Achievement Awards for promoting quality corporate governance globally, from several institutions.

Mervyn chairs the Good Law Foundation and has chaired the United Nations Committee of Eminent persons on Governance and Oversight. He is a member of the Private Sector Advisory Group to the World Bank on Corporate Governance and of the ICC Court of Arbitration in Paris. Mervyn currently chairs the African Integrated Reporting Council and the Integrated Reporting Committee of South Africa and is Patron of the Good Governance Academy.

Mervyn has been a chair, director and chief executive of several companies listed on the London, Luxembourg and Johannesburg Stock Exchanges. He has consulted, advised and spoken on legal, business, advertising, sustainability and corporate governance issues in over 60 countries and has received many awards from international bodies around the world including the World Federation of Stock Exchanges and the International Federation of Accountants.

He is the author of many books on governance, sustainability and reporting, the latest being “The Healthy Company.”

Imre Nagy

Chief Executive officer of South Africa's Independent Regulatory Board for Auditors

Imre is currently the Independent Regulatory Board for Auditors’ (IRBA) Chief Executive Officer, a position he has held from September 2022, following a period of acting since February 2021.

He joined the organisation after being appointed as Director Inspections in February 2013, and his responsibilities comprised heading the regulatory monitoring (inspections) and remediation of registered auditors in South Africa. In his professional career, he has held positions at several small and large auditing firms. His last position before joining the regulator was that of director and regional (provincial) head of the fifth largest audit network firm in South Africa at the time.

In the past 20 years, Imre has gained extensive experience in performing audits, audit regulation, audit quality monitoring and audit quality control. He has also attained comprehensive knowledge in accounting, risk management, forensic audit and public sector advisory. Most of his career to date has been spent serving the public sector and the public interest. His broad knowledge and experience in these areas have underpinned his deep-rooted passion for the auditing profession and its regulation. Since 2013, he has been serving as an independent quality/technical advisor to the Auditor-General South Africa’s (AGSA) Quality Control Assessment Committee until 2021.

On the international front, Imre currently serves as a Board member and Audit and Finance Committee Chairperson of the International Forum of Independent Audit Regulators (IFIAR), an organization made up of independent audit regulators from 50 countries.

Imre is a public servant at heart. He is an unwavering and independent professional, with a passion for promoting reliable financial information and high audit quality. These qualities are necessary for the protection of the financial interests of the public and are also key drivers of investor confidence, which ultimately promotes economic growth and stability.

Professional Qualifications and Memberships

Professional Certificate in Regulatory Affairs (ICPS UK) (2013)
Registered Auditor (IRBA) (2004)
Chartered Accountant (South Africa) (South African Institute of Chartered Accountants (SAICA) (2004)
B Com (Honors) / Certificate in the Theory of Auditing
Post Graduate Diploma in Auditing
Member of the Institute of Directors
Former accredited Quality Reviewer for the AGSA
Former accredited Training Officer with SAICA

Sandra Njagi

Head of Corporate Planning and Strategy at Isuzu East Africa

Sandra Njagi is responsible for offering leadership in strategy formulation, implementation, monitoring, management accounting and reporting to both internal and external stakeholders at Isuzu EA. She is a seasoned Finance and Strategy professional with a wealth of experience in strategy, finance and financial management, management accounting, corporate governance and risk management.

Sandra was instrumental in the transition of Isuzu East Africa from General Motors East Africa; leading the due diligence and valuation processes, overall company transition and eventual development and roll out of the new company’s five- year strategic plan. As a result, in February 2018, Sandra was awarded for her immense contribution during the transition.
Previously, Sandra was a Management Consultant within Ernst & Young East Africa; one of the Big Four Consulting firms in the world. She was the East region (Kenya, Uganda, Rwanda, Tanzania and Ethiopia) training coordinator for the Risk Advisory Service line.

Sandra is a registered member of the Institute of Directors Kenya, Institute of Certified Public Accountants of Kenya (ICPAK) and the Institute of Internal Auditors (IIA). She sits in the Trustee Board of the Isuzu East Africa Staff Retirement Benefits Scheme, the KEPSA Public Finance Sector Board and the Nairobi Forum under the KEPSA foundation.

Sandra is a holder of a Bachelor’s degree in Commerce (Finance) and a Master’s degree in Business Administration (Strategic Management) from the University of Nairobi. Sandra has also received extensive leadership training including the Executive Leadership Training from Strathmore University, Corporate Governance training by the Centre for Corporate Governance, the Female Future Programme by the Federation of Kenya Employers and the Trustee Development Programme Kenya by the Retirement Benefits Authority among others.

Sandra is a trainer and facilitator working in collaboration with professional bodies such as the Institute of Certified Public Accountants and the Institute of Internal Auditors. She is also keen on volunteering and mentorship of young professional women and girls.

Due to the immense contribution she has made both within and outside Isuzu East Africa, Sandra was recently recognised as one of the Top 40 under 40 Women in Kenya by the Business Daily Publication.