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The South African Institute of Chartered Accountants (Saica) has appointed Patricia Stock as its new CEO.
Stock, who previously served as CEO of accounting and auditing company MGI RAS, will start in December this year when the five-year term of the current CEO, Freeman Nomvalo, comes to an end.
The new CEO has a master's degree in international accounting from the University of Johannesburg and is a former board member of SAICA.
She was previously a partner and head of transformation for the group of companies under BDO SA. She also worked in various auditing positions at the Auditor General of South Africa.
In a statement, she said she wanted to "champion excellence, innovation, and transformation" at Saica.
Nomvalo was appointed in 2019 when the accounting profession had suffered a series of scandals, including the collapse of Steinhoff.
Earlier this year, the accounting regulator made headlines after it fined former SAA board member and chartered accountant Yakhe Kwinana R6.1 million, and barred her from being a member.
An inquiry found that Kwinana appeared to have "no clue about some of the basic obligations that she should know as a charted accountant" or "dishonestly pretended" she did.
SAICA chairperson, Vincent Motholo, praised Stock's "transformative" appointment as the organisation's first black woman CEO.
*This article has been updated to correctly reflect the length of Nomvalo's term. News24 apologises for the error.
