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Archive by author: Mr Terence Mncedisi NombembeReturn

Personal history
Terence was born on 30 September 1961 in Qumbu, Transkei. He matriculated at Umtata Technical College in 1979. He was awarded a BCom degree by the University of Transkei in 1982 and BCompt (Hons) by the University of South Africa in 1986. He qualified as a chartered accountant in 1990.

Terence gained valuable experience during his work in the private sector which developed his technical competencies as an accountant, external auditor and internal auditor. He also developed solid management and leadership competencies upon which he bases his leadership style.

Terence is married to Nokwanda and has three children, Mphiwa, Fezekile and Kamvalethu.

Career developments
Terence started his career as a trainee accountant with KPMG in Umtata in 1983. He left KPMG in 1987 and joined Unilever in Durban as internal auditor and later as an accountant in the Lipton Tea and Soup factory in Pietermaritzburg. He then joined BP Southern Africa (BPSA) in Cape Town in 1991 as senior internal auditor. While with BP, Terence joined BP Botswana in Gaborone as finance manager in 1994. He returned to BPSA in Cape Town as market research manager in 1996.

In May 1997, Terence helped establish and was a partner-in-charge of the auditing firm Gobodo Incorporated in Cape Town where he initiated the formation of Gobodo Corporate Governance Services, an internal audit division which operates nationally with regional offices in Cape Town and Pretoria.

Terence joined the Auditor-General on 1 June 2000 in the capacity of Deputy Auditor-General and Chief Executive Officer. He brought to the organisation a firm commitment to supporting mechanisms for instituting stable governance within government. In December 2006 he was appointed to the position of Auditor-General of the Republic of South Africa. He is the first African to hold the position of Auditor-General in the organisation’s 100-year history.

His contribution to the accounting and auditing profession includes participation in some of the most prestigious professional bodies, such as:

  1. The International Public Sector Accounting Standards Board (IPSASB), from 2002 to 2005, where he represented the South African Institute of Chartered Accountants, to develop international public sector accounting standards that are recognised by most multilateral organisations and public sector “accounting standard setters” across the globe.
  2. The Accounting Standards Board of South Africa, from 2004 to 2006, as a board member to develop accrual-based public sector accounting standards that bring into effect the constitutional requirement of introducing generally accepted accounting practice (GRAP) in the public sector in South Africa.
  3. Member of the Governing Board of the African Organisation of the Supreme Audit Institutions (AFROSAI) (as President), from 2008 to 2011.

He currently serves in the following capacities:

  1. Member of the Governing Board of the International Organisation of Supreme Audit Institutions (INTOSAI) (as Chairman).
  2. Member of the United Nations Board of Auditors where South Africa audits the funds and programmes of the United Nations jointly with China and France. South Africa assumed the rotating chair of the United Nations Board of Auditors for the period 2009 – 2012.

Terence believes that the vision of the Auditor-General of South Africa, namely “To be recognised by all our stakeholders as a relevant Supreme Audit Institution (SAI) that enhances public sector accountability”, is his biggest motivator. Terence regards this as a powerful vision that should be carried through.

"We operate in a constantly transforming and developing country. To be relevant in such a changing environment, my office is continuously redefining itself to meet challenges presented by change. For example, to make a meaningful impact we had to first acknowledge that public sector auditing is more challenging and different from private sector auditing. Public sector audits go beyond merely expressing an opinion on the financial statements. When we audit the public sector, we also comment on the effectiveness of key management processes and give feedback on compliance with laws and regulations. This qualitative approach enables public sector managers better to understand the financial impact of the identified problems and assists in helping them to prioritise the corrective actions. This is how we add value and help improve public sector financial management and our contribution to service delivery," says Terence.

Terence has committed his office to the continued unearthing and grooming of young chartered accountants and financial managers who will, in turn, use their acquired skills to help boost and continue upgrading the public sector financial management systems.

"South Africa is a rich mine of young, bright and talented youths. It is our task to help unearth and polish this latent talent. Through our trainee accountant scheme we have started that search, and we are going to all corners of the country looking for future auditors and auditors-general who will take over from us and continue helping our country manage its public resources effectively."


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