The auditor-general, Terence Nombembe, yesterday approved a R3,8million yearly grant to the University of Fort Hare in the Eastern Cape.
The money will be used to help train more black chartered accountants. It will enable the university to train students to study toward the Certificate of Theory of Accounting, which is required for one to become a chartered accountant.
"This investment will have a significant benefit in sustaining the transformation of the profile of accountants in South Africa," Nombembe said.
By the end of last year there were 25346 chartered accountants in South Africa, of whom only 2887 were black. - Sapa