Two accountants implicated in wrongdoing in evidence presented to the Zondo commission of inquiry into state capture will be investigated by the South African Institute of Professional Accountants (SAIPA).

The institute said on Friday that it acknowledged the affidavit filed by Angelo Agrizzi as part of his evidence about state capture.

"In the interest of transparency, SAIPA notes that two of the accountants implicated by Mr Agrizzi in his affidavit are professional accountants and therefore fall under its jurisdiction," the institute said in a statement.

"Any SAIPA member found to have violated the professional code of conduct and the International Federation of Accountants' (IFAC's) code of ethics will be dealt with accordingly. In light of the allegations made against the two SAIPA members, the institute will initiate preliminary investigations."

SAIPA's disciplinary process will allow the members an opportunity to provide their version of events. The matter will then be placed before an investigations committee that will either make a recommendation or refer them to the disciplinary committee.

"If they are found guilty of unprofessional conduct, misconduct or bringing SAIPA into disrepute they could lose their membership to the institute.

"As an IFAC member body committed to protecting the public interest, we take our role as a professional accountancy organisation very seriously and we will act promptly against any member who has not upheld our code of conduct," said Shahied Daniels, SAIPA’s newly appointed CE.

"SAIPA shall ensure to restore trust in the profession and that our members – irrespective of the roles they happen to occupy – always operate in the public interest and trust. For this reason, we will act decisively against any member who violates our code of conduct as it impacts on our reputation and standing in the accountancy profession and society at large," added Daniels.