South African Institute of Chartered Accountants
From Wikipedia, the free encyclopedia
The South African Institute of Chartered Accountants (usually referred to as SAICA) is a non-profit organisation that represents the interests of the Accounting profession.
It is the only body responsible for conferring the designation CA(SA). Holders of the designation are known as CAs or Chartered Accountants. To practise as an auditor in South Africa, one has to be a CA (but not all CAs are necessarily auditors.)
Most CAs are also members of the IRBA - Independent Regulatory Board for Auditors, formerly known as PAAB (Public Accountants and Auditors Board).
Contents |
[edit] The CA(SA) designation
The CA(SA) designation is highly regarded and Chartered Accountants usually earn top salaries as auditors, accountants, tax consultants and company directors.
The typical requirements for qualification as a Chartered Accountant:
- Obtain a Bachelor of Accounting (B.Acc/B.Rek/B.Compt) degree.
- Obtain an Honours degree in Accounting.
- Obtain a Certificate in the Theory of Accounting (CTA) in conjunction with the Honours degree (only awarded if the Honours degree is passed with certain requirements).
- Complete a three year internship, selecting either of two routes:
- with a registered auditing firm (such as Deloitte, KPMG, or Ernst & Young) i.e. Inside Public Practice;
- Training Outside Public Practice ("TOPP") - typically at a large bank or corporate (excludes practice as an auditor).
- Pass the two "board examinations" set by the IRBA (the first in accountancy, tax and financial management; the second in auditing).
Since the introduction of TOPP (Training Outside Public Practice) a great number of members have earned the designation Chartered Accountant with limited knowledge or experience in Auditing. These Chartered Accountants specialise in financial management and almost exclusively act as financial directors or managers for large corporations, and may not act as Auditors.
[edit] SAICA
SAICA was formed in 1980, with 9012 members. Prior to this, the profession was regulated by provincial bodies which, over time, collaborated increasingly towards standardization of practices and standards and towards forming a national body. Today, SAICA has approximately 24,000 members, approximately 20% of which are resident outside of the Republic of South Africa. The SAICA mission is "to serve the interests of the Chartered Accountancy profession and society, by upholding professional standards and integrity, and the pre-eminence of South African CAs nationally and internationally."
South Africa is very active in the development and implementation of International Financial Reporting Standards. Some local companies are already reporting according to these standards. Internationally SAICA holds a seat on the Board of the International Accounting Standards Committee. SAICA has recently been included in the IFACnet search engine.
[edit] South African CPA designation
A South African Chartered Accountant, or CA(SA), is the equivalent of a United States CPA (Certified Public Accountant). However, the CPA designation also exists in South Africa. This qualification was previously designated CFA (Certified Financial Accountant). South African CPAs perform only accounting and tax work, usually for smaller entities, and may not perform auditing work.
A recent legal battle between SAICA and the CPA governing body: SAICA requested that the CPA designation be changed back to CFA (Certified Financial Accountant) because the "CPA" designation might create confusion to Americans who might believe that CPAs can act as auditors. Using the term CPA is also a contravention of the Audit Profession Act which states that only CAs may use the term "Public Accountant" or "Registered Auditor." The outcome of this is not yet clear.
