South African Institute of Chartered Accountants

Member | Established: 1977 | Member since 1977

SAICA, founded in 1980, is the foremost accountancy body in South Africa and the professional home of Chartered Accountants [CAs(SA)] who are leaders in business, government, and the communities they serve. The institute provides a wide range of support services its members and plays an influential role in a highly dynamic business sector. SAICA strives to continuously develop the accountancy profession in South Africa by upholding professional and ethical standards and supporting and encouraging professional skill development and enterprise initiatives.

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Statements of Membership Obligation (SMO)

The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.

Last updated: 11/2020
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SMO Action Plan

Status of Fulfillment by SMO

  • SMO 1: Quality Assurance

    While the Independent Regulatory Board for Auditors (IRBA) is responsible for carrying out quality assurance (QA) reviews of auditors and firms for all statutory audits, SAICA reports that it regularly engages with the IRBA on matters relating to its inspections process, and quality control and audit quality. To do this, SAICA has established an Assurance Guidance Committee (AGC) and the National Small and Medium Practice Committee (NSMPC). The committees facilitate communications with the IRBA and relay constructive feedback from IRBA to its members that are Registered Auditors (RAs) which are subject to the IRBA’s QA review system. In the event of more serious matters, SAICA will refer complaints it receives from QA reviews to the IRBA for further investigation.

    Additionally, SAICA states that it has adopted an approach of pro-active engagement with the IRBA on matters relating to the inspections process and inspections findings, and more broadly on matters of audit quality. It participates in the IRBA’s processes to develop and issue local practice statements and guidance.

    Furthermore, SAICA is active in undertaking its own activities to support its members’ understanding of quality control standards and their ability to carry out high-quality audits. The institute annually offers a variety of continuing professional development (CPD) activities on the relevant standards, laws and regulations, best practices, and seminars for Small-and Medium-Sized Entities and Practices. As the IRBA requires RAs to fulfill CPD in particular areas, SAICA encourages its members who are RAs to participate in the relevant CPD offerings.

    Moreover, SAICA has developed a Technical Query Management System (TQMS) which provides members with assistance in understanding and applying the technical standards. SAICA also notes that the TQMS allows the institute to better identify the needs of its members based on the queries and subsequently, develop trainings to address those areas of concern.

    As part of implementing these initiatives, SAICA states that it regularly communicates with its members regarding CPD events, applicable standards, new developments, and available guidance through its website, monthly journal, electronic newsletters, and social media platforms.

    Lastly, SAICA also participates in the international standard-setting process by submitting its own comments to the IAASB or by collaborating with the IRBA to form a response.

    Current Status: Sustain

  • SMO 2: International Education Standards

    SAICA is responsible for determining initial and continuing professional development (IPD and CPD) requirements for its members and indicates that its Professional Development Unit regularly reviews and updates the content of its programming to ensure its requirements remain aligned with the IES. In line with this, SAICA has completed a review of the most recent revised IES.

    SAICA indicates that it is involved in multiple initiatives to maintain and monitor its requirements with each of the IES as part of fulfilling its membership obligations. These include: i) accrediting universities and tertiary education institutions that provide the academic and professional programs as part of the SAICA qualification; ii) regularly engaging and communicating with academic and professional program providers to discuss matters related to education, training and development of prospective Chartered Accountants and SAICA’s competency framework; iii) carrying out assessments of competency; iv) providing CPD workshops on a variety of topics, including CPD courses that fulfill IES 8; v) supporting its members who are completing the Independent Regulatory Board for Auditors (IRBA)’s Auditor Development Program to become a Registered Auditor; and vi) monitoring compliance with CPD through a web-based system.

    The institute notifies members of upcoming CPD events through its CPD calendar, its electronic newsletters, its website, and also makes learning materials from completed CPD events available for members to download from its site.

    Throughout 2015–2016, SAICA indicates it has undertaken new initiatives in this area to enhance its education and training programs. In 2015, it successfully piloted electronic examinations and it will now implement this over the next three years. In 2016, SAICA began its three-year review of its competency framework, anticipating the changing role of Chartered Accountants in 2025 given a variety of factors such as new technologies, the potential regulatory model for the profession, etc. The project will include formal research in collaboration with academia and will culminate in a new competency framework. SAICA expects that this may result in changes to its overall qualification process.

    Finally, SAICA reports that it provides detailed comments on all new exposure drafts and revisions to standards and guidelines when issued by the IAESB.

    As the accountancy profession is undergoing a change in overall regulation, SAICA is also encouraged to work with relevant stakeholders to unify the requirements.

    Current Status: Sustain

  • SMO 3: International Standards on Auditing

    The Independent Regulatory Board for Auditors (IRBA) is the entity responsible for setting auditing standards in South Africa; nonetheless, SAICA indicates that it actively participates, contributes, and seeks to influence the regulatory environment and development of new auditing and other related service standards. It does this primarily through its technical committee, the Assurance Guidance Committee (AGC), of which the IRBA is a permanent invitee, and by participating as an invitee to the IRBA’s Committee for Auditing Standards (CFAS), as well as serving as a member on CFAS’ Standing Committees and related task groups.

    The AGC assists in providing technical support and guidance to SAICA members that conduct statutory audits, other audits, reviews, assurance engagements, and related services. Additionally, SAICA undertakes research and development of relevant products and services for the benefit of practicing members to maintain and enhance their competence in audit and assurance. These products include a variety of continuing professional development (CPD) seminars, workshops and other events, publishing technical articles on its webpages, issuing Guides and Circulars, and communications on new standards and pronouncements. Occasionally, SAICA and IRBA will collaborate on these initiatives. SAICA indicates that recent CPD events have covered the new auditor reporting standards, which are already adopted for the jurisdiction, to help members understand the upcoming changes.

    Moreover, as part of SAICA’s ongoing communications with its members regarding auditing and assurance standards, it notifies members of all IAASB consultation papers, exposure drafts, staff audit practice alerts and other publications as they are released. SAICA also participates in the international standard-setting process by either preparing its own comments or collaborating with the IRBA to gather input and/or submit a joint response.

    Current Status: Sustain

  • SMO 4: Code of Ethics for Professional Accountants

    SAICA has adopted the IESBA Code of Ethics as the SAICA Code of Ethics for its members. SAICA reports that changes to the IESBA Code are incorporated into the SAICA Code, with the last updates made in December 2015 to align with the existing version of the IESBA Code at that time. It indicates that it will be updating its Code in December 2016 to address the new NOCLAR standard effective in July of 2017. In addition, SAICA notes that its Code of Ethics is also aligned with the Independent Regulatory Board for Auditors (IRBA)’s Code of Professional Conduct for Registered Auditors which enables it to facilitate compliance and implementation with both Codes amongst its members who are Registered Auditors.

    SAICA has established an Ethics Committee, which includes technical advisors to IESBA Board members, to monitor developments as issued by the IESBA and assist SAICA with drafting comments and responding to Exposure Drafts. The Ethics Committee is monitoring the proposed amendments to the IESBA Code and intends to roll out trainings pending the release of the amendments. In line with these plans, SAICA has proactively begun disseminating information on the NOCLAR standard and its impact via its electronic newsletters and website, as well as training events held during 2016. Further guidance is planned for 2017, including specific training and ongoing communication with members and associates, as well as appropriate regulators in South Africa.

    Moreover, SAICA continuously supports its members with implementation of the Code by offering a variety of annual trainings and workshops on ethical requirements. In 2017, it is planning a seminar dedicated to ethics-related topics with the Ethics Institute of South Africa.

    Similar to other technical areas, SAICA engages in ongoing communications to raise awareness of its members. It has an entire section of its website dedicated to ethics-related topics and content, and provides its members with electronic resources, articles, and a copy of the SAICA Code of Ethics.

    As the accountancy profession is undergoing a change in overall regulation, SAICA is also encouraged to work with relevant stakeholders to unify the ethical requirements.

    Current Status: Sustain

  • SMO 5: International Public Sector Accounting Standards

    The Accounting Standards Board (ASB) is the entity responsible for adopting public sector accounting standards in South Africa. The ASB has adopted accrual IPSAS which are referred to as the Generally Recognized Accounting Practice (GRAP); however in practice most government departments are applying a modified cash basis of accounting while the National Treasury is developing a roadmap to implement accrual accounting across all departments.

    SAICA reports that it provides technical assistance to the ASB’s standard-setting process and issue of local guidance. Additionally, SAICA participates in roundtable discussions with the ASB when formulating draft responses to discussion papers and exposure drafts issued by the IPSASB.

    Within the institute, SAICA has a dedicated Project Director and Manager that focus on issues in the following public sector areas: reporting, assurance, governance, legislation, risk management, and capacity building. The institute organizes relevant continuing professional development courses on public sector reporting and accounting standards for its members. Furthermore, the institute indicates that it raises member awareness of recent developments in the GRAP, IPSAS, and other related issues through technical articles in its newsletters, its website, as well as its monthly journal.

    Current Status: Sustain

  • SMO 6: Investigation and Discipline

    SAICA is responsible for the investigation and discipline (I&D) of its members and has established a Professional Conduct Committee and Disciplinary Committee, which have handled 388 complaints from January to July 2016. The Committees are maintained and managed by SAICA’s Project Director: Legal and Discipline with the objective of investigating and disciplining its members’ professional behavior. SAICA and the IRBA are working together in order to avoid an overlap with the scope of the Independent Regulatory Board for Auditors (IRBA)’s I&D system. The process between SAICA and the IRBA with regards to the investigation and discipline of SAICA members who are Registered Auditors are a part of the SAICA By-Laws.

    SAICA reports that its I&D system is in line with SMO 6 requirements; although in 2017-2018 it has stated plans to further enhance its procedures for liaising with outside bodies and including a review of the system in its 2017 audit plans.

    While SAICA indicates that it already does liaise with the IRBA on matters related to Registered Auditors and with the Commercial Crimes Unit of the South African Police Services where persons are found to be ‘holding out’ as Chartered Accountants in violation of the Chartered Accountants Designation (Private) Act 67 of 1993, the institute plans to engage with the Commercial Crimes Unit to establish a more formal process for reporting serious crimes and offences which have come to SAICA’s attention through its I&D processes.

    SAICA notes that it monitors developments and trends in the nature of complaints received and reports on these to SAICA’s Board. Moreover, the institute states that it guides members in interpreting and understanding their obligations under the SAICA Code of Professional Conduct, By-Laws, and other regulations and the consequences of non-compliance. After outcomes of disciplinary actions are made public, SAIPA’s Legal and Discipline staff coordinate with relevant business units to communicate the disciplinary matters with its members via information sessions and other publications.

    As the accountancy profession is undergoing a change in overall regulation, SAICA is also encouraged to work with relevant stakeholders to eliminate overlaps in the I&D function and develop a unified system. In its 2018 Action Plan submission, SAICA is encouraged to report on the results of the review of its system it plans to undertake in 2017 and to report on the status of its progress in liaising with the Commercial Crimes Unit.

    Current Status: Review & Improve

  • SMO 7: International Financial Reporting Standards

    IFRS and IFRS for SMEs have been codified by amendments to the Companies Act 2008 and approved by the Financial Reporting Standards Council (FRSC) — the entity responsible for approving accounting standards for companies. Nonetheless, SAICA reports that it remains actively involved in both the standard-setting and implementation processes.

    SAICA demonstrates that it contributes to both the international and local standard-setting processes through a variety of means. SAICA members serve on the FRSC and the Financial Reporting Technical Committee (FRTC)—a technical committee established by the FRSC to assist in the execution of its responsibilities. After soliciting feedback from its members, the institute submits comments to IASB-issued documents as well as FRSC pronouncements. In addition, SAICA nominates members and/or supports members of the FRSC to serve on IFRS Foundation committees. SAICA indicates that it has representatives on the Trustees of the IFRS Foundation, IASB, IFRS Interpretations Committee, IFRS Advisory Council, the ASAF (Accounting Standards Advisory Forum), the SME Implementation Group, and the Emerging Economies Group (EEG), among others.

    Moreover, to support the implementation process of IFRS, since 20011, SAICA has partnered with the Johannesburg Stock Exchange (JSE) to establish the Financial Reporting Investigations Panel (FRIP) to review referred instances of potential non-compliance with IFRS for JSE listed companies. The JSE carries out a proactive monitoring process whereby the financial statements of every listed company are reviewed at least once every five years to identify areas of non-compliance with IFRS. Where necessary, cases are referred to the FRIP. The JSE penalizes companies depending on the nature of non-compliance and at the same time reports the auditors and professional members involved to the respective professional bodies — the Independent Regulatory Board for Auditors and SAICA. Based on the results and feedback from the JSE, SAICA is able to better identify IFRS implementation challenges and organize activities to address these issues.

    These activities tend to include hosting various continuing professional development opportunities. SAICA offers an IFRS Certificate, which is a learning program addressing all the IFRS that members complete through in-person and e-learning sessions. SAICA also hosts annual CPD events on the IFRS and IFRS for SMEs. Additionally, by collating repetitive member queries on the IFRS and IFRS for SMEs to its Technical Query Management System (TQMS), SAICA has developed a Frequently Asked Questions page on its website to more efficiently answer member questions. SAICA reports that it updates this page quarterly based on the queries.

    Furthermore, SAICA has also developed implementation guidance and templates to assist members in understanding and applying the standards which are available online. Finally, SAICA also issues circulars and communicates other announcements to members regarding developments to the standards and potential impacts for South African entities.

    Current Status: Sustain


IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.



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