South African Institute of Chartered Accountants

While the Independent Regulatory Board for Auditors (IRBA) is responsible for conducting quality assurance (QA) reviews of auditors and firms performing statutory audits in South Africa, SAICA actively supports the effective implementation of quality management standards among its members.

SAICA engages regularly with the IRBA on matters relating to audit quality, inspections processes, and regulatory developments through formal structures including the Assurance Guidance Committee (AGC) and the National Small and Medium Practice Committee (NSMPC). These committees facilitate communication between the profession and the regulator and enable SAICA to relay inspection findings, emerging issues, and regulatory expectations to its members who are Registered Auditors.

To support the implementation of quality management standards, including the International Standards on Quality Management (ISQM 1 and ISQM 2), SAICA provides technical guidance, professional publications, and continuing professional development programs covering quality management, auditing standards, and regulatory developments affecting audit practice.

SAICA also maintains a Technical Query Management System (TQMS), which assists members in interpreting and applying professional standards. Insights from member queries are used to identify emerging practice issues and inform the development of targeted training and guidance.

Through these activities and its ongoing engagement with the regulator and the profession, SAICA supports audit quality and the effective operation of the jurisdiction’s quality assurance framework, demonstrating continued fulfillment of SMO 1 obligations.

Current Status: Sustain

SAICA is responsible for establishing initial professional development (IPD) and continuing professional development (CPD) requirements for its members and indicates that its education and professional development frameworks are aligned with the International Education Standards (IES).

SAICA maintains a comprehensive qualification pathway for Chartered Accountants (CA(SA)) that includes accredited academic programs, structured practical training through approved training offices, and professional competence assessments. SAICA accredits universities and other tertiary education institutions that deliver academic programs leading to the CA(SA) designation and regularly engages with academic and training program providers to ensure alignment between educational outcomes and the competencies required of professional accountants.

The institute has implemented its updated competency framework through the CA2025 initiative, which modernized the competencies expected of Chartered Accountants to reflect evolving professional demands. The framework is embedded across academic programs, practical training requirements, and professional assessments.

SAICA also maintains a competency-based CPD framework that emphasizes ongoing professional competence rather than a purely hours-based approach. Compliance with CPD requirements is monitored through a web-based reporting system, and members are supported through a wide range of professional development programs, technical training, and learning resources.

Through these activities and its ongoing review of education and training requirements, SAICA supports the continued alignment of its qualification and professional development systems with the International Education Standards and demonstrates sustained fulfillment of SMO 2 obligations.

Current Status: Sustain

The Independent Regulatory Board for Auditors (IRBA) is responsible for adopting auditing and assurance standards in South Africa and has adopted the International Standards on Auditing (ISA) and the full suite of IAASB standards as issued by the International Auditing and Assurance Standards Board (IAASB).

Within this framework, SAICA actively supports the implementation and development of auditing and assurance standards in the jurisdiction. SAICA participates in the standard-setting process through its Assurance Guidance Committee (AGC), which includes participation from the IRBA and other stakeholders. SAICA also participates in the IRBA’s Committee for Auditing Standards (CFAS) and its associated working groups.

The AGC provides technical guidance and support to SAICA members performing audits, reviews, and other assurance engagements. SAICA develops technical guidance materials, publishes articles and circulars, and offers continuing professional development programs to assist members in applying auditing and assurance standards in practice.

SAICA also contributes to the international standard-setting process by reviewing IAASB consultation papers and exposure drafts and submitting comments either independently or in collaboration with the IRBA.

Through these activities, SAICA supports the consistent application of international auditing standards and demonstrates continued fulfillment of SMO 3 obligations.

Current Status: Sustain

SAICA has adopted the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA) as the basis for its ethical requirements for members. SAICA reports that its Code of Ethics is aligned with the IESBA Code and that any local modifications do not result in requirements that are less stringent than those established by the IESBA.

SAICA’s ethical requirements are also aligned with the Code of Professional Conduct issued by the Independent Regulatory Board for Auditors (IRBA), enabling members who are Registered Auditors to comply with both regulatory and professional ethical requirements.

SAICA supports the implementation of ethical standards through its Ethics Committee, which monitors developments issued by the IESBA and contributes to the international standard-setting process through the review of exposure drafts and consultation papers. The institute provides technical guidance, professional publications, and continuing professional development programs to assist members in understanding and applying ethical requirements.

SAICA also maintains ongoing communication with members on developments in professional ethics through training programs, technical resources, and dedicated ethics-related materials available through its website and professional publications.

Through these activities, SAICA supports the effective implementation of the International Code of Ethics and demonstrates continued fulfillment of SMO 4 obligations.

Current Status: Sustain

Public sector accounting standards in South Africa are issued by the Accounting Standards Board (ASB), which develops Standards of Generally Recognized Accounting Practice (GRAP). These standards are largely based on accrual-basis International Public Sector Accounting Standards (IPSAS). While GRAP standards incorporate IPSAS principles, many government departments continue to apply a modified cash basis of accounting as part of the jurisdiction’s phased transition toward accrual-based reporting.

Within this framework, SAICA supports the development and implementation of public sector accounting standards in the jurisdiction. SAICA participates in consultations and roundtable discussions organized by the ASB and contributes to the development of responses to exposure drafts and consultation papers issued by the International Public Sector Accounting Standards Board (IPSASB).

SAICA also supports member awareness and implementation of public sector standards by providing technical guidance, professional publications, and continuing professional development programs related to GRAP, IPSAS, and public sector financial management.

Through these activities, SAICA contributes to the advancement of public sector financial reporting and demonstrates continued fulfillment of SMO 5 obligations.

Current Status: Sustain

SAICA maintains an investigation and discipline (I&D) system applicable to its members that is designed to be consistent with the requirements of SMO 6. The system includes formal procedures for receiving complaints, conducting investigations, and applying disciplinary measures where professional misconduct is identified.

SAICA’s I&D framework is administered through established governance structures, including the Professional Conduct Committee and the Disciplinary Committee. These bodies are responsible for reviewing complaints, conducting investigations, and determining appropriate disciplinary actions in accordance with SAICA’s By-Laws and Code of Professional Conduct.

Where matters involve members who are also Registered Auditors, SAICA coordinates closely with the Independent Regulatory Board for Auditors (IRBA) to ensure that investigative and disciplinary processes are carried out by the appropriate authority and to avoid duplication of oversight. In accordance with the Auditing Profession Act and its subsequent amendments, matters involving audit-related misconduct may be referred between the IRBA and SAICA depending on the nature of the case.

SAICA also maintains cooperation with relevant regulatory and law enforcement authorities where allegations of serious misconduct arise. The institute monitors trends in complaints and disciplinary matters and uses this information to support member awareness initiatives and promote compliance with professional and ethical requirements.

Through these processes and its ongoing review of investigative and disciplinary procedures, SAICA demonstrates continued fulfillment of SMO 6 obligations.

Current Status: Sustain

IFRS Accounting Standards and IFRS for Small- and Medium-sized Entities (SMEs) are required in South Africa under the Companies Act 71 of 2008, which establishes the financial reporting framework for companies in the jurisdiction. The Financial Reporting Standards Council (FRSC) advises the Minister of Trade, Industry and Competition on financial reporting standards, while IFRS are issued by the International Accounting Standards Board (IASB).

SAICA actively contributes to both the international and national financial reporting standard-setting processes. SAICA members participate in the work of the FRSC and the Financial Reporting Technical Committee (FRTC), which assists the FRSC in carrying out its responsibilities. SAICA also gathers feedback from its membership and submits comments on exposure drafts and consultation documents issued by the IASB and other relevant bodies.

SAICA members also contribute to the global standard-setting process through participation in various IFRS Foundation advisory and governance bodies. Through these roles, SAICA contributes to the development of international financial reporting standards and ensures that perspectives from the South African profession are considered.

To support the implementation of IFRS, SAICA collaborates with the Johannesburg Stock Exchange (JSE) through the Financial Reporting Investigations Panel (FRIP), which reviews cases of potential non-compliance with IFRS in financial statements of listed companies. The JSE performs proactive monitoring of financial statements of listed entities and refers cases of possible non-compliance to the FRIP for assessment. Outcomes of these reviews inform professional oversight activities and contribute to strengthening the quality of financial reporting in the jurisdiction.

SAICA further supports implementation of IFRS and IFRS for SMEs by providing continuing professional development programs, technical guidance, and implementation resources to its members. These activities include IFRS training programs, technical publications, member guidance materials, and responses to technical queries through its Technical Query Management System.

Through these activities and its ongoing engagement with stakeholders in the financial reporting ecosystem, SAICA demonstrates continued fulfillment of SMO 7 obligations.

Current Status: Sustain