South African Institute of Professional Accountants

SAIPA maintains a quality assurance framework applicable to independent review engagements performed by its members, consistent with its mandate and the South African regulatory environment. While quality assurance for statutory audits is the responsibility of the Independent Regulatory Board for Auditors (IRBA), SAIPA supports quality management for independent review services through its own systems and processes.

SAIPA has implemented a Quality Assurance Practice Review (QAPR) framework aligned with the International Standards on Quality Management (ISQM 1 and ISQM 2). The framework includes member guidance, structured self-assessment processes, standardized practice review instruments, and the training and certification of independent quality assessors.

SAIPA has progressed from initial framework design and awareness activities to the phased operationalization of independent practice reviews, supported by dedicated monitoring systems and review procedures. The Institute continues to strengthen the linkages between its quality assurance activities, investigative and disciplinary processes, and relevant regulatory developments to support continuous improvement in the quality of professional services provided by its members.

Current Status: Sustain

SAIPA maintains an education, training, and professional development framework for its members that is designed to align with the International Education Standards (IES) while taking into account national qualification and regulatory requirements in South Africa. The framework addresses entry requirements, initial professional development (IPD), practical experience, assessment of professional competence, and continuing professional development (CPD).

SAIPA reports that its education and training requirements are aligned with the 2019 IES. Candidates for the Professional Accountant (PA(SA)) designation must complete an accredited academic program, fulfill structured workplace-based practical experience through SAIPA-accredited training centres, and successfully complete competency-based professional assessments. Members are also required to comply with mandatory CPD requirements designed to support the maintenance and enhancement of professional competence.

SAIPA regularly reviews and updates its competency frameworks, assessment approaches, and CPD monitoring processes to ensure continued alignment with international standards and evolving professional requirements. Oversight of the education and qualification framework is provided through SAIPA’s governance and education structures, supporting the ongoing fulfillment of SMO 2 obligations.

Current Status: Sustain

The Independent Regulatory Board for Auditors (IRBA) is responsible for adopting auditing standards in South Africa. While SAIPA does not have authority over the adoption of auditing standards, its members may perform independent review engagements for certain companies based on their public interest score under the Companies Act. In this context, SAIPA supports the application of the International Standards on Review Engagements (ISRE) issued by the International Auditing and Assurance Standards Board (IAASB).

To support implementation, SAIPA has developed specialized training and assessment programs on independent review engagements. Members who successfully complete the program are certified to perform independent review services. SAIPA also provides continuing professional development and technical training to strengthen member competencies in areas such as independent reviews, agreed-upon procedures engagements, quality management, and related assurance services.

SAIPA continues to monitor developments in international auditing and assurance standards and provides opportunities for its members to remain informed about new and revised standards through professional development activities. The Institute also participates in the international standard-setting process through the submission of comments on exposure drafts where relevant.

Current Status: Sustain

SAIPA 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 foundation of its ethical requirements for members. Ethical principles and professional conduct obligations are embedded in SAIPA’s governing documents, policies, and membership requirements.

SAIPA supports implementation of the Code through mandatory ethics-related continuing professional development, member guidance, and awareness activities. Compliance with ethical requirements is monitored and enforced through SAIPA’s investigation and discipline framework, which provides mechanisms for investigating misconduct and applying appropriate sanctions.

SAIPA reviews and updates its ethical guidance, training materials, and professional development activities to reflect revisions to the Code and emerging ethical issues, supporting the ongoing fulfillment of SMO 4 obligations.

Current Status: Sustain

Public sector accounting standards in South Africa are established by the Accounting Standards Board (ASB), which issues Standards of Generally Recognized Accounting Practice (GRAP). These standards are largely aligned with accrual-basis International Public Sector Accounting Standards (IPSAS), although many government departments currently apply a modified cash basis of accounting while the National Treasury pursues reforms toward accrual-based financial reporting.

SAIPA contributes to the national public sector standard-setting process through its participation in the ASB Public Sector Technical Forum, where representatives from professional bodies, government institutions, and oversight authorities discuss developments in public sector financial reporting. Through this forum, SAIPA participates in discussions related to public sector accounting issues and contributes to the consultation process on exposure drafts issued by the IPSASB.

SAIPA also promotes awareness and understanding of international public sector financial reporting standards through its professional development and stakeholder engagement activities. These initiatives include collaboration with academic institutions and engagement with public sector stakeholders to strengthen competencies in public sector financial management and accounting.

Through these ongoing activities, SAIPA supports the development and implementation of high-quality public sector financial reporting practices and continues to contribute to the advancement of SMO 5 objectives within the scope of its mandate.

Current Status: Sustain

SAIPA maintains an investigation and discipline (I&D) system applicable to its members that is designed to be consistent with the requirements of SMO 6 and with its role as a professional accountancy organization. The system includes documented procedures for receiving complaints, conducting investigations, applying disciplinary measures, and monitoring outcomes. SAIPA’s framework includes investigation, disciplinary, and appeals mechanisms to ensure due process in the handling of professional misconduct.

The I&D system operates under SAIPA’s governance structure and is supported by established policies and procedures for case management and decision-making. SAIPA also coordinates its disciplinary processes with other regulatory and professional bodies where appropriate.

During the current cycle, SAIPA has continued to strengthen linkages between its quality assurance activities and its investigation and discipline processes, including the use of practice review findings to inform monitoring and follow-up actions where necessary.

Through these established processes and ongoing improvements, SAIPA maintains an operational and credible investigative and disciplinary framework and continues to review and enhance its fulfillment of SMO 6 obligations.

Current Status: Sustain

IFRS Accounting Standards and IFRS for Small- and Medium-sized Entities (SMEs) are required for certain entities under the Companies Act 71 of 2008, which establishes the financial reporting framework in South Africa. Within this framework, SAIPA supports the effective implementation of IFRS and IFRS for SMEs among its members.

SAIPA provides continuing professional development (CPD) programs, technical training, and guidance materials to assist members in applying IFRS and IFRS for SMEs in practice. These activities include structured training sessions delivered by approved providers, technical updates, and the dissemination of guidance through professional publications and communication channels.

SAIPA also contributes to the development of financial reporting standards by participating in the consultation process on International Accounting Standards Board (IASB) exposure drafts through national consultation mechanisms.

Through these ongoing professional development and outreach activities, SAIPA supports the consistent application of IFRS and IFRS for SMEs and maintains its fulfillment of SMO 7 obligations.

Current Status: Sustain