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Development of the Accounting Profession in South Africa (Professional…
Development of the Accounting Profession in South Africa
Professional bodies
1895
Society of Incorporated Accountants & Auditors (SIAA)
1894
Institute of Accountants & Auditors (IAASA)
IAASA + SIAA
Transvaal Branch of the Society of Incorporated Accountants & Auditors
Provincial bodies
1904: Transvaal
1907: Orange Free State
1908: Cape Colony
1909: Natal Colony
1910: Union of SA
National body
1980: SAICA
Created to collectively achieve goals
Stabilize social & economic environment
Activities requiring accountants
Mineral deposit discovery
Financial deals
Amalgamations
Company formation
Public interest protection
Accounting education
1919
Transvaal & Natal standardized exams
1921
SA General Examing Board (GEB)
1927 (Act)
Charted Accountant (CA) designation
Professional registration
1951
Act 51: requires practicing accountants to be registered
Public Accountants and Auditors Board (PAAB)
Protected the public
Provided conditions for registration
1962
Training process control
1970
Determine qualifying exams and registration
1991
Act 80: New Public Accountants and Auditors act
2005
Act 25: Auditing Profession Act
Independent Regulatory Board of Auditors
Education
Ethics
Training
Development