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Professionalisation of Accounting in South Africa - Coggle Diagram
Professionalisation of Accounting in South Africa
Code of ethics
Established by the public accountants and auditors act 51 of 1951
All practicing accountants must be registered
All accountants trained in ethical behaviour and conduct
Public interest
Independent body
Public accountants and auditors board
SA's mineral revolution
Increased business
Need created for standardised accounting practices
1894 IAASA formed
Ensure accurate, ethical and transparent accounting practices
Recognised status and designation
CA(SA) designation
Chartered accountants status
May only be used
Qualifying education
Passed CTA exam
Completed clerkship
1927 Chartered accountants designation act
Body of Knowledge
Bcomt undergraduate degree
CTA examination
Public accountants and auditors board
1971
Started administering formalised body of knowledge
1919
Natal + Transvaal societies adopt same entry exams
In line with international standards, SA has own identity separate from British accounting developments
Formal education process
Introduced in 1962
Clerkship to gain experience introduced in 1921
Standards governing admission
Standardised exam formalised by the GEB in 1927
Experience gained through clerkship of 5 years
Controlled by Public accountants and auditors board
Professional bodies
Independent bodies
1907 Orange free state
1904 ZAR
1908 Cape colony
1909 Natal colony
1910 Union of SA
1980 Single body of SAICA
Recognition of social obligation
1945
Joint Council of chartered accountants of South Africa
Worked jointly with SA government to comply with obligations