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Professionalisation of Accounting in South Africa - Coggle Diagram
Professionalisation of Accounting in South Africa
Professional Bodies
(brought on by mineral revolution in 19th century)
1894 - Institute of Accountants & Auditors in the South African Republic (IAASA).
1895 - ZAR branch of the British body: Society of Incorporated Accountants and Auditors (SIAA)
IAASA + SIAA = Transvaal Branch of the Society of Incorporated Accountants & Auditors
1910 - Union of South Africa
(4 independent bodies)
1904 - ZAR Transvaal (Independent republic)
1907 - Orange Free State (Independent republic)
1908 - Cape Colony (British Colony)
1909 - Natal Colony (British Colony)
1980 - South African Institute of Chartered accountants (SAICA)
Professional features
(legislation and regulation)
1919 - Natal and Transvaal societies same entry exams.
1921 - The South African Accounting Societies’ General Examining Board (GEB).
1927 - Chartered Accountants’ Designation (Private) Act of 1927: CA designation.
1945 - Joint Council of Chartered Accountants of South Africa.
1951 - Public Accountants and Auditors Board (PAAB)
Protected the public interest
Conditions for registration.
Responsible for training process of accountants(1962)
Name changed to the National Council of Chartered Accountants.(1966)
Took over qualifying exams and registration. (1970)
1991 - New Public Accountants and Auditors Act, Act 80 of 1991
.Auditing Profession Act, No 26 of 2005 (APA).
Independent Regulatory Board of Auditors (IRBA).
South African accounting profession
Developed own identity (independent from British empire)
Professional features were in line with international standards
Operate independently from the state while cooperating with the state.
Legislation nd regulation were introduced to formalise the profession