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Criteria of Chartered Accounting profession image - Coggle Diagram
Criteria of Chartered Accounting profession
The 1st requirement for a profession is a body of specialized knowledge
Chartered Institute of Management Accountants (CIMA)
Chartered Institute of Management Accountants (CIMA)
Association of Chartered Certified Accountants
South African Institute of Chartered Accountants (SAICA)
The 2nd requirement for a profession is a formal education process
University accounting programmes
Accounting Internships and Training
Certification
The 3rd requirement is standards governing admission
Postgraduate Diploma in Accounting (PGDA or honours equivalent)
BCom qualification/programme that is accredited by the South African Institute of Chartered Accountants (SAICA).
Training contract with a SAICA-registered training office.
Pass two qualifying examinations: the Initial Test of Competence (ITC) and the Assessment of Professional Competence (APC).
The fourth requirement for a profession is a code of ethics
Due care
Confidentiality
Integrity
Professional competence
Professional Behaviour
Objectivity
Fundamental principles from SAICA code of ethics
The 7th requirement for a profession is recognition of their social obligation.
Sets out what ethical and effective leadership is
Accountants must prepare unbiased, truthful and accurate financial reports
King Code Report on Corporate governance
The sixth requirement for a profession is a public interest in the work that practitioners
perform.
Common benefit that all citizens share from the
services provided by the accountancy profession.
Protect certain “interests” of the public through:
Soundness of financial reporting
Comparability of financial information across borders
Fiscal
prudence in public expenditures
The 5th requirement is a recognised status indicated by a license or
special designation.
The CA(SA) designation is recognised globally
SAICA Membership
