Recent scandals in the profession have placed renewed emphasis on quality control and
Regulators including the National Treasury, Department of Trade and Industry, SAQA, IRBA and SARS have been requested by Parliament to implement new regulations to clamp down on unprofessional conduct by accountants and auditors.
In response, SAIBA has issued a new requirement applicable to SAIBA BAP (SA) designation holders in the form of Annual Practice Licence (APL)
What is Annual Practice Licence (APL)?
The APL is a self-assessment that all SAIBA members with the designation BAP(SA) are required to complete annually effective 1 July 2018.
The APL test the BAP(SA)’s knowledge of the standards required to manage an accounting practice, and provide professional services to clients.
The APL is conducted online and has to be submitted to SAIBA annually prior to renewal of fees.
- It can be conducted at any time but has to be completed at least once in a renewal cycle.
- The APL is taken free of charge
- The APL consist of 50 Multiple Choice questions counting 1 mark each. The pass rate is 70%.
- The study materials include the standards as detailed above.You must use the materials to prepare for the assessment and you can use the materials during the assessment
- The format is open book, self-assessment, online and with a 60 minutes duration. Each BAP(SA) is allowed two opportunities to write and pass.
- If the pass mark is not achieved, SAIBA will contact you and discuss a development plan with the aim of improving your knowledge and understanding.
- If you fail after the third attempt the matter will be handed to the investigations committee and a practice review will be conducted
Your Course Material:
- EME Affidavit
- Guide to Accounting Officers Engagement for NPOs
- Guide to Accounting Officer Reporting Engagements
- Commissioner of Oaths – Guide for Business Accountants in Practice
- Independent Review
- Guide to issuing Immigration Certificates
- CPD Policy
- Regulation of Accountants
- Technical Updates
- Code of Conduct
- Financial Reporting
- Responding to Non-Compliance to Laws and Regulations
- IFRS for SMEs
- Guide to Practice Management for Small- and Medium-sizes PracticesISRS 4400