REASONS TO JOIN SAIBARepresenting business accountants in South Africa and Namibia, and African CFOs globally.
Personal and Professional Benefits to joining SAIBA
The professional services that we regulate
We have the legal authority to verify and monitor the delivery of quality professional services by business accountants. In this way we protect the interest of government, CIPC, SARS, SMEs, Corporates, and the general public. We regulate the following services provided by business accountants:
The status that empower us to regulate these services.
We are recognised in terms of the following statutes:
The global body for finance executives
SAIBA is a full voting member of the International Association of Finance Executive Institutes (www.iafei.org), the global body for FDs and CFOs. IAFEI is a CAG member of IFAC and through IAFEI we contribute to the development of international standards for accountants. IAFEI is represented in 20 countries from Brazil to China and everything in between. IAFEI are represented in global forums together with the World Bank, UN, EU, CFE and others. IAFEI annually hosts a CFO World Congress.
3rd Largest in South Africa, 1st in Namibia
SAIBA is a recognised professional body in South Africa and Namibia meaning that our members can provide regulated work in both countries.
Shortage of accountants
Research by the Finance and Accounting Services Sector Education and Training Authority (FASSET) and the agency Robert Half indicates the shortage of competent accountants in the economy. The South African National Development Plan as well as the World Bank ROSC report on South Africa also highlighted the need and importance of accountants to account for and financially safeguard big government development projects. This all means that Southern African economies require accountants whose competencies have been verified by professional accounting bodies by issuing designations.
Designations means better employability
The Robert Half Salary Survey 2020 found that accountants with a designation earn more and are more likely to be promoted. According to the report “CFOs report bottom-line benefits of companies footing the bill for professional certification. 41% cite increased productivity and 30% cite improved retention”…”As a result firms are offering higher pay, along with improved benefits and perks”. Download the survey here.
We publish www.accountingweekly.com
SAIBA owns and publishes www.accountingweekly.com providing investigative journalism and news aggregation covering developments and trends in the accountancy profession. This is our official newsletter that we use to keep members and non-members informed about news, legislation, standards, and IFAC.
We publish www.cfotalks.com
SAIBA owns and publishes www.cfotalks.com providing CFO interviews, global CFO news and developments, world-wide CFO events, and news about IFAC and IAFEI. The platform attracts new CFOs to join SAIBA and earn their designation CFO(SA).
We publish www.bandareview.com
Our annual integrated report is published in our official magazine www.bandareview.com. This is published once a year and provides a holistic update on our activities for the year and financial results. This is our business card – in magazine format.
Significant size and influence.
We support more than 8,000 finance professionals, including junior bookkeepers, accountants, financial managers and finance executives or Chief Financial Officers, with furthering their careers and gaining more clients.
Voluntary regional forums
SAIBA members organise regional forums to share information and assistance on various issues including practice management, and improving SARS and CIPC system efficiencies. At these events you make great friends and are able to collaborate with other firms. Go to our training website, www.saiba.academy, for regular updated on what is happening and where.
National conventions and sponsored events
Our annual member convention incorporates the latest policy developments, practice management guidance, and technical legislative updates. We also do regular events with our sponsors to promote better ways of making money, serving clients, and building practice efficiencies. Other events are hosted with government to connect accountants with SMEs, NPOs, SEDA and other entities in need of accountants and advisors. Go to our training website, www.saiba.academy, for regular updated on what is happening and where.
CPD is a mandatory requirement for all accountants in SA
Whether you provide work as an accounting officer, tax practitioner, or CFO: Members of all professional bodies must maintain their CPD points. SAIBA ascribes to the IFAC Code of Ethics and SMOs, and although we are not a member of IFAC, we are required by SAQA to set, offer, and monitor business accountant compliance to CPD.
Our CPD policy is outcomes based and requires members to demonstrates competence in CPD topics. We are more strict than other bodies to ensure your technical skills are up to date. In return we provide an online CPD certificate in blockchain that we use to inform and lobby for more work to be allocated to you from government and SMEs.
We require the following CPD points from each designation type as achieved though CPD assessment after each CPD event: BA(SA) = 30 points, CBA(SA) = 40 points, CFO(SA) = 50 points, BAP(SA) = 40 points.
The SAIBA CPD programme is the most affordable and wide ranging of all CPD programmes offered in Southern Africa. We offer CPD in a subscription format meaning you pay a very small monthly amount to gain all the information and topics you need to maintain your status as an accredited and designated accountant
Become a member of the Association of International Certified Professional Accountants (AICPA)
The AICPA is the most influential body of professional accountants world-wide. Combining the strengths of the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA), it represents 657,000 members and students in public and management accounting.
Reciprocal membership agreement
SAIBA and CIMA has signed a reciprocal membership agreement allowing the various levels of SAIBA designation holders to obtain exemptions to the CIMA membership pathway, with the aim of obtaining the CGMA designation as issued by CIMA. In addition the professional bodies will co-operate on a variety of other areas including the development and training of accountants in Southern Africa.
SAIBA members will have the option to studying towards the CGMA designation by using the SAIBA training platform, www.saiba.academy.
Preparers can be held liable if financial statements contain representations that are materially misleading or incomplete. With IFRS standards being complex, this is a very real risk. In response, SAIBA has to protect members against claims by ensuring they follow best practice.
CBA(SA)s, CFO(SA)s and BAP(SA)s have to prepare IFRS compliant financial statements and prepare the audit files to reduce findings. Draftworx simplifies this process through automation and intuitive work processes.
Filing annual returns and annual financial statements with CIPC require statements in XBRL format. Draftworx has XBRL built-in so there is no additional cost.
SAIBA endorses Draftworx as the most affordable and all-in-one solution for IFRS, IFRS for SME, Modified Cash, Audits, Reviews, Accounting Officer, Attorney Trust Audits, and EAAB Audits engagements as using Draftworx will reduce your risks and limit your liabilities, in a cost effective manner.
Draftworx is available to SAIBA members at a discount of 10% for first time buyers of a Draftworx licence.
Growing a quality practice
SAIBA aims to make all our members successful. To do this we connect them with client referral networks and tools to help them quality control the delivery of professional services.
Quickbooks online accountant
QBOA helps you manage your work, your clients and your practice, all with one login. Having all your projects and client info in one place gives you visibility on what everyone’s doing and what’s coming next.
Grow inside and out
Attract clients through the QB Find-a-ProAdvisor network, and train to expand your expertise and versatility by doing your clients books online with access fro anywhere.
Stay ahead of deadlines
Track all your clients and work from one place, and jumpstart projects with templates and team-wide notifications.
Take control of your schedule
Access all your clients’ books anytime, anywhere and streamline productivity with accountant-only tools.
SAIBA endorses Quickbooks as the most affordable and all-in-one solution for managing your practice and doing your clients books to trial balance – all online.
QBOA is available to SAIBA members at no cost if you sign-up 3 new clients to using Quickbooks software.
SAIBA and TaxShop provide regular Practice Management training session for SAIBA members. These session aims to help you develop the skills to run a successful practice.
Annual practice management conference
SAIBA and Quickbooks hosts an annual Practice Management Conference over a 2 day period covering all aspects of practice management.
Annual Accounting and Finance Show
SAIBA and Terrapin host the largest exhibition and mini-seminars for accountants, tax practitioners, auditors, and advisors in South Africa.
A number of guides is available covering all aspects of running a practice from start-up to retirement.
If you become a Quickbooks Certified Online Accountant you will receive clients referrals from new SME that purchase Quickbooks.
If you volunteer your professional services as part of www.npoassist.co.za , the nation-building project between SAIBA-SAIT-DSD, you will gain valuable experience and an opportunity to source a new client.
Accountant of the month
Participate in the “Accountant of the Month” competition as managed by SAIBA and be profiled on the SAIBA website and in www.accountingweekly.com, allowing you to promote your firm to potential new clients. .
SAIBA utilised a unique blockchain certification process to securely confirm your CPD achievements. Use these certificates on your website and in social media to attract new clients.
Accounting officer engagements
More than 10 statutes require the appointment of an accounting officer to issue a compliance report on the affairs of the entity. SAIBA one of only 8 professional bodies whose members may perform this service.
We support our accounting officers with extensive guides, tools, example engagement letters, and reports
Special advanced engagements
SAIBA develops advanced licences for members that wish to specialist in an area of accountancy such as Independent review, Business rescue, Immigration accounting, Audit support services, and much more.
Higher fees, high quality clients
Specialist licences allows you to stand out from the crowd, charge higher fees and attract high quality clients.
International Federation of Accountants
IFAC is a voluntary membership body to whom local professional bodies may apply for membership. IFAC issues useful codes, standards, and manuals that can assist with improving the quality of professional accountancy services.
IFAC, SAQA, CIPC and IRBA
Professional bodies that operate in South Africa are subject to the oversight of national government agencies. These are SAQA, CIPC, and IRBA. Complying with the requirements set by SAQA, CIPC and IRBA is mandatory. IFAC is not recognised within our national legislative framework. Compliance to IFAC standards is voluntary.
IFAC and SAIBA – adoption
SAIBA has voluntarily adopted the Codes, Engagement Standards, and Standards on Quality Control as issued by IFAC. This is part of our constitution. So although we are not members of IFAC as this is not a local requirement we do adhere to IFAC Standards.
IFAC and SAIBA – advisory function
SAIBA, though its membership to IAFEI, does provide an advisory function to the IFAC Standards Board (IAASB) as a member of the CAG Committee.
IFAC and SAIBA members
All SAIBA members are measured against the Codes and Standards as adopted by SAIBA in its Constitution. This is the same approach as adopted by the IRBA. The IRBA is not a member of IFAC but adopts the IFAC Codes and Standards with adjustments to local circumstances.
Experts to help you on your way
SAIBA and SAAA has developed a CPD model that provides access to expert presenters. Watch and listen to the CPD presentation online and then gain acees to the presenter via our online Q&A platform.
If you subscribe to the SAIBA CPD platform, www.saiba.academy, you gain the added benefit of sending technical queries to the presenter related to the CPD topic.
General Q&A support
SAIBA commissioned TaxShop with providing basic technical support to SAIBA members with the designation BAP(SA). This service guides you to the correct answer for better client engagement
CIPC Stakeholder forum
CIPC is responsible for the administration and registration of Companies. SAIBA represents the interest of business accountants at these forums with the aim of reducing operational challenges experience by members and their clients.
SARS RCB forum
SARS is responsible for the administration of tax laws. SAIBAs interest at these forum meetings are represented by SAIT.
FRSC Technical forum
The FRSC advises the Minister of Trade and Industry with regards to the adoption of financial reporting standard in South Africa. SAIBA is represented on the technical committee of the FRSC.
Business Rescue Stakeholder forum
CIPC is responsible for the administration of Chapter 6 of the Companies Act regarding business rescue. SAIBA represented on these forums to share, discuss and agree best practice with regard the business rescue practitioner profession.
Legal Practitioners Stakeholder forum
The newly established Legal Practice Council is responsible for the administration of the Legal Practice Act. The Act imputes financial accounting and reporting obligations on the legal practitioners. SAIBA has an interest in these requirements as its members can provide these support services.
Recent financial reporting scandals have increased the scrutiny by government and the public of the accountancy profession and the services we provide. Should you by accident or mistake cause financial harm then you need insurance to cover this risk.
Refer to the detailed policy document for the exact detail but in summary: BA(SA) and BAP(SA) = R2mil cover with R5 000 excess, and CBA(SA) and CFO(SA) = R5mil with R10 000 excess.
Giving you a respectful farewell
Members with the designation BAP(SA) are entitled to a R30000 funeral and accidental death cover. Included in your membership fee starting 1 July 2019
You are part of our family and as family we also want to provide safety and security to your family.
SANLAM and SAIBA
The benefits are for Funeral and Accidental Death cover and is underwritten by Sanlam Sky Solutions.
Speciality insurance with the power of SAIBA and SANLAM
SAIBA through its affiliate SAIBA MO Blue Star Pty Ltd is entering the insurance market with SANLAM to ensure that the unique insurance needs of accountants that work under the SAIBA brand and designations are addressed
One RA, One Member
Less than 80% of the South African population with be able to retire comfortably. We don’t want this to happen to SAIBA members. The One RA, One Member campaign seeks to ensure that each member has at least a R250pm RA by the end of 2019. This is a small amount but a good start on your way to financial independence.
Contact SAIBA MO Blue Star Pty Ltd if you are interested in appointing the as your financial planning partner, or your firm and its clients. You can either establish your own sub-brokerage or just settle for a referral fee.
External audits are for Registered Auditors
Only persons that are Registered Auditors (RA) with the IRBA are lawfully entitled to perform the audit for companies and other entities. SAIBA members and designation holders are not RAs.
BAP(SA) can help the client prepare for the audit
However SME often ask BAP(SA) members to be referred to a reputable audit firm. In such instances the BAP(SA) may assist the SME with preparing for audit to be conducted by an RA. In this way the BAP(SA) can earn additional income whilst assisting the client with reducing the audit costs.
MAZARS and SAIBA
SAIBA and MAZARS, an international audit and advisory firm have teamed up to help guide and mentor BAP(SA)s to prepare their clients for the mandatory audit.
The Pan African Federation of Accountants (PAFA)
PAFA is a voluntary membership body with national professional bodies as members. SAIBA has joined PAFA to contribute to the development of an African voice for accountants.
Through PAFA, SAIBA and its members have access to collaboration opportunities with our sister African professional bodies. In this way we can make professional services boundary free and help members expand their firms across Africa.