Regulation of Accountants
ARE YOU PREPARED?
REGULATION OF THE ACCOUNTING AND AUDITING PROFESSION
The Department of Finance has announced that they are preparing to implement the World Bank proposals to regulate the accounting profession. This regulation will impact how accountants service their clients, how they train the new generation, their qualifications and CPD requirements, and their accountability.
SAIBA would like to assist you in ensuring that you are compliant with the WorldBank proposals. This will ensure your professional future.
We created this reference source to assist accountants with navigating their way into the new regulatory world.
- WorldBank Report proposing a new regulatory model for accountants and auditors
- Regulation Preparedness Guide
- Recorded Webinar with Professor Leslie Stainbank, Nicolaas van Wyk, Michael Sass
- Survey to test you readiness for the new proposed regulations
The World Bank has recently released a second report analysing and comparing the application of accounting and auditing standards with international best practice. They recommend that the regulation of our profession should be reconsidered.
A UK model is mooted to:
- Strictly regulate auditors
- Provide supervision over professional accountancy bodies
- Strengthen our accounting standard setting processes
- improve policing of compliance to standards
- Universal membership to professional bodies
The report also touches on the dominance of a number of professional bodies in the market and suggests that universities and government should strengthen the emerging professional bodies to enable a more accessible environment. This would ostensibly provide more choice and entry points to students, better skills development opportunities, and improved service delivery access to the small business community.
SAIBA supports a unified profession through closer co-operation and a sharing of resources. Professional bodies should place accountants first and not act like competitors. We need everyone to support the growing profession. If this dream is to become a reality, as envisaged in the 2013 World Bank report, South African policy makers need to give urgent attention to the asymmetrical nature of the profession and the detrimental effects it has on economic development.
If the proposed regulations become enacted only persons that are members of a professional accounting body will be able to practice as an accountant. It may also affect those accountants employed in business and the public sector.