Practice Manuals Working Papers

 

SAIPA is currently drafting a set of practice manuals. The practice manuals will consist of:

  • Practice guides: this will consist of guides to performing reporting functions in terms of various statutes;
  • SAIPA Handbook: This will consist of the SAIPA constitution, by-laws, code of conduct, as well as relevant contact details and a procedure manual on how to access the various services that SAIPA offers its members;
  • Practice management: this will consist of a discussion series on how to successfully start, manage, and market a practice.

The objective of the project is threefold:

  • To upgrade the current WP CD so as to: reflect the new name of SAIPA; effect minor improvements to the structure and content of the current WP CD;
  • To effect major structural and content changes to the current WP CD so as to: ensure best practice in the methodology used by members when performing statutory work for clients; provide example financial statements and notes, engagement and related letters, and extracts of relevant legislation as it relates to the statutory reporting duties of members; separate the content of the WP CD into distinct publications i.e. SAIPA overview and policies, updated current Working Paper CD, and guides for statutory reporting; To affect training for members so as to: explain the requirements as detailed in the new edition WP CD.

The above objectives will be achieved in three stages:

Stage 1
Updating the current Practice Manual including the following (Click here to access the upgraded SAIPA working paper CD)

  • Changing the format of the documents in Word and Excel;
  • Changing the wording on the Word and Excel documents;
  • Converting the Afrikaans and English Word and Excel documents into an HTML file

Stage 2
Drafting of a new Close Corporation Guide for members including the following:

  • Introduction; Sample annual financial statements; Accounting officers report including examples of qualified reports; Engagement letters; Other letters; Copy of the Close Corporations Act; Duties and responsibilities of Accounting Officers; Procedures; Sample working papers; Documentation for control of assignments; Other documentation and information;
  • All documentation, standard working papers and financial statements should be referenced to the relevant legislation or best practice where appropriate i.e. IFRS for SME, SMEGA level 3, IFAC handbook (agreed upon procedures) etc;
  • Case study with figures

Stage 3
Drafting of other reporting guidelines based on the Stage 2 guide for Close Corporations including:

  • Body Corporate with less than 10 units (The guide should include reference to how the body corporate rules could change so as to allow a SAIPA members to perform the work for 10 and more units);
  • Trust;
  • Club, association or institute;
  • Schools;
  • Insurance intermediary;
  • Non-profit Organisations;
  • Credit providers;
  • Co-operatives/Fund raising organisations/regional industrial development program;
  • Owner Managed Companies (i.r.o. Companies Act, 2009);
  • Other companies as defined in the Companies Act 2009

Stage 4
Drafting of Human Resources Manual as applicable to a professional accountants practice (This is subject to the approval by the SAIPA ACD department)

Stage 5
Drafting of a Practice Management Manual as applicable to a professional accountants practice

Based on the availability of information, the likely timing will be:

  • Updating of the current Practice Manual: August 2008;
  • Creation of the new detailed reporting guideline for Close Corporations : 31 October 2008;
  • Stage 3 and 4 : 31 December 2009 (Stage 3 products should be delivered intermittently from the period October 2008  December 2009);
  • Stage 5: To be determined at a later stage between the service provider and SAIPA

The upgade to the current WP CD is available here [4.17MB].