Protecting the Public
Protecting the Public
As the governing body of a self-regulating Professional Accounting Organisation, SAIPA has a responsibility to protect the public interest by ensuring that all members, firms, and trainees fulfil high professional and ethical standards.
SAIPA protects the public by:
- Regulating members in practice who will undergo Practice Review (starting implementation in last quoter of 2023) when offering specific services to the public, such as assurance and non-assurance, compilation and/or tax services.
- Administering a complaints and discipline process to address a member’s failure to adhere to the regulatory framework. The disciplinary process ensures that complaints against members are assessed in a transparent, fair and equitable manner, and in terms of the Institute’s by-laws
- Monitoring the use of the Professional Accountant (SA) and other designations.
- Establishing a regulatory framework to which its members must adhere to, including a Code of Conduct and Continuing Professional Development requirements.
Governance
SAIPA protects the public interest and is a stalwart of the accounting profession. We serve and regulate more than 11 000 members.
SAIPA Code of Professional Conduct
The SAIPA Code of Conduct (“Code”) sets out the principles that guide members, practices and trainees on sound and fair financial and management reporting and business practices. The Code sets out our obligations to clients, employers, colleagues and the public interest. We conduct ourselves at all times according to the shared values and ideals of our profession.
Five fundamental principles of ethics inform the SAIPA Code of Conduct:
- Professional behaviour
- Integrity and due care
- Objectivity
- Confidentiality
Professional Misconduct and Complaints
As the governing body of Professional Accountants (SA), associates and affiliates, SAIPA is responsible for protecting the public interest by ensuring that its members, trainees and practices act in accordance with the expectations set out in its rules and regulations, which include adhering to high professional and ethical standards. Failure to observe standards in professional and non-professional interactions with the public can harm the reputation and value of the Professional Accountants (SA) and other designations and undermine public confidence in the profession.
Quality Management and Practice Reviews
Quality Assurance and Practice Review are key components of SAIPA’s self-regulatory processes. Practice Review is a strategy adopted by SAIPA to regain the public trust in the accountancy profession through rendering quality services.
Complying with International Standard on Quality Management (ISQM 1 & 2) and International Standard on Auditing 220 (ISA 220) ensures that firms that perform audits or reviews of financial statements, or other assurance or related services engagements. This requires all firms in professional practice rendering services to clients, to implement structures that not only ensure compliance with legislation, regulations, and standards but also minimise the risks associated with performing engagements.
SAIPA requires these firms to develop and maintain Quality Management Manuals as a system of quality management effective 15 December 2023.