Knowledge Centre

Accounting Officer 

 An Accounting Officer is a licensed professional who reviews and reports on a business’s financial records, mainly for Close Corporations (CCs) and other legal entities.

1. What You Need to Know

CBAPs (Chartered Business Accountants in Practice) designation holders are automatically qualified to be accounting officers.

Accounting officers are fully qualified to take charge of their clients' accounting cycles and act as their business advisors. They’re equipped to:

  • Develop financial plans,

  • Implement control systems,

  • Compile financial statements, and

  • Issue factual findings reports.

Accounting officers are also recognised to act as Commissioners of Oaths and can certify documents and affidavits.

2. Why It Matters to You

  • As an accounting officer, you can offer the following services:

    • Compiling financial statements for entities and signing off the compilation report

    • Certify documents and administer affidavits as a Commissioner of Oaths

    • Help clients to comply with legal requirements and avoid penalties

    • Build long-term trust as a recognised business advisor

    • Offer specialised tax and review services to boost your income (Note: additional licenses are necessary for specialised services).

3. Frameworks, Standards, or References

Standards and Pronouncements

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards for Small and Medium Entities (IFRS for SMEs)

ISRS4410 IFAC Standards on Compilation Engagements provides the framework when performing a compilation engagement.

IFAC SMPC Guide to Compilation Engagements provides practical guidance on compilation engagements.

IESBA Code of Ethics

ISRS4400 Revised Agreed Upon Procedures provides a framework for accounting officers’ engagements and reports.

ISQM1 Quality Management Framework contains basic quality management processes that apply to all accounting practices.

4. How to Apply

  • Join CIBA and obtain your CBAP designation to be recognised as an accounting officer.

  • Enrol in CPD courses on governance, compliance, and financial management.

  • Understand the services for which you need to obtain an additional license.

5. Common Mistakes to Avoid

  • Get your CBAP designation before signing off on compilation and accounting officer reports.

  • Do not overstep, obtain the required additional licenses for specialised services like independent reviews or tax services. 

6. Related Resources