Knowledge Centre

Why this matters: Knowing where we come from explains why CIBA exists, and why your designation opens doors that were once closed. 

History of the Accountancy Profession in South Africa 

1. What It Is 

The history of accountancy in South Africa is a story of exclusivity, reform, and ultimately, opportunity. 

In the early 1900s, the profession was tightly controlled by a handful of societies tied to British chartered bodies. Laws and private acts gave them exclusive practising rights, locking out many indigenous qualified accountants. Even when Parliament tried to expand access, lobbying and protectionism kept the gates shut. 

This created a divided profession: some with statutory privileges, many without, regardless of skill or competence. 

 

Turning Points 

  • 1984 – Close Corporations Act 
    Introduced accounting officers as a new tier of recognised professionals. Until then, only auditors could issue reports on company financials. Exclusivity started to crumble. 

  • 1987 – CIBA (then SAIBA) 
    Founded to represent cost accountants in mining and banking, and soon recognised for accounting officers. 

  • 1996–2007 – Wider Recognition 
    Our members gained rights to report on financials for schools, NPOs, lottery applications, co-operatives, and credit providers, in South Africa and Namibia.  

  • 2008 – Companies Act 
    Recognition to perform independent reviews for medium-sized companies, while audits were removed for 90% of companies, cutting red tape and opening opportunities for SMEs. 

  • 2012 – Namibia 
    Recognition as an accountable institution under FIC legislation. 

  • 2018 – SAQA 
    Recognition as a professional body with registered designations. 

  • 2021 – Tax 
    Appointed as a Recognised Controlling Body (RCB) for tax practitioners. 

  • 2022 – New Identity 
    Name changed to CIBA, reflecting a broader African mission. 

  • 2024 – New Designations 
    SAQA registered the new CIBA designations for every level of the finance department: 

Commerce: Chartered CFO, Chartered Financial Manager, Chartered Business Accountant in Commerce, Chartered Financial Administrator, Chartered Bookkeeper. 
In Practice: Chartered Business Accountant in Practice, Chartered Business Accountant in Practice (Licensed Specialist).

2. Why It Matters to You 

  • The old exclusive model wasted skills and limited opportunities. 

  • CIBA built the opposite: we open doors, recognise competence, and create clear career paths. 

  • Our designations mean you never hit a “glass ceiling”, you can grow across the finance department. 

  • By focusing on the finance department as the heart of business survival, we help you keep businesses alive — and when businesses survive, GDP grows. 

 

Key Rules, Standards, or Requirements 

  • Close Corporations Act (1984) – first recognition of accounting officers. 

  • Companies Act (2008) – established independent review engagements. 

  • SAQA recognition (2018 & 2024) – registered CIBA as a professional body and our designations. 

  • Tax Administration Act (2021) – RCB status for tax practitioners. 

3. How to Apply / Use This History 

  • Refer to these milestones when explaining your designation to clients or employers. 

  • Position yourself as part of a movement that broke exclusivity and created opportunity. 

  • Use CIBA’s story to reinforce your value: you represent the future of the profession. 

4. Common Mistakes to Avoid 

  • Thinking history doesn’t matter — clients and employers respect a profession with a clear story. 

  • Only mentioning your qualification — instead, tie your designation to the profession’s legal recognition. 

  • Ignoring how exclusivity shaped perceptions — show how CIBA is different. 

5. Need Help? 

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