Knowledge Centre

The Accountancy Profession 

Why this matters: Accountants exist for a reason — to bring trust, order, and survival to businesses, governments, and communities. 

1.What It Is 

The accountancy profession is not just about “keeping the books.” It’s about solving a problem every economy faces: information asymmetry. 

Owners, managers, investors, banks, regulators, and the public all depend on financial information — but they can’t see inside a business for themselves. That’s where accountants come in: we prepare, check, and interpret financial records so that outsiders can trust the numbers and make decisions. 

Because money and trust are involved, society doesn’t leave this work to anyone who wants to try. Instead, countries create statutory recognition models: 

  • Parliament passes an Act (e.g., the Close Corporations Act, 1984) giving specific reporting powers. 

  • That Act refers to a role (e.g., Accounting Officer) who can legally sign or report. 

  • Only qualified members of recognised professional bodies can hold that role. 

This is the co-regulatory model: Government sets the law, but professional bodies like CIBA set the standards, maintain registers, and enforce competence.

2.Why It Matters to You 

  • This is why you get paid: Without statutory recognition, your work could be replaced by anyone. Recognition protects the value of your designation. 

  • This is why clients and employers trust you: They know you belong to a regulated body that enforces competence and ethics. 

  • This is why you must uphold standards: Every mistake or lapse of integrity doesn’t just hurt one client — it risks the entire profession’s reputation.

Key Rules, Standards, or Requirements 

  • Companies Act & Close Corporations Act (SA) – define which professionals can sign off on financials. 

  • Tax Administration Act (SA) – requires tax practitioners to belong to a Recognised Controlling Body. 

  • International Standards (IFAC Code of Ethics, IFRS) – global frameworks that local professions apply. 

  • CIBA Code of Ethics – your duty of competence and honesty in all engagements. 

3.How to Apply and Use 

  1. Join a recognised professional body – this is the gateway to statutory recognition. 

  2. Maintain competence – stay current with CPD and practice updates. 

  3. Act with honesty and independence – your ethical duties are as important as your technical skills. 

  4. Use your designation in line with law – only perform the work your recognition allows. 

  5. Position yourself as part of the co-regulatory system – show clients you are backed by law and by a professional body. 

4.Common Mistakes to Avoid 

  • Assuming a university qualification alone is enough — without professional body membership, you may not have statutory powers. 

  • Ignoring CPD — statutory recognition depends on staying competent, not just once-off exams. 

  • Thinking “ethics” is optional — regulators and clients view dishonesty as a systemic threat. 

  • Overstepping your recognition — only sign off on work you are authorised for. 

5.Need Help? 

Contact the Technical Helpdesk 
Ask a Membership Advisor 
Submit a support ticket (pre-tagged: About the Profession → The Accountancy Profession)