Knowledge Centre

The Accountancy Profession 

Accountants exist for a reason that is 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. 

  • 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 

  • Your remuneration is justified by recognition: Without statutory recognition, your role could be performed by anyone. Formal recognition safeguards the credibility and economic value of your designation.

  • Client and employer trust is earned through regulation: They take confidence in the fact that you are accountable to a regulated professional body that enforces competence, ethics, and continuous professional development.

  • Professional standards are non-negotiable: Any lapse in judgment or integrity does not affect only a single engagement, it places the reputation and standing of the entire profession at risk.

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 (IFRS, ISRE2400) 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 

  • Join a recognised professional body: this is the gateway to statutory recognition. 

  • Maintain competence: stay current with CPD and practice updates. 

  • Act with honesty and independence: your ethical duties are as important as your technical skills. 

  • Use your designation in line with law: only perform the work your recognition allows. 

  • 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 yet statutory recognition depends on staying competent, not just once-off exams. 

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

  • Overstepping your recognition which requires that you only sign off on work you are authorised for. 

5. Need Help? 

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