What are the roles and designations of a CASA?
Audits and use reserved designations
What are the roles and designations of an associate?
cannot perform audits, only review FS and take supervisory roles
Associate General Accountant of Accounting technician
What are the roles and designations of a trainee accountant?
employed in training office under training contract
What are the roles and designations of IRBA?
RA’s perform audits
What are the 5 objectives of SAICA?
Promote members’ interests
Support SA economy development
Create a diverse pipeline of trainee accountants
Advance accountancy profession
Preserve independence and maintain high professional behaviour standards
What disciplinary structures of SAICA are there?
Disciplinary Panel
Professional conduct committee
Disciplinary committee
Record and publication
What are the punishable offences according to Par 34?
Gross Negligence
Certifying/Reporting without verification
Improper commissions
Improper work acquisition
Improper advertising
Failure to account
Discreditable conduct
Trainee Restraints
Trainee Payments
By-law/code breaches
Client resignation
Correspondence/Fees
What are the 5 fundamental principles of the CPC?
Integrity (111)
Objectivity (112)
Professional Competence and Due Care (113)
Confidentiality (114)
Professional Behaviour (115)
Ice-cream Over Pizza Causes Problems
What are the 5 main threats that we should be aware of?
Self - Interest
Self - Review
Advocacy
Familiarity
Intimidation
Silly Socks Are Fashionably Incredible
How do you evaluate the threat level of these threats?
Assess the qualitative and quantitative factors, policies, governance and oversight
Reasonable and informed Third Party Test
How do you address these threats?
Eliminate circumstances
Safeguards like oversight/SoD
Decline or End activity of remain significant
In Business
Threats; Factors and Safeguards: Conflict of Interest (S210)
Objectivity
Nature of relationships, service implications, directness of conflict
Withdraw, SoD, Oversight, Disclose and document consent
In Business
Threats; Factors and Safeguards: Preparation and Presentation of Information (S220)
Self-int, intimidation to Objectivity, Integrity and competence
Avoid misleading info, represent accurately, classify properly
Discuss with superiors, consult with SAICA/auditors/legal counsel, communicate to 3rd parties, resign
In Business
Threats; Factors and Safeguards: Acting with Sufficient expertise (s230)
Self-int to competence and due care
Team collaboration, seniority, supervision level
Obtain expert assistance, adequate time
In Business
Threats; Factors and Safeguards: Inducements, Gifts and Hospitality (S250)
Self-int, familiarity, intimidation to integrity, objectivity, behaviour
Nature, Frequency, value, timing, cultural norms, transparency
Inform Management, amend/terminate relationship
In Business
Threats; Factors and Safeguards: Pressure to Breach Principles (S270)
Intimidation to competence and due care
intent, compliance with standards, organisational culture, policies
Discuss with pressuring individual, escalate internally, consult professionals, or disclose per policies
In public practice
Threats; Factors and Safeguards:
Conflict of interest (S310)
Objectivity, confidentiality, competing with client or serving conflicting parties
Identify conflicts before engagements, assess relationships and service implications
Separate engagement teams, limit file access, confidentiality agreements, disclose conflicts, obtain consent or resign
In public practice
Threats; Factors and Safeguards:
Professional appointments - client acceptance (S320.3)
Self interest to integrity, behaviour, or competence if client is unethical
client’s industry, governance, commitment to ethical practices
assign competent personnel, agree on realistic timelines, use experts
In public practice
Threats; Factors and Safeguards:
Professional Appointments - Changes is appointment (S320.4-8)
Self-interest to competence if acting on incomplete information
Contact previous accountant, client permission for discussions
obtain information from previous accountant, third-party enquiries, respect confidentiality
In public practice
Threats; Factors and Safeguards:
Second Opinions (S321)
Self interest to competence if based on inadequate information
Circumstances, available facts, assumptions
Obtain prior accountant’s information, disclose limitations, provide opinion copy to prior accountant
In public practice
Threats; Factors and Safeguards:
Level of Fees (S330.3)
Self interest to competence if fees are low
Client awareness, independent fee setting
Adjust fess/scope, use reviewer
In public practice
Threats; Factors and Safeguards:
Contingent Fees (S330.4)
Self interest to objectivity for non-assurance services
Engagement nature, fee range and quality controls
independent review, agree on fee basis
In public practice
Threats; Factors and Safeguards: Referral Fees/Commissions (S330.5)
Self interest to objectivity and competence
disclose agreements in writing
In public practice
Threats; Factors and Safeguards:
Inducements, Gifts and Hospitality (S340)
Self-interest, familiarity, intimidation to integrity, objectivity, behaviour.
Intent, value, timing, cultural norms, transparency
Decline, transfer service, inform management, log inducements
