Audit efficiency
July 31, 2018
Payroll Technology
July 31, 2018

The relevance of CA(SA)’s

The CA(SA) designation has been considered a coveted profession.  Once you have qualified as a CA(SA), you hear of all the opportunities that are available in all kinds of industries all over the globe.

Becoming a CA(SA) is a long and tiresome journey.  Spending years studying every aspect of accounting needing a wheelbarrow to carry all your books, three gruelling years of being stretched to the absolute limit during your articles and two of the toughest exams known to man.  So, after all this work, our qualification is officially on the endangered species list along with lawyers and bankers. How did this happen?

Technology has been the biggest change in our field, with the creator of Bitcoin throwing us a blockchain-shaped loop (refer to the article here for a brief overview of what blockchain technology is).  Furthermore, IT developments have automated a substantial amount of accounting work, resulting in less audit work required in certain instances, therefore a smaller number of auditors and more IT knowledge being needed to test the systems.  The skillset required to perform audits has therefore adjusted along with technological changes.

Further problems for the CA(SA) designation is the recent ethical violations by SAICA members which has dominated the media and brought the profession into disrepute.

SAICA is currently working on a project to define the competencies that CA(SA)’s will need in the year 2025 in order to adjust the training programme as needed to ensure their members remain relevant.  SAICA is also currently reviewing the organisation and profession by specialist advisors to address any deficiencies in the constitution, governance and structure of SAICA to address the tarnished reputation of the industry.

What are we doing at ASL to remain relevant?

  • We value integrity above all else. It is a tone that is set from the top.  We have defined our values which is in line with SAICA’s Code of Professional Conduct. Our staff is evaluated every six months where their behaviour is measured against our firm’s value system;
  • We have incorporated extensive quality control procedures to ensure our audit files comply with the ethical requirements as set out by IRBA, including cold reviews by both external technical experts and IRBA; and
  • We ensure that our staff remains up to date with any changes in the regulatory environment through training programs and audit forums to ensure that they are equipped to delivery high quality, ethical services to our clients.