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Chief Executive Officer’s Review

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‘In a world where change is the only constant, SAICA is committed to leading the accountancy profession towards a future defined by agility, adaptability, and resilience.’

Patricia Stock
SAICA Chief Executive Officer

Reflections on the Past Year

As we embark on an exciting new chapter in SAICA’s history, I am proud to reflect on a year of transformation and growth. Our journey is shaped by the evolving needs of our members, the accountancy profession, and the broader economic landscape.

Celebrating 130 years in the accountancy profession and 30 years of democracy in South Africa, we honour our legacy while embracing the need to innovate and adapt. The world around us is changing rapidly, and SAICA is committed to ensuring our profession remains at the forefront of these transformations.

Reflecting on my first year as CEO, I am deeply humbled by the commitment and resilience of our teams, members, and stakeholders. As SAICA evolves, we continually seek innovative and efficient ways of working. A key enabler of our success is strong governance, which will play a critical role in delivering our Strategy 2024–2028. Aligning Regional Councils, National Council, and the Board will ensure focused priorities and robust oversight on strategy execution, promoting a unified, global SAICA experience while responding to the unique needs of members in different regions.

Ms. Nonkululeko Gobodo

Our strategy, developed collaboratively with SAICA’s management team, Council, and Board, incorporates insights from diverse stakeholders and reflects the dynamic factors influencing our operations and member services. We have adapted our approach to address both internal and external challenges, ensuring our efforts are aligned with member needs and the evolving demands of the accountancy profession.

Looking ahead, our strategy for 2024–2028 is driven by three key themes: Member Centricity, Artificial Intelligence, and Sustainability.

At the core of everything we do are our members, and we are enhancing their experience through improved services, faster turnaround times, and innovative digital platforms. Leveraging AI-driven insights will transform decision-making, streamline operations, and support continuous professional growth. As sustainability takes centre stage, we are embedding these practices into our operations and helping our members develop expertise in sustainability-related advisory and assurance roles. These themes will ensure SAICA remains responsive, future-focused, ethical, and adaptable in an evolving profession.

Performance 2024

Our strategy centres on providing exceptional value to our members, adapting to their evolving needs.

Accelerated Member Value

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Our strategy centres on providing exceptional value to our members, adapting to their evolving needs.

Creating Meaningful Member Experiences

In line with our commitment to creating meaningful member experiences, SAICA made a significant shift this year. Moving beyond traditional events, we introduced an experiential approach that integrates learning, community-building, and recognition. These activities not only celebrate achievements but also create opportunities for members, associates, and stakeholders to connect, grow, and thrive professionally.

Member Feedback and Insights

By incorporating member feedback into our decision-making processes, we can ensure that our initiatives are attuned to the authentic needs and preferences of those we serve.

SAICA actively sought feedback from a significant portion of its membership during the annual billing process, with many members expressing high levels of satisfaction. A notable percentage of members indicated contentment with the value and recognition associated with the CA(SA) designation. In response to areas of dissatisfaction, we engaged a diverse group of members, both domestically and internationally, to gather more in-depth insights and better understand their concerns. These findings were analysed through two lenses: the Member Value Proposition (MVP) lens, focusing on SAICA’s core services and relevance, and the Hierarchy of Member Expectations (HoME) lens, capturing members’ emotional and aspirational needs, guiding SAICA’s response to member concerns.

Read more on how we interpreted member feedback.

Resolution of Queries

We acknowledge the concerns of members, and improvements have been made, including better monitoring of query trends and increased oversight by Manco and ExCo. We have also implemented clear role allocations and accountability measures to streamline our processes. Recognising the need for greater agility, we are committed to making the necessary improvements in line with our strategic pillar, ‘Winning Organisation,’ as described on the following page.

Member Support and Care

SAICA has adopted a holistic approach to advancing both professional growth and member well-being, ensuring that members feel connected, supported, and empowered. We have placed strong emphasis on wellness initiatives, with three dedicated wellness events, reflecting our commitment to mental wellbeing. Initiatives like the Mental Wellbeing Toolkit, spearheaded by the Resilience Institute and Chartered Accountants Worldwide (CAW), provide practical resources and support for members facing mental health challenges.

Attractiveness and Transformation

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Developing future-ready professionals, expanding the talent pipeline and promoting diversity and inclusion.

Cradle to Career – SAICA’s Holistic Approach to Learning and Development

In a landscape where challenges exist in mathematics as a gateway subject, SAICA recognises the crucial role education plays in shaping the future of chartered accountancy. As the primary destination for qualified candidates, SAICA is committed to addressing the decline in potential candidates and fortifying the profession, ensuring that South Africa’s socio-economic disparities do not hinder access.

The declining matric pass rate for mathematics is a significant threat to the profession, limiting the number of learners eligible for accountancy studies. To tackle this, we focus on accessible, high-quality education for aspiring CAs(SA), AGAs(SA), and ATs(SA) through learner initiatives, such as our development camps. These camps, in partnership with the Provincial Departments of Basic Education and the Sector Education and Training Authority (Seta) for the Finance, Accounting, Management Consulting and Other Financial Services Sector (FASSET), help improve mathematics results and empower young South Africans to pursue careers in high-demand professions.

Through our learning and development efforts, we are not only addressing the challenges posed by the mathematics pass rate but also nurturing a diverse and resilient talent pool. Our commitment is to empower individuals who will make a lasting impact in the world of finance, ensuring a sustainable future for the profession and our nation.

Transformative Initiatives

In 2024, SAICA made significant strides in its commitment to diversity and inclusivity within the accounting profession through the Thuthuka programme.

In partnership with Standard Bank, SAICA launched the Thuthuka HDI 4th Year Programme at the University of Zululand, University of Venda and Walter Sisulu University. This initiative is aimed at providing financial support to fourth-year accounting students from Historically Disadvantaged Institutions (HDIs), starting with three HDIs. By reinforcing our commitment to promoting diversity, this programme helps to create more equitable opportunities within the profession, ensuring a stronger and more inclusive future for the accounting sector.

ITC Student Challenges and Pass Rates

In response to research reports highlighting challenges with Initial Test of Competence (ITC) student performance, we are taking decisive action. The ITC sitting in June 2024 (26–27 June, with results released on 30 August) revealed outcomes that have raised significant concerns. To address this, we will establish an academy as the vehicle for implementing recommendations from these reports. This comprehensive support programme will provide technical guidance and all-inclusive support, ensuring that candidates are well-prepared – both academically and emotionally – for future ITC (known as the Initial Assessment of Competence (IAC) from 2025 onwards) attempts.

Youth Strategy and Brand Building

Recognising the importance of engaging the next generation, our youth strategy is focused on providing a consistent brand experience and establishing strong brand equity within the youth segment. As part of this effort, we developed the ‘Be the Story Behind the Numbers’ campaign to position SAICA as a purpose-driven organisation that inspires young people to pursue careers in accounting and finance.

Economic and Social Relevance

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The accountancy profession must remain at the forefront of addressing pressing economic and social issues, from climate change to financial transparency.

Professionalisation of the Public Sector

Our research on public sector career mobility and consultants is shaping future member support initiatives and informing the Public Sector Professionalisation Plan. We elevated our Public Sector Committee to a prescribed committee to ensure our members’ views are integrated into advocacy efforts. Through engagements with the Accountant General and focused discussions on transitioning to accrual accounting and enhancing public sector audit committees, we have supported the government in overcoming key challenges.

Sustainability and Global Engagement

SAICA continues to lead on sustainability by making key submissions to regulatory bodies and actively participating in global forums. We engaged with the Global Accounting Alliance (GAA), Chartered Accountants Worldwide (CAW) and Pan African Federation of Accountants (PAFA) subgroups on sustainability and contributed to the IFRS Foundation. A highlight was our joint event with the JSE and the Sustainability Stock Exchange (SSE), where we analysed the ISSB standards with regulators, investors, and preparers. In addition, our second Climate Change Conference, focused on net-zero strategies, and our new guidance on materiality assessments for sustainability reporting emphasise our commitment to these pressing issues.

Empowering SMEs and Entrepreneurial Ventures

Recognising the growing number of members and associates exploring entrepreneurial ventures, we have enhanced our community-building and learning initiatives. Targeted consultations with SMPs, including face-to-face engagements with 30 practices nationwide, provided valuable insights into their challenges and needs, allowing us to develop tailored interventions. The SAICA Biz Impact podcast continues to deliver expert-led business insights, empowering SMMEs to achieve economic viability.

Skills Development for Societal Transformation

In support of our broader impact on societal transformation, we have established a dedicated skills development programme focused on unemployed individuals and those from previously disadvantaged communities. By nurturing talent and creating job opportunities, this initiative contributes to sustainable economic growth for future generations.

View one of our success stories here.

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ReCAlibrate

From simple static to a symphony, recalibrating the frequency of a radio brings perfect clarity.

A radio’s performance relies on careful calibration – turning the dial ever so slightly to find the perfect frequency. Too far in either direction, and the signal fades into static. But with patience and precision, the right adjustments bring crystal-clear sound, allowing melodies and voices to emerge from the noise, ensuring the best possible listening experience.