VALUE CREATION

OUR STRATEGY, PERFORMANCE AND IMPACT

Legend

Expectations met Improvement required Worsening Improving Stable

Regulators

How we engage, their role in value creation and how we address these interests

Strategic Pillars
Material Matters
Their material interests
  • SAICA and member compliance with regulations
  • Preserving the integrity and credibility of SA capital markets
  • Input on regulations to assist in their development
  • Ensuring SAICA members are held accountable for any misconduct related to the regulations applicable to them
How we engaged
  • Submitted comments to the National Council of Provinces on the Public Procurement Bill
  • Engagement and debate on Global Minimum Tax Bill 2024 (BEPS 2.0)
  • Quarterly meetings with IFAC Board
  • Meetings with IASB board members (Africa representative)
  • Meeting to discuss planned member event on JSE findings on monitoring of financial statements
  • Meetings with FSCA
  • FSCA attendance at SAICA interest group meetings
  • Meetings and written submissions to SARS
  • Meetings and written submissions to Office of the Tax Ombudsman (OTO)
  • Quarterly meetings with the IRBA inspections teams
  • Participation in IRBA task groups
  • Meetings with members from the CIPC to discuss compliance-related issues
  • Meetings with members from the FIC
  • IRBA public inspections report roadshows
How we addressed these interests in 2024
  • Provided technical advice to the South African representative on the IFAC board
  • Inputs provided for the IFAC’s 2025 strategy and risk management
  • Participated in IFAC initiatives to shape global accounting, auditing, and ethical standards, promoting transparency and accountability
  • Responded on IFRS Accounting proposed pronouncements
  • Hosting the member event on the new IFRS Accounting Standard
  • Hosted the JSE at a member event to share the findings from the monitoring of financial statements
  • Support the planning and participate at eXtensible Business Reporting Language (XBRL) sessions
  • Execution of the outcomes from the XBRL sessions
  • Submitted comments on the draft Conduct Standard to the FSCA
  • Raising concerns of SARS with members and escalating member concerns with SARS systems and practices with relevant SARS staff
  • Collaboration on making the OTO more effective through review of its independence/funding model and enhancing public awareness of OTO
  • Collaboration at IRBA inspections roadshows
  • Drafting of technical guidance to address IRBA inspections findings
  • Research conducted on the suitability of the ISA for LCE standard in South Africa
  • Collaborated on updates to the FIC universe
Risks / opportunities
  • Failing to comply with regulatory requirements
  • Lack of awareness and understanding of new standards and regulations
  • Proactive engagement with regulators
  • Provide a proactive and relevant voice for the accountancy profession in relation to the adoption of standards and regulations
Strategic response
  • Governance structures to ensure compliance
  • Robust regulatory framework
  • Compliance monitoring
  • Implement member support initiatives
Key metrics and objectives tracked to monitor value delivered
  • External assurance of regulatory compliance
  • Good relationship with regulators
  • No fines or penalties
  • Regulators engagement score = 80% (FY23: 78%)
  • Value delivered
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