Accounting officer & Independent Review

Registered Professional Accountant

 SAIBA professional accountant


We perform Accounting Officer duties as well as Independent Reviews.

Accounting Officer

SAIBA members that have obtained the designation Business Accountant in Practice are recognised as accounting officers.

An accounting officer is a person who meets the qualification requirements as detailed in section 60 of the Close Corporations Act, 1984 and as a result, may issue an accounting officer and other reports on the financial statements and information of close corporations and other entities. Broadly speaking, to qualify as an accounting officer a person should be a member of a recognised professional body, which, as a condition of membership, requires relevant subjects in accounting and enforces a code of conduct.

Accounting officers have statutory recognition to issue specific types of reports on financial statements and other information. The various statues that provide this recognition are explained and discussed in this Guide.

However most, if not all, of the relevant statutes do not stipulate how a member in practice should perform a reporting engagement. A member and his/her client should therefore determine the scope, extent, and result of the work by way of contract.

Independent Review

SAIBA members that have obtained the:
• Designation Business Accountant in Practice (SA) and the
• Certificate in Independent Review Engagements©

may perform independent review engagements for certain types of companies.
SAIBA and SAIPA has the same recognition level for performing independent review engagements. That is review may be performed for companies:

• That are non owner-managed i.e. Only some of the shareholders have been appointed as directors of the company
• That have PI Score of less than 100 points
The Companies Act, 2008 (section 30(7)(b)) empowers the Minister to determine by way of regulation the accreditation of professions whose members may perform independent reviews for companies for which such reviews are a mandatory requirement.
Although the Companies Regulations, 2011 does not specifically provide for an accreditation model, regulation 29(12) does require that professional bodies should file an annual report with the Companies Commission.

According to this regulation every profession recognised by the Minister under section 60 of the Close Corporations Act, 1984, and whose members are entitled to perform an independent review as set out in sub-regulation (4) (b) (ii), must annually file a report with the Commission demonstrating that it:
• Has proper mechanisms for ensuring that its members participate in continued professional development and achievement of professional competence
• Has mechanisms to ensure that its members are disciplined where appropriate
• Is, and is likely to continue to be, financially and operationally viable for the foreseeable future
• Keeps and maintains a proper register of its members
• Has in place appropriate programmes and structures to ensure that it is actively endeavouring to achieve the objective of being representative of all sectors of the South African population
• Meets any other requirements that may be determined by the Commission from time to time.

The Auditing Profession Act 26 of 2005 sets out the statutory role and responsibilities of the IRBA. These responsibilities are restricted to audit and work that is undertaken in accordance with auditing standards by registered auditors. The task of the IRBA is to protect the public by regulating audits performed by registered auditors. An independent review is only required for companies that may be classified as non-owner-managed and non-public interest. Section 30(8) clarifies that an independent review of a company’s annual financial statements required by this section does not constitute an audit within the meaning of the Act.

Independent reviewers and their professional bodies are not required to apply for accreditation with the IRBA in order to perform or monitor the performance of an independent review engagement.

Contact us

RKH Accounting CC
Assisting Managing Director Heinrich Hattingh
Mobile 0814077041
Telephone 0117403357
Email Heinrich Hattingh
Managing Director Laetitia Hattingh
Mobile 084 656 6036
Telephone 011 740 3357
Email Laetitia Hattingh
Office hours Mon - Thur 7:30 - 16:30
  Fri - 7:30 - 14:30
61 Hendrik Potgieter Road, Dalview, Brakpan
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