Congratulations to the members who have started receiving their certification.
Frequently
Asked Questions about the
1. What is an independent review?
An Independent Review is an
alternative assurance engagement where the independent reviewer
provides limited assurance on a set of annual financial statements
when compared to that of the reasonable assurance provided by the
external auditor. Assurance is the degree or level of trust the
users can place on the credibility of the information contained in
the annual financial statements. The Companies Act 71 of 2008
recognises SAIPA members as Independent Reviewers. This is a totally
new line of reporting for Professional Accountants (SA), and SAIPA
is constitutionally bound to ensure that its members do not take up
appointment for duties that they are not competent to conduct.
2. Can SAIPA members do Independent Reviews?
In terms of the Companies
Regulations "Accounting Officers" can conduct independent reviews
for the following entities: Private companies and owner
managed entities with a Public Interest Score(PIS) of less than 100
and below; and Voluntary Independent
Review for Owner managed entities with PIS up to 349.
SAIPA has amongst other things
appealed to the department of Trade and Industry (theDTI) to conduct
reviews on non-owner managed entities with PIS of 100 to 349.
3. What do I need to do to be an Independent Reviewer?
In order to be listed as an
Independent Reviewer by SAIPA, a member in good standing will need
to undergo training and certification on the ISRE2400 standard on
Independent Reviews. In order to achieve this, SAIPA has arranged
for members to receive intensive training that demystifies and
provide guidelines in terms of ISRE (International Standard on
Review Engagements) 2400. This will be done via an electronic
learning program which can be purchased from W Consulting accessed
through the SAIPA website(http://www.saipa.co.za )
4. How do I get certified?
Once you have completed the e-learning, there
is an on-line examination which you will need to successfully
complete in order to be certified as an Independent Reviewer.
5. Will SAIPA make a list of Independent Reviewers available?
Yes
- a list of certified Independent Reviewers will be posted on the
SAIPA website, and also submitted to CIPC
6. How long will it take for the certificate to be issued to the delegates that have passed?
- A list of the candidates that have passed the exam shall be forwarded to SAIPA on a monthly basis
- SAIPA shall contact the candidates via email, to confirm their detail.
- Once confirmation is received, the certificate is immediately emailed to the candidate, and they can print it from their side.
