IAC Independent Accounting Professional (IAP)

IAC Independent Accounting Professional (IAP)

Criteria for admission as an Independent Accounting Professional (IAP)

Short Description of the Designation

The Independent Accounting Professional (IAP) (Reviewer) performs the same duties as an Accounting Officer; however, the Independent Accounting Professional is allowed to do Reviews of companies in terms of regulation 29 of the Companies Act No. 71 of 2008 in compliance with ISRE 2400 and ISRE 4400.
Only registered Accounting Officer’s who completed and passed an approved Reviewer course, may apply to be registered as an Independent Accounting Professional.

Criteria for obtaining the Professional Designation

The following persons are eligible to apply for membership as an Independent Accounting Professional:

A person who has completed an IAC diploma in Accounting, Cost and Management Accounting and Company Secretaries.
OR
A person who have completed an Accounting qualification with a minimum SAQA rated NQF Level 6 (pre 2009) and NQF Level 7 (post 2009),
Accounting Officers of the following Institutes are also eligible for professional membership of the IAC.                              

  • South African Inst. of Professional Accountants (SAIPA)
  • South African Inst. of Chartered Accountants (CA) (SA)
  • ACCA,CIMA, CSSA

Please note that Members from Zimbabwe who want to register as a Member with the IAC in South Africa will have to ensure that in addition to the normal criteria they pass:

  • Company Law (in terms of South African Legislation)
  • Taxation (in terms of South African Legislation)

The applicant must be compliant with the Institute’s code of conduct
All practicing IAC members, who provide a service to the public, are compelled to have professional indemnity insurance.

Academic Component

For the Professional Designation to be awarded, professionals must comply with the following minimum academic requirements:
Have completed An Accounting qualification with a minimum SAQA rated NQF Level 6 (pre 2009) and NQF Level 7 (post 2009).
The qualification must contain the following core subjects:

  • Financial Accounting 3.
  • Taxation
  • Company Law
  • Auditing 1 or Internal Auditing 2

Only registered Accounting Officer’s who completed and passed an approved Reviewer course, may apply to be registered as an Independent Accounting Professional.

Practical/Workplace Experience

To have gained a MINIMUM of three years, supervised training (per IAC logbook), under the guidance of a registered Accounting Officer.
OR
To have gained a MINIMUM of six years relevant, practical accounting experience at a management or supervisory level.
The application must be supported by an affidavit, stamped and signed by a Commissioner of Oaths, verifying the applicant’s practical experience, as well as a comprehensive job description.

Competency Assessment

Once the academic and practical component has been met, an applicant would need to undergo a 3 hour written evaluation followed by a 2 hour oral evaluation, conducted by a registered IAC assessor, covering the following:

  • Accounting
  • Auditing
  • Company Law
  • Taxation
  • Practice Management

The pass mark for the assessment evaluation is as Follows:

  • Accounting 80%
  • All other subjects 75%.

CPD Requirement for the Accounting Officer:
Must complete 40 CPD hours per annum (20 structured + 20 unstructured) comprising of at least 4 categories, viz, Accounting (i.e. IFRS), Taxation, Company Law, Auditing & Review Engagements, and any other area in which the applicant specialises in.
Download: Application Form – Independent Accounting Professional (IAP) (Reviewer) (PDF)