dtic: Accreditation of SAIT members as Accounting Officers

dtic: Accreditation of SAIT members as Accounting Officers

• 30 June 2025
• CIPC
• South African Accounting Academy

Summary:

The dtic has confirmed that members of the South African Institute of Taxation (SAIT) are now qualified to perform the duties of an accounting officer of a Close Corporation for a period of 5 years.

Article:

The gazetted notice states that the members of SAIT must meet the following requirements:

• must have at least an accounting degree at NQF 7 level qualification
• must have a minimum of 6 years of consecutive practical working experience in financial accounting
• satisfy the tax entry requirements of SAIT membership
• not have been found guilty of negligence in the performance of their duties or of conduct which is discreditable to the profession
• have not criminal record

Click here to download the Gazetted Notice:

https://www.gov.za/sites/default/files/gcis_document/202506/52892gon6335df.pdf 

Relevance to Auditors, Independent Reviewers & Accountants:

• The Close Corporations Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
• As an auditor, independent reviewer and accountant, you also need to monitor your client’s compliance with the CCs Act and all relevant notices/enforcements/practice notes issued by e.g. the dtic and CIPC as the regulator.
• Individuals must be suitably qualified to be appointed as an accounting officer to a CC.

Relevance to Your clients:

• A close corporation has a duty to comply with the Close Corporations Act, and members have to fulfil their duties accordingly, and all relevant notices/enforcements/practice notes and to be aware of the latest media statements issued by CIPC as the regulator.
• Individuals must be suitably qualified to be appointed as an accounting officer to a CC.

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