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SAICA: Code of Professional Conduct – New 2024 edition
- 10 March 2025
- Ethics and Professionalism
- South African Accounting Academy
Summary:
The South African Institute of Chartered Accountants (SAICA) has published the 2024 edition of their Professional Code of Conduct (including Independence standards) on its website.
Article:
The SAICA Code of Professional Conduct (Code) guides members' behaviour and assists the profession in maintaining its reputation. SAICA therefore encourages members and associates to remain up to date with the Code and to ensure compliance.
The Code provides a conceptual framework that professional accountants are to apply in order to identify, evaluate and address threats to compliance with the fundamental principles. The Code sets out requirements and application material on various topics to help professional accountants apply the conceptual framework to those topics.
The 2024 edition of the Code includes:
- The revised definition of listed entities and public interest entities which became effective on 15 December 2024;
- Technology-related revisions to the Code which became effective on 15 December 2024; and
- Tax Planning and related services revisions of the Code which will become effective for tax planning services beginning after 30 June 2025.
This 2024 edition of the handbook contains the following approved changes that are not yet effective:
- Tax planning and related services provisions of the Code
- Section 280 will be effective for tax planning activities beginning after 30 June 2025.
- Section 380 and the consequential amendments to Section 321 will be effective for tax planning services beginning after 30 June 2025.
- Transitional provision: For tax planning services or activities commenced before the above effective date, such services or activities may be continued and be completed under the extant provisions of the Code.
- Early adoption is permitted.
The Board of SAICA has adopted the International Code of Ethics for Professional accountants (including International Independence Standards) as released by the International Ethics Standards Board for Accountants’ (IESBA) in 2018 in its entirety. SAICA is a member of the International Federation of Accountants (IFAC) and has adopted the International Code of Ethics for Professional accountants with the permission of IFAC but has however included additional guidance to assist in the local application of certain requirements applicable to all SAICA members and associates.
The Code is applicable to all SAICA members and associates as defined in the SAICA Constitution.
A contravention of, or failure to comply with any requirements of the Code, may be regarded as a Punishable Conduct or misconduct.
Members and associates are urged to familiarise themselves with these amendments.
Click here to download the 242-page 2024 Edition:
Relevance to Auditors, Independent Reviewers & Accountants:
- Adherence with our Code of Conduct is crucial in the performance of our duties as chartered accountants.
- SAICA Members and associates should be aware of the latest publications and guidance issued by regulators, such as the SAICA.
- The 2024 SAICA Code is applicable to all SAICA Members and associates. A contravention of, or failure to comply with, any requirements in the 2023 SAICA Code may lead to disciplinary action.