Who can perform independent reviews?

[cyclesmith]

Hi,

Quick question... The Companies Act recognises SAIPA accountants as independent reviewers. However, I have noticed that SAIPA also has an Independent Review Certification. Does a SAIPA accountant have to have the certification before he/ she can perform an independent review or is this not necessary?

 

[HavocXphere]

That'll likely come down to their internal rules.

i.e. If they hand out certificates for it then they probably have an internal rule saying you need it.

There is no law requiring any such cert though afaik.

Maybe just ask them?

 

[cyclesmith]

I will definitely give them a call on Monday. As far as I can gather, the certification is either required now (new SAIPA thing), or is only required for companies with PIS >100.

 

[HavocXphere]

I will definitely give them a call on Monday. As far as I can gather, the certification is either required now (new SAIPA thing), or is only required for companies with PIS >100.

No idea.

Does the SAIPA crowd study any testing methodology stuff in varsity though? Or ISREs for that matter?

 

[Cliffird Thudinyane]

Good day,

Please see response below on behalf of SAIPA.

The Companies Act permits amongst other requirements an accounting officer in terms of the CC Act to conduct independent reviews for companies with a public interest score that is less than 100. The SAIPA constitution and code of conduct requires that a member of SAIPA must only accept an engagement for work that they are competent in. Whilst in terms of the Act any accounting officer can perform an IR as an institute we can only declare a member competent if they have successfully completed the certificate in independent review and hence CIPC is only provided with the list of competent members with holding the IR certificate. Our PI also only covers a member that has a certificate for any claims that are IR related.

Kind regards
SAIPA