ABOUT

THIS REPORT

ABOUT THIS REPORT

This integrated report covers SAICA and its subsidiaries’ (hereafter referred to as SAICA or the Institute) structure, activities, performance and outlook for the year ended 31 December 2022.

It has been prepared to meet the information needs of SAICA members and broader stakeholders.

 

The report aims to provide a balanced and accurate reflection of value creation, preservation and erosion in terms of our strategy, performance, risks, opportunities, trade-offs and future outlook in relation to material financial, economic, social and governance issues.

 

The report primarily addresses how we create value over the short, medium and long term, with a demonstration of the effects on the six capitals (ie, outcomes), providing our stakeholders with a transparent and holistic view of our business operations.

This integrated report covers SAICA and its subsidiaries’ (hereafter referred to as SAICA or the Institute) structure, activities, performance and outlook for the year ended 31 December 2022.

It has been prepared to meet the information needs of SAICA members and broader stakeholders.

 

The report aims to provide a balanced and accurate reflection of value creation, preservation and erosion in terms of our strategy, performance, risks, opportunities, trade-offs and future outlook in relation to material financial, economic, social and governance issues.

 

The report primarily addresses how we create value over the short, medium and long term, with a demonstration of the effects on the six capitals (ie, outcomes), providing our stakeholders with a transparent and holistic view of our business operations.

REPORTING BOUNDARY

On 31 December 2022, the SAICA Group comprised SAICA, the Thuthuka Education Upliftment Fund (TEUF) and The Hope Factory Group (THF) (comprising The Hope Factory and its 100%-owned subsidiary, SAICA Enterprise Development). The reporting boundary includes these entities as well as those risks, opportunities and outcomes associated with entities or key stakeholders outside of the financial reporting structure that have a significant and direct effect on the ability of the SAICA Group to create value.

There were no significant changes to SAICA and its activities during the year that affect comparability with the 2021 report and no material restatements of information provided in previous reports.

SAICA has embedded integrated thinking into its strategy, activities, decision-making processes and internal reporting to ensure that its short-, medium- and long-term impacts are considered. Management’s reports to the Board include the effects on and trade-offs between the six capitals the Institute uses or affects. Our business model shows how SAICA creates value for stakeholders, as well as the capital inputs and outcomes arising from this process and the most material trade-offs during the year.

REPORTING BOUNDARY

On 31 December 2022, the SAICA Group comprised SAICA, the Thuthuka Education Upliftment Fund (TEUF) and The Hope Factory Group (THF) (comprising The Hope Factory and its 100%-owned subsidiary, SAICA Enterprise Development). The reporting boundary includes these entities as well as those risks, opportunities and outcomes associated with entities or key stakeholders outside of the financial reporting structure that have a significant and direct effect on the ability of the SAICA Group to create value.

There were no significant changes to SAICA and its activities during the year that affect comparability with the 2021 report and no material restatements of information provided in previous reports.

SAICA has embedded integrated thinking into its strategy, activities, decision-making processes and internal reporting to ensure that its short-, medium- and long-term impacts are considered. Management’s reports to the Board include the effects on and trade-offs between the six capitals the Institute uses or affects. Our business model shows how SAICA creates value for stakeholders, as well as the capital inputs and outcomes arising from this process and the most material trade-offs during the year.

REPORT THEME: DIFFERENCE MAKERS

This year’s report continues the theme of ‘Difference Makers’ to align with the ongoing campaign positioning chartered accountants as reliable, trusted voices and catalysts for change to help get businesses and economies moving again.  SAICA’s Difference Makers are a team of passionate individuals who strive for social and environmental justice and who are committed to creating a better world for everyone. They work in partnership with communities, businesses, governments, non-governmental organisations and other stakeholders to create meaningful change. They take action through innovative projects and initiatives which are designed to promote sustainable development, reduce poverty and create a more equitable society. The SAICA Difference Makers are a powerful force working to create positive and lasting change in the world.

REPORT THEME: DIFFERENCE MAKERS

This year’s report continues the theme of ‘Difference Makers’ to align with the ongoing campaign positioning chartered accountants as reliable, trusted voices and catalysts for change to help get businesses and economies moving again.  SAICA’s Difference Makers are a team of passionate individuals who strive for social and environmental justice and who are committed to creating a better world for everyone. They work in partnership with communities, businesses, governments, non-governmental organisations and other stakeholders to create meaningful change. They take action through innovative projects and initiatives which are designed to promote sustainable development, reduce poverty and create a more equitable society. The SAICA Difference Makers are a powerful force working to create positive and lasting change in the world.

OUR APPROACH TO VALUE CREATION, PRESERVATION AND EROSION

SAICA’s financial, human, manufactured, intellectual, social and relationship, and natural capitals facilitate every aspect of our business and our ability to create long-term value. We have accordingly defined our structure, activities and performance against our strategy in this report in terms of these six capitals. Value creation, preservation and erosion are the consequences of how we apply and leverage our capitals as part of our strategy execution and are evident in how these capitals change over time.

OUR APPROACH TO VALUE CREATION, PRESERVATION AND EROSION

SAICA’s financial, human, manufactured, intellectual, social and relationship, and natural capitals facilitate every aspect of our business and our ability to create long-term value. We have accordingly defined our structure, activities and performance against our strategy in this report in terms of these six capitals. Value creation, preservation and erosion are the consequences of how we apply and leverage our capitals as part of our strategy execution and are evident in how these capitals change over time.

VALUE CREATION

SAICA creates value for members, society and other stakeholders by creating a community of prestigious and valued professionals that is:
  • Respected, recognised and relevant for the future
  • Connected, enabled and supported
  • Held to a high ethical standard
  • Making a difference in society

SAICA’s activities use the available capital inputs, balancing the trade-offs required to maximise value creation and mitigate value erosion.

VALUE PRESERVATION

The Board sets the strategic direction of the Institute and provides continuous oversight of material matters, risks, opportunities and the strategic allocation of resources to ensure strategy execution and value preservation.

It is the custodian of good corporate governance, promoting an ethical and cohesive organisational culture, effective control, compliance, accountability, responsive and transparent stakeholder engagement.

VALUE EROSION

The Board oversees the risk management process to ensure that the risks taken to create value remain within the defined risk appetite and tolerance. The Enterprise Risk Management (ERM) policy and framework integrates risk with performance management and aligns strategic objectives and performance goals with related processes, risks and controls.

SAICA’s strategic planning process includes the identification of material matters that have the potential to affect our ability to create value.

VALUE CREATION

SAICA creates value for members, society and other stakeholders by creating a community of prestigious and valued professionals that is:
  • Respected, recognised and relevant for the future
  • Connected, enabled and supported
  • Held to a high ethical standard
  • Making a difference in society

SAICA’s activities use the available capital inputs, balancing the trade-offs required to maximise value creation and mitigate value erosion.

VALUE PRESERVATION

The Board sets the strategic direction of the Institute and provides continuous oversight of material matters, risks, opportunities and the strategic allocation of resources to ensure strategy execution and value preservation.

It is the custodian of good corporate governance, promoting an ethical and cohesive organisational culture, effective control, compliance, accountability, responsive and transparent stakeholder engagement.

VALUE EROSION

The Board oversees the risk management process to ensure that the risks taken to create value remain within the defined risk appetite and tolerance. The Enterprise Risk Management (ERM) policy and framework integrates risk with performance management and aligns strategic objectives and performance goals with related processes, risks and controls.

SAICA’s strategic planning process includes the identification of material matters that have the potential to affect our ability to create value.

BASIS OF PREPARATION

The integrated report is prepared in accordance with the Integrated Reporting Framework of January 2021 and considers the principles of the King Report™ on Governance for South Africa 2016 (King IVTM), the International Financial Reporting Standards (IFRS) and the Companies Act (2008) as amended. In this report, ‘short term’ refers to the coming financial year, ‘medium term’ is the period to 2024, and ‘long term’ is the period of 2025 and beyond.

The contents of the report reflect SAICA’s most material matters to provide stakeholders with insight into the matters that have the most potential to affect SAICA’s ability to create value.

These matters were informed by:

BASIS OF PREPARATION

The integrated report is prepared in accordance with the Integrated Reporting Framework of January 2021 and considers the principles of the King Report™ on Governance for South Africa 2016 (King IVTM), the International Financial Reporting Standards (IFRS) and the Companies Act (2008) as amended. In this report, ‘short term’ refers to the coming financial year, ‘medium term’ is the period to 2024, and ‘long term’ is the period of 2025 and beyond.

The contents of the report reflect SAICA’s most material matters to provide stakeholders with insight into the matters that have the most potential to affect SAICA’s ability to create value.

These matters were informed by:

IN SUMMARY, OUR MATERIALITY DETERMINATION PROCESS IS AS FOLLOWS:

Identify matters by scanning the internal and external environment

Prioritise matters and formulate the strategic risks and opportunity register

Define strategic response to leverage opportunities and address associated risks

IN SUMMARY, OUR MATERIALITY DETERMINATION PROCESS IS AS FOLLOWS:

Identify matters by scanning the internal and external environment

Prioritise matters and formulate the strategic risks and opportunity register

Define strategic response to leverage opportunities and address associated risks

COMBINED ASSURANCE

Our integrated reporting process, as well as the content of this report, follows the principles and requirements of the Integrated Reporting Framework and King IVTM.

Management prepares and validates the report, ensuring that it provides a balanced and reasonable view of SAICA, its performance for the year and its outlook. Responsibility for producing the report is assigned to Exco and senior management, with oversight of the CEO. The report has been reviewed and approved by the Board assisted by the Audit and Risk Committee. Financial information is extracted from the audited financial statements, which are available on our website (www.saica.org.za).

The alignment of the integrated report was independently reviewed by Mazars (SAICA’s external auditors) against the requirements of the Integrated Reporting Framework. SAICA’s combined assurance model is discussed in Our Governance.

Limited assurance is expressed by Mazars over the actual performance information used to evaluate performance against the strategic objectives. Their limited assurance report can be viewed by clicking here. The assurance statements are available on our website and provide a detailed overview of the assurance provided.

FORWARD-LOOKING STATEMENTS

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This report contains certain forward-looking statements with respect to SAICA’s financial position, results, operations and businesses. As these refer to events and depend on future circumstances, they involve risk and uncertainty. Various developments and factors could cause actual results and outcomes to differ materially from those expressed or implied in these forward-looking statements. No forward-looking statements have been reviewed or reported on by the Institute’s auditors.

OUTLOOK

Outlook information comprises challenges, opportunities and disruptive factors we have identified that have the potential to affect the achievement of our strategic objectives and our mitigating response as well as opportunities identified. Outlook information can be found throughout this report.

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APPROVAL BY THE BOARD

The Board acknowledges its responsibility to ensure the integrity of this report.

We have taken reasonable steps to put processes in place that ensure the integrity and credibility of the integrated report. In particular:

  • The processes and controls ensure diverse input, checks and balances, credible sources, and effective internal controls to ensure accurate and complete information.
  • Responsibility is allocated appropriately for input gathering, review by subject matter experts and assurance providers, and oversight by work groups and committees. A project leader appointed from senior leadership provides guidance and leadership.
  • There has been adequate oversight and involvement of the Board and, in particular, in respect of the approval of the preparation process, materiality determination process, setting the parameters for the boundary of the report, and final review and approval of the content by the Board.

The Board is satisfied that the information contained in this report is presented in accordance with the Integrated Reporting Framework. This integrated report was approved by the Board on 2 May 2023.

COMBINED ASSURANCE

Our integrated reporting process, as well as the content of this report, follows the principles and requirements of the Integrated Reporting Framework and King IVTM.

Management prepares and validates the report, ensuring that it provides a balanced and reasonable view of SAICA, its performance for the year and its outlook. Responsibility for producing the report is assigned to Exco and senior management, with oversight of the CEO. The report has been reviewed and approved by the Board assisted by the Audit and Risk Committee. Financial information is extracted from the audited financial statements, which are available on our website (www.saica.org.za).

The alignment of the integrated report was independently reviewed by Mazars (SAICA’s external auditors) against the requirements of the Integrated Reporting Framework. SAICA’s combined assurance model is discussed in Our Governance.

Limited assurance is expressed by Mazars over the actual performance information used to evaluate performance against the strategic objectives. Their limited assurance report can be viewed by clicking here. The assurance statements are available on our website and provide a detailed overview of the assurance provided.

FORWARD-LOOKING STATEMENTS

squiggles

This report contains certain forward-looking statements with respect to SAICA’s financial position, results, operations and businesses. As these refer to events and depend on future circumstances, they involve risk and uncertainty. Various developments and factors could cause actual results and outcomes to differ materially from those expressed or implied in these forward-looking statements. No forward-looking statements have been reviewed or reported on by the Institute’s auditors.

OUTLOOK

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Outlook information comprises challenges, opportunities and disruptive factors we have identified that have the potential to affect the achievement of our strategic objectives and our mitigating response as well as opportunities identified. Outlook information can be found throughout this report.

APPROVAL BY THE BOARD

The Board acknowledges its responsibility to ensure the integrity of this report.

We have taken reasonable steps to put processes in place that ensure the integrity and credibility of the integrated report. In particular:

  • The processes and controls ensure diverse input, checks and balances, credible sources, and effective internal controls to ensure accurate and complete information.
  • Responsibility is allocated appropriately for input gathering, review by subject matter experts and assurance providers, and oversight by work groups and committees. A project leader appointed from senior leadership provides guidance and leadership.
  • There has been adequate oversight and involvement of the Board and, in particular, in respect of the approval of the preparation process, materiality determination process, setting the parameters for the boundary of the report, and final review and approval of the content by the Board.

The Board is satisfied that the information contained in this report is presented in accordance with the Integrated Reporting Framework. This integrated report was approved by the Board on 2 May 2023.

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SAICA Integrated Report 2022.
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SAICA Integrated Report 2022. All Rights Reserved.

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