ABOUT THIS REPORT

Leading globally and shaping a sustainable tomorrow as trustworthy difference makers

In the realm of chartered accountancy, the CA(SA) designation proudly stands at the pinnacle of trust and ethical excellence, reclaiming its esteemed position as the world’s most trusted profession. This accomplishment is the culmination of a five-year journey dedicated to trust reconstruction and reputation management.

SAICA, alongside its dedicated professionals, has tirelessly worked to maintain and elevate auditing and professional services standards. The commitment to ongoing transformation is recognised as a vital catalyst for the continued growth of the South African economy.

In a world where trust and integrity form the bedrock of excellence, CA(SA) emerges triumphant, securing its number one status. Trust, an unwavering constant, lies at the core of our esteemed profession. The journey back to the summit reflects the resolute commitment of our members, who have consistently upheld the highest ethical standards. It is a commitment to truth, integrity, and the public interest that not only shapes our legacy but also defines our future.

As the dynamics of the world evolve, our dedication to ethical excellence remains steadfast. We recognise that our position as the world’s most trusted profession is not a destination but an ongoing journey of continuous improvement. CA(SA) transcends being a mere designation; it is a force for good, a beacon of trust in an ever-evolving world. Our journey to the top is not just a personal triumph but a collective testament to the enduring values that make us not just professionals but guardians of trust and ethical integrity, making a significant and lasting difference in the world. As we journey forward, we recognise that we cannot become complacent; we must relentlessly strive for excellence, shaping a future where trust and ethical conduct are the cornerstones of economic prosperity and social progress.

On 31 December 2023, 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 these risks, opportunities and outcomes associated with these 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 2022 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

Integrated thinking helps us to expand the boundaries of our mindset, seeing ourselves as part of a larger system and considering the wider impact of our decisions beyond short-term financial rewards. SAICA embraces integrated thinking through our strong stakeholder relations, robust risk mitigation processes, governance, how we care for our people and stakeholders, and ongoing communication.

Integrated reporting then becomes a natural extension providing our stakeholders with a clear and cohesive report that reflects our commitment to sustainable value creation and preservation.

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

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. See SAICA’s combined assurance model.

Limited assurance is expressed by Mazars over the actual performance information used to evaluate performance against the strategic objectives. Based on their audit the following KPIs have not been assured due to limitation of supporting evidence:

• Learner reach - 5 151 learners through Grade 9 career awareness initiatives
• Carbon emissions 2253,5 tonnes CO2e (FY22: 630,41 tonnes CO2e)
• Purchased electricity 753 706,60 kWh (FY22: 727 113,81 kWh)
• Water use 6 961,77 kl (FY22: 5 574,33 kl)
• SAICA Sponsorship for SA Maths Foundation Olympiad : The first round reached 77 630 learners

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.

This report contains certain forward-looking statements concerning 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 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.

The Corporate Governance Institute of South Africa (CGISA) host the Integrated Reporting Awards on an annual basis. The objective of the awards is to encourage innovation and excellence in integrated reporting in Southern Africa across the board, not only in the top JSE-listed companies. SAICA was honoured as the overall winner in 2023 in the Unlisted Companies and Nonprofit Companies category.

The report preparation and presentation process are governed by our Board and led by the Executive Committee, with responsibility assigned to a core team of IR contributors and oversight of the Senior Executive: Strategy as the overall project coordinator.

Our 2023 integrated report is prepared with information sourced from minutes of the Board meetings, interviews and workshops as well as financial and non-financial reporting information.

The report drafts are reviewed by the Executive Committee, and then finally recommended by the Audit Committee and approved by the Board. The Board ensures the integrity of the integrated report through our integrated reporting process, with the Audit Committee ensuring that the appropriate assurances are provided by the Executive Committee, internal audit, external audit, and independent service providers.

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 29 April 2024.