OUR BUSINESS
CHIEF EXECUTIVE OFFICER'S REVIEW
Patricia Stock
SAICA Chief Executive Officer
'The time to make a difference into the future is now.'
REFLECTIONS AND APPRECIATION
As I embark on this journey as the new CEO of SAICA, I am filled with a profound sense of gratitude and reflection. The past months have been a whirlwind of learning, listening, and introspection as I immerse myself in the remarkable organisation that is SAICA and its extraordinary people.
It is with humility that I step into the shoes of my predecessor, Freeman Nomvalo, whose exemplary leadership has left an indelible mark on SAICA and the profession. Freeman’s unwavering commitment to excellence, resilience, and dedication to serving the profession has set a standard of leadership that I recognise.
Over the last five years, his visionary guidance has propelled SAICA to the forefront of global recognition in the accountancy field, rebuilding trust and restoring the integrity of the CA(SA) brand. Tributes to Freeman in SAICA’s Accountancy SA magazine bear testimony to this.
Yet, as I acknowledge the accomplishments of the past, I am also acutely aware of the challenges that lie ahead. Leadership, I have come to realise, is not merely about stepping into familiar shoes; it is about forging a new path, leaving behind our own footprints. There will undoubtedly be moments when the journey feels daunting, but it is in these moments that true leadership is revealed.
I am immensely grateful for the support I have received from the dedicated team across the organisation, as well as from Council and the Board. It is a privilege to lead SAICA into the future, and I am keenly aware of the responsibility that comes with this role. As the first female CEO of SAICA, I recognise the importance of paving the way for future generations of women leaders. It is incumbent upon me to invest in women empowerment and ensure that the path I forge is one that others can follow.
LOOKING AHEAD
SAICA employed an inclusive strategy formulation process incorporating insights from diverse stakeholders to shape our strategy. Looking ahead, we’ll adapt our 2024–2028 strategy to address emerging post-COVID trends and challenges.
As advocates for change, SAICA and its members are vital in South Africa’s recovery from economic challenges. Clear intervention points have been identified, positioning us to drive economic development and make a tangible impact on society.
To ensure organisational sustainability and growth, SAICA is enhancing its strategic thrusts, bridging the member expectation gap, and optimising resources. These refined pillars will support our vision effectively.
In pursuit of excellence and relevance, SAICA’s strategic direction for FY 2024 to FY 2028 is guided by four interconnected pillars:
Accelerated Member Value
Attractiveness and Transformation of the Profession
Economic and Social Relevance
Winning Organisation
In summary, our strategy is designed to navigate the current landscape while laying a strong foundation for the future. By focusing on delivering accelerated member value, enhancing the profession’s attractiveness, ensuring economic and social relevance, and building a winning organisation, we secure the ongoing vitality and impact of the accountancy profession. This vision requires collective effort, and I am committed to leading SAICA towards these ambitious but achievable goals. We will continue to follow a stakeholder-inclusive process to socialise the strategy with our various stakeholders. The strategy team, together with the Brand and Marketing division will be driving an exciting plan to bring the strategy to life in a manner that resonates with all our Difference Makers.
An organisational review and restructuring of the Executive Committee (Exco) are underway to optimise our human capital for effective strategy execution. In addition, the performance scorecard has been aligned with our strategy, incorporating clear measures for key organisational drivers at the organisational level.
Performance (2023)
In 2023, SAICA remained committed in delivering value for its members and society by advancing strategic initiatives while ensuring financial sustainability. Although good progress has been made in many areas and there are certainly successes to celebrate, we acknowledge that there were some challenges to address in going forward to better serve our member needs.
A key highlight has no doubt been the recognition of the CA(SA) designation retaining the number one position in the world.
Good progress has been made with the delivery of Ushintsho Stage 2, albeit with post-implementation challenges and member frustrations that we acknowledge, with enhancements to be made with the member portal. See our digitisation journey and strategy.
The inaugural Public Sector Summit was another highlight, providing a platform for facilitated discussions, knowledge sharing, and collaborations aimed at fostering transformation within the public sector. Strengthening the collaboration agreement between SAICA and the Chartered Institute of Government Finance Audit and Risk Officers (CIGFARO) further enhances the profession’s impact in the public sector.
A key focus for the year under review was enhancing SMME support and showcasing the expertise of Small and Medium Practices (SMPs) to SMMEs. Focused effort also took place within the Practices portfolio to engage directly with SMPs in order to understand their challenges and needs, which will be prioritised in FY 2024.
Another area that received attention was the disciplinary process and capacitation of the disciplinary unit. The Disciplinary Code was also amended to improve case load management. We acknowledge the challenges regarding the resolution of tax practitioner cases, with tax practitioners expressing dissatisfaction over the prolonged duration of disciplinary processes.
Although much has been done to strengthen mathematics education and providing support for APC and ITC candidates, as well as raising funding for these initiatives, the significant drop in APC pass rates remains a concern. We need to assist candidates from previously disadvantaged backgrounds so they have a better chance at passing.
View details about our successes and highlights here. Key challenges are outlined here, progress in executing strategic initiatives here, and SAICA’s balanced scorecard provides externally assured ratings of how we performed against our goals for the year.
Outlook
Our strategic outlook, based on our five-year plan, outlines a comprehensive strategy to strengthen our organisation’s standing and effectiveness. Anchored in key priority areas, we aim to address specific challenges and opportunities across operations, member engagement, and societal contributions.
Operational efficiency
We will review by-laws, improve disciplinary case conclusion rates, including those involving tax practitioners and public interest cases and enhance cost-effectiveness to boost responsiveness and accountability.
Digital migration
Completing the Ushintsho programme will transform our digital infrastructure, enabling agile service delivery.
APC challenges
Collaborating with stakeholders, we will refine the APC process to maintain robustness and fairness.
Member support
We will optimise support structures and introduce new initiatives for professional development, adapting our hybrid work model for better member accessibility.
Differentiated engagement
We will prioritise personalised engagement for international members, SMPs, public sector and business sector members, ensuring their unique needs are met with precision and empathy.
Sustainability skills
We are fast-tracking sustainability-focused development to embed these principles into our operations and member value offerings, fostering a forward-thinking and impactful approach. Through investment in advocacy and member development, we aim to enhance the economic relevance of our members in sustainability advisory and assurance roles.
Audit reforms
Establishing the Centre for Audit Quality reinforces audit integrity, aligning with broader reforms aiming to elevate trust and confidence in the auditing profession.
Advocacy
Strengthening SAICA members’ advocacy role to better represent and support the profession’s interests across different levels. This entails articulating key issues and engaging proactively with stakeholders.
Stakeholder engagement
Strengthening stakeholder relationships will ensure alignment with member and community priorities, crucial for mutual progress and the realisation of shared goals.
Membership growth
Focused strategy to expand membership, especially for AGAs and Accounting Technicians in Africa. This emphasises our commitment to enhancing diversity and dynamism within the professional community.
Transformation initiatives
The strategic plan adopts a holistic ‘cradle to career’ transformation approach fostering inclusivity, diversity, and excellence throughout all stages of professional development and engagement.
In summary, our strategy balances immediate and long-term goals for sustainable growth, relevance, and impact in the professional domain.
Patricia Stock
SAICA Chief Executive Officer