OUR BUSINESS

Materiality determination process and material matters

LEGEND FOR MATERIAL MATTERS

Worsening
improving
stable
New
Worsening
improving
stable
New
7. Trust restoration

Restoring trust in the profession through the advancement of ethics, accountability and discipline

Trust in the accountancy profession depends on members’ ethical behaviour and the maintenance of high standards. SAICA has a key role to play in advancing ethics among its members and in broader society

SAICA and its CA(SA) designation rated as the number 1 trusted in the world as well as an improvement in key brand health indicators

Risks, opportunities and strategic response
Risks
  • Decrease in trust and admiration
  • Significant increase in disciplinary cases negatively impacting the brand
  • Implication of a few SAICA members/trainees in alleged unethical behaviour tainting the brand
Related opportunities
  • Continued initiatives to support the effectiveness of the financial ecosystem
  • Increased communication and engagement with key stakeholders to maintain good relationships and restore trust in the profession
  • Create efficiencies in the disciplinary process
IMPACT
Capitals
Strategic Pillars
STRATEGIC RESPONSE
  • Contribute positively to the broader fight against corruption through initiatives such as Unite4MzansiTM, Courageous Conversations and the anti-corruption summit to address issues raised by the Zondo Commission
  • SAICA has undertaken several initiatives, including profiling members in assurance on the various SAICA platforms, engaging with the media on the importance of the auditing profession and the role that it plays in the wider financial reporting ecosystem, and hosting webinars on topics that will shape the future of the profession
  • Support for the Special Investigative Unit to address the challenge in the country of transforming diversity and equity in forensic skills
  • Ethics in Practices Series delivered monthly to promote a high level of ethical behaviour
  • Submission was made to the IESBA on its work plan and strategy which is key in determining the ethics projects that are most urgent and impacting the profession
  • Capacitating the Discipline Unit
  • Successful prosecution of 190 complaints including the complaint referred to SAICA by the Zondo Commission
Outlook for the short, medium and long term

As part of the Audit Reform Project, SAICA will continue to conduct extensive consultations with various stakeholders, including auditing firms, regulators, oversight structures such as the board of directors and audit committees, government, business groups as well as users of financial statements

The objectives will focus on:
  • Ensuring the profession’s relevance in the face of digitalisation, sustainability reporting requirements, and ongoing reputational challenges
  • Safeguarding the stability and credibility of the financial reporting ecosystem
  • Maintaining the profession’s appeal to newly qualified young professionals
  • The establishment of a Centre for Audit Quality (CAQ) as a SAICA-related entity is currently being assessed. The CAQ is intended to be the voice of the auditing profession and to contribute positively to financial reporting and assurance in South Africa
HUMAN CAPITAL IN A VALUE CREATION CONTEXT

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