OUR CONTEXT
OUR BUSINESS
SAICA’s material matters are those that have the greatest impact on its strategy execution and the Institute’s ability to create value over the short, medium and long term. The TEUF and SAICA ED representation have been considered by the executive, given their roles on the TEUF Board and as SAICA ED.
The material matters are identified, prioritised, continuously reviewed to ensure alignment with stakeholder expectations and reported as follows:
Step 1: Identify
Review of SAICA’s external and internal operating environment, key risks and opportunities, critical issues for stakeholders (particularly members), and matters discussed by the Board and Board sub-committees
Step 2: Engage and Validate
Input is solicited from Management, Council, and the Board to ensure a stakeholder-inclusive approach
Step 3: Prioritise
Matters are ranked according to their impact on SAICA’s reputation and strategy execution, the level of control over the issue, and their effect on risk metrics related to the strategy
Step 4: Respond
The impact on risk tolerance/appetite is assessed, actions required to manage material matters are determined, and responses to identified opportunities are formulated
Step 5: Report
The outcomes of these reviews and evaluations are presented to the Board and Council and reported to members and other stakeholders
Step 6: Monitor and Review
Continuous monitoring and review of material matters are conducted, ensuring their ongoing relevance and alignment (where applicable) with stakeholder expectations and SAICA’s strategic objectives
Informed by the internal and external operating environment, SAICA’s material matters for 2024 remain largely consistent with prior years. However, their prioritisation and underlying details have been updated to reflect the current operating context. The naming of these matters has also been refined to be more descriptive and specific. Additionally, certain challenges highlighted in 2023 have been integrated into this year’s material matters for greater clarity and alignment.
Key updates include:
Pipeline challenges
Issues such as low mathematics pass rates, low learner enrolment rate for accounting, declining third-year and PGDA pass rates, and racial disparities in ITC and APC success rates have been consolidated into a standalone matter: The declining number of learner enrolments with accounting and mathematics at the matric level.
Digitisation
Challenges with the Training Contract Management System (TCMS) and the Electronic Assessment Tool (EAT) have been integrated into a broader matter: The digitisation strategy and the challenges it poses for member experience.
Regulatory requirements
The impact of increasing regulations on the profession and their implications for SAICA and its members have been incorporated into: The ever-increasing regulatory requirements and the growing gap in member expectations.
Emerging matter
A new focus area has been identified in response to the changing landscape: The impact of artificial intelligence and digital transformation on the evolution of skills within the accountancy profession, reflecting the need to prepare members for future challenges and opportunities in a technology-driven world.
