A. Criteria for admission as an Accountant in Practice (Registered Accounting Officer- IAC South Africa only)

The following persons are eligible to apply for Accountant in Practice membership:

1. A person who has completed an IAC diploma in Accounting, Cost and Management Accounting and Company Secretaries.

2. A person who has completed a recognised post-matric (Grade12) qualification (SAQA rated NQF Level 6 (Old level)) with the same evaluation as an IAC diploma, provided that the subjects passed are relevant to the IAC subjects, and that the qualification is recognised by the IAC.

For example, the following qualifications are acceptable:

The degree B.Com (Accounting) / B.Accounting Science and B.Tech degrees, obtained from South African Universities and Universities of Technology.

Members of the following Institutes are also eligible for professional membership of the IAC.                              

• South African Inst. Of Professional Accountants   (SAIPA)
• South African Inst. Of Charted Accountants   (CA) (SA)
• Associate General Accountants    (AGA) (SA)

3. Accounting Officers for Close Corporations

To be registered as an accounting officer for Close Corporations, an applicant must, in addition to his/her academic qualification(s), also meet the following criteria:

Core Subjects

3.1 To have majored in Financial Accounting (iii)
3.2 To have passed Income Tax   (in terms of South African Legislation)
3.3 To have passed Company Law (in terms of South African Legislation)
3.4 To have passed auditing (i) or internal auditing (i and ii)

Practical Experience

3.5 To have gained a MINIMUM of three years, articled or learnership training, under the guidance of a registered Accounting Officer.

OR

3.5.1 To have gained a MINIMUM of six years relevant, practical accounting experience obtained while working under the guidance of a qualified accountant as mentioned above.

The application must be supported by an affidavit, stamped and signed by a Commissioner of Oaths, verifying the applicant's practical experience, as well as a comprehensive job description.

3.6 Once the application has been processed, a 2 to 3 hour oral evaluation will be conducted with the applicant, who will be tested on a pre-determined questionnaire covering the following:

• Accounting  
• Auditing
• Company Law (South African legislation)
• Taxation (South African legislation)
• Practice Management

The applicant will need to travel to an assessor (at the applicant’s own expense) or if agreeable by both parties, the assessor will travel to the applicant, and an additional travelling charge will be levied.

Once an Evaluator has signed off the above criteria, the Board (in its sole discretion) may issue the applicant with a practice certificate.

B. Registered Accountant (IAC Zimbabwe only)

The following persons are eligible to apply for Registered Accountant membership:

1. A person who has completed an IAC diploma in Accounting, Cost and Management Accounting and Company Secretaries.

2. A person who has completed a recognised post-matric (Grade12) qualification (SAQA rated NQF Level 6) with the same evaluation as an IAC diploma, provided that the subjects passed are relevant to the IAC subjects, and that the qualification is recognised by the IAC.

3. A person who has completed a 18 subjects diploma in Zimbabwe.

For example, the following qualifications are acceptable:

The degree B.Com (Accounting) / B.Accounting Science and B.Tech degrees, obtained from South African and Zimbabwe Universities and Universities of Technology.

4. Registered Accountant

To be a registered accountant, an applicant must, in addition to his/her academic qualification(s), also meet the following criteria:

Core Subjects

4.1 To have majored in Financial Accounting (iii)
4.2 To have passed Income Tax   (in terms of Zimbabwe Legislation)
4.3 To have passed Company Law (in terms of Zimbabwe Legislation)
4.4 To have passed auditing

Practical Experience

4.5 To have gained a MINIMUM of three years, articled or learnership training, under the guidance of a Registered Accountant

OR

4.5.1 To have gained a MINIMUM of six years relevant, practical accounting experience obtained while working under the guidance of a registered accountant as mentioned above.

The application must be supported by an affidavit, stamped and signed by a Commissioner of Oaths, verifying the applicant's practical experience, as well as a comprehensive job description.

4.6 Once the application has been processed, a 2 to 3 hour oral evaluation will be conducted with the applicant, who will be tested on a pre-determined questionnaire covering the following:

• Accounting  
• Auditing
• Company Law (Zimbabwe legislation)
• Taxation (Zimbabwe legislation)
• Practice Management

The applicant will need to travel to an assessor (at the applicant’s own expense) or if agreeable by both parties, the assessor will travel to the applicant, and an additional travelling charge will be levied.

Once an Evaluator has signed off the above criteria, the Board (in its sole discretion) may issue the applicant with a practice certificate.

C. Criteria for admission as an Accounting Officer by a Close Corporation

A Close Corporation may be admitted as an Accounting Officer if the following criteria are met:

• Each member of the Corporation is a qualified Accounting Officer.

• A firm, if each partner in the firm is qualified to be appointed as an Accounting Officer.

* Please take note of the following: *

A firm in this regard refers to a common law partnership and not the following:

• A firm as defined in section 1 of the Public Accountants’ and Auditors’ Act, 1991 (Act No. 80 of 1991)

OR

• A sole proprietor conducting his or her business under a businessname (i.e. a name other than the name of its proprietor).