INTRODUCTION TO THE INSTITUTE OF ACCOUNTING AND COMMERCE
(formerly The Institute of Administration and Commerce)
The Institute of Accounting and Commerce (IAC) was established in 1927 as a provider of distance learning education and professional accounting and management institute. The IAC is self-funded, and is registered in South Africa as a section 21 company. The Institute’s head office is in Cape Town, its membership is mainly South African but the Institute has members in Namibia, Zimbabwe, Botswana and Swaziland.
The objectives of the founders were mainly to establish a South African Institute with a national character which would be able to grant its member’s qualifications in the various branches of administration and commerce and which would ultimately obtain recognition as a guarantee for thorough theoretical knowledge and practical experience.
During the years of its existence, the Institute has made a considerable contribution towards the attainment of greater efficiency in the economics life of Southern Africa.
In 2005 the Institute ceased with the provision of education as it could no longer obtain registration with the Department of Education and the Council for Higher Education and operated as a Professional Accounting and Management Institute.
On 1 January 2011 the IAC once again changed its persona and became a Professional Accounting Institute only and now specializes in the registration of Accounting Officers in terms of section 60 of the Close Corporations Act.
The vision and mission of the Institute are:
· To be a dynamic world class professional accounting Institute.
· To take a lead in the assessment and practice of business and public management in Africa.
- To promote formal learning and the highest professional standards of competence and integrity of its members.