CRITERIA FOR ADMISSION TO PROFESSIONAL MEMBERSHIP

The following persons are eligible to apply for professional membership of the institute

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

2. A person who has completed a recognised post-metric qualification with the same

evaluation as an IAC diploma, namely Senior Certificate plus three years (tertiary

level) and 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:

* B. Com/B. Econ./ B.Bus. Science etc

* Chartered Institute of Management Accountants (CIMA)

* Institute of Chartered Secretaries & Administrators (CIS) (ICSA)

* Institute of Marketing Management (IMM)*

* Institute of Personnel Management (IPM)*

* South African Institute of Management (SAIM)*

National Diplomas and B. Tech, obtained from South African Universities of Technology (where the curricula are relevant to the IAC curricula).

* If obtained by examination

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

Ø South African Institute of Professional Accountants (SAIPA)

Ø Charted Accountants (CA) (SA)

Ø Associate General Accountants (AGA) (SA)

Ø The Institute of Charted Secretaries & Administrators (CIS)

Ø Charted Institute of Management Accountants (CIMA)

The entry requirements for all new Accounting Officers from 1 April 2006 are as follows:

3. Accounting Officers for Close Corporations

A person who has completed an accounting qualification, may be admitted as an IAC member in one of our accounting disciplines (eg. Company Secretary, Financial Accountant or Cost and Management Accountant - depending on the applicant's major subjects).

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 1 (Tax 2 from 2007)

3.3 To have passed Company Law in terms of South African Legislation.

3.4 To have passed auditing (i) or internal auditing (ii)

3.5 To have gained a MINIMUM of three years supervised (monitored) training, under the guidance of an IAC, CA, SAIPA, CIS or CIMA practioner.

OR

3.6 To have gained a MINIMUM of six years relevant, practical accounting experience at a supervisory level.

3.7 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.

The applicant must complete an oral examination (about 2 hours ) covering the following :

Ø Accounting (GAAP)

Ø Taxation (South Africa)

Ø Auditing

Ø Company Law – Secretarial functions (CC’s & Companies)

Ø Practice Management.

If the applicant is found to be competent, the application will be forwarded to the Board for final approval. This will be tabled at the first board meeting following the assessment.

___________________

The Board of Directors.