(Form MEM0001)
Membership No
INSTITUTE OF ACCOUNTING & COMMERCE
Application for Membership
(Natural Persons only)
Surname: ______________________
Ph No: CODE (
Name: _________________________
) ____________________ (Cell) ___________________
Please tick the category of membership that you are applying for:
Categories of Membership
Fellow Members
[]
Full Members
1.
Independent Accounting Professional (Reviewer)
[ ]
2.
Financial Accountant in Practice (Accounting Officer)
[ ]
3.
Financial Accountant in Commerce
[ ]
Associates Members
4.
Technical Accountant
[ ]
5.
Student Members
[ ]
On completion, this form should be returned to the Institute at:
P O Box 36477
GLOSDERRY
7702
Enquiries can be directed to:
Tel: (021) 761-6211 or
Fax: (021) 761-5089 / 086 637 6989
(Form MEM0001)
General Information on Membership of the IAC
Categories of Membership
Fellows (Full member)
Taking into account the applicant’s status in accounting and commerce, age and relevant business experience,
the IAC Board will determine which category of membership an applicant will be admitted to.
Persons, who have not been a Full member of the IAC for at least 5 years, are not eligible to apply for
Fellow membership.
Full Members
1.
2.
3.
Independent Accounting Professional ( Reviewer) (IAP)
Financial Accountant in Practice ( IAC-FAP)
Financial Accountant in Commerce ( IAC-FAC)
Associate Members
4.
5.
Technical Accountant (IAC-TA)
Students
Criteria for admission as an Accounting Officer
(Financial Accountant in Practice)
The following persons are eligible to apply for Accounting Officer membership
1.
A person who has completed an IAC diploma in Accounting, Cost and Management Accounting and
Company Secretaries, or
2.
A person who has completed a recognised post- matric (Grade12) qualification (SAQA rated NQF Level 6 as
per the old grid, post 2009 = NQF 7 – New Grid) 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
South African Inst. Of Charted Accountants
Accounting Officers of
(SAIPA)
(CA) (SA)
CIMA, CSSA, ACCA
Registered Members in good standing with these mentioned Institutes are welcome to join the IAC
membership, and CAN BE EXEMPTED from the IAC entry evaluation.
Please note that Members from Zimbabwe who want to register as a Member with the IAC in South Africa
will have to ensure that in addition to the normal criteria they pass:
-
Company Law
Tax
(South African Legislation)
(South African Legislation)
2
(Form MEM0001)
3.
Accounting Officers for Close Corporations (FULL MEMBER)
An Accounting Officer is defined in section 60 of the Close Corporations Act No.69 of 1984.
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 (per the Regulations to the Close Corporations Act)
3.1
To have majored in Financial Accounting (i), (ii) & (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 (per the Regulations to the Close Corporations Act)
3.5.1
3.5.2
To have gained a Minimum of three (3) years, articled or learner-ship training, under the guidance of a
registered Accounting Officer
OR
To have gained a Minimum of six (6) years relevant, practical accounting experience at a management or
supervisory level (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.
Evaluation
3.6
The applicant must do an up to 5 hour written and oral evaluation based on a pre-determined
questionnaire covering the following:
1.
2.
3.
4.
5.
6.
Accounting
Auditing
Taxation
Company Law
Management Accounting
Practice Management
The applicant will need to travel to the 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 and membership of the Institute.
NB: IAC designation for Accounting Officer = Financial Accountant in Practice (FAP)
3
What an Accounting Officer is allowed to do.
-
-
-
-
Note: Under no circumstances is any designation in the membership of the IAC allowed to conduct
an Audit unless the member is registered with IRBA (Independent Regulatory Body for
Accountants) as an auditor.
The member of IAC who is registered as an Accounting Officer with the Institute CAN:
Prepare Financial Statements and sign off for Close Corporations.
Do an independent compilation of Financial Statement for Companies and Incorporates (SME’s) who’s PIS
score is under 100. The Financial Statements for both Companies and CC needs to comply with IFRS or
IFRS for SME’s.
Prepare Financial Statements and sign off for NPO’s and PBO’s – as long as the organization’s constitution
allows it.
Can prepare Financial Statements and sign off for a Body Corporate under the Sectional Titles Act 95 of
1986 as long as the number of units is below 10 units, and if there are 10 or more units, the rules must be
amended.
Can prepare Financial Statement and sign off for Trusts if the trust deed allows it.
Can prepare Financial Statements and sign off for a Sole Proprietor and Partnership.
Be allowed to accept the audits of Schools, but this needs to be understood in terms of the School’s Act 84
of 1996 as well as the requirements of the Schools Act in the various Provinces.
The member of IAC who is registered as an Accounting Officer with the Institute CANNOT:
Do Review Engagements in terms of ISRE 2400 and ISRE 4400, unless they have done the course on
Review Engagement and are registered as a Reviewer with IAC.
CPD Requirement for the Accounting Officer:
40 CPD hours / annum (20 structured + 20 unstructured dispersed into the 4 categories, namely, Accounting (i.e.
IFRS), Taxation, Company Law, Auditing & Review Engagements, and if any of these members carry Tax
Practitioner status they will need to complete 9 structured + 6 unstructured tax hours.
4.
Independent Accounting Professional (Reviewer) (IAP – FULL MEMBER)
1.
The Independent Accounting Professional ( Reviewer) is defined in section 26 (d) (i) (cc) of the
Regulations to the Companies Act no.71 of 2008.
2.
Only registered Accounting Officers, who completed and passed an approved Reviewer’s course,
may apply for registration as an Independent Accounting Professional.
CPD Requirement for the IAP:
Same as Accounting Officer above.
4
(Form MEM0001)
5.
Financial Accountant in Commerce (FAC – FULL MEMBER)
•
A person who has completed a degree or diploma in Accounting with a minimum (SAQA rated NQF
Level 6 as per the old grid, post 2009 = NQF 7 - New Grid)
•
The applicant needs to have a minimum of 3 years practical Accounting experience under the
guidance of a qualified Accountant, which must include the preparation of Financial Statements (i.e.
balance sheet, income statement, cash flow and notes).
•
A Financial Accountant in Commerce should be allowed to write up books of prime entry for all types
of business entities but will not be allowed to act as an Accounting Officer in terms of section 60 of
the Close Corporation Act or as a reviewer as defined in section 26 (1) (d) of the Regulations to
the Companies Act No 71 of 2008.
Body Corporate is also excluded.
•
Financial Accountant in Commerce may apply to be registered as an Accounting Officer but would
have to meet the entry requirements prevailing at the time.
CPD Requirement:
Same as Accounting Officer above.
6.
Technical Accountant (IAC designation) – TA (ASSOCIATE MEMBER)
To be registered as a Technical Accountant, an applicant must meet the following criteria:
Completed a two-year learner ship registered with the Institute, ICB and FASSET and successfully
completed 10 of the 14 IAC accredited subjects or the equivalent.
OR
A person who does not have a formal qualification, but has been working as a senior bookkeeper or
accountant for a period of 5(five) years or more, be allowed to be admitted to Technical Accountant
status, even though they may not have any formal qualifications. (This would be the Institute’s RPL
process).
A Technical Accountant shall not be allowed to vote at general meetings.
CPD Requirement:
20 CPD hours / annum (10 structured + 10 unstructured dispersed into the 4 categories, namely,
Accounting (i.e. IFRS), Taxation, Company Law, Auditing & Review Engagements.
5
(Form MEM0001)
7.
Student on Leaner-ship
1.
8.
A student studying accounting at a university or a university of technology and has signed an
accounting officer leaner ship can be registered as a student on learner ship.
Students
1.
Other students wishing to enter the accounting profession may also register as a student.
Upon signing this application form, applicants acknowledge and agree to the
following:
a. The Board of Directors of the Institute of Accounting and Commerce in its
sole discretion may issue the applicant with a practice certificate and
membership of the Institute
b. Membership certificates are and remain the property of the Institute.
Should membership be terminated (for whatever reason), the certificates
must be returned to the IAC.
Please attach certified copies of the following documents with your application form
and post to:
P.O. Box 36477
Glosderry
7702
Phone: (021) 7616211
1.
2.
3.
4.
5.
6.
I.D. document
Proof of residence
Matric certificate
Degree \ Diploma
Academic transcript
A detailed affidavit of working experience or contract of articles
6
(Form MEM0001)
Application for Membership
Category of membership applying for:-
1. Personal Details
Prof [ ] Dr [ ] Mr [ ] Mrs [ ] Miss [ ] (Please TICK or specify other) ________
Surname
First names
Date of birth
ID.No.
Home
Address
Postal Code
Postal
Address
Postal code
Tel:
Area Code (
) (B) _________________
(H) ____________________
Fax:
Area Code (
) (B) _________________
(H) ___________________
Cell phone
E-mail
Address for
Correspondence:
Private [
]
Business
Income Tax
Reference Number
Tax Clearance
Certificate
Number
Approved Date
Expiry Date
7
[
]
(Form MEM0001)
2.
Present Employment
Organisation/Company name
Business telephone number
Area Code: (
)
Fax Number (if available)
Area Code: (
)
Business address
Postal Code
3. Present Position
Position title
Date appointed _________________
To be completed by Members Applying for
Fellow, Accounting Officer and Accountant in Commerce
Management Level in Organization
Position in Company
Senior
Middle
Number of employees reporting to you?
To whom do you report?
His/her position in organisation
8
(Form MEM0001)
4.
Previous Employment (in the last ten years)
Year
From
Year
To
Position
held
Name
of organization
Number
of employees reporting
to you
Please attach a separate list if the above space is insufficient).
Primary responsibilities in your most recent position:
* TO BE COMPLETED IN THE FORM OF A COMPREHENSIVE AFFIDAVIT *
5.
Academic, Technical and Professional Education
Year
From
Note:
Year
To
Institution
Degrees, Diplomas
You are required to submit certified copies of your post-matric qualifications in support of your
application. The actual subjects passed, must be listed and certified.
9
(Form MEM0001)
6.
1.
3.
Declaration
Do you qualify in terms of the criteria set out on Pages 2 and 3?
Yes [ ] No [ ]
Are you currently, or have you been in the past, a member of any Recognised Controlling Body or
Accounting Body?
If so, kindly state names of Institute/Association.
Yes [
] No [ ]
3.
If you are no longer a member, please explain briefly the circumstances of your membership ceasing
4.
Have you ever been convicted of an offence under the Companies Act, the Close Corporation Act, the
Insolvency Act or the Tax or been found guilty of a criminal offence in terms of section 234 to 237 of the
Tax Administration Act of 2011.
(If yes, please state details.)
Yes [ ] No [ ]
____________________________________________________________________________
____________________________________________________________________________
5.
Have you ever been convicted of a criminal offence?
(If yes, please state details.)
6.
Have you ever been insolvent, or assigned your estate?
(If yes, please state details.)
Yes [ ] No [ ]
Yes [ ] No [ ]
__________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
10
(Form MEM0001)
7.
Referees
Please have your application signed by two persons who will act as referees. The proposer should be your
immediate superior who should be able to support your application by actual knowledge of your responsibilities. If
you are the head of your organisation, please name two business / professional associates.
If possible, your application should be proposed or seconded by a member of the Institute who is willing to
act as your referee.
Proposer :
Name:
Seconder :
Name:
Position title
Position title
Qualifications
Qualifications
Organisation
Organisation
Address
Address
Postal Code
Postal Code
Telephone
Telephone
IAC member
[ ] YES
[ ] NO
IAC member
[ ] YES
IAC membership grade
IAC membership grade
Signature
Signature
8.
This section to be completed by
IAC Diplomats only
1.6
What is your IAC registration number?
When did you complete your IAC diploma(s)?
/
/
Which IAC diploma(s) did you complete?
11
(month and year)
[ ] NO
(Form MEM0001)
9.
Declaration
I hereby certify that the above particulars are correct. Should it be necessary, I hereby authorize the Institute of
Accounting and Commerce to make any enquiries it considers relevant to its acceptance of this application.
If admitted as a member, I agree to abide by the rules, regulations and bye-laws of the Institute of Accounting and
Commerce as they now exist and as they may hereafter be altered, and to use my status as a member of the Institute
in an honourable manner.
I understand that the "Diploma of Membership" issued to me remains the property of the Institute. I undertake to
return same should I resign, or cease to be a member through whatever cause.
Signature of applicant
_________________________________________
Signed at
________________________________________
Date
___________/____________/________________
IAC Banks with:
Branch:
Branch Code:
Account Number:
Account Type:
FNB
Adderley Street Cape Town
201409
62190124645
Current Account
Please note: It is very important that you write your IAC membership number or name
and surname in the reference section on the deposit slip.
Enquiries can be directed to:
Tel: (021) 761-6211 or
Fax: (021) 761-5089 / 086 637 6989
12
(Form MEM0001)
For Office Use Only:
Grade of Membership Recommended:
Fellow Member
[ ]
Independent Accounting Professional
[ ]
Financial Accountant in Practice
[ ]
CC as an Accounting Officer
[ ]
Financial Accountant in Commerce
[ ]
Technical Accountant
[ ]
Tax Practitioner
[ ]
Technical Tax Practitioner
[ ]
Students
[ ]
Students on Learnership
[ ]
Action to be taken:
Signature of Membership Officer
Date
Approved as ____________________ _______________
Member
Not Approved ____________________________________
Application for Membership Approved by EXCO Meeting on ________________
Application for Membership Approved by Board Meeting on _________________
Signature of President or Chief Executive Officer
Date
13