Claim Your Spot as a School Examiner: Understanding Your Eligibility
When it comes to auditing or examining financial statements for public schools, there’s a common misconception that only registered auditors can fulfill this role. However, according to Section 43 of the Schools Act 84 of 1996, there are several categories of professionals who can be appointed by the School Governing Body (SGB) to undertake this crucial task.
Who Can Be Appointed?
Registered Auditors: As per the Auditing Profession Act 26 of 2005, registered auditors are the primary choice for auditing school financial records and statements. This ensures compliance with professional auditing standards set by the Independent Regulatory Board for Auditors.
Accounting Officers: Alternatively, if appointing a registered auditor is not feasible, the SGB can appoint a person qualified to perform the duties of an accounting officer as per Section 60 of the Close Corporations Act 69 of 1984. CIBA Business Accountants in Practice, BAP(SA) members are therefore eligible for appointment for schools’ examination as CIBA is one of the professional bodies approved in terms of the Close Corporations Act.
MEC Approved Practitioners: If neither a registered auditor nor an accounting officer is available, the SGB can appoint a person or practitioner approved by the Member of the Executive Council (MEC). These individuals must meet specific qualifications and criteria outlined by the MEC.
To qualify as a practitioner approved by the MEC of KZN (Circular No. 11 of 2023), individuals must meet the following criteria:
Hold at least an NQF level 5 qualification in accounting or a related field.
Have studied Accounting or Financial Accounting up to at least the second-year level or equivalent (NQF level 6 standard).
Possess auditing knowledge up to at least the second-year level or equivalent (NQF level 6 standard).
Demonstrate a minimum of 2 years' experience in reviewing or compiling financial statements.
Be actively practicing in the fields of Accounting and/or Auditing.
Dispelling Myths
It’s crucial to dispel the myth that all Chartered Accountants (SA) can fulfill the role of a registered auditor under the Schools Act. The Act specifies that a registered auditor must be registered with the Independent Regulatory Board for Auditors, distinct from other accounting designations.
Conclusion
In conclusion, the appointment of an examiner for school financial statements is not limited to registered auditors alone. SGBs have the flexibility to choose from registered auditors, accounting officers under specific legislation, or practitioners approved by the MEC. Each category ensures that the financial integrity of our public schools is maintained through rigorous examination and reporting standards.
By understanding these provisions, eligible CIBA practitioners can confidently step forward to serve as examiners, contributing to the accountability and transparency of financial management in our educational institutions. It’s time to claim your spot as a Schools Examiner and contribute to the governance of our public schools.
Learn more about working with public schools – become a licensed Nonprofit Accountant with CIBA!
The course aims to equip accountants with the skills to:
Compile accounts from incomplete records to assist non-compliant NPOs.
Understand and apply effective marketing strategies and industry trends to increase income.
Develop skills in NPO accounting, financial management, and reporting.
Gain expertise in the Non-Profit Organisations Act and Income Tax Act regarding Public Benefit Organisations.
Learn financial statement presentation and disclosure for NPOs.
Understand DSD and SARS filing requirements and tax issues for NPOs.
Implement best practices in NPO board governance, risk assessment, and internal controls.
Plan and conduct audits, reviews, or engagements for NPOs effectively.