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New ways for accountants to generate revenue

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There are several ways to increase your revenue as a practicing accountant. All it takes is some quick study to increase your areas of specialisation, and you can do this through the SA Institute of Business Accountants (Saiba).

Recent scandals in the profession have placed renewed emphasis on quality control and ethical conduct.

Regulators including the National Treasury, Department of Trade and Industry, SAQA, IRBA, and SARS have been requested by Parliament to implement new regulations to clamp down on unprofessional conduct by accountants and auditors.

In response, Saiba has initiated a series of licenses applicable to Saiba designation holders. “We are in the process of developing a number of licenses for specialised engagements. These licenses are supported by optional courses, should you require more knowledge prior to writing the exam,” says Saiba CEO, Nicolaas van Wyk.

Obtaining a license provides proof that you are competent in a particular area, and may be required by government departments or regulators before you will be allowed to perform a particular service.

At present there are three licences you can obtain through Saiba which allows you to expanad your range of services:

  1. Independent Reviewer: the aim of the Certificate in Independent Review Engagements is to develop knowledge, understanding and application of the review engagement standard (ISRE 2400), the international standard on quality control (ISQC1) and the concepts and principles which underpin them. The Certificate in Independent Review Engagements is a qualification which is flexible to your timetable, enabling you to fit your studies around your work and social commitments, and can be completed in a period of four months.
    The prerequisite knowledge for the Certificate in Independent Review Engagements is a relevant degree and two years’ experience in preparing working papers and issuing reports on financial statements.
  2. Business Rescue Practitioner: accountants can now become Business Rescue Practitioners, opening a new revenue stream for their businesses. In support of the application to become a Practitioner with the Companies and Intellectual Property Commission (CIPC), this course will equip learners with the tools and knowledge to become accredited and obtain a licence in business rescue practice. The potential income from practicing as a BRP is up to R25,000 a day.
  3. Foreign Investments Advisor: the Immigration Act requires a foreigner who intends to establish or invest in a business in South Africa to apply for business visas. This is covered in Section 15 and Regulation 14 of the Immigration Act. Visa regulations in terms of Section 14, per the Regulations, the overall requirements for a Business Visa include:
    • A certificate issued by a registered accountant
    • At least 60% of the total staff complement must be South African citizens or permanent residents
    • Undertakings to register with the relevant authorities in terms of compliance
    • Police Clearance Certificates
    • Support from the Department of Trade and Industry.
    Saiba is currently developing several other licence opportunities for accountants, but these are three avenues for generating additional revenue that are available now. It is highly recommended that you consider one of these and keep checking back for more updates.

Check here for more information.