Representatives of The Southern African Institute for Business Accountants (SAIBA) and the Chartered Institute of Government Finance, Audit & Risk Officers (CIGFARO) today signed a Memorandum of Understanding (MoU), confirming their commitment to jointly work to develop the accounting profession in South Africa.
SAIBA is a comprehensive and open professional body that produces high quality designations for accounting and finance professionals that are based on strict qualification, experience and assessment requirements, while CIGFARO is a professional body that plays a constructive role in the policy formulation process relating to Public Sector finance and related professions.
The agreement between the two bodies was signed by SAIBA Education Manager Shandukani Manyaka and CIGFARO CEO Abbey Tlaletsi and recognises the synergies that exist between the respective organisations. Under the agreement the two professional bodies have agreed to look at requirements allowing members of one body to access the other at discounted rates, cooperate on developing membership support and continuing professional development initiatives and liaise on technical matters.
On the one hand SAIBA has registered the designations of Business Accountant, Business Accountant in Practice, Certified Business Accountant and Certified Financial Officer on the National Qualifications Framework (NQF) by the South African Qualifications Authority (SAQA). On the other hand, CIGFARO has the designations of Senior Associate, Associate, Licentiate and Junior available on the NQF Framework.
All these designations are awarded once a person has obtained underlying minimum academic qualifications as well as relevant experience.
Manyaka said SAIBA and CIGFARO have developed a very fruitful relationship through joint initiatives to strengthen the accountancy profession in the country over the last few years. “We look forward to taking our relationship to the next level,” he says.
Tlatletsi says the MoU provides the framework for regular share of information and will ensure that members derive the maximum benefit from both organisations strengths as well as eliminate any duplication in effort. “It will ensure that all the future professional development and support gaps are covered and that the two bodies efficiently complement each other,” he adds.
SAIBA’s Nicolaas van Wyk says the cooperation will create a seamless pathway for professionals from the public sector to integrate into the private sector and vice versa for accountants in private practice. “It caters for more flexible career mobility,” he says.