Qualification Changes for Accountants
The new Assessment of Professional Competence (APC) is going to replace the previous two part Chartered Accountant Qualifying Exam. The idea behind the changes seems to stem from the fact that this type of framework will provide charter accountants with a broader perspective and emphasizes the softer skills that are not enjoying such a high focus at universities.
Previously Saica, the South African Institute of Chartered Accountants, separated part two of the qualifying examination into two sections; auditing and financial management. The exam written was determined by the training contract elective that was chosen by students after leaving university.
The new exam is set out to test both the technical and practical knowledge of Accountants in real life situations. The format will be a case study and will require students to show their ability to apply technical knowledge, workplace experience and the ability to integrate information.
Changes will be made to the first board exam, now labelled in the Initial Test of Competence in order to begin phasing in some of the competencies that will be required to write the APC.
In 2011 Saica was ranked number one in the World Economic Forum Competiveness Report 2010/2011 in the category of ''Strength of Auditing and Reporting Standards''. Do you think that these changes are going to ensure that these standards are kept in place considering the current situation in the educational sector in South Africa?
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