Independent Review Specialist
Become an Independent Review Engagement Specialist, attract more clients, get referrals from non-specialist accountants and diversify your income stream.
|Effort||1 month, 6 hours per week|
|Duration||2 hours, 100 marks|
|Level||NQF Level 6|
What you will learn
To obtain the license you need to provide evidence of competence in the specialist area. This evidence is presented by passing an exam. The exam is set by an independent industry expert and accredited by SAIBA.
As a SAIBA licensed practitioner you will:
- Be equipped with the necessary skills to fulfill their statutory duties in terms of section 30(7)(b) and regulation 29 of the Act and Regulations.
- Be equipped with the necessary skills to apply standards of conduct, quality control and ISRS 2400 in performing an independent review.
Specialist work attracts higher fees, with higher profit margins.
- International use and application if review engagements
- 100 mins
- What is a review engagement
- 20 mins
- Who can perform an independent review
- 6 mins
- Voluntary reviews vs Independent reviews
- 7 mins
- Differences between assurance and non-assurance engagements
- 15 mins
- Statutory law, Contract law, Common law and Review Standards – How do they interact
- 10 mins
- Option available for companies with financial problems
- 30 mins
- Concept of business rescue and applicable definitions
- 45 mins
- Code of Conduct applicable to reviewers
- Quality control standards applicable to reviewers
- Screen the client
- 3 mins
- Identify the purpose of the engagement and intended users
- Understanding of the accounting framework
- Assess capabilities
- Consider independence
- Agree the terms of the engagement
- Consider integration of other services
- Consider performing compilation procedures
- Consider materiality
- Obtain an understanding of the client’s industry, organisation, operations, assets, liabilities, revenue , expenses.
- Perform inquiries and analytical procedures
- Consider performing additional procedures
- Consider changing the terms of the engagement
- Ensure proper use of the practitioner’s name
- Obtain a written representation letter
- Consider subsequent events
- Consider going concern
- Consider past engagement responsibilities
- Form a conclusion
- Consider correct form and content of the report
- Consider modifications of the report
The entry requirements for the licence is a BAP(SA) or an equivalent designation at NQF level 7, together with a minimum of 8 years of relevant experience.
The Companies Act, 71 of 2008 requires certain companies to be audited and others to have their financial statements independently reviewed by an independent reviewer. An independent review is an alternative to the audit but still allows an opinion to be expressed on the financial statements. Independent reviews have to be performed in terms of the International Standard on Review Engagements 2400 by a qualified independent reviewer.
The Licence: Independent Review Engagements is a pre-requisite for a BAP(SA) to
obtain CIPC recognition and registration as an independent reviewer and perform