What professional bodies do to minimise misconduct and crime Authored by: Shahied Daniels, Chief Executive at the South African Institute of Professional Accountants (SAIPA) The primary responsibility of every accountant is to serve the public interest first. But, as asked by the Roman poet Juvenal, “Who will guard the guards themselves? Who ensures accountants remain accountable?” This is the function of professional accountancy organisations (PAOs), like the South African Institute of Professional Accountants (SAIPA). And it is the reason every accountant should be a member of such an association. Obligations of the PAO The history of accountancy can be traced back more than 7 000 years to Mesopotamia. It started with humble occupations such as shepherds, who were required to return the same number of animals put in their care and to give account of any gains or losses. As business became more complex, the demand for accountability and faithful representation grew. The modern PAO exists not only to serve its members’ needs but to strengthen these two essential pillars in the public interest as well. They are bound by a self-regulatory mandate to ensure their affiliates comply not just with standards and regulations but legislation as well. So PAOs are likewise accountable to the public to minimise the commission of financial crimes by their members. All PAOs fall under the oversight of a global standards-setting body. In SAIPA’s case, this is the International Federation of Accountants (IFAC). As an IFAC member, the institute is obliged to conform to its operating model for PAOs, which includes a strict disciplinary process. Disciplining accountants In fact, SAIPA has four distinct practices to ensure its members adhere to its high standards for professional excellence and ethical conduct.
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