SAICA Training Regulations 2024

SAICA recently issued their updated Training Regulations, effective from 1 January 2024. Training officers must ensure that the current version of the Training Regulations is communicated to all trainees and other role-players in the training programme, so that it may be applied in relation to their responsibilities. This article provides an overview of the most significant changes from the previous version of the Training Regulations.

Training offices

The term, ‘re-accreditation visit’, was replaced by ‘monitoring visit’, resulting in several modifications and benefits for training offices. Training offices will now remain accredited, with their accreditation certificate no longer expiring, unless they are de-accredited.

Regulation 5 was also amended to ensure that training offices with no trainee accountants for 12 months would no longer be automatically de-accredited. Such a training office will simply become inactive and should apply to be re-activated before it can run a SAICA training programme again.

Amendments were made to Regulation 9, and Annexure 3 to indicate the responsibility of executive management and the training officer for retaining all records, in respect of any trainee-accountant-related disciplinary matters, for three years after the discharge or cancellation of a training contract.

Training contracts

Training contracts may also be suspended based on other matters arising from exceptional circumstances, subject to SAICA approval, in terms of Regulation 20.

Regulation 21 now stipulates that a trainee accountant who enters a new training contract after a previous cancellation must serve a minimum of six months, excluding penalties or other adjustments to the term of the new training contract.

Trainee accountants are still required to apply for academic recess in advance, but Regulation 22 now indicates that there could be justifiable circumstances that may not make this practical.

Regulation 25 now requires 60 months’ relevant work experience (previously 72 months) and successful completion of the ITC to apply for exemption from training under a training contract.

Accreditation criteria

Criterion C9 no longer requires individual reflections following ethics training or discussions, as this is already covered within the assessment process.
Assessors are no longer limited to 15 trainee accountants, in terms of Criterion D2. Training offices need to determine a reasonable ratio suitable for their circumstances.

Various sections under Criteria D2.1 and D2.2 have been more closely aligned with the requirements of the assessment process.

Trainee accountants are now required, in terms of Criterion D2.2, to sign off the PDS within four weeks from the end of the period under review.

Trainee accountants must also finalise the sign-off of their PDS within one week after sign-off by the assessor.

Complaints and appeals

SAICA’s role in the complaints procedure and the appropriate format is explained in Annexure 4. Separate guidance on disciplinary matters will be published on SAICA’s website.

Timelines relating to the final assessment appeal, as set out in Annexure 7, now allow for circumstances that may cause delays in the process.

Guidelines and templates

SAICA’s role in the complaints procedure and the appropriate format is explained in Annexure 4. Separate guidance on disciplinary matters will be published on SAICA’s website.

Timelines relating to the final assessment appeal, as set out in Annexure 7, now allow for circumstances that may cause delays in the process.

In summary

The amendments made to the Training Regulations may result in various improvements, if applied correctly. It is important to analyse and understand the requirements, in order to reap the benefits.

LEAF can assist firms with providing support, monitoring compliance, and providing staff training on the relevant requirements and processes.

References

1. SAICA Training Regulations 2024
2. Explanatory Memorandum – SAICA Training Regulations 2024
3. Guidelines & templates to the Training Regulations 2024