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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
PROFESSIONAL DESIGNATION: 
FAP - Financial Accountant in Practice 
DESIGNATION ID DESIGNATION TITLE
452  FAP - Financial Accountant in Practice 
PROFESSIONAL BODY DESIGNATION STATUS
IAC - Institute of Accounting and Commerce  Reregistered 
SAQA DECISION NUMBER REGISTRATION START DATE REGISTRATION END DATE
SAQA 236/22  2022-05-10  2027-05-09 


DESCRIPTION:
N/A 
AWARDING CRITERIA
For the Professional Designation to be awarded, professionals must comply with the following minimum requirements: 
Underlying Registered Qualification or Part Qualification:
The following persons are eligible to apply for membership as a Financial Accountant in Practice (FAP), also referred to as an Accounting Officer:
  • Bachelor Degree in Accounting at NQF Level 7. The qualification must contain the following core subjects:
    > Financial Accounting 3.
    > Taxation.
    > Company Law.
    > Auditing 1 or Internal Auditing 2. 
    		•
    Experiential Learning or Experience
    To have gained a minimum of three years, supervised training (per IAC logbook), under the guidance of a registered Accounting Officer.
    or
    To have gained a minimum of six years relevant, practical accounting experience at a management or supervisory level.

    The application must be supported by an affidavit, stamped and signed by a Commissioner of Oaths, verifying the applicant's practical experience, as well as a comprehensive job description. 
    Competency Assessment
    Once the academic and practical component has been met, an applicant would need to undergo a 3 hour written evaluation followed by a 2 hour oral evaluation, conducted by a registered IAC assessor, covering the following:
  • Accounting.
  • Auditing.
  • Company Law.
  • Taxation.
  • Practice Management.

    The pass mark for the assessment evaluation is as follows:
  • Accounting 80%.
  • All other subjects 75%. 
    		•
    Designation RPL Statement
    This Designation may be awarded through Recognition of Prior Learning. 
    RETAINING CRITERIA
    In order to ensure the currency of professional knowledge and to retain the Professional Designation, the professional must comply with the following minimum requirements: 
    Code of Conduct
    Members must adhere to the Professional Body Codes of Conduct and Ethics. 
    Continuing Professional Development (CPD)
    Continuous Professional Development (CPD) Requirement for the Accounting Officer:
    Must complete 40 CPD hours per annum (20 structured + 20 unstructured)comprising of at least 4 categories, viz,Accounting (i.e. IFRS), Taxation, Company Law, Auditing & Review Engagements, and any other area in which the applicant specialises in. 
    Fees
    Ensure that the annual membership fee is paid. 


    PROFESSIONAL DESIGNATION PROGRESSION PATHWAY
    (The Designation being reported on here is shown in italics.)

    Sequence Designation ID Designation Title
    1450TA - Technical Accountant
    2451FAC - Financial Accountant in Commerce
    3452FAP - Financial Accountant in Practice
    4453IAP - Independent Accounting Professional
    5680CTP - Certified Tax Practitioner
    6681ATP - Associate Tax Practitioner


    PROFESSIONAL BODY WEB ADDRESS:
    For more information on this Professional Designation, please visit http://www.iacsa.co.za