The issues the MIB groups focus on are tabled and addressed from an auditor, preparer and regulatory perspective.
SAICA has a broad membership base, with members taking up key roles in different industries and at differing levels of seniority. To ensure that we cater to our members’ needs, we run interest groups for our members. These interest groups (also referred to as project groups) take the form of a committee, as they each have a chairman, deputy chairman and terms of reference to outline how they function. They are discussion and collaboration forums where SAICA and its members from various organisations, large and small, meet together with regulators, auditors and other relevant stakeholders to discuss issues and developments in the respective industries.
The five project groups which are administered through SAICA’s Members in Business (MIB) Technical are made up of Kedibone Pilus (project director), Thakhani Masindi (project manager) and Jane Mashigo along with Nonceba Xinti (committee assistants). The five groups which are actively running are the following:
- Banking Project Group (BPG)
- Medical Schemes Project Group (MSPG)
- Retirement Funds Project group (RFPG)
- Investment Management Project (RFPG), and
- Insurance Project Group (IPG)
The issues these groups focus on range from financial reporting to regulatory reporting and audit concerns, among others. They are tabled and addressed from an auditor, preparer and regulatory perspective. The groups keep a finger on the pulse of their respective industries and benefit from having a wide range of industry participants.
The following is a summary of participants in the different groups:
- Banking Project Group (BPG) Banks, the Prudential Authority, IRBA and auditors
- Medical Schemes Project Group (MSPG) Medical schemes, medical scheme administrators, the Council for Medical Schemes (CMS), IRBA and auditors
- Retirement Funds Project Group (RFPG) Retirement funds, retirement fund administrators, the Financial Sector Conduct Authority (FSCA), the Actuarial Society of South Africa, National Treasury, IRBA and auditors
- Investment Management Project (RFPG) The Association for Savings and Investment South Africa (ASISA), The Southern African
- Venture Capital and Private Equity Association (SAVCA), the Financial Sector Conduct Authority (FSCA), IRBA and auditors
Insurance Project Group (IPG) Insurers, the Prudential Authority, SARS and auditors
In addition to tackling common issues arising in the industries, the groups (together with SAICA) make submissions to regulators on any new and updated regulations, assist SAICA is publishing industry guides, and are a notable platform where industry players compare notes and debate interpretations and implementations of industry standards. SAICA also endeavours to promote advocacy initiatives through these project groups.
The groups each have three meetings in a year. Some of the groups have established sub working groups to address specific matters.
Some of these sub working groups are the IFRS 17 Working Groups established under the IPG, the Basel Task Group, the Audit Matters Working Group and the Model Matters Working Group. These sub working groups report into the respective project groups and exist until that specific matter is resolved or concluded.
These project groups are open to industry participants who can both contribute and benefit from the discussions. SAICA members can submit requests to form part of the groups to firstname.lastname@example.org or email@example.com. Members should advise which group they are interested in and include a brief background of their experience along with their current roles.