The South African Institute of Chartered Accountants (SAICA) released the results of the Initial Test of Competence (ITC) examination for the Chartered Accountant (SA) designation at 16:00 this afternoon. The ITC examination (previously known as Part I of the Qualifying Examination) is the first of two professional examinations required for qualification as a Chartered Accountant (SA).
In January 2013 the first cohort of candidates wrote the revised examination following the adoption of the Competency Framework for CAs(SA) in 2009. The adoption of the Competency Framework has resulted in several changes to the qualification process, the last of which is to be introduced in 2014 with a new “Part II” exam which will be known as the “Assessment of Professional Competence”.
The Nelson Mandela Metropolitan University (NMMU) School of Accounting is pleased to announce that:
• 97% of our B Com Honours (Accounting) graduates of the class of 2012 passed the 2013 Initial Test of Competence examination. This compares very favourably with the national pass rate of 86% for first time attempts.
• 71 graduates from NMMU passed the 2013 Initial Test of Competence examination, including 25 African, 9 Coloured and 3 Indian graduates.
• 15 out of 15 Thuthuka Bursary Programme students who successfully completed the BCom Honours (Accounting) programme in 2012 and wrote the 2013 Initial Test of Competence examination passed – translating to a 100% pass rate for this group.
Professor Frans Prinsloo, Director of the School of Accounting, said that he is delighted that the pass rate achieved by NMMU students continues to be among the highest in the country. “We are very proud of our BCom Honours (Accounting) graduates of 2012 and these results reconfirm the high quality of the programme offered by the Nelson Mandela Metropolitan University to educate students wishing to become Chartered Accountants (SA). Also, the fact that more than half of NMMU graduates who passed the 2013 Initial Test of Competence examination are African, Coloured and Indian attests to the success of our transformation initiatives, including our Thuthuka programme”.