If you have not signed off a report as a Reporting Accountant Specialist (“RAS”) within the last 12 months (looking backwards from 31 May 2024), this applies to you. IMPORTANT: please consider whether you are likely to need to complete this programme in order to continue to qualify as an RAS from 1 June 2024.

Aim:

The aim of the RASP is to develop individuals in order for them to initially qualify, or continue to qualify, as an RAS.

Objectives:

To provide delegates with a comprehensive understanding of the JSE Listings Requirements (“JSE LR”) in so far as they relate to the role of the RAS. To prepare delegates to write the exam and to enable initial, and continued, accreditation with the JSE.

Content and Dates:

The RASP training consists of three parts:

The RAS reading the relevant JSE LR (prior to attending part two), the RAS attending a day of training and the RAS writing a written assessment (exam). 

Part 1 – Reading Material:

The RAS is required to read the following prior to attending the training:

The General Principles of the JSE LR; Sections 3.11 – 3.25 (inclusive) read together with Practice Note 1/2003 of the JSE LR; Sections 8.1 – 8.65 (inclusive) of the JSE LR; Section 13 of the JSE LR; Section 21 of the JSE LR; Guidance Letters issued by the JSE on the following related financial matters: Presentation of Pro Forma Financial Information – issued in March 2010; Presentation of Constant Currency Information – issued in August 2012; Reporting of Restatements – issued in February 2017 and the New Listing: Key Audit Matters in Auditors Reports – issued in September 2017.

The most recent JSE Reports on the Proactive Monitoring of Financial Statements: https://www.jse.co.za/accounting-matters

Circular 1/2023 – Headline Earnings: https://www.saica.org.za/resources/179364

SAICA Guide on Pro Forma Financial Information:

https://clientportal.jse.co.za/downloadable-files?RequestNode=/Issuer_Regulations/Accounting_Matters/JSE%20related%20guides%20and%20circulars%20issued%20by%20SAICA/SAICA_Guides

IRBA related documents for listed environments covering:

Reporting Responsibilities of the Reporting Accountant Relating to Property Entities in terms of the JSE Listings Requirements; Reporting on Financial Information contained in Interim, Preliminary, Provisional and Abridged Reports required by the JSE Listings Requirements; and Reporting on the Compilation of Pro Forma Financial Information included in a Prospectus/Pre-Listing Statement/Circular.

https://www.irba.co.za/industry-specific-guides-and-regulatory-reports-pages/jse-related-engagements

The International Auditing Standards, dealing with Pro Forma Reporting, Forecasts and Estimates (ISAE 3000, ISAE 3400 and ISAE 3420): https://www.irba.co.za/upload/2016-2017-IAASB-Handbook-Volume-2.pdf

Parts 2 and 3 – Exam and Training Attendance Rules:

The exam is open-book and consists of multiple choice questions which the RAS has 2.5 hours to answer. The pass mark is 75%. The exam will be written approximately two weeks after the training to enable the RAS to have sufficient time to prepare. Unless the RAS has signed a circular within the last 12 months, the JSE LR require the RAS to have completed the training and written the exam in the last 12 months in order to be registered as an RAS with the JSE. Therefore, both the training and the exam are compulsory. However, it is not a requirement to write the exam on any specific date i.e. the RAS can choose to write (and pass) the exam on any date after the training has been attended. Should a delegate wish to postpone attending the RASP training or writing the exam, this should be done in writing by email to KAR Presentations at kerry-ann@karpres.co.za no later than one week before the scheduled RASP training or exam. The exam results will be available approximately two days after the exam is written. RASP training and/or exam fees must be paid in advance of attendance of the RASP training or writing of the exam.

Fees:

Attending the training costs R7 000 + VAT per delegate. This covers lectures, training materials and accreditation. In addition to the training fee, writing the exam costs R2 000 + VAT per delegate. Fees are payable for each attendance at the training as well as for each attempt at the exam.