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This was the worst CA exam in five years - but embattled audit firm KPMG delivered the most top performers

(Photo by JESHOOTS.COM on Unsplash) This year's past rate for the gruelling final chartered accountancy exam was 68% - the lowest in five years. Nearly one-third of the 3,037 trainee accountants who sat for the exam failed. A prestigious list of 12 candidates who demonstrated exceptional performance is dominated by KPMG trainee accountants. Being a chartered accountant opens all kinds of doors in corporate South Africa - almost 40% of South Africa's CEOs are chartered accountants. The average JSE-listed business has more than 2 CAs(SA) on its board. But becoming one is not easy: It involves some seven years of studying towards a degree majoring in accounting, a post-graduate course focusing on the theory of accounting, signing a training contract with an auditing firm and, then, two gruelling exams, the initial test of competence and final assessment of professional competence (APC).

A total of 3,037 candidates sat for the APC in November 2018, which the South African Institute of Chartered Accountants (SAICA) says is the highest figure recorded.

In February 2019, only 2,080 received good news that they've passed their final assessment and are now a registration away from using the coveted CA(SA) designation next to their names.

I can finally remove the "Aspiring" away from the CA(SA) in my bio??Guys, I just passed my last SAICA board exam!!!! I'm a Chartered Accountant pic.twitter.com/iHE05jD3Pk

— Bonang (@_The_Bonez) February 15, 2019 I’d like to reintroduce myself. Kabelo Mafiri CA(SA) pic.twitter.com/dS9WVBB2rs

— Kabelo (@kblackmafiri) February 15, 2019 Officially done with SAICA exams! CA(SA) in the BAG! Praise God! ???? pic.twitter.com/RVenYWfROH

— ?? (@IthaSelebalo) February 15, 2019 The 68% pass rate was however, the lowest in five years.

Some 2,529 were taking the APC for the first time, while 508 were repeating the assessment. More than 72- first-timers and nearly half of the repeaters failed the APC, making it the highest number of failed candidates in a long time.

Five-year overview of APC results. (SAICA) Read more: The CFA is the most brutal exam in the world of finance — here's what the questions look like

Almost 48% of the 1,219 black candidates that took the APC failed - compared to the pass rate for coloured (73%), Indian (78%) and white (86%) candidates. .

That 48% is haunting me!! @saica_ca_sa @NowiCAnSAICA we need to dig deeper, we need to find out what happened, what are the barriers. pic.twitter.com/KUfZZL5CFx

— Prudence Mothupi (@Pru_Mo2pi) February 16, 2019 I'm not okay. 48% of the black-African candidates who wrote board exams for CA(SA) passed. More than half failed ‍????. Dreams delayed. Some denied. #APC2018 https://t.co/Guz1wRV7IK

— ManQ (@MSMadonsela) February 16, 2019 The lower pass rate is "a reflection of various factors including the significant increase in the number of repeat candidates who sat in November, as well as the quality of prospective CAs(SA) coming out of South Africa’s disruptive tertiary environment," says Mandi Olivier, SAICA's senior executive of professional development.

"While, on the face of it, it [declining pass rate] may seem negative," Olivier says "it is proof of SAICA’s continued commitment to producing CAs(SA) of the highest standard."

"What is particularly satisfying," adds Oliver, "is the number and diversity of the 12 candidates who earned a place on SAICA’s prestigious APC honours roll," which includes three from embattled audit firm, KPMG.

KPMG's Hillside offices in Lynnwood, Pretoria. (Atterbury) Read more: 6 things you didn't know about the man who has to save KPMG SA

KPMG has more South African-based candidates on the honours roll than any other firm. According to SAICA, the honours roll is made up of candidates who demonstrate exceptional performance and show the greatest insight into the way they complete the case study tasks.

While it also had three candidates, two of Deloitte's candidates were doing their learnerships with its London office. Nedbank was second with two candidates in top 12.

KPMG has been embroiled in various auditing scandals for work relating to Gupta-related entities, the South African Revenue Service and VBS.

SAICA says it will be engaging with audit firms as well as professional programme providers to identify the reasons behind the drop in pass rates.

For more, go to Business Insider South Africa . Receive a single WhatsApp every morning with all our latest news: click here . Also from Business Insider South Africa:

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