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RK Perry and Market Research Team 1

Market and Competitor Report – October 2010 Summary of Strategically Important Considerations

Issue/Institute Activity CIMA Options Action Date ACCA- S Lanka 9 out of 14 exemptions at Sri

Jayewardenepura Uni. Sri Lanka. Award Ceremony, Sri Lanka

Note increasing activity in SL.

monitor ongoing

ACCA- Public Sector

Public Sector conference- Accounting for Sustainability

Note increased activity in UK public sector. Having outstripped CIPFA, they are neck to neck with CIMA

monitor Ongoing

Market and Competitor Report Previous Actions Log

Issue/Institute Activity CIMA Options Action Date

ACCA Have spent £325k on intelligent document capture IT to improve their management information

To note

AAT Delivering computer based assessment from Sept 1.

To note

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RK Perry and Market Research Team 2

Market Information on UK & RoI Accountancy Bodies CIMA (Chartered Institute of Management Accountants) wwwwww..cciimmaagglloobbaall..ccoomm EMPLOYERS TRAINING SCHEMES

& RECRUITMENT

Barclays Capital report that they now need to pay their newly qualified CMA’s circa £60k or they risk losing them; they can recruit newly qualified ACA’s at £50k. (info from Dave Rowsby, 14 Oct 10)

OTHER INSTITUTE PRODUCTS,

SERVICES, COURSES,

CONFERENCES & AWARDS

Sunday Business Post readers win UCD scholarship - Caroline Gleeson and Fionn Collins were awarded the Sunday Business Post/ Chartered Institute of Management Accountants (CIMA) scholarship for the MSc in strategic management accounting. It followed a reader competition last summer. ‘‘CIMA was delighted to collaborate with The Sunday Business Post in offering this scholarship fund and congratulates Caroline and Fionn," said Denis McCarthy, CIMA divisional director.‘‘The MSc, which is the result of an extensive collaboration between CIMA and UCD Smurfit School, will equip participants with a systematic and rigorous knowledge of management accounting within the context of strategic management of business." (more info http://www.sbpost.ie/news/ireland/sunday-business-post-readers-win-ucd-scholarship-52586.html

31 Oct 10)

Sri Lankan Airlines among world’s top business intelligence systems at CIMA global awards – Sri Lankan Airlines has been recognised by CIMA for it groundbreaking efforts in Business Intelligence, when it was chosen as one of the top five global breakthrough business intelligence initiatives and shortlisted for the prestigious CIMA global awards. The Airline’s ‘GreenSheet Business Intelligence Initiative” which was developed in-house by the Airline’s own staff, is now in the running for the award which will be presented on 22 November at London’s Royal Lancaster Hotel. (more info http://www.dailymirror.lk/print/index.php/business/127-local/25731.html

30 Oct 10)

World Congress Of Accountants 2010 Kuala Lumpur 8 - 11 November 2010 - The World Congress of Accountants (WCOA), is jointly organised by IFAC and MIA. It will be held in Malaysia for the first time from 8 to 11 November 2010. To date, there have been 17 such congresses held in various countries around the world such as in the United States and European cities, with the last World Congress held in Istanbul, Turkey in 2006. Since 1904, only two ASEAN capitals have organised the WCOA. They are Tokyo, Japan (1987) and Hong Kong in 2002. Malaysia will go down in history as the third Asian country to host the WCOA. The main sponsors of the World Congress are heavyweights in their own right in the development of the accountancy profession: ACCA, CIMA and CPA Australia (more info http://www.voxy.co.nz/business/media-advisory-world-congress-accountants-2010-kuala-lumpur-8-11-november-2010/5/68018 19 Oct 10) Reed Finance Shortlisted for CIMA's Recruitment Consultancy of the Year 2010 Award - Reed Finance Divisional Director, Tim Vye, comments: "We were delighted to hear that we had been nominated for this award. In a marketplace of hundreds of financial recruitment agencies, it's an achievement to have reached CIMA's shortlist. "The award judges look for evidence of commitment to the employability of CIMA members and the provision of career advice that goes beyond normal levels of service. This nomination is therefore testament to the excellent service offered by our consultants." (more info http://www.24-7pressrelease.com/press-release/reed-finance-shortlisted-for-cimas-recruitment-consultancy-of-the-year-2010-award-175116.php 14 Oct 10) CIMA warning on performance targets - CIMA is warning employers against setting excessively tight financial targets for employees in their 2011 business plans, saying such an approach could have a serious impact on morale and staff behaviour. CIMA has funded research by Professor David Otley from the University of Lancaster, which investigated the use of targets and the impact of those targets on employee behaviour at all levels within a large UK-based accounting firm. (more info http://www.passmagazine.com/ 10 Nov 10) CIMA – MDeC finance shared services & outsourcing dialogue event in KL - The Potential & Future Landscape of Finance and Accounting Services. CIMA together with Multimedia Development Corporation (MDeC) event that will contribute to the growth of the Financial & Accounting (F&A) landscape. Aligned with the nation’s focus towards a knowledge driven economy with Banking, Financial Services and Insurance (BFSI) being recognized as a key vertical, the objective of this dialogue is to discuss how MDeC, CIMA and industry partners are able to assist and formulate potential solutions for the future landscape of F&A services relevant to the development of the SSO industry in Malaysia. (info from Yogi Thakker, 28 Oct 10)

ORGANISATIONAL STRUCTURE OF INSTITUTE

CIMA appoints new Regional Director for South East Asia and Australasia - CIMA is delighted to announce the appointment of Irene Teng to its global management team. She will be based at CIMA's Malaysian office in Kuala Lumpur. Irene Teng, previously Regional Director at Teesside University, will lead CIMA's strategy across the ASEAN and Australasian markets. She will be directly responsible for driving student growth in the region and will also be in charge of all related alliances and partnerships. (15 Nov 10)

OTHER MARKET

INFORMATION

Accountants need to take control of sustainability initiatives, says CIMA – CIMA is calling on accountants to take ownership of business sustainability initiatives which can add value. The profession would risk ceasing to be relevant if it doesn’t take control now, warned CIMA chief executive Charles Tilley. Tilley said management accountants have a key role in providing sustainability related information to support strategy and decision making. (more info http://www.bernama.com/bernama/v5/newsbusiness.php?id=542258 10 Nov 10)

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Accountants have vital role in value creation - Accountants have an important role in assisting their organisations create value and sustain long term growth, industry experts said. Panellists at the World Congress of Accountants 2010 plenary session, entitled Accountants: Sustaining Value Creation in the Borderless Economy, said accountants were moving away from traditional accounting practices and playing a more active strategic role in their organisations and in turn help economic growth. China’s Ministry of Finance vice minister Dr Wang Jun said the global accountancy profession should constantly play a more active role in driving economic recovery and growth. (more info http://biz.thestar.com.my/news/story.asp?file=/2010 /11/10/business/7395731&sec=business 10 Nov 10) Female professionals fighting against glass ceiling in FS sector - Women are six times less likely to be appointed to a CEO or CFO position in the financial services sector than their male counterparts. According to research conducted by CIMA and the University of Bath, this issue is not localised to the FS sector. Their study, Breaking glass – strategies for tomorrow’s leaders, additionally revealed that whilst females employees make up 46% of the country’s working population only 12.2% hold board positions at FTSE-100 companies. (more info http://www.thegrapevinemagazine.com/retention/?newsid=3417 8 Nov 10)

ACCA (Association of Chartered Certified Accountants) wwwwww..aaccccaagglloobbaall..ccoomm MEMBERS Skye Bank appoints Onasanya Chairman - Board of Directors of Skye Bank Plc, has appointed Mrs.

Moronkeji Onasanya, as the new Chairman of the bank following the retirement of the erstwhile chairman, Alhaji Musiliu Smith. Smith, who was the first chairman of the bank, retired finally from the bank on September 30, 2010 after guiding the bank through the most turbulent period of the Nigerian banking industry and established it as a solid, profitable and efficient financial supermarket. The new Chairman is a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the ACCA. (more info http://www.vanguardngr.com/2010/10/skye-bank-appoints-onasanya-chairman/ 17 Oct 10)

OTHER INSTITUTE PRODUCTS, SERVICES,

COURSES, CONFERENCES & AWARDS

Waitakere City Council bows out with the top award for New Zealand's best report – At today's inaugural New Zealand Sustainability Reporting Awards held by the ACCA, Waitakere City Council's Annual Report (2008-2009) was judged Best Report. The report was one of 20 Sustainability Reports in the ACCAs' first stand alone awards for New Zealand following ten years of a joint Australia / New Zealand judging process. Entries to the prestigious awards included local government and organisations representing industry, utilities, goods and services, transport and the financial sector. (more info http://www.voxy.co.nz/national/waitakere-city-council-bows-out-top-award-new-zealand039s-best-report/5/69916 1 Nov 10) De Beers wins award for report - De Beers was declared the “winner” at the ACCAs annual sustainability reporting awards ceremony in Johannesburg on Oct. 21. De Beers’ “Report to Society” is the first to be recognized by ACCA in this way. Previously ACCA has only given awards on a “best in sector” basis. However, in this instance, ACCA judges felt the De Beers 2009 report to be “head and shoulders above the competition” and, as a result, merited more significant recognition. (more info http://www.jckonline.com/2010/10/26/de-beers-wins-award-report 26 Oct 10) ACCA tie-up with Sri Jayewardenepura University, Sri Lanka - ACCA offers exemptions in 9 out of 14 subjects to students who have completed the B.Sc. Accounting (Special) Degree at Sri Jayewardenepura University, which is the first academic degree in accounting offered in the university system in Sri Lanka. This positions B.Sc. Accounting (Special) Degree Programme graduates to complete only five subjects at the ACCA examinations’ final stage to obtain the ACCA qualification. This is the highest level of exemptions received by an accounting degree programme of a Sri Lankan university from ACCA. (more info http://www.thesunday leader.lk/2010/10/24/acca-tie-up/

15 Nov 10)

ACCA Sri Lankan awards ceremony and felicitation – The ACCA Sri Lanka awards ceremony and new members felicitation was held on Tuesday, 12 October at the Empire Ballroom of the Mount Lavinia Hotel. Speaking at the occasion the President of ACCA Sri Lanka congratulated the prize winners. Addressing the new members she stated, "Achieving the ACCA membership is a major milestone in your career and it is the gateway to a whole new host of career opportunities. With those opportunities also comes responsibility and there is a high expectation on you to uphold the values that our organisation was founded upon; equality, opportunity, innovation, integrity and accountability." (more info http://www.dailymirror.lk/print/index.php /business/127-local/24634.html 19 Oct 10) ACCA market director due in Bangladesh - Lucia Real Martin, director of Emerging Markets-Asia for ACCA will come to Bangladesh on a three-day visit tomorrow. During her visit, Lucia is supposed to meet different government representatives, bank high-ups, renowned accounting professionals and ACCA students in Bangladesh. (more info http://www.thefinancialexpress-bd.com/more.php?news_id=114942&date=2010-10-17 17 Oct 10) Bahamian elected to top accounting body for Latin America and the Caribbean - A Bahamian accountant has been elected to the ACCA International Assembly for Latin America and the Caribbean. John Bain was elected to the Assembly, which advises ACCA's council and works to develop growth strategies for the Caribbean and Latin American region. Its first meeting for its 2010-2012 term will be held in London next month, with Mr Bain representing all countries from the region. (more info http://www.tribune242.com/business/

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RK Perry and Market Research Team 4

10132010_Bain_business_Page3

13 Oct 10)

Public policy and regulation: ACCA symposium on November 24 and 25, Pakistan - The economic, political and environmental situation has exposed the shortcomings in the way the public policy and regulations have developed in areas such as financial regulation, financial reporting, corporate transparency, climate change and assurance provision. In response to the challenges presented to the accountancy profession by this new business environment, the ACCA has organised 'Accountancy Futures Symposium-Critical Issues for Tomorrow's Profession' here on November 24 and 25 to focus on following four areas: access to finance, audit and society, carbon accounting, and narrative reporting. (more info http://www.brecorder.com/news/business-and-economy/pakistan/1125424:public-policy-and-regulation-acca-symposium-on-november-24-and-25.html 17 Nov 10) High profile speakers line up for ACCA International Public Sector Conference - The former head of the UK Civil Service, Robin Butler, will be addressing ACCA's International Public Sector Conference on 15 December, which will be available to view online. Lord Butler, who was private secretary to five prime ministers during his Civil Service career, will open the conference, which is entitled Accounting for a Sustainable Future. It will debate the role of the finance professional in achieving greater efficiency and effectiveness in public services. (more info http://www.accaglobal.com/page/3371403 Nov 10) ACCA annual report & accounts - The ACCA reported a £1.8m loss on an operating income of £132.68m for the 15 months reported to the end of March 2010. Among the final details we discovered that the study manual publishers paid the ACCA a whopping £399,000 in royalty fees.The ACCA has to be careful with its charitable status isn’t being undermined by pure commercial greed here. We also discovered ACCA council and committees cost £1m, and that the finance and accounting costs rose a staggering £2.6m to £5.5m. The auditor’s remuneration cost another £110,000 on top. Those 400,000 students do help bring in the cash though. Exams and exemptions raised £52.29m and fees and subs another £32.29m. Even CAT brought in the milk - £5.46m of it. (more info http://www.pqaccountant.com/pmag-FFFF0050018001CD02171957.html 4 Nov 10) ACCA billboard adverts again seen in stations in Hong Kong taking up whole wall (info from Damian Yip/Ray Perry, 16 Nov 10. Pictures attached at end of report)

ORGANISATIONAL

STRUCTURE OF INSTITUTE

Movement in ACCA – Jo Wood reports that, Justin who does her job and covers her area for the ACCA has moved on. The replacement lasted a week and then left!! Kelly from the Yorkshire area has gone on maternity leave. (info from Dave Rowsby, 14 Oct 10)

OTHER MARKET INFORMATION

ACCA signs memorandum with Chinese accountancy body - Attempts to develop the global accountancy profession have been boosted by a new agreement between two major industry bodies. The ACCA has signed a memorandum of understanding with the Chinese Institute of Certified Public Accountants (CICPA), a move which represents a significant milestone in the two bodies' relationship. According to ACCA chief executive Helen Brand, the agreement is proof of a strong commitment to work together towards the development of the Chinese and the global accountancy profession. Commenting after the signing in Kuala Lumpur, Malaysia, she said ACCA was "very honoured" to be involved in contributing to the development of the finance profession in China. (more info http://www.ashdowngroup.com/news/acca-signs-memorandum-with-chinese-accountancy-body-news-800240485 17 Nov 10) Keep narrative reporting simple, say accountants - The growing complexity of rules and standards could limit the usefulness of narrative reporting specifically in annual reports, warns a report by the Association of Chartered Certified Accountants and Deloitte. The report, entitled Hitting the notes, but what’s the tune?, collated the opinions of some 230 chief financial officers (CFOs) in listed companies across nine countries, including Malaysia, on the current challenges and the future shape of narrative reporting in annual reports. (more info http://biz.thestar.com.my/news/story.asp?file=/2010/11/10/business/7396164&sec=business 10 Nov 10) Global recovery in reverse, say accountants - The fragile global recovery has gone into reverse in the third quarter of 2010, with investment and business confidence suffering a serious setback, according to the latest survey of finance professionals by ACCA. Nearly half (49%) of the 1,895 professional accountants surveyed by ACCA believe that conditions are stagnating or deteriorating, and for the first time in the survey's two years, ACCA's key economic and business confidence indicators have not pointed towards improving conditions. (more info http://www.freshbusinessthinking.com/business_advice.php?AID=7228&Title=Global+recovery +in+reverse%2C+say+accountants+ 8 Nov 10) Finance professionals should take on more strategic role – ACCA survey - Global business leaders expect finance professionals to take on a more strategic role in the future, a survey by ACCA shows. Launched at WCOA, the survey entitled “The Value Creation Model for Business: 2010 and Beyond”, sought the opinions of over 500 senior business people in nine countries about the role of finance professionals now and in the future. (more info http://www.bernama.com/bernama/v5/newsbusiness.php?id=541497 8 Nov 10) New report explores SME financing - Small and medium-sized businesses (SMEs) are using a wide variety of financing options to access finance, including credit from trading partners and late payment. But they are also becoming increasingly important as creditors in their own right, according to a new survey by the Confederation

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of British Industry (CBI) and the ACCA. Small business finance and the recovery (PDF), a survey of 380 UK small and medium-sized firms and nearly 100 accountancy practices, found that bank overdrafts are the most popular form of business finance, with 33% of respondents applying for them with a success rate of 73%. (more info http://www.is4profit.com/small-business-news/20101104-new-report-explores-sme-financing.html 4 Nov 10) The SMP’s changing role in providing business support services to SMEs says ACCA – A roundtable was held this morning to critically discuss and explore the future of SMPs in the context of their changing role in providing business support services to SMEs. ACCA hosted a roundtable discussion entitled “Shaping the future - The SMP’s changing role in providing business support services to SMEs”. Mr Darryl Wee, country head of ACCA Singapore, says: “SMPs in Singapore and many other countries are facing considerable difficulties in attracting and retaining experienced employees to join their firms. Amidst this talent crunch, more countries are now considering implementing or raising exemption thresholds for statutory audits. In Singapore, the Committee to Develop the Accountancy Sector (CDAS) has recommended to the government to consider reviewing the threshold. SMPs in Singapore and in many other countries are therefore now facing a challenging environment, with their very viability being questioned. Nevertheless, there are silver linings emerging out of the woodwork.” (more info http://www.newswiretoday.com/news/80431/ 4 Nov 10) Sustainable times ahead? ACCA comments on the Comprehensive Spending Review - Offering an overview of today's Comprehensive Spending Review (CSR), three of ACCA's experts offer comment on tax, small business and public sector impacts. Chas Roy-Chowdhury, head of taxation at ACCA says: "Aside from the arguments over whether cuts are the right way to go, the most important thing now is that the cuts are done efficiently. If the cuts hinder the functioning of government, then that can only be a bad thing." (more info http://www.freshbusinessthinking.com/news.php?CID=&NID=6383&Title=Sustainable+times+ahead%3F+ACCA+comments+on+the+Comprehensive+Spending+Review 20 Oct 10) ‘Corporate reports 'suffer from information overload' - Chief financial officers believe the quality of narrative disclosure in the UK is being damaged by superfluous detail and confusion over the ultimate aims of such reports. This is according to Andrew Leck, head of ACCA UK, who wrote in City AM that the narrative sections of annual reports frequently fall victim to "information overload". He also pointed to the results of a recent survey by ACCA and Deloitte, which indicated that the nation's "compliance culture" has left many financial officers unsure about whether their reports should be aimed primarily at shareholders or regulators. (more info http://www.odgersberndtson.co.uk/gb/news-events/news/article/corporate-reports-suffer-from-information-overload-2839/ 13 Oct 10) World Congress attracts more than 6,000 delegates - More than 6,000 delegates from 134 countries attended the 18th World Congress of Accountants (WCOA) 2010, which opened on 8 November 2010 in the Malaysian capital of Kuala Lumpur. Co-hosted by the International Federation of Accountants (IFAC) and the Malaysian Institute of Accountants (MIA), this was the first time the WCOA, dubbed the Olympics of the accountancy profession, was held in a south-east Asian country. The four-day congress - of which ACCA was a gold sponsor - saw 183 high-profile speakers from more than 40 countries discussing the theme of Accountants: Sustaining Value Creation at the Kuala Lumpur Convention Centre. (more info http://www.acca global.com/allnews/global/2010/NEWSQ4/News/3376363

12 Nov 10)

Finance professionals expected to be increasingly ethical and strategic, finds ACCA survey - An ACCA survey has revealed that global business leaders expect finance professionals to take on a more strategic role, with more than half of respondents believing the ethical integrity of finance professionals will become increasingly important. The Value Creation Model for Business: 2010 and Beyond also shows accountants will bring greater oversight and supervision in an increasingly global regulatory environment, and help organisations manage risk more effectively. (more info http://www.accaglobal.com/page/3378278 Nov 10)

CIPFA (Chartered Institute of Public Finance Accountants) wwwwww..cciippffaa..oorrgg..uukk TUITION

PROVIDERS & COLLEGES

CIPFA opens new Leeds training centre - CIPFA, is to open a dedicated training centre for the delivery of its professional qualification (CPFA) in Leeds. The CIPFA Education and Training Centre (CETC) offers high quality face to face classroom-based tuition with consistently high pass rates. This new centre will offer CIPFA tuition from January 2011 applying CETC’s highly successful course design and delivery principles. (more info http://www.cipfa.org.uk/press/press_show.cfm?news_id=61179 11 Nov 10) International training for public sector finance and accounting qualification to expand - CIPFA has selected Kaplan Financial to be the provider of training for their professional qualification along with their own in house Education and Training Centre (CETC). The CIPFA qualification is the only one worldwide designed and developed for the public sector. Partnering with Kaplan, the leading innovator in the delivery of training for professional qualifications, will make the CIPFA professional qualification (CPFA) more widely available and with a greater choice of study methods. (more info http://www.cipfa.org.uk/press/press_show.cfm?news_id= 61178 11 Nov 10)

EMPLOYERS TRAINING SCHEMES

CIPFA awards Lambeth Council top employer status - The London Borough of Lambeth has been awarded the status of a best practice employer by CIPFA for their training and development, and Continuing Professional Development (CPD). Receiving the CIPFA Best Practice Award for Training & Development and the CIPFA

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& RECRUITMENT Best Practice Award for Continuing Professional Development is recognition by CIPFA of the investment the council makes in its staff for training and development. (more info http://www.cipfa.org.uk/press/press_show .cfm?news_id=61169 4 Nov 10)

OTHER INSTITUTE PRODUCTS,

SERVICES, COURSES, CONFERENCES &

AWARDS

New tripartite agreement to transform support for public sector accountants - Building on their recent collaboration agreement, the Institute of Chartered Accountants in Australia (ICAA) and the New Zealand Institute of Chartered Accountants (NZICA) have signed a tripartite agreement with the UK based Chartered Institute of Public Finance and Accountancy (CIPFA) to transform support for public sector accountants in the Asia-Pacific region. Terry McLaughlin, NZICA Chief Executive, sees the outcomes of this agreement as a practical way that NZICA can further support the public sector. (more info http://www.cipfa.org.uk/press /press_show.cfm?news_id=61176 10 Nov 10) Nominations open for the third annual Award of Excellence for Comptrollership in the Public Sector - Nominations opened today for the third annual Award of Excellence for Comptrollership in the Public Sector that recognizes the success of federal public servants who have made significant contributions to financial management and/or comptrollership within the Government of Canada. The annual awards program, presented by Certified Management Accountants of Canada (CMA Canada) and the Chartered Institute of Public Finance and Accountancy (CIPFA), includes awards for Innovation, Financial Leadership (CFO) and Lifetime Achievement. (more info http://www.cipfa.org.uk/press/press_show.cfm?news_id=61177 10 Nov 10)

ICAEW (Institute of Chartered Accountants in England and Wales) wwwwww..iiccaaeeww..ccoo..uukk

EMPLOYERS TRAINING SCHEMES & RECRUITMENT

ICEAW are meeting with some success at a number of employers who are opening their graduate schemes to them - The primary reason is that some high quality students are perceived as leaving university wanting to study ICAEW and employers always want to recruit the best regardless of which qualification they choose. Over the last few years ICAEW has become more attractive outside of practice due to:

• Ability to study without block release • Ability to qualify without audit • Enlarges the pool of high quality graduates available

We have seen this at Barclays, P&G, GE and RBS and 2 years ago at DWP. The main loser is ACCA who have been dropped by some schemes in favour of ICAEW. However we have also seen CIMA only schemes open up to ICAEW (e.g. P&G), but volumes of students tend to be low. Kaplan promote ICAEW as they believe that at the moment they have competitive advantage over BPP. (info from Dave Rowsby, 14 Oct 10)

OTHER INSTITUTE PRODUCTS,

SERVICES, COURSES, CONFERENCES &

AWARDS

ICAEW ‘executive chair’ advertising spotted at Heathrow airport at entrance to Underground, on all screens down escalator at Bank station and all screens down escalator at Liverpool St station – (advert attached at end of report) ICAEW officials visit ICAP – Mr Justin West Head of New Business Opportunities at ICAEW visited ICAP Karachi on 18th October 2010. During the visit he met with Director Examination and Director Education and Training to discuss ways of building close relationship between the two Institutes in the areas of education, training and examinations. Both the institutes strongly believe in partnering for the larger benefits of accountancy profession. (info from ICAP newsletter Oct 10 http://www.icap.org.pk/userfiles/file/news-letter/Newsletter_Oct_2010.pdf) New iPhone app from ICAEW - The ICAEW has launched a new Financial Reporting Faculty iPhone app which allows you to browse a selection of financial news and information. There is also a sample of the Faculty’s specialist resources. The app is free and it lets you read the latest news in financial reporting, updated regularly. (more info http://www.passmagazine.com/ 18 Nov 10) ICAEW hold careers event with Jobs Online – Email sent out - Meet ICAEW, BDO, KPMG, Deloitte and SWAT UK – THURSDAY 14 October. ICAEW would like to invite all students at university in London to the annual ICAEW London Presentation Evening. ICAEW will introduce how to become a chartered accountant, followed by employer presentations and a networking session. KPMG, Deloitte, BDO and SWAT UK will be advertising their graduate positions with an insider’s opinion of how to stand out during the graduate recruitment process. Visit our new careers site to find employers and learn about how to become a chartered accountant. (info from Michelle Taylor, 20 Oct 10)

OTHER MARKET INFORMATION

ICASL, ICAEW sign landmark agreement to enhance the accountancy profession - ICASL and the ICAEW signed a MoU, on Monday, 25th October 2010, which will establish closer working relations between the two bodies. The MoU was signed by ICASL's President, Sujeewa Mudalige and ICAEW's Executive Director, Learning and Professional Development Mark Protherough and enables qualified members of either Institute to join the other and to obtain non-auditing practising rights. (more info http://www.dailymirror.lk/print/index. php/business/127-local/25359.html 27 Oct 10) Uncertain year ahead as business confidence continues to fall - UK businesses have lowered expectations for 2011 as business confidence weakens according to the latest ICAEW/Grant Thornton UK Business Confidence Monitor (BCM). This suggests that economic growth next year will be slower than forecast with companies reluctant to invest and back the recovery. Key findings for Q4 2010 include:-

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• The Business Confidence Index (BCM) has fallen since Q3 2010 by nearly 10 points. It fell from +21.5 to +11.9 with the pace of decline accelerating

• The percentage of businesses less confident about the coming 12 months has risen from 19% in Q3 to 24% this quarter

• Expected turnover growth over the next year has declined from 4.9% last quarter to 3.5% as firms become more realistic about economic conditions

• Confidence in the retail and wholesale, manufacturing and engineering, and property sectors has fallen significantly

(more info http://www.icaew.com/index.cfm/route/175150/icaew_ga/en/Home/Press_and_policy/Press_releases/Press_release_archive/Uncertain_year_ahead_as_business_confidence_continues_to_fall 22 Nov 10)

ICAS (Institute of Chartered Accountants in Scotland) wwwwww..iiccaass..oorrgg..uukk NO INFORMATION AVAILABLE THIS MONTH

Chartered Accountants Ireland wwwwww..iiccaaii..iiee MEMBERS Chartered Accountants reach record numbers in Northern Ireland - The number of Chartered Accountants

in Northern Ireland has passed the 3,300 mark following the conferring of 41 new members of Chartered Accountants Ireland this week. The new members received their certificates in Belfast, officially joining the ranks of the profession. The total number of members of Chartered Accountants Ireland, Ireland's largest and oldest professional body for accountants, is expected to reach 20,000 on the island of Ireland within the next year. (more info http://www.charteredaccountants.ie/General/News-and-Events/Media/PressRelease/2010/Chartered-Accountants-reach-record-numbers-in-Northern-Ireland/ 29 Oct 10)

AAT (Association of Accounting Technicians) wwwwww..aaaatt..ccoo..uukk NO INFORMATION AVAILABLE THIS MONTH

CMI (Chartered Management Institute) wwwwww..mmaannaaggeerrss..oorrgg..uukk ORGANISATIONAL STRUCTURE OF

INSTITUTE

CMI welcomes new face at the helm in Scotland - CMI has appointed Jason Dawes as its new Business Manager in Scotland. By joining CMI, he becomes the first person to hold this new role and he will be responsible for developing CMI’s relationships with employers, education establishments and the management community across the country. Jason takes up the new role with immediate effect. In becoming CMI’s representative in Scotland, he will also be tasked with building engagement at a strategic level between key players in Scotland’s business community and creating partnerships to strengthen the relationships between managers, business leaders and consultants. (more info http://www.managers.org.uk/news/cmi-welcomes-new-face-helm-scotland 11 Nov 10)

OTHER MARKET

INFORMATION

Managers’ professional body welcomes Government’s new strategy for skills - Responding to the publication, today, of the strategy document, ‘Skills for Sustainable Growth’, CMI has welcomed the Government’s recognition that management and leadership has a pivotal role to play in building sustainable economic growth and driving productivity across UK plc. Petra Wilton, director of policy and research at CMI, says: “It is encouraging to see that Government recognises the impact management and leadership skills have on boosting economic performance and building sustainable growth. They have clearly acknowledged that excellent management and leadership can create highly performing workplaces, with improved levels of engagement and productivity. Had the spotlight not been allowed to shine on management and leadership, we could have risked stagnation and the creation of a disaffected workforce. Instead, opportunity knocks for a wider group of people and employers have the chance to benefit from leaders who will be better equipped to do their jobs.” (more info http://www.managers.org.uk/news/managers%E2%80%99-professional-body-welcomes-government%E2%80%99s-new-strategy-skills 17 Nov 10) CMI's response to Chancellor’s Comprehensive Spending Review - Following the announcements unveiled today in the Comprehensive Spending Review, the CMI has welcomed the Chancellor’s focus on skills and the education as a route towards economic growth. However, as the voice of the UK’s management and leadership community, CMI is concerned that the extensive budget reductions affecting the Department for Education and BIS will adversely affect the quality of talent available to employers. (more info http://www.managers.org.uk/ news/cmi-welcomes-focus-education-and-skills-csr 20 Oct 10)

AMBA (Association of MBAs) http://www.mbaworld.com/ ORGANISATIONAL STRUCTURE OF

INSTITUTE

A new Chief Executive for the Association of MBAs - We are delighted to announce a new Chief Executive at the Association of MBAs. Sharon Bamford took up the post from Monday 1 November. An MBA graduate from Robert Gordon University, Aberdeen, Sharon’s career spans roles in academia, international trade and entrepreneurial ventures. (more info http://www.mbaworld.com/index.php?option=com_content &view=article&id=684&Itemid=576 2 Nov 10)

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Market Information on US Accountancy Bodies AICPA (American Institute of Certified Public Accountants) wwwwww..aaiiccppaa..oorrgg IIMMAA ((IInnssttiittuuttee ooff MMaannaaggeemmeenntt AAccccoouunnttaannttss -- UUSS)) wwwwww..iimmaanneett..oorrgg

CFA (Chartered Financial Analysts Institute - US) wwwwww..ccffaaiinnssttiittuuttee..oorrgg

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AICPA competition to show students the "A" in CPA also stands for awesome - AICPA has launched the Clearly Pretty Awesome Competition for high school students to introduce them to the CPA profession. “The CPA designation offers many rewarding career paths,” said Jeannie Patton, AICPA vice president – students, academics and membership. “College students are graduating with degrees in accounting at historically high numbers. Decisions regarding career paths are being shaped very early, many at the high school level. It’s important that students have substantial information about accounting careers before they select their majors at colleges and universities.” (more info The American Institute of Certified Public Accountants has launched the Clearly Pretty Awesome Competition for high school students to introduce them to the CPA profession. 27 Oct 10) New AICPA book reveals the “Inside Track” to accounting careers - Students, young CPAs and future business leaders can learn about the career paths available for accounting professionals in today’s economy in a book published by the American Institute of Certified Public Accountants. The Inside Track to Careers in Accounting, which includes career interviews from more than 50 CPAs, is now available. (more info http://www. aicpa.org/Press/PressReleases/2010/Pages/NewAICPABookRevealstheInsideTracktoAccountingCareers.aspx

9 Nov 10)

CFA institute launch online shop – (more info http://www.ezpromostore.com/cfa/ Nov 10) IMAs Middle East salary survey shows CMAs earn more than double the salary of noncertified professionals - Accounting and finance professionals in the Middle East holding the Certified Management Accountant (CMA®) certification reported earning 122% more in average salary than their noncertified counterparts, according to IMA’s inaugural Middle East Salary Survey. This translates to a total of up to $2.6 million in extra income throughout the career lifetime of a CMA. These and additional findings appear in the October 2010 issue of IMA’s Strategic Finance magazine: http://www.imanet.org/PDFs/Public/SF/2010_10/10_2010_lawson.pdf

ORGANISATIONAL STRUCTURE OF INSTITUTE

Haig Bathgate to become Scotland CFA chairman - Turcan Connell chief investment officer Haig Bathgate is to become the chairman of the Scottish CFA committee board in 2011. Bathgate, will take over the chairmanship of the committee from Aberdeen Asset Management’s Susan Anderson. Will Goodhart, chief executive of CFA UK, pointed out 2011 will be a key year for the Scottish committee as the prestigious CFA Annual Conference will be held in Edinburgh in May. He said: ‘It’s only the second time in 64 years that the conference will have been held outside the US. It’s extremely significant that the CFA Annual Conference is coming to Edinburgh. (more info http://citywire.co.uk/new-model-adviser/haig-bathgate-to-become-scotland-cfa-chairman/a442119 21 Oct 10)

OTHER MARKET INFORMATION

HEC Montréal signs a partnership agreement with the CFA Institute - HEC Montréal is proud to announce that it has obtained official accreditation from the prestigious CFA Institute. The CFA program, a standard recognized worldwide for evaluating the competence and integrity of financial analysts, is already a well-integrated part of undergraduate and graduate programs at HEC Montréal. The CFA is an international body that represents over 100,000 members practising in 135 different countries and territories. (more info http://www.newswire.ca/en/releases/archive/November2010/05/c9601.html 5 Nov 10) 'Surprisingly Good' Outlook for Central, Eastern European Economies - Danske Markets - Lars Christensen, chief analyst and head of emerging markets research at Danske Markets, a unit of Danske Bank, offered attendees at this week's Third Annual CFA Institute European Investment Conference a ray of sunlight that stood in contrast to the somewhat dreary Danish weather. The outlook for Central and Eastern European (CEE) economies, he said, was "surprisingly good." (more info http://seekingalpha.com/article/236604-surprisingly-good-outlook-for-central-eastern-european-economies-danske-markets 14 Nov 10)

Market Information on Canadian Accountancy Bodies CMA (Certified Management Accountants Canada) wwwwww..ccmmaa--ccaannaaddaa..oorrgg

CCIICCAA ((Canadian Institute of Chartered Accountants) hhttttpp::////wwwwww..cciiccaa..ccaa CCGGAA ((CCeerrttiiffiieedd GGeenneerraall AAccccoouunnttaannttss AAssssoocciiaattiioonn ooff CCaannaaddaa)) hhttttpp::////wwwwww..ccggaa--oonnlliinnee..oorrgg//ccaannaaddaa

STUDENTS CGA students awarded for top achievement - The results are in. CGA-Canada is pleased to award 19 students in the CGA Program of Professional Studies top honours for outstanding academic achievement. “A CGA’s education is unique – it combines full-time, real world experience with a demanding and comprehensive accounting and financial management curriculum,” says Anthony Ariganello, President and CEO of CGA-Canada. “It gives me great pleasure to congratulate this year’s top academic achievers for their commitment to excellence in their studies.” (more info http://www.cga-canada.org/en-ca/MediaCentre/MediaReleases/CurrentMediaReleases/Pages/ca_mdr_2010-11-04.aspx 4 Nov 10)

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MEMBERS 2010 CGA Fellowship Recipients Revealed - CGA-Canada is honoured to announce 24 outstanding CGA Fellowship recipients for 2010. “It’s only with hard-work, dedication and commitment that one achieves the Fellow designation,” said Anthony Ariganello, President and CEO of CGA-Canada. “All of the recipients have proven their leadership and made a difference to our association, the designation and to their communities. We are delighted to showcase and award these new FCGAs.” (more info http://www.cga-canada.org/en-ca/MediaCentre/MediaReleases/CurrentMediaReleases/Pages/ca_mdr_2010-10-27.aspx 27 Oct 10)

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CICA announce their new advertising campaign - In CA magazine Oct 2010, CICA announce their new advertising campaign. Their new strategy is designed to promote their qualification not as the premier accounting designation, but as the premier business designation. Their campaign includes TV advertising – 30 sec commercials during news and selected programmes at prime time; radio ads and billboards. Marketing is built around the slogan “Decisions matter” and the message that chartered accountants help you make better decisions. More info here http://www.cica.ca/news/news-and-features/latest-news/item43532.aspx, CICA seem to be mixed financial and management accountants - About 40% are in Public Practice, 60% are employed in industry, government, or education

info from Louise Ross, 14 Oct 10)

OTHER MARKET INFORMATION

Engine’ of Canadian economy needs better servicing, CGA-Canada tells Federal Finance Committee - The federal government must do more to improve the tax and regulatory environments for small and medium-size enterprises (SMEs), says the Certified General Accountants Association of Canada (CGA-Canada) in its pre-budget submission to the House of Commons Standing Committee on Finance. SMEs are the engine of the economy, so their needs should be at the top of the public policy agenda, says Anthony Ariganello, President and CEO of CGA-Canada. (more info http://www.cga-canada.org/en-ca/MediaCentre/MediaReleases/CurrentMediaReleases/Pages/ca_mdr_2010-10-26.aspx 26 Oct 10) CGA-Canada recognized as one of Canada’s top 100 employers - CGA-Canada is proud to be recognized as one of Canada’s Top 100 Employers for 2011 by Mediacorp Canada Inc. “It’s an honour to be recognized as one of Canada’s Top 100 Employers,” says Anthony Ariganello, President and CEO of CGA-Canada. “The association realizes that employees who are happy at work take better care of the organization and the members they serve. CGA-Canada has a diverse group of talented and dedicated employees and investing in them is a win-win situation for all.” (more info http://www.cga-canada.org/en-ca/MediaCentre/MediaReleases/ CurrentMediaReleases/Pages/ca_mdr_2010-10-19.aspx 19 Oct 10) CGA-Canada calls for national entrepreneurship strategy to stimulate growth and innovation - A new report released by CGA-Canada calls on all levels of government in Canada to take meaningful steps to reduce red tape, increase financing opportunities and improve entrepreneurial skills training to help support small businesses. The report, Laying the Foundation for a National Entrepreneurship Strategy: The CGA Entrepreneurship Report, surveyed more than 1,500 CGAs across Canada who work with, or for, small and medium-size enterprises and are uniquely qualified to speak to the challenges faced by entrepreneurs. (more info http://www.cga-canada.org/en-ca/MediaCentre/MediaReleases/CurrentMediaReleases/Pages /ca_mdr_2010-10-18.aspx 18 Oct 10)

Market Information on Indian Accountancy Bodies ICWAI (Institute of Cost & Works Accountants of India) http://myicwai.com/home.asp

ICFAI (The Institute of Chartered Financial Analysts of India) www.icfai.org/ ICAI (Institute of Chartered Accountants India) http://www.icai.org/icairoot/index.jsp

QUALIFICATION,

EXAMS & PASS RATES

ICAI admit card is available for download - ICAI has made available the admit card online for November 2010 examination. Students can visit the official website www.icai.nic.in to download the ICAI admit card (Nov 8-16, 2010). (more info http://english.samaylive.com/lifestyle/education-news/676475678/icai-admit-card-is-available-for-download.html 19 Oct 10)

TUITION

PROVIDERS AND COLLEGES

IGNOU’s new course will be useful exclusively for ICAI students - Indira Gandhi National Open University (IGNOU) has introduced a special degree, B.Com (A&F) for the January 2011 session. The degree has been designed in collaboration with the ICAI and will be useful exclusively for CA students. Admission process for the programme is open at TJPS College, IGNOU study centre here. (more info http://www.c2clive.com/latestnews detail.php?id=3646 9 Nov 10)

EMPLOYERS TRAINING SCHEMES

& RECRUITMENT

Satellite-based coaching for ICAI - ICAI plans to set up a network of satellite coaching centers for students pursuing chartered accountancy. They also plan to providers to set up virtual classrooms and conduct training programmes. Chartered Accountancy (CA) is probably one of the toughest courses. The course so far has seen a pass percentage of just 5-10 per cent. In an attempt to increase it to 20 per cent, efforts are on start satellite-based education across the country, including the tier-II cities. Institute of Chartered Accountants of India, the apex body for CA education, is in talks with service providers to set up virtual classrooms and conduct training programmes. (more info http://www.mybangalore.com/article/1110/satellite-based-coaching-for-chartered-accountancy.html 9 Nov 10) Corp Bank signs MoU with ICAI for Corp CA product - Corporation Bank, a premier public sector bank, signed an MoU with ICAI, to offer a specially designed scheme (Corp CA) to cater to the various financial needs of Chartered Accountants. Mr.Ramnath Pradeep, Chairman and Managing Director of the Bank, Mr.Vinod Rai, IAS, Comptroller and Auditor General of India, Mr. Amarjit Chopra, President, ICAI, Mr.Sanjeev Maheshwari,

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Member Working Committee of ICAI, Mr.Asit Pal, Executive Director, Corporation Bank Ms.S M Swathi, General Managers, Corporation Bank were present on the occasion. (more info http://mangalorean.com/news .php?newstype=local&newsid=202459 14 Oct 10)

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ICAI to set up Centre of Excellence – The ICAI has proposed to set up a Centre for Excellence in Bhubaneswar. "ICAI currently has around 600 members in Orissa and we intend to set up a Centre of Excellence in Bhubaneswar. We have sought the cooperation of the state government to allot land to us", said Amarjit Chopra, president of ICAI. He was addressing reporters on the occasion of the two-day national conference of the Institute of Chartered Accountants on 'New Paradigms of Competitiveness'. The conference is being held on November 13-14. (more info http://sify.com/finance/icai-to-set-up-centre-of-excellence-news-news-klpbEBajdgj.html 15 Nov 10)

ORGANISTATIONAL

STRUCTURE OF INSTITUTE

ICAI Doha elects new committee - A new managing committee has been elected for 2010-2011 by the ICAI. Girish Jain (RasGas) was elected chairman. He was earlier chairman of the Doha chapter in 2004-2005. The members of the new managing committee are Venkat Ramamurthy (vice chairman), Sheji Valiyakath (secretary) and Hatim Hussain (treasurer). (more info http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=395518&version=1&template_id=36&parent_id=16 31 Oct 10)

OTHER MARKET INFORMATION

ICAI mulls consolidating auditing and accounting sectors - Faced with stiff competition from the multinational accounting and auditing firms, mainly the Big Four, the ICAI is planning to organise the Indian auditing and accounting sector. The apex accounting regulator is contemplating capacity building and consolidating smaller firms to give competition to the multinational firms like KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers. (more info http://www.indianexpress.com/news/ICAI-mulls-consolidating-auditing-and-accounting-sectors/713218 19 Nov 10) ICAI raises pitch against KPMG, E&Y - Global firms KPMG and Ernst & Young could be headed for trouble in India as auditing regulator ICAI has found them doing business through surrogate means, without being registered in the country. has questioned the modus operandi of these accounting firms. According to ICAI, these foreign auditing companies operate through their member-firms in India. While S R Batliboi is the member-firm of E&Y in India , BSR & Company is the member-firm of KPMG. (more info http://timesofindia .indiatimes.com/business/india-business/ICAI-raises-pitch-against-KPMG-EY/articleshow/6853856.cms 2 Nov 10) MNCs line up to hire cost accountants in droves - With more MNCs setting shops in the country, the cost accountants have an indispensable role in issues like auditing of ‘transfer pricing’, said M Gopalakrishnan, national vice-president, Institute of Cost and Works Accountants of India (ICWAI), while talking to FE.about the broadening career horizons for ICWAIs in the country. Cost accounting as a profession is primarily involved in audit of cost and indirect taxes like VAT, service, sales, excise, customs, etc. The advent of MNC firms sourcing products and services in different markets migrating to India for cost arbitrage have to hire ICWAI graduates to handle ‘transfer pricing’ issues, he added. Cost accountants need to audit the transferred pricing of products and services in order to avoid ambiguities and arrive at tax liabilities incurred by moving in MNCs, he pointed out. (more info http://www.financialexpress.com/news/MNCs-line-up-to-hire-cost-accountants-in-droves/697238/ 14 Oct 10)

Market Information on Pakistan Accountancy Bodies ICAP (Institute of Chartered Accountants of Pakistan) http://www.icap.org.pk/web/index.php

ICMAP (Institute of Cost and Management Accountants of Pakistan) http://www.icmap.com.pk/

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ICMAP conference on public sector accounting in Pakistan - In order to encourage the use of Public Sector Accounting Standards and to improve the quality of Public Sector Accounting practices, particularly in relation to disclosure, transparency as well as corporate governance, the CPD, Seminars & Conferences Committee of the Institute has decided to organize a .Conference on Public Sector Accounting in Pakistan. on Saturday, January 15, 2011 at Avari Hotel, Lahore. (more info http://www.icmap.com.pk/index.htm 20 Nov 10)

OTHER MARKET INFORMATION

ICAP and USAID sign MoU - The US Agency for International Development (USAID) and ICAP have signed a Memorandum of Understanding to cooperate on enhancing accountability and financial governance of USAID programmes in Pakistan. An ICAP statement said that within the next five years, USAID has plans to provide a major portion of its assistance directly through local organisations. It added that Cupertino with the ICAP will enable the USAID to rely more heavily on local accounting and auditing organisations for ensuring that local recipients of US government funds have the ability to handle those funds responsibly and transparently. (more info http://www.brecorder.com/news/business-and-economy/pakistan/1121192:icap-and-usaid-sign-mou.html 5 Nov 10)

Market Information on Chinese Accountancy Bodies

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Chinese Institute of Certified Public Accountants (CICPA) http://www.cicpa.org.cn/

OTHER MARKET INFORMATION

Executives from BICA meet the Chinese – The Bahamas Institute of Chartered Accountants (BICA) president, Reece Chipman, along with its executive officer, Tanya N. Rahming, have met with Quan Huo Wang, economic advisor at the Chinese Embassy, and first secretary Tan Jian. Realising the importance that China will play in the Bahamian economy in the upcoming months, an open dialogue on accounting regulations and reporting, and the benefits of mutual recognition of qualifications, were discussed. (more info http://www.tribune 242.com/business/11112010_Accounts_business_Page

11 Nov 10)

Baker Tilly adopts new Chinese name, signifying country’s critical importance - Baker Tilly International announced that it has adopted "天 职 国 际" as its Chinese name. What does this name signify? It refers to independence, objectivity, fairness and social responsibility, combined with an international vision. Formerly Vocation International CPAs (VICPA), which joined Baker Tilly International in July 2010, merging with the network s existing representation in China and rebranding as Baker Tilly China. Baker Tilly China is the 8th largest firm in China (outside the Big Four firms). Baker Tilly China will be the network s sole representative in China. (more info http://www.big4.com/news/ baker-tilly-adopts-new-chinese-name-signifying-countrys-critical-importance-1808 17 Oct 10)

Market Information on Hong Kong Accountancy Bodies HKICPA (Hong Kong Institute of Certified Accountants) wwwwww..hhkkiiccppaa..oorrgg..hhkkgg

HKIAAT (The Hong Kong Institute of Accredited Accounting Technicians) wwwwww..hhkkiiaaaatt..oorrgg

NO INFORMATION AVAILABLE THIS MONTH

Market Information on South Africa Accountancy Bodies SAICA (South African Institute of Chartered Accountants wwwwww..ssaaiiccaa..ccoo..zzaa SSooccaamm ((SSoocciieettyy ooff AAccccoouunnttaannttss iinn MMaallaawwii)) ICAZ (Institute of Chartered Accountants of Zimbabwe) hhttttpp::////wwwwww..iiccaazz..oorrgg..zzww//

SAIPA (South African Institute of Professional Accountants) http://www.saipa.co.za/ ZICA (Zambia Institute of Chartered Accountants) http://www.zica.co.zm/ AAT(SA) (partnership) http://www.aatsa.org.za/

MEMBERS Another local CA assumes key position on global stage - Timmins is a veteran CA(SA) and a member of SAICA. He is a member of SAICA’s Accounting Practices Committee, the technical advisory body to the South African standard-setter – the Accounting Practices Board. He has also served as a member of the GAAP Monitoring Panel, a joint initiative between SAICA and the JSE Limited. His appointment follows that of a fellow CA(SA) Bruce Mackenzie, who became a member of the SMEIG a few weeks ago. Darrel Scott, a SAICA member too and local chartered accountant has also just taken up his position as a Board member on the IASB. These appointments cement South Africa’s position as a key player in the international arena of financial reporting. It also comes on the back of South Africa’s rating as Number 1 in the world for auditing and financial reporting standards by the World Economic Forum. (more info https://www.saica.co.za/News/NewsArticlesand Pressmediareleases/tabid/695/itemid/2673/language/en-ZA/language/en-ZA/Default.aspx Nov 10)

OTHER MARKET

INFORMATION

Financial services face skills crunch - The South African financial services sector is haemorrhaging skilled professionals while far fewer than anticipated are being brought into the industry from training institutions. This is according to the findings of the Landelahni Recruitment Group’s Financial Services Survey 2010. Using figures from Fasset, the accounting and financial services sector education and training authority (Seta), the survey found that the number of employees in the sector had dropped from about 300 000 in June 2008 to 270 000 in June 2009. This survey comes at a time when the local financial services sector prepares for a sluggish recovery next year. (more info http://www.iol.co.za/business/business-news/financial-services-face-skills-crunch-1.831962 17 Nov 10)

Market Information on Singapore Accountancy Bodies ICPAS (Institute of Certified Public Accountants of Singapore) wwwwww..aaccccoouunnttaannttss..oorrgg..ssgg OTHER INSTITUTE PRODUCTS, SERVICES,

COURSES, CONFERENCES & AWARDS

Review of membership subscription fees - ICPAS is currently conducting a review of its membership subscription fees. The last time the Institute adjusted its subscription fees was in 1985, following a fee review conducted in 1984. The objectives of the review are to -benchmark ICPAS’ fees structure with that of other professional accountancy bodies -reflect the value of membership to ICPAS -appraise the Institute’s fee income versus operating costs -consider investment costs for current and future initiatives -evaluate the convergence of membership fees for Practicing and Non-Practicing members (more info http://www.accountants.org.sg/general/institute_news.asp 20 Oct 10)

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Singapore may face brain drain of accountants - As demand for accountants intensifies in line with robust economic growth in the region, some practitioners are concerned that better salaries abroad will lure sorely needed talent out of Singapore. Practitioners brought up the issue at the Singapore Accountancy Convention last week. According to Robert Walters 2010 Global Salary Survey, the average basic salary of a senior tax

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accountant in Singapore with six years of experience is around S$110,000 a year. (more info http://www.chan nelnewsasia.com/stories/singaporelocalnews/view/1092130/1/.html

8 Nov 10)

Singapore to have own accountancy qualification - Singapore's accountancy industry will soon have its own post-university professional accountancy qualification - just like the CPA in Australia. This will help Singapore a leading global accountancy hub in Asia Pacific by 2020. The Pro-Tem Singapore Accountancy Council is currently developing the programme with ICPAS. Announcing the qualification at a conference on Tuesday, Second Finance Minister Lim Hwee Hua said accountancy professionals here and in the region will have an avenue to develop their careers by obtaining credentials that are globally recognised. (more info http://www. channelnewsasia.com/stories/singaporelocalnews/view/1090931/1/.html

2 Nov 10)

Singapore Accountancy convention to tackle issues in accountancy sector’s transformation - Change is afoot as the Pro-Tem Singapore Accountancy Council sets to work on the plan to transform Singapore into a global accountancy hub by 2020. To enable the accountancy profession to understand key issues facing the sector, ICPAS is organising the Singapore Accountancy Convention on November 2, 2010 at Marina Bay Sands Expo & Convention Centre. Mrs Lim Hwee Hua, Minister in the Prime Minister’s Office and Second Minister for Finance and Transport, will be the convention’s guest of honour. (more info http://www.accountants.org.sg/ press_detail.asp?id=745 28 Oct 10)

Market Information on Sri Lanka Accountancy Bodies ICASL (Institute of Chartered Accountants in Sri Lanka) wwwwww..iiccaassrriillaannkkaa..ccoomm

AATSL (Association of Accounting Technicians of Sri Lanka) http://www.aatsl.lk

OTHER MARKET INFORMATION

ICASL empowers business fraternity to explore opportunities in Sri Lanka - Revolving around the apt theme of 'The world sees opportunity in Sri Lanka' the National Conference of the Institute of Chartered Accountants of Sri Lanka will take place this month, on the 28th to 30th at Waters Edge in Battaramulla. The Conference will be ceremonially inaugurated on 28th October at 6.00 pm by the Basil Rajapaksa, Minister of Economic Development. The Guest of Honour at the ceremony will be Patrica Butenis, US Ambassador to Sri Lanka while the Keynote Speaker will be the President's Counsel and Attorney General - Sri Lanka, Mohan Pieris. (more info http://www.dailymirror.lk/print/index.php/business/127-local/24279.html 15 Oct 10)

Market Information on Malaysian Accountancy Bodies MICPA (Malaysian Institute of Certified Public Accountants) wwwwww..mmiiccppaa..ccoomm..mmyy

((MMIIAA)) MMaallaayyssiiaann IInnssttiittuuttee ooff AAccccoouunnttaannttss http://www.mia.org.my/mia/

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MIA gives 1,000 free student passes to WCOA – MIA has distributed 1,000 free passes to the 18th WCOA 2010 to students at institutions of higher learning. “Institutions of higher learning are among the MIA’s most important stakeholders. The Congress provides good exposure and knowledge for accounting students, the human capital of the accounting industry” MIA president Abdul Rahim Abdul Hamid said. (more info http://www.bernama.com.my/bernama/v5/newsbusiness.php?id=542308 10 Nov 10) Malaysian Institute of Accountants wins award for training – MIA was awarded the Certificate of Appreciation for Training Provider by Pembangunan Sumber Manusia Bhd yesterday in recognition of its excellence in the development of human resources. The annual award was given out to acknowledge training providers who had played significant roles in the HR development of the country. (more info http://www.btimes .com.my/Current_News/BTIMES/articles/miamia/Article/

20 Oct 10)

2010 MICPA Excellence Awards - The Institute presented the Excellence Awards for Best Accounting Graduates and The Most Outstanding CPA Student at a presentation ceremony held on Saturday, October 30, 2010. The Excellence Awards was presented by Yang Berbahagia Dato’ Abdul Halim Mohyiddin in his capacity as the Past President of the Institute. (info from CPA e-newsline Oct 10)

OTHER MARKET INFORMATION

18th World Congress of Accountants ends on high note - The 18th World Congress of Accountants (WCOA) has ended here on a high note with more than 6,000 members of the profession from 134 countries with significant issues having been resolved and discussed by 183 world-renowned speakers from more than 40 countries. Among the significant issues which are affecting the accountancy profession discussed at the four-day meeting here are ways of strengthening the accounting professional in the emerging economies, efforts to further enhance the resilience of Islamic finance, integrated reporting framework and the role of accountants in the future. (more info http://twocircles.net/2010nov12/18th_world_congress_accountants _ends_high_note.html 12 Nov 10) Malaysia and France Sign MoU on the Development of Financial Services Sector - On October 10, 2010, Bank Negara Malaysia and Banque de France signed a Memorandum of Understanding (MoU) to promote greater cooperation in the area of financial services between the two central banks. The signing of this MoU also reflects the commitment to cooperate towards the advancement of the Islamic finance industry in France and Malaysia. (info from CPA e-newsline Oct 10) Bank Negara Malaysia and Bank of Mauritius Signs MoU to Promote Mutual Cooperation in Capacity Building - On October 7, 2010, Bank Negara Malaysia and Bank of Mauritius entered into a Memorandum of

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Understanding (MoU) to establish a collaborative framework aimed at enhancing mutual co-operation on capacity building and human capital development in the financial services industry, including in the area of Islamic financial services sector. (info from CPA e-newsline Oct 10) MIA and IFAC announce initiatives to offset carbon emissions from the WCOA 2010 - MIA and IFAC announced a series of initiatives to offset carbon emissions from their co-hosted event, the 18th World Congress of Accountants (WCOA) 2010. The WCOA will be held in Kuala Lumpur from 8-11 November, 2010 and is the largest international congress in Malaysia for 2010. During the World Congress, the more than 6,000 expected delegates will be encouraged to contribute to offset carbon emissions. (more info http://www.mia.org .my/new/news_details.asp?ID=1397

6 Nov 10)

Market Information on Australian Accountancy Bodies CPA Australia (Certified Practising Accountants - Australia) wwwwww..ccppaaaauussttrraalliiaa..ccoomm..aauu))

ICAA (Institute of Chartered Accountants in Australia) wwwwww..iiccaaaa..oorrgg..aauu

MEMBERS CPA Australia fellow new CFO For Foster's - The Foster's Group today (Nov 5) appointed Anthony (Tony) Reeves to the role of chief financial officer (CFO), on a fixed term contract, effective from Monday (Nov 8). Reeves was CFO of OneSteel Limited from 2001 to 2009 and prior to that held a number of senior executive roles with the ICI Group in the UK, USA and Australia. Reeves is a Fellow of CPA Australia, and immediate Past President of the Group of 100, a body made up of CFOs from Australia’s largest businesses. (more info http://theshout.com.au/2010/11/05/article/New-CFO-For-Fosters/HDMRFYBEUF 5 Nov 10)

TUITION PROVIDERS AND

COLLEGES

The University of the South Pacific has CPA accreditation - The University of the South Pacific accounting program has moved a notch up following its accreditation by CPA Australia yesterday. CPA Australia is the largest professional accounting body by membership in Australia with more than 129,000 finance, accounting and business professionals across the globe. "The CPA accreditation is a result of efforts to improve quality over a number of years by the School of Accounting and the Faculty of Business and Economics," a statement from USP said. "The accreditation of the BCom ( Bachelor of Commerce) Accounting program indicates the high level of international standards achieved." (more info http://www.fijitimes.com/story.aspx?id=158391 22 Oct 10)

OTHER INSTITUTE PRODUCTS, SERVICES,

COURSES, CONFERENCES &

AWARDS

CPA Australia Business Outlook 2011 forum – Leading change, driving performance – Business Outlook 2011 is an exclusive one-day forum that will change the way you think about leadership, strategy and global business. Featuring an outstanding line-up of speakers, this premium event has been designed for c-suite executives, board directors and other senior business leaders. With limited places available, Business Outlook 2011 offers a unique and highly focussed opportunity to gain insights from world-class thinkers, discuss the latest trends impacting business, and network with industry peers. (more info http://www.cpaaustralia.com.au/ cps/rde/xchg

Nov 10)

ICAA supports 12 academic research projects – ICAA has announced it will support 12 academic research projects from eight universities across the country, as part of its drive to encourage closer ties between the academic community and the accounting profession. The Institute’s Academic Research Scheme was launched in July 2010 and since then more than 30 applications were received from universities across Australia. The rigorous selection process was led by the Institute’s Head of Academic Relations, Professor James Guthrie, and a panel of academics and Institute executives. (more info https://www.charteredaccountants.com.au/News-Media/Media-centre/2010/Institute-supports-12-academic-research-projects.aspx 8 Nov 10)

ORGANISATIONAL STRUCTURE OF INSTITUTE

ICAA appoints Northern Territory regional liaison coordinator - ICAA has announced the appointment of Cindy Busse as Regional Liaison Coordinator in the Northern Territory. Ms Busse will be the main point of contact for members in the Territory and primarily responsible for providing on-the-ground support in Darwin for the Institute’s careers marketing, training and development activities. (more info https://www.chartered accountants.com.au/News-Media/Media-centre/2010/The-Institute-of-Chartered-Accountants-appoints-Northern-Territory-Regional-Liaison-Coordinator.aspx

20 Oct 10)

OTHER MARKET

INFORMATION

Small businesses here very bullish on growth: poll – In tandem with the strong economic rebound experienced in the first half of this year, small businesses in Singapore are the most bullish on growth prospects compared with their peers in Hong Kong, Malaysia and Australia. In a recent survey by CPA Australia, 85 per cent of those polled in Singapore said that they are expecting growth in the next few years. This was higher than the 71 per cent that said so last year. In comparison, 83 per cent of the respondents in Hong Kong are expecting growth, while Malaysia had 77 per cent saying they see a gain in their businesses. Only 58 per cent of the small businesses in Australia are confident of growth in the near future. (more info http://business.asia one.com/Business/News/SME%2BCentral/Story/A1Story20101111-246708.html

13 Nov 10)

Asia-Pacific survey shows small business confidence on the rise - Small businesses in the Asia-Pacific region believe their economies have emerged from the global slump and expect growth patterns to increase, a CPA Australia survey has shown. The CPA Australia Asia-Pacific Small Business Survey 2010, which took in small businesses from Australia, Hong Kong, Singapore and Malaysia, showed a growing emphasis on accessing finance for the purpose of business growth. The survey gauged the key business issues of access to finance, growth expectations, employment trends and business management practices. (more info http://www.cpaaustralia.com.au/cps/rde/xchg/cpa-site/hs.xsl/11245.html 9 Nov 10)

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China’s accountants gain valuable international experience - CPA Australia hosted a gala dinner last night to celebrate the fourth year of its International Partnership Program (IPP) in China. The program offers China’s top accountants and business leaders the invaluable opportunity to gain first-hand international accounting, business knowledge and training experience in Australia. To date, 50 members of the Chinese Institute of Certified Public Accountants (CICPA) have won the opportunity to join the IPP and participate in four months of intensive training in Australia. The successful participants have to pass through a rigorous selection process to join the IPP. (more info http://www.cpaaustralia.com.au/cps/rde/xchg/cpa-site/hs.xsl/11093.html 16 Oct 10) ICAA and NZICA have formed an organisation called Chartered Accountants of Australia and New Zealand (CAANZ), which will undertake four joint work streams : 1. Support of members 2. Joint IT platform 3. Common CA qualification at three levels 4. Joint branding and marketing This joint venture is a response to the activities of CPA Australia, but also, and to a lesser extent, ACCA. They have just implemented a new governance system with a Council of 19 elected members, and up to 6 co-opted members, and the Council through its Nominating Committee, then appoints a board which will comprise 6 members and 2 non-members, as well as their CEO, President and Deputy President, all of whom are non-voting. (info from Charles Tilley/Ray Perry, 29 Oct 10)

Other Market Information

Accountancy profession to look different at next world congress

Accountancy profession to look different at next world congress - The accountancy profession will look different four years from now when accountants gather for the next World Congress of Accountants in Rome, Italy. IFAC president Goran Tidstrom said that debates and discussions during the four-day World Congress of Accountants 2010, held for the first time in Kuala Lumpur this week, would prepare accountants on the right track to meet challenges and opportunities in the globalised world. The event, organised at cost of RM8 million, attracted the participation of 6,043 delegates from 134 countries. (more info http://www.mia.org.my/new/ news_details.asp?ID=1404 11 Nov 10)

Deloitte in merger talks with German strategic consultancy

Deloitte in merger talks with German strategic consultancy - Deloitte’s US business is in advanced talks to absorb Roland Berger Strategy Consultants as part of the global firm’s bid to overtake McKinsey as the market leader in strategic consulting. The takeover of the German consulting firm is aimed at creating a worldwide strategy consulting arm with an annual revenue of about $2.8bn (£1.75bn) according to Deloitte Germany chief executive Martin Plendl. (more info http://www.passmagazine.com/ 18 Nov 10)

Accountants say SME finance lacking

Accountants say SME finance lacking - Accountants are reporting acute problems for UK SMEs who want to raise finance according to research by invoice and asset based lender Venture Finance, which is part of the ABN AMRO group. Venture Finance’s fourth annual Credit Check survey, conducted in partnership with Accountancy, found that almost two thirds (60%) of UK accountants say traditional bank finance is still barely available to UK SMEs. (more info http://www.passmagazine.com/ 10 Nov 10)

Norway, Saudi Arabia join KPMG Europe

Norway, Saudi Arabia join KPMG Europe - The partners of KPMG in Norway and Saudi Arabia have joined the Big Four firm’s Europe network, bringing the total number of countries in the firm to 16. The new additions to KPMG’s network mean that the firm will have revenues of €4.7bn (£4bn), employing over 30,000 staff in 120 offices. KPMG has said that it expects to recruit another 8000 people over the next three years. Other countries in KPMG Europe include the UK, Germany, Switzerland, Spain, CIS (Russia, Ukraine, Kyrgyzstan, Kazakhstan, Armenia and Georgia) and Turkey. (more info http://www.passmagazine.com/ 2 Nov 10)

PwC receives 5,500 graduate applications in six weeks

PwC receives 5,500 graduate applications in six weeks - PWC has revealed that it has been inundated with more than 5,500 applications for its graduate scheme in the space of just six weeks, signalling a return in confidence in the graduate jobs market. The Big Four firm started recruiting for 1,200 graduates, 400 interns and 70 A-level students in October, the highest ever levels of graduate recruitment for PwC. So far, in excess of 5,500 applications have been received, 118% higher than the same period last year. (more info http://www.accountancyage.com/aa/news/1898176/pwc-receives-500-graduate-applications-weeks 16 Nov 10)

SSON launches new managed certification and online learning program

SSON launches new managed certification and online learning program - Jim Bergman is a happy man, today. After six months in the works, and hundreds of phone calls with practitioners around the globe, November 1 is finally the day that Jim is signing off on the SSON’s new Managed Certification and Online Learning Program. As the latest addition to the SSON’s stable of products for the shared services and outsourcing practitioner, this Program complements “on-the-job” learning by providing the only online accreditation program of its kind, specifically tailored to the “shared services” market. (more info http://www.ssonetwork.com/topic_detail.aspx?id=9594&ekfrm=6&ekfrm=6&utm_medium=email&utm_source=ssonetwork.com&utm_content=text&utm_term=oi_email&mac=SSON_OI_listing_2010 Nov 10)

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Record numbers fail to get university place

Record numbers fail to get university place – Nearly 190,000 applicants to UK universities failed to get a place this year, a higher proportion than ever before, UCAS figures reveal. After clearing, 188, 697 applicants were unplaced, up from 139,520 last year. While 22% of hopefuls missed out in 2009, this rose to 27% in 2010. (more info http://www.bbc.co.uk/news/education-11595655 21 Oct 10)

Business Process Outsourcing (BPO) Outsourcing professionals in China join with IAOP to capture service growth - With outsourcing services

rapidly growing in China, professional working in the industry have joined with the International Association of Outsourcing Professionals to launch a new chapter in Qingdao. The newest chapter in the region, chaired by ResourcePro, will hold its inaugural meeting Nov. 3, from 1:30 to 8 p.m., at the Shangri La Hotel in Qingdao to discuss the “Rise of Service Outsourcing in China.” “China is one of the fastest growing providers and users of outsourcing services,” said IAOP Chairman Michael Corbett. “This new chapter will support the development of outsourcing in China and Qingdao by bringing together IAOP global members and thought leaders, local outsourcing companies, and local government and university departments to share knowledge, best practices and standards. “ (more info http://www.iaop.org/Content/23/196/3087 26 Oct 10) Accenture Completes Ariba Acquisition, 40 Days After Announcement - On October 6, 2010, Accenture announced its acquisition of the sourcing services and business process outsourcing (BPO) services assets of Ariba, Inc. (Nasdaq: ARBA), the leading provider of collaborative business commerce solutions. Recently, on November 16, 2010, Accenture indicates that it has completed its acquisition of the sourcing services and business process outsourcing (BPO) services assets of Ariba, Inc. which include Ariba’s direct and indirect category expertise, sourcing process expertise and strategic sourcing execution resources. About 160 Ariba employees globally are expected to join Accenture. (more info http://www.big4.com/news/accenture-completes-ariba-acquisition-40-days-after-announcement-2032 18 Nov 10) Khaitan advises Ariba in Sourcing and BPO assets sale to Accenture - Khaitan & Co. acted as counsels for Ariba Inc. in its recent sale of sourcing services and business process outsourcing (BPO) services assets to Accenture plc. Ariba was advised by partner Rabindra Jhunjhunwala alongwith tax partner Daksha Baxi on Indian leg of the transaction worth around USD 51 million. (more info http://www.lawetalnews.com/NewsDetail. asp?newsid=2803 20 Nov 10) KF awards Accenture multi-year finance and accounting BPO contract - Accenture has signed a six-year BPO agreement with KF Shared Services AB -- The Swedish Cooperative Union, to provide the KF Group and its subsidiaries with finance and accounting (F&A) services. The agreement is designed to streamline KF's F&A processes, while improving cost effectiveness and service delivery. Under the terms of the agreement Accenture will manage KF's accounts payable, accounts receivable and record-to-report processes. (more info http://www.marketwatch.com/story/kf-awards-accenture-multi-year-finance-and-accounting-business-process-outsourcing-contract-2010-11-18?reflink=MW_news_stmp 18 Nov 10) Cebu City to train high school students for careers in BPO - Elated by reports that Cebu City is now one of the top 10 “emerged business process outsourcing(BPO) destinations” in the world, the city government will implement a separate “English class” in public high schools next year. This will better equip students for a career in call centers and other offshore services in the BPO industry. (more info http://globalnation. inquirer.net/cebudailynews/news/view/20101114-303136/Cebu-City-to-train-high-school-students-for-careers-in-BPO

14 Nov 10)

Global BPO firm Accenture to hire 5,000 - Accenture, a global information technology-business process outsourcing (IT-BPO) firm said that it will hire 5,000 more people in the next nine months. The Philippines will also be a major beneficiary of the company's $100-million corporate social responsibility program aiming to develop talents. During a press conference, Wil-liam Green, Accenture chairman and chief executive officer, said that the company will increase its workforce to 25,000 by end-August next year, the end of its current fiscal year 2011. (more info http://callcenterinfo.tmcnet.com/news/2010/11/12/5133629.htm 12 Nov 10) Capgemini expands BPO capacity in Latin America to leverage regional advantages - Capgemini is growing its BPO footprint in Latin America by expanding its delivery centers in Chile, Brazil and Guatemala, which already employ 1,500 specialists, with capacity for more than 2,000 employees and additional room for expansion. Capgemini is also enhancing BPO services scope by adding finance and accounting, procurement services and customer operations management solutions. The centers currently service 5 prominent North American and global clients, including Unilever, Coca Cola Enterprises and International Paper. (more info http://www.big4.com/news/capgemini-expands-bpo-capacity-in-latin-america-to-leverage-regional-advantages-1982 11 Nov 10) China Crescent works toward objective of doubling $45 million 2009 revenue in 2010 with continued rapid growth in 2011 - China Crescent Enterprises, Inc. was featured in a Webcast presentation today on the Company's strategy to accelerate growth and increase profits by entering into the business process outsourcing (BPO) market in India. The Company entered into two new lines of business at the end of 2009, contributing to the Company's rapid revenue growth reported through the first two quarters of 2010. China Crescent reported nearly $32 million in revenue through the first six months of 2010 compared to approximately $17 million in revenue for the same period the previous year. The Company has previously announced its goal of reaching

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$100 million in annual revenue in 2010 and is continuing to strive towards that goal. The expansion into India's BPO marketplace is intended to fuel continued rapid revenue growth while improving the Company's profits in 2011. (more info http://www.marketwatch.com/story/cctr-china-crescent-works-toward-objective-of-doubling-45-million-2009-revenue-in-2010-with-continued-rapid-growth-in-2011-2010-11-09?reflink=MW_news_stmp 9 Nov 10) Bharti Airtel promises 30,000 jobs with BPO deal, Nigeria - Bharti Airtel has said that its recent BPO partnership deal with IBM, Spanco and Tech Mahindra, would create over 30,000 jobs in all its 16 operations across Africa in the next two years. Chief Executive Officer/Managing Director of Zain Nigeria, Rajan Swaroop, who described the partnership as a move that would create more job opportunities, said Nigerian youths would benefit from the job creation. (more info http://allafrica.com/stories/201011020723.html 1 Nov 10) DWTC and IBM announce multi-year BPO agreement - Dubai World Trade Centre (DWTC) and IBM today announced a multi-year BPO agreement that will see IBM managing DWTC's transactional finance and accounting back office functions, including accounts payable, receivables, billing, daily and month end accounting, reporting and planning and budgeting services. (more info http://www.ameinfo.com/247556.html 2 Nov 10) Aegis buys Actionline in Argentina - Global outsourcing services company Aegis has entered into an agreement with Y&R Inversiones Publicitarias, and its business partner to fully acquire their jointly held BPO company, Actionline in Argentina. Actionline has about 5,000 employees, spread across seven centres in five cities and is focused on the domestic market, serving the telecom, banking, insurance, and energy clients in the region. Aegis said Actionline Argentina's senior management, lead by CEO Fernando Padron, will continue to spearhead its business. (more info http://www.cbronline.com/news/aegis-acquires-bpo-company-actionline_211010 21 Oct 10)