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Talent uncovered at the GBC
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Send your contributions to: The Editor, The Bottom Line PO BOX 745, Northlands, 2116 • E: [email protected] • T: 011 788 8723 • F: 011 788 8724Design by Design Bandits • M: 083 460 3633 • Published by BusinessBrief Publishing • T: 011 788 0880
Congratulations to Simplified Solutions who won the South African national round of the Global Business Challenge (GBC) competition. The four competing teams displayed astounding talent at this year’s national final. The finals took place at the Maslow Hotel on 16 May, and saw over 70 attendees.
Says David Cropper, CIMA Africa Regional Board Chairman, Head Judge: “It was a very close competition. We were extremely impressed with the quality of work presented. The talent displayed makes me hopeful that the youth of today will lead South Africa into a brighter future.”
It was clear how well each team had practised and rehearsed when they presented to the judges which included David Cropper, CIMA Africa Regional Board Chairman and Academic Director, Botswana Accountancy College; Charles Russon, Barclays Africa: Regional Head of Finance; Willem Kellerman, Director of Middle Office CIBW of ABSA; Cheryl James, CEO of Fasset and Prof Appie Pienaar, CFO of Solidarity. The winners will welcome teams from 23 other nations for the culmination of the global competition on 28 and 29 August.
Other teams taking part in the global final will come from Australia, Bangladesh, China, Ghana, Hong Kong, India, Indonesia, Ireland, Malaysia, the Middle East, Myanmar, Nepal, New Zealand, Pakistan, the Philippines, Poland,
Russia, Singapore, Sri Lanka, Thailand, United Kingdom, Vietnam and Zambia.
The global final promises to be an exciting event, with 24 teams competing on an international stage for the title of ‘Global Winners’. Each team will present a business case to an audience of CIMA delegates and a judging panel of prestigious experts who face the challenging task of picking the winning finalists.
The other African teams, Ghana and Zambia, are in their second year of the competition with their finals scheduled for June.
Sponsor, Charles Russon Barclays Africa: Regional Head of Finance said: “It is a privilege as sponsors to be involved with this initiative. An event of this nature is of fundamental importance to an organisation like ABSA. Investing in the youth and education is what I term the sweet spot. It’s where business and education meets.”
CIMA would like to extend its thanks to the national sponsors of the GBC- Unilever, The Maslow Hotel and Ethoss. Their support together with that of Barclays ABSA and Fasset was key to the success of the national final.
If you are interested in attending or sponsoring the global final in August kindly contact [email protected]
Winners, Simplified Solutions from left: Berdene Sinclair, Marina Mogin, Natasha van der Merwe. Centre: John Webb
Runners up Uhuru from left: Loide de Almeida, Dalisu Jwara, Asanda Mahlabela and Thabi Poopedi
The CIMA Courses offered by the University of Johannesburg are aimed at students who require tuition before writing the Diploma and/or Advanced Diploma in Management Accounting with CIMA in May and November.Diploma in management accounting
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couRSe enQuiRieSAll queries should be addressed to:Mrs Sandra von Abo Telephone: 011 559 4639 E-mail: [email protected] Office: A Ring 527
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Building sustainable businesses in GhanaThe United Nations recognises that the development of sustainable industry is necessary for Africa to overcome poverty. The question therefore is how does Africa in general and Ghana in particular build a sustainable vibrant environment for businesses to thrive?
Enterprises throughout the world are beginning to realise that sustainability, both economic and environmental, is necessary for long term planning and stability, the situation in Africa is no different. There is an opportunity for dynamic African markets to attract investment. Some countervailing factors on the ground, continue to give investors pause.
Says Anthony Boateng, CIMA Fellow, Deputy Chair African Regional Board, Finance Director for African Centre for Economic Transformation: “The challenges are clear: the level of risk here in Africa is not proportional to its associated return. The inefficiencies listed yield low productivity, high levels of corruption and minimal levels of property rights and security.
Organisations in Africa therefore tend to expect shorter pay back periods to hedge their investments and to mitigate against unpredictable circumstances. The by-product of these actions is lack of trust in the system, which usually results in high cost of capital, high cost of production, high pricing and generally a deterrent in committing to long-term investment.”
Economic growth is very important and businesses cannot survive without making profit. Value for money techniques should be applied which include cutting out inefficiencies, widening economies of scale opportunities and becoming effective in providing service to customers or clients.
Financial ratios should be employed to ascertain how well the organisation is doing, efficient procurement systems such as Just-In-Time (JIT) consequently should be employed and organisations must seek to get their customers “hooked”.
While the United States and other western countries have tried to solve the problem of sustainability through education initiatives, many Africans who qualify with a PhD end up leaving for a better life elsewhere. Ghanaian migrants, according to government sources, could be found in more than 33 countries worldwide, however
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the opportunities in “African Lion” economies are drawing migrants back to the continent in a neat reversal of the “brain drain”.
Strategically planned Corporate Social Responsibility (CSR) programmes could also contribute significantly to attracting high calibre employees. Employees are attracted by the raison d’être as well as the economic strength of the organisation. CSR programmes should be community specific, community led and community owned.
The state should play an effective role in coordinating its developmental agenda with the CSR programmes being undertaken. For example the Millennium Development Goals (MDG) represents a good road map for developing countries to transform their economies.
Achieving the MDGs in fact brings the opportunity to cooperate with corporations and have access to their CSR funds. It should also be noted that if CSR were seen as an obligation for companies, the private sector would resist this benevolent act and see it as being another form of mandated tax.
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The model below summarises the elements needed in building a sustainable business environment. Thus in pursuit of profit, businesses should have a positive impact on people, minimise any adverse effect on the environment and forge a strong partnership with the communities and the state.
Building sustainable businesses in Ghana (cont...)
What would you do if your manager pressured you to do something you felt was unethical?
If you knew you may lose both your job and professional standing. Would you speak up? To support our members and students in acting ethically and with integrity to uphold the highest professional standards, CIMA offers a range of help lines and support.
Find more information about the Global Guidance Line, which is an ethical helpline, and all other help lines at www.cimaglobal.com/helplines, and visit www.cimaglobal.com/ethics for the Code of Ethics.
Introducing CIMA’s Global Guidance Line
Pan African Federation of Accountants (PAFA) held its General Assembly on 17 May at the Movenpick Hotel in Accra, Ghana, where they elected Dr Mussa Juma Assad as President and Ms Asmaa Resmouki as the Vice President.
PAFA elects new president and vice-presidentDr Assad is currently a senior lecturer at the University of Dar Es Salaam, Tanzania.
Ms Resmouki is currently an Audit Partner at Deloitte and Touche, Morocco.
One call can give you access to attractive Fasset benefits, incentives and programmes paving the way for your future.Make the pivotal call on your future. If you are an employed learner, call Fasset on 086 101 0001 to find out about all our benefits including free Lifelong Learning training events, career building learnerships and the tailor-made NSFAS Loan Repayment Grant for employed learners.
The career call that counts
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CIMA Zambia held its annual graduation ceremony for 2012 graduates on 23 March at the Radisson Blu Hotel in Lusaka. There were approximately 150 students who attended this event to receive their certificates. The CFO of Stanbic Zambia, Sam Minta officiated at the graduation ceremony and presented letters of commendation to 29 students who completed the CIMA examinations in 2012. Stanbic Bank Zambia, a CIMA Training Partner, also presented prizes valued at US$4,629 to the top achievers in each exam.
Mumba Kalifungwa ACMA, CGMA was officially appointed as Chief Financial Officer for Barclays Bank Zambia on 1 April 2013.
He takes on the responsibility of providing leadership and direction to the Finance team and supporting the execution of the strategic agenda. Other job responsibilities include capital management, statutory reporting, group reporting, tax management and overall control over the bank’s general ledger.
Mumba is the Chairman of the African Branch Forum of CIMA and is the immediate past Chairman of the Zambia Branch. In addition, he is also a member of the Disciplinary Committee of the Zambia Institute of Chartered Accountants (ZICA).
Have you changed your job or been promoted? Email [email protected] with news of your move.
Zambia graduation On the move
From left: CIMA Zambia Country Manager Kennedy Msusa receiving the prize cheque from the Stanbic Bank Chief Finance Officer, Sam Minta
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Tax Update “The tax update event will provide the attendees with the latest information on hot topics in the field of taxation, this is important in order to provide key decision makers with accurate information to navigate today’s complex business environment” says Zahra Cassim, South Africa Head. Make sure that you have the right tools in order to make the right decisions.
Who should attend?• Financial managers• Accountants• Financial planners • Advisors involved in tax related matters • Members in practice
Date: 25 June Time: 7.30-11.30amVenue: The Maslow Hotel, corner Grayston Drive, Rivonia
Road, SandtonCost: R625.00 for CIMA members and students and
R675.00 for non-CIMA members and students. Diversity intelligence workshop It is no longer sufficient to have technical knowledge. “Management accountants need to be able to transform into a business partner and possess leadership skills that are able to communicate with and lead diverse teams” says Dreshne Pillay, Gauteng Brand Chairperson.
Who should attend?• Professionals who interact with diverse colleagues
or clients as well as anyone who needs to manage, motivate and negotiate with a multi-cultural work force
• Anyone involved in mergers and acquisitions who
need to learn how to merge corporate cultures• Sales and customer employees • Executive managers including CEO’s, production,
operations, and financial managers• HR professionals • Management consultants driving change and
performance initiatives
Date: 10 JulyTime: 7.30am-1.30pmVenue: The Maslow Hotel, corner Grayston Drive and
Rivonia Road, SandtonCost: R950.00 for CIMA members and students and
R1250.00 for non-CIMA members and students
For all booking enquiries please contact [email protected]
GBC Africa finals Ghana held their final on 14 June at the British Council, Accra from 9.00am to 3.00pm. Full details will be available in the next issue of The Bottom Line.
Zambia will be hosting their final on 28 June at the Radisson Blu Hotel, Lusaka. For more information contact [email protected]
The global final will take place in South Africa on 28 and 29 August at the Maslow Hotel, corner of Rivonia Road and Fredman Drive in Sandton. If you are interested in attending or sponsoring this event kindly contact [email protected]
International biennial conferenceThe South African Accounting Association in collaboration with the International Association of Accounting Education and Research presents the International biennial conference. The overall theme of this conference is to discuss the challenges of responsible accountancy academic citizenship and how to balance teaching, research and academic leadership.
Date: 26 to 28 June 2013Venue: Lord Charles Hotel, Somerset West, Cape Town,
South Africa.
For more information and to book your place visit www.saaa.org.za
Dates to diarise
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Events round up
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IFRS updateThe Gauteng branch committee held a seminar on the latest IFRS updates on 16 April. The event saw over 60 attendees and the feedback from the event was overwhelmingly positive. Bruce Mackenzie from W Consulting, explained the latest updates in the world of IFRS. Dineshrie Pillay also shared an exciting competition and one of the attendees won a prize to attend a toastmasters’ breakfast.
Performance pillar revision held in Johannesburg and LusakaStuart McChlery was in Johannesburg from 23 to 25 April and in Lusaka on 20 April. He conducted revision courses on the performance pillar (operations and management) in preparation for the May exams. Tuition providers and lecturers also attended the lecturers’ conference on the performance pillar with the aim of increasing pass rates of their students in this area of
the syllabus. “This is part of CIMA’s continued support to both students and lecturers in assisting them in achieving improved results,” says Christian Gagiano, Regional Learning and Development Manager.
Fraud trends and fraud risk managementThe Western Cape branch hosted a CPD breakfast on fraud trends and fraud risk management on 16 May. Guest speaker, Roy Waligora, Partner at KPMG in the Forensic Department, explained recent cases of the very costly occurrence of EFT fraud. He
noted possible tests to mitigate the risk as well as how to ensure you have adequate controls in place around payment processes. Kenya AGMThe Kenya Branch AGM took place at the Serena Hotel in Nairobi and was attended by 24 members and students. Africa Regional Director, Samantha Louis made the keynote address where she shared the Africa and Kenya targets, together with the past trends of membership and students enrolment.
“The presence of the Africa Regional Director not only galvanised students and members to pursue the CIMA Kenya vision but it also underpinned the importance of the Kenya Branch in growing CIMA in Africa”, said George Mathenge, Kenya secretary.
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Study text R 480Practice and revision kit R 280Passcards R 160CDs from R 200
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New research from CIMA and the AICPA finds that management accountants, led by the CFO, play a vital and growing role in driving advancements at some of the world’s most innovative companies.
In these businesses, the CFO and finance team are deeply embedded in the process of innovation and have a clear framework to let new ideas take shape. They partner early with other departments to identify concepts with market potential, replace rigid financial metrics with staged measurements to avoid eliminating ideas too soon, and accept that failure is a tolerable outcome for projects along the path to commercialisation. These conclusions are captured in a new CGMA report, “Managing Innovation: Harnessing the power of finance,” and based on interviews with global finance leaders at companies including Coca-Cola, Royal Dutch Shell and BT Group.
“The role of finance in all of this is multifaceted”, Royal Dutch Shell CFO
Simon Henry FCMA, CGMA, explains in the report. He says “A finance function needs to be able to understand the business well enough to know what is a worthwhile activity but also, in this part of the business, to have a bit more of an open mind. It is less mechanistic and has the ability to live with ambiguity, to identify risk and to manage it.
“There’s an art to innovation but there needs to be some science that goes with that: understanding the forward-looking side of strategy, being able to scope the opportunity. In all these areas, the management accountant is really critical. Whether it’s a new product, process or business model, the management accountant can help assess the results, evaluate how things have gone and learn lessons.”
The report recommends five areas where finance professionals should take action:• Create an innovation-centric mindset.• Nurture creativity.
• Prepare the path to profits. • Match metrics to the stage of
development. • Take a balanced view on innovation risk.
Innovation requires finance professionals to develop strategic skills alongside functional competencies and this means proactively supporting the innovation strategy while managing the associated risks. Management accounting training helps finance professionals to develop these strategic skills, learning how to apply these skills to the different stages of the innovation cycle can still be a challenge even for experienced finance professionals.
CIMA Managing Director, Andrew Harding, will address Ghanaian workers and students at the British Council in Accra on 18 June from 6:00pm to 8:00pm. He will provide an overview of the ways in which different businesses create a culture of innovation, while maintaining associated risks.
CFOs must take hands on approach to innovation
www.cgma.org
Events round up (cont...)End of exam cocktailThe event saw over 50 students in attendance and was officially opened by Wikus Roets, Gauteng branch committee representative. Adele Oosthuizen from FAT Training presented the sponsors’ address. CIMA would like to express its thanks to FAT Training for their sponsorship. Make sure you attend the next exam cocktail event in November.
CIMA Western Cape graduationOn 25 April CIMA Western Cape’s best and brightest graduated at the Lagoon Beach Hotel in Cape Town. Caretha Laubscher, CIMA Education Manager, handed over 25 certificates on the night with the help of Andrie Graham ACMA, CGMA.
Andrie, Western Cape branch Chairperson said: “It is very encouraging to see an increase in demand for the qualification and the students should be proud of the certificates for which they have worked so very hard.”
Nikki Maritz, IBTC CEO, presented a raffle which saw four graduates each walk away with R5, 000 in tuition fees with IBTC.”
Western Cape ToastmastersOn 29 May the CIMA Western Cape branch launched their Toastmasters club by hosting an introductory meeting at Fairways Restaurant. At this event CIMA students and members discovered benefits from joining the club including learning how to speak in public and how to acquire leadership skills through a network of clubs.
The ultimate objective is to improve your communication skills, help you lose the fear of public speaking, be a better listener, learn to lead teams and to conduct meetings.
If you would like to join or find out more information kindly send an email to [email protected].
