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FEBRUARY/ MARCH 2017 ISSUE 102
THEBOTTOMLINE
T. +27 (0) 788 8723/ 0861 CIMA SA | E. [email protected] facebook.com/theCIMACafe twitter.com/CIMAAfrica
In 2016, you, our Members took an important step
towards evolving the management accounting
profession when you overwhelmingly endorsed
our long-term strategy and the creation of the
Association of International Certified Professional
Accountants.
The Association now brings together the expertise
and capabilities of CIMA and the American Institute
of CPAs to benefit you and the entire profession
– both management and public accounting—
with enhanced resources and even stronger global
advocacy for your employability. Your membership
of CIMA, your designations (ACMA, FCMA), our
Council and Royal Charter all remain, and you are
now a member of the Association and its global
network of 650,000 accounting professionals and
students.
The Association is already working to provide greater
and more responsive services to help you meet the
challenges ahead. Over the coming months, you
will receive access to more than 300 webcasts,
courses and other learning tools to sharpen your
skills across a range of areas – from understanding
advanced Excel techniques to developing the traits
of today’s CFO. We will also extend the relevance
and value of management accounting by providing
new ways for organisations to leverage and embed
the Global Management Accounting Principles.
ASSOCIATION OF INTERNATIONAL
CERTIFIED PROFESSIONAL
ACCOUNTANTS is here
You will begin to hear more from the Association and its benefits soon.
In the next few weeks, we will introduce a new Association web site that
underscores our profession’s relevance in this volatile world. And in the
coming months, you will see a vibrant new look that conveys the dynamic
role of CGMAs.
We are very excited about the strength of our new organisation and the
leadership of CGMAs and CPAs in helping the world navigate an era of
constant and rapid change. Ours is a critical mission – one that powers trust,
opportunity and prosperity around the world so people, businesses and
economies can succeed.
2017 is here. Wishing you and your families a happy and fulfilling year.
We anticipate it to be a year full of opportunities – for us as a professional
body and for our members and students as we begin to see fruition of the
new Association – The Association of International Certified Professional
Accountants.
Throughout our journey to forming the Association we have stressed around
the speed at which the world is transforming and we have often referred to
a Volatile, Uncertain, Complex and Ambiguous (VUCA) world – which has
necessitated that as a body representing an entire profession we do not
stagnate. But we take an active role in leading the way forward and decisively
set the direction and pace of the profession.
With this in mind, also as the leading professional body of accountants
globally we will take the lead in creating the current and next generation
leaders and ensure diversity of the profession. We will be guided and led within
the following strategic imperatives:
• Becoming a trusted business adviser
• Ensuring global advocacy
• Adding value and growth
• Operational excellence.
In Africa we will continue to strengthen relations and partner with business
with a view to foster success for both people and businesses. We will for the
first time host the Inaugural CGMA Africa Conference in Johannesburg on
20 - 22 September at the Sandton Convention Centre, under the theme
Leading the Way in the VUCA world and will be calling on like-minded
businesses and individuals for sponsorships, exhibitions, speaking slots or as
conference attendants.
Improving our customer experience and remaining relevant to our CGMA
members and current students is in the forefront. We are a sponsor of the
2017 Africa Congress of Accountants (ACOA) a platform through which we
intend to reach out to accountants in Africa. Our relationship with CNBC
Africa is set to continue to advocate for the role and relevance of CGMA. In
2017, look out for in-depth discussions around rethinking the business model,
the future of finance and value preservation and creation.
It is indeed going to be an exciting year for our profession and we ask you to
join us as we pave the way ahead. Remember to uphold the ethics required
by the professional, remain innovative while you continue to generate and
preserve value for your businesses or employers.
NOTE FROM THE Regional Vice President
INAUGURAL CGMA AFRICA Conference
cimaglobal.com | cgma.org
The CGMA designation will this year present its inaugural CGMA AFRICA CONFERENCE 2017 (CAC 2017)
on 20 – 22 September in Gauteng, Johannesburg.
The conference, themed: Leading the Way in a Volatile, Uncertain, Complex and Ambiguous world, will draw on
the expertise of business leaders across Africa to firstly identify and discuss key issues in business in the current
climate. Secondly, define future strategies for business sectors across Africa and propose solutions to dealing
with the disruptive future.
As a highlight of the CGMA calendar for 2017, the conference is set to host over 500 delegates from across Africa who are:• CEOs• CFOs• Senior Finance Managers• Finance Professionals
Save the date to gain unparalleled insights to improve the profession, improve your business and assert yourself
as a finance professional.
Look out for more information from [email protected]
Recruiters are increasingly advising employers, when ambition needs to match ability, CIMA is the natural choice
Badi Promesse
Regional Vice President: Africa
CALLING SPONSORS
Calling all sponsors now.
Support the inaugural CGMA
Africa Conference 2017 and
help the profession grow. We
are looking for like-minded
organisations and leaders in the
industry.
For more information on
sponsorship opportunities
contact
February / March | 3/8
Schedule today by logging on to your ‘My CIMA’ and
don’t forget the wealth of exam preparation resources
available to you.
STUDENTS
We know that times are hard financially and we recognize your
commitment to CGMA. No increase has been applied to your subscription
fees for 2017. The student fee will remain at GBP 108.
If you are planning to sit a Case Study Exam during the February or May
Windows, your fees will need to be up to date prior to scheduling.
Click on the link for more information: www.cimaglobal.com/Studying/
renew/
MEMBERS
Renewing your membership will only take a few minutes. It can be done
online through your ‘My CIMA’ and will only cost you GBP 264 if you are
an Associate or GBP 277 if you are a Fellow.
If you are retired or are faced with instances of no income, you may qualify
for a remission of fees. Contact your local office to enquire and apply.
Click on the link for more information: http://bit.ly/2hlM9BB
You are reminded of payment methods available to you below:
• Electronic online payment using your cheque or credit card by logging
in to your MY CIMA account. We accept VISA, MasterCard or American
Express.
• EKO payment with your cheque or credit card through the global
24/7 payment hotline on +44 (0) 20 8602 0861. This is an automated
service. Ensure you have your customer payment reference (CPR)
number ready. You can find this number on the top of your financial
statement in your MY CIMA account.
• Via cheque, money order, UK postal order or sterling bank
draft payment made to CIMA. Ensure to write your contact ID on the back
of the cheque and send it, together with a copy of your invoice and
a remittance advice (PDF 50KB) to CIMA, The Helicon, One South Place,
London, EC2M 2RB, United Kingdom.
ANNUAL SUBSCRIPTION FEES for 2017
YOUR 2017 EXAMS
NIKKI MARITZ CEO, IBTC, South Africa.
February 2017
August 2017
LEVEL
Operational
Management
Strategic
LEVEL
Operational
Management
Strategic
SCHEDULINGDEADLINE
24 Jan 2017
31 Jan 2017
7 Feb 2017
SCHEDULINGDEADLINE
25 Jul 2017
1 Aug2017
8 Aug 2017
EXAM DATES
07-11 Feb 2017
14-18 Feb 2017
21-25 Feb 2017
EXAM DATES
08-12 Aug 2017
15-19 Aug 2017
22-26 Aug 2017
May 2017
LEVEL
Operational
Management
Strategic
SCHEDULINGDEADLINE
25 Apr 2017
3 May 2017
9 May 2017
EXAM DATES
09-13 May 2017
16-20 May 2017
23-27 May 2017
November 2017
LEVEL
Operational
Management
Strategic
SCHEDULINGDEADLINE
24 Oct 2017
31 Oct2017
7 Nov 2017
EXAM DATES
07-11 Nov 2017
14-18 Nov2017
21-25 Nov 2017
cimaglobal.com | cgma.org
Your ‘My CIMA’ account is an important key to keep receiving information that affects you
as a Member or Student from the Association. We know that a lot might have happened
during the previous year, for example, you might have changed jobs, had a promotion,
changed emails or mobile numbers. Please update your details to ensure that:
• You keep receiving invitations to all events and CPD opportunities
• You keep receiving news and correspondence at your preferred address.
It is your responsibility to make sure your details are correct. Here is a step-by-step guide:
The CGMA CNBC Management Accounting Series
are continuing. This year we will record three
episodes in Johannesburg as follows:
The series are a platform to create topical discussions
around the CGMA designation and to profile the
applicability of the various CGMA reports in business;
showing how CGMA and the tools available to
designation holders, help people and businesses to
succeed.
The episodes are recorded in front of a live studio
audience, with a panel of experts in the field of
discussion. During recording, financial anchor
and journalist, Gugulethu Cele, leads panelists in
discussions and opens for questions from the audience.
The episodes are aired to over 500 000 viewers across
Africa.
Members are invited to attend the recordings and
participate as part of the live studio audience. Please
email [email protected] to book your space.
Spaces are limited.
Rethinking the business model
Joining the dots and the future
of finance
Value creation and preservation
To be recorded at the CGMA Africa Conference 2017
Being a CGMA is your licence to the Boardroom.
DON’T MISS OUT ON ANY important updates
CGMA ON AIR
05 APR
21 SEP
01 NOV
1
2
Log onto www.cimaglobal.com, then choose to update ‘my details’
Update your contact details and your home address. To update your name, surname and or date of birth you will need to contact your local office and you will need to supply proof of details such as an identity document or marriage certificate.
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NEW YORK, LONDON and JOHANNESBURG (January 17, 2017) –
The Association of International Certified Professional Accountants
(the Association) has voiced its strong opposition to a plan by South
Africa’s Independent Regulatory Board for Auditors (IRBA) to implement
mandatory audit firm rotation (MAFR).
In a written response to IRBA’s Consultation Paper, the Association, which has
offices in locations including Johannesburg, Colombo, Kuala Lumpur, London,
New York and Shanghai, wrote that MAFR “may have a negative impact
on audit quality, increase market concentration to a more limited number
of auditing firms, and will hinder, rather than promote, transformation of
the profession.”
The letter, signed by Association CEO Barry C. Melancon, CPA, CGMA,
includes analysis of the most significant factors supporting the profession’s
longstanding position. It notes that mandatory audit firm rotation:
• Negatively impacts audit quality
• Causes loss of institutional knowledge and experience
• Limits auditor specialization
• Creates resource strains
• Could increase audit market concentration
• May result in unintended costs
• Limits the audit committee’s ability to determine the best audit firm for
the company
• Limits ability to attract and retain talent
“The Association believes that each of these factors demonstrates that MAFR
should be rejected,” the letter stated. “It is clear from at least some of the
regulatory regimes that have adopted it that MAFR has not had the intended
benefits and its continuation is either being questioned or discontinued.
MAFR takes away the key responsibility of audit committees which, along
with the board of directors, are in the best position to watch management
actions and ensure that companies are obtaining high quality audits to
protect the investing public.”
Concluding that MAFR is not in the public interest, risks harm to audit quality,
would impose significant costs on businesses and shareholders without
commensurate benefit, would be economically disruptive and create other
negative consequences, the Association asks that IRBA reject a move to
require it.
Craig Coltman, currently Head of Finance has taken
up the position of CFO for De Beers Consolidated
Mines (DBCM), as of 1 January 2017 in addition to
taking up an executive position on the Board of DBCM.
Craig has served as Financial Manager at De Beers
Marine and Kimberley Mines before heading up
finance for De Beers Group Services (DBGS), where he
has led a number of functions including Supply Chain
and also Chaired the DBGS Board. Craig has extensive
experience in the mining industry, having worked
on various De Beers operations. Craig serves on the
boards of De Beers Marine (Pty) Limited and Namdeb
Holdings (Pty) Limited, amongst others.
Craig has held various strategic leadership positions
covering finance, supply chain, IT, risk management,
project management and business performance
and strategy. Craig is a qualified Fellow Chartered
Management Accountant (FCMA). Craig, in amongst
all these responsibilities, also project managed the
successfully transitioned De Beers sales function from
its London offices to Gaborone.
In this new role Craig will continue to have oversight
of all South African finance related activities, including
DBGS Finance and Financial Shared Services.
TREVOR MWALE B.Com (Hons) Acc, ACMA, CGMA, MBA (Cum Laude), M.Inst.D
February / March | 5/8
CIMA MEMBER on the move
ASSOCIATION OF INTERNATIONAL CERTIFIED PROFESSIONAL ACCOUNTANTSurges SA audit regulator to reject mandatory firm rotation
&Q A
What skills does the CFO require in the modern business world?
As a CFO you need to think
strategically, always with the
end in mind. Whilst focusing
on cash, costs, forecasting,
talent and systems will
always be important, being
able to tell the story behind the numbers, in
a simplistic manner, will guarantee support from the
Chief Executive and team, which in turn will ensure
that you are a critical player in ensuring a sustainable
business. The balanced scorecard is still alive and
well and identifying (and managing) appropriate
lead indicators is a critical success factor. Finally LIFE
IS A PROJECT, so ensure you are equipped with the
appropriate project management skills.
What has CIMA done for me?
CIMA is a true strategic
qualification which has
allowed me to apply my
financial skills in a manner
which always thinks with the
end in mind. This in turn has
allowed me to become a true strategic
partner to the Chief Executive and board.
CRAIG COLTMAN
cimaglobal.com | cgma.org
The good thing about my CIMA qualification is that it provides a holistic approach
THE TOP DEVELOPMENT PRIORITIES FOR Management Accountants
TAILOR YOUR TRAINING
Kiew recommended that professionals go to training courses with questions in
mind that they want to answer to gain more from the experience than simply
taking in what’s on the agenda.
It is also important to find the most appropriate method of acquiring each skill
on your CPD plan. External training courses can be generic; the challenge is
how to translate that general theory into how your organization operates on a
practical level, Kiew explained.
In this context, peer-to-peer networking has proved a valuable development
tool. She has fostered relationships with counterparts in the religious charity
sector and extended her network through referrals.
Traditionally, charities have tended to focus on delivery, and there has not been
much opportunity to look at what underpins the delivery, how you support the
message you put out, and how you invest in the resources to ensure you work
effectively and efficiently, Kiew said. “Generally, we don’t have a lot of resources,
so working together is the most sensible way to identify what best practice really
works in the field and in our sector,” she said.
The challenges facing non-governmental organizations in the UK today have
informed Kiew’s own CPD goals. The sector is coming under increasing scrutiny
and regulatory control, and there is demand for greater accountability and value
for money. Consequently, Kiew is looking to develop skills in impact reporting.
The UK’s referendum vote to leave the EU has potentially significant impacts for
the sector and the wider economy, and means the organization is looking at its
income lines and costs.
“Given the level of economic uncertainty, the key things for us are forecasting and
scenario modelling skills, supporting risk identification and risk management,”
she said. “These skills are not new to the function but are becoming far more
important because of the Brexit decision and uncertainty in the general
environment.”
Career progression is top of mind for many management accountants,
and the scope of a role and the prospects it holds for promotion are strong
motivating factors for those considering their next move.
Forty-nine per cent of finance professionals plan to move to a new role within
the next two years, according to the Chartered Institute of Management
Accountants’ (CIMA’s) annual salary survey, which gathered data from 6,625
members around the world.
More than half (58%) of respondents said that financial reward was among
their motivations for such a move. Forty per cent of those polled prioritized
broadening the scope of their role, and 33% highlighted the importance of
opportunities for promotion.
Developing the right skills is essential to achieving these career aspirations,
and strategy is the area management accountants worldwide want to work
on in the coming year; 37% of those surveyed flagged it as a priority. Driving
performance was a goal for 27%, followed by mentoring (26%) and project
management (25%).
Members in India (30%) and China (29%) indicated a particular interest in
change management, while in Sri Lanka, negotiation and decision-making
(41%) and business planning (37%) were among the continuing professional
development (CDP) priorities.
STRATEGIC PARTNERS
The ability to drive the strategy of their organization has become increasingly
important to management accountants over the last three years. In the 2014
edition of the survey, 34% said strategic planning and implementation was
a key CPD goal for them that year, while the top priority was developing
leadership skills (39%).
Strategy was the most sought after competency in the 2015 edition, with
31% of respondents planning to work on that area. Soft skills were a popular
focus, with 25% of members looking to improve their ability to influence
others, and 23% flagging each of the following: motivating and inspiring,
coaching and mentoring, and negotiation and decision-making.
The latest developments in accounting information systems and the type of
additional insights these might allow finance professionals to provide to the
wider business was another subject members were keen to explore in 2016.
Asked which methods they would use to build these skills, 70% of respondents
said on-the-job learning. Mentoring was part of the plan for 44%, and 36%
intend to attend a course in person.
But CPD is not a one-off task that we can tick off our to-do list after a training
event. Newly acquired knowledge has to be put to practical use, said Lisa
Kiew, ACMA, CGMA, head of finance and resources at the Religious Society of
Friends, commonly known as the Quakers.
“People can go on courses and learn theory, but it’s really when they begin
to work with peers, both within their function and outside, and acquire
experience that knowledge embeds and becomes real and productive,” Kiew
said.
Kiew works for the national organization which supports Quaker meetings
throughout England, Scotland, and Wales and seeks to raise awareness of the
tenets of the Quaker faith. She leads a team of six finance staff, as well as four
employees in IT and HR roles.
She encourages staff to share their learning when they return from a course,
partly because re-expressing it to others keeps the knowledge fresh. And she
ensures that the team knows to go to that person for questions on a particular
topic he or she has studied, with the bonus that her employees get to meet more
people out of their normal space.
This fits in with her aim for her function to move beyond technical expertise, and
beyond the finance silo, to work with operational staff more closely.
ALFRED RAMOSEDI FCMA, CGMA, African Bank’s head of retail operations in South Africa
February / March | 7/8
KAPLAN STRATEGIC LEVEL Case Study Workshop
CIMA ZIMBABWE update
Geoff Caldwell, a case study expert from Kaplan graced our shores on
21 January to help students with tips and techniques to sit, prepare
and pass the final CIMA exam.
During the session he introduced students to ‘Evestar’, the February
2017 strategic case study pre-seen materials, which will help students
to apply strategic tools and carry out effective analysis.
The event is part of a series of exam technique sessions that CIMA will
present to students to help them pass their exams throughout the year.
Information on the session and any upcoming events can be obtained by
emailing [email protected].
CIMA Zimbabwe office is decommissioned. Kudzai
Farirayi is your local CIMA representative and is available
to assist you with your queries. Feel free to get in touch
with her as follows:
T. +263 (0) 867111500
M. +263 (0) 774999384
PO Box, M10, Mabelreign
Gauteng Branch AGM
Kenya Branch AGM
Western Cape Branch AGM
Mauritius Branch AGM
Nigeria Branch AGM
Botswana Branch AGM
Gauteng Branch Student and Member Cocktail event
Lauch of the Nigeria Branch and Andrew Miskin visit
Ghana Branch AGM
KwaZulu-Natal Branch AGM
CGMA CNBC Management Accounting Series – recording
Nigeria Branch AGM
Zambia Branch AGM
Zimbabwe Branch AGM
Malawi Branch AGM
Kenya CPD event
8 March
11 March
14 March
15 March
21 March
22 March
24 March
24 March
29 March
5 April
6 April
8 April
13 April
21 April
28 April
29 April
DATES TO DIARISEEVENT DATE
Students attending the strategic level case study workshop
The importance of strategic skills revealed in the CIMA survey is reflected
in Kiew’s organization. One of its current priorities is to ensure that
budget planning is integrated with the delivery strands, and strategic and
operational planning, so that the two work hand in hand.
Finance professionals are well-positioned to provide insight based on the
data they hold, and there is a need for them to communicate how that
insight should underpin decision-making. Look at the key questions and
the patterns in the data, and talk about the big trends, the changes that
are happening, and use that to support decision-making, Kiew advised.
Strategic skills become particularly important when you become an
operational manager, particularly in a financial controller or business
partner role. But you can develop them earlier in your career, and building
relationships with other areas of the business is key to that, Kiew said.
“I have staff at finance assistant level who have personally taken a
great interest in the business and been very proactive in speaking with
colleagues across functions, asking questions, and proactively seeking
answers to those questions.”
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