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6DISPATCH
CHINA200961%2008 56%
FRANCE
200944%
200828%MEXICO
200955%200840%
38%
27%
24%
27%
30%
24%
ASSET
MISAPPROPRI
ATION
PAYING TAX THE
EASY WAYThe top five easiest places to pay tax in the world
are (in descending order) The Maldives, Qatar,Hong Kong/China, the United Arab Emiratesand Singapore. Paying Taxes 2010: The GlobalPicture, by PwC with the World Bank, took numberof payments, time to comply and total tax rateinto consideration. Last on the list was Belarus.
GREEN COMMITMENT UPThose in France, Mexico and China are significantlymore committed to reducing their personal impact
on climate change than last year, according toHSBCs Climate Confidence Monitor 2009. Themonitor was conducted across 12 markets involving12,000 people.
2009
2007
2005
2009
2007
2005
TAX INDEX
IRELAND6UK16
AUSTRALIA47
US61
GERMANY71
CHINA125
UKRAINE181
PAKISTAN143
67%
70%
62%
2009
2007
2005
ACCOUNTIN
G
FRAUD
BRIBERY
AND
CORRUPTION
ACCOUNTING
FRAUD RISESAccounting fraud hasrisen considerablyin the past fouryears, says the PwC
Global EconomicCrime Survey. Itaccounted for 24%of all reportedeconomic crimesin 2005, comparedwith 38% in 2009.Accounting fraudwas also the secondmost commonly
experienced type offraud last year. Thiswas attributed tothe tough financialclimate. Assetmisappropriation(67%) rankedfirst and briberyand corruptioncame third (27%).
More than 3,000respondents from54 countriestook part.
GRAP
HIC
NE
WS
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01 NEWLY QUALIFIEDSIN DEMANDIn the UK, accountants inbusiness who qualify in 2010 canlook forward to a demand for theirtalents, according to specialistrecruiters Badenoch & Clark.Lynne Hardman, the companysexecutive director for accountingand finance, says, Commerciallyminded business partnerscontinue to be in demand as thefinance function plays an integralpart in making informed businessdecisions. The need for newlyqualified accountants with strongtechnical skills who demonstratesome of the desired competenciesand skills for a business partnerrole is on the up. Hardman
says cashflow managementinitiatives are creating newroles for accountants: Withcost controls at the forefront ofminds, entire teams are being setup solely to manage cash flowand new revenue control roles.And year end accountants on an
interim basis are in demand asemployers bring in additionalsupport to manage the process.
02 AUSTRALIANJOBSEEKERS BACK IN THEDRIVING SEAT?Recruiters Hays Accountancy &Finance in Australia say increasedvacancy activity shows that thebeginning of a steady recoveryin the jobs market is alreadytaking place. Employers tellus they sense new optimism inthe market, says Nigel Heap,managing director. They arethinking of long-term strategies tostrengthen their business and thisincludes planning for recruitmentduring 2010. Heap also predicted
a significant increase in thenumber of employed peoplefeeling confident again aboutchanging jobs, with more peopleproactively looking to advancetheir career with a promotionmove, and others asking theirconsultant to keep a watching
JO
BS
NE
WS
brief on their behalf: Whateverthe reason, its inevitable thatthere will be an increase in themovement of candidates asthey become aware of moreattractive options.
03 SME CALL MAYHELP ACCOUNTANTSAccountants interested inadvancing their professionaldevelopment may be among thewinners if the UK governmentresponds positively to calls by thesmall business sector to providegreater support for training.According to accountancyrecruiters Witan Jardine, theFederation of Private Business(FPB) claims that 21% of
SMEs complain of a lack oflocal providers of vocationallearning. The FPB has said that,as businesses start to re-hirein tandem with an economicrecovery, better signposting isrequired to help SMEs accessthe skills and training necessaryto compete.
04 ACCOUNTANTS FAREWELL IN THE GULFAccounting and audit firms paidout higher salary rises (7.9%)during 2009 than employersin other sectors, such asconstruction, oil and gas, and
construction, according to theannual report by jobs websiteGulfTalent.com. In terms
of job categories, auditprofessionals enjoyed thelargest increases, at 7.5%,which the site attributes toincreased demand following
the economic crisis. However,there are signs that employers
are taking advantage of animproved bargaining position,with nearly a third of employers
surveyed saying they werenow recruiting at lower paythan existing, and some evenimplementing firm-wide pay cuts.
ISLAMIC FINANCE MAY BEKEY TO JOB CREATIONDemand for skills andexperience in Islamic financemay be the source of newyear careers, says one expert.Daud Vicary Abdullah, who inNovember 2009 was appointedas global leader of DeloitteTouche Tohmatsus Islamic
finance industry group,says, The Islamic financeindustry is rapidly expanding,presenting opportunitiesfor companies in variousbusinesses around the world.Demand for such skills hasseen Deloittes memberfirms providing audit, taxand consulting services to
Islamic financial institutions,as well as advice on shariacompliance issues.
8DISPATCH
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01 FOURTH
UNIVERSITY NAMEDSingapores fourth publiclyfunded university has officiallybeen named the SingaporeUniversity of Technology andDesign (SU) and will be headedby Thomas Magnanti, the formerdean of the engineering schoolat the Massachusetts Instituteof Technology (MIT) in the US.MIT and Zhejiang University inChina will be the new universitystwo foreign partners. SU isexpected to take its first intakeof 500 students in 2011,and will eventually grow to reachan annual intake of about2,500 students.
02MALAYSIAN GST UNDER
CONSIDERATION
A bill to introduce the goodsand services tax (GST) wasdue to have been tabled in the
Malaysian Parliament at theend of last month for its firstreading, signalling that thegovernment aims to push aheadwith the politically sensitiverevenue-raising option. Primeminister Najib Razak has beenquoted by Bernama as sayingthat if the bill is approved, thegovernment will introduce GSTvery gently. Its not going to bean abrupt introduction, he said,pledging that it would notburdenthe poor or middle class,or lead to rampant inflation.The proposed GST will replacethe sales and services tax.
03 CLIMATE
CHANGE SHORTFALL
Less than half of globalcompanies have carbon emissionaccounting practices in place, orstrategies for emission reduction,according to a joint report by
NEWSROUN
DU
PACCA and the Global ReportingInitiative. The study, High-impactsectors: The challenge of
reporting on climate change, saysstandards of voluntary corporateclimate change disclosurescan be improved, and that theclimate change policy frameworkneeds to be strengthened.ACCA research found thatreporting practices were belowthat demanded by investorsand other users of financialstatements. Lord Turner, chair ofthe UKs Committee on ClimateChange, calls for a clear legalframework for carbon reductionsin a new ACCA report, Getting it.More at www.accaglobal.com/pdfs/getting_it.pdf
04 PwC IS A TOP EMPLOYER
PricewaterhouseCoopers (PwC)has been named one of worldsmost attractive employersfor business students, with aparticularly strong ranking inChina, in a survey by employerbranding company Universum.PwC HR partner Dave McCann
said it was good to see anindependent external surveyreinforce the positive resultswe have seen in our ownpeople survey.
05 PUBLIC IFRS MOVE
IN CANADA
Public bodies in Canada withself-sustaining, commercial-type
operations also knownas government businessenterprises (GBEs) are to adoptInternational Financial ReportingStandards (IFRS) from 2011.Other trading public bodies
government business-typeorganisations (GBTOs) willchoose whether to use IFRS orpublic sector standards, based
on an assessment of whichstandards are most appropriatefor users of their financialstatements. The move to IFRS
ISLAMIC BANKING GROWS
Islamic banking grew in2009, despite the stagnation
in the global banking sector,according to a review by TheBankermagazine. Assets heldby Sharia-compliant banksand banking divisions roseby 28.6% in 2009 to $822bn.There was growth of 6.8% inassets held by mainstreambanks in the year to July. Thecompound annual growth rate
in Islamic finance rose to27.86%. The Gulf states hold42.9% of total Islamic bankingassets, with Iran accounting for35.6% of assets and Malaysia10.5%. The UK accountsfor nearly 2.5% of globalSharia-compliant assets. Thefastest growth was in Syria,where the Islamic finance
market expanded 500% in oneyear. The study predated theDubai crisis.
Growing market:Damascus Stock Exchange
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The latest on the global economywww.accaglobal.com/economy
particularly affects publiclyowned utilities.
06 IFRIC REVISESDRAFT GUIDEThe International FinancialReporting InterpretationsCommittee (IFRIC) has revisedits draft interpretation andguidance on extinguishingfinancial liabilities with equityinstruments. IFRIC had previouslyproposed that equity instrumentsissued to extinguish a financialliability should be measuredinitially at the fair value of theequity instruments issued, orthe fair value of the liabilityextinguished, whichever ismore reliably determinable. Butrepresentations urged that thereshould not be an accountingchoice regarding whichmeasurement should be used.IFRIC has determined that thepreferred measurement shouldbe the fair value of the equityinstruments issued.
07 AUDITORS A YOUTUBE HITA PricewaterhouseCoopersvideo showing auditors in itsChinese practice dancing is themost viewed video on YouTube(see page 44 to view the clip),according to a review of auditfirms presence on socialnetworking sites. Top of thecringe list by a long way [an]excruciating and toe-curling
song, is the verdict on a songthat includes lyrics that praiseErnst & Young, says the review bythe Conversation Group.
08MALAYSIAN ECONOMYSTUCK, SAYS BANKMalaysia may fall short of itsgoal to become a high-incomenation as it is no longer a
low-cost producer and lacksthe investment to compete inmore advanced industries, theWorld Bank cautioned in its first
countryreport onMalaysia. Theeconomy seems tobe caught in a middle-incometrap unable to remaincompetitive as a high-volume,low-cost producer, yet unableto move up the value chain andachieve rapid growth by breakinginto fast-growing markets forknowledge and innovation-basedproducts and services, said thebank in a Reuters report.
09HOT MONEY FLOODS UKHong Kong attracted a recordHK$567.5bn in fund inflowsin the months from October2008 to November 2009 asWestern investors looked toAsia in search of higher yields.This unprecedented flow ofhot money pushed stockprices up by 57% and propertyprices up 30%, raising the riskof a bubble. Norman Chan,Hong Kong Monetary Authoritychief executive, said surgingcapital inflows posed a dilemmafor policymakers across Asia.
10 RAINY DAYS ARRIVEThe Chinese could be changingtheir cautious spending habitsin the longer term, followinga spree encouraged by thegovernment which included taxcuts on new cars to sustaineconomic growth. While they
traditionally tend to save 30%of their income, a survey byMasterCard has revealed that41% of urban householdsand 59% of rural householdsare planning to increase theirspending in the next 12 months.MasterCard Worldwideseconomic adviser for Asia Pacific,Middle East and Africa, Yurra
Hedrick-Wong, said the findingswere positive for a strongeroutlook of domestic consumptionin 2010.
DUBAI SHAKES UPFINANCIAL ROLESOmar bin Sulaiman has beenreplaced as the governorof the Dubai InternationalFinancial Centre. Theannouncement was madedays before the extent of thecrisis relating to Dubai Worldand other Dubai governmentinvestments became clear.The new governor, AhmedHumaid Al Tayer, was UAEfinance and industry ministerfrom 199397. He is alsochairman of the EmiratesNational Bank of Dubai andthe Commercial Bank ofDubai. Dubais governmentmade other changes in senior
state personnel, including onthe board of the InvestmentCorporation of Dubai thegovernments investmentarm. The changes meanthat Dubais ruler, SheikhMohammed bin Rashidal-Maktoum (above), andhis son, Sheikh Hamdan binMohammed, the Crown Prince
of Dubai, take a more involvedand controlling role in therunning of state investments.
DUBAISHAKES UPFINANCIALROLESFACTS ANDFIGURES
$40bnDebts owed byDubai World
$26bnSize of the debtrestructuring
$3bn Size ofthe largestsingle bankexposure the EmiratesNational Bankof Dubai
STUDENT ACCOUNTANT ISSUE 01/2010 11
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While writing BrilliantCover Letters, I conducted acomprehensive analysis of over1,000 cover letters to derive aTop 15 most common coverletter writing mistakes. Herethey are for you, along with a fewtips on how to avoid them.
1 Failing to write to theright personThe best person to whom toaddress your cover letter isclearly the person who is goingto be making the decision asto whether or not to interviewyou. Too many letters aresimply addressed to the HRManager and start, DearSir/Madam. You want to tryto get right through to thedecision maker.
2 Not including your own fullcontact detailsI would recommend that youstart all your letters with a
professional-looking letterhead.It is vital that the reader canspot, at a glance, not only yourname but also precisely how toget in contact with you.
3 Inappropriate email addressesAvoid using fun or jokey emailaddresses. You might havetaken time to put together a
brilliant cover letter, but if youremail address isnt professional,then it may well harmyour chances.
JAMES INNES, AUTHOR OF THE CV BOOK, THE INTERVIEW BOOKAND BRILLIANT COVERLETTERSAND FOUNDER OF THE CV CENTRE (WWW.INEEDACV.CO.UK), DESCRIBES
WHAT YOU SHOULD AND SHOULD NOT WRITE IN A COVER LETTER
4 Losing the readers interest withyour opening wordsThe primary goal of your openingparagraph is to explain to thereader why it is that you arewriting to them. Your openingparagraph is vital in capturing thereaders attention. It will normallybe the first and sometimes only
paragraph they read. If you
fail to start building your caseimmediately you risk losing thereaders interest right from thevery start.
THE 15 MOST COMMON COVER LETTERMISTAKES: HOW TO AVOID THEM
5 Not saying what job yourelooking forAt the beginning of your letter,you should always clearlystate the position you areapplying for along with anyreference number(s) quoted inthe job advert.
6 Failing to make your caseWhile it would definitely be amistake to arrogantly oversell
yourself, it is also a mistaketo undersell yourself.
Dont be afraid to blowyour own trumpet
and show a littleself-confidencein what it is thatyou have to offera prospectiveemployer. Its a
tight job marketout there. You need
to compete effectivelyif youre to stand any
chance of achieving your
career goals.
7 Repeating what is written inyour CVToo many people fall into thetrap of repeating too muchof what their CV already says.While you should definitelyhighlight certain key aspects ofyour CV in your cover letter, you
should avoid simply copying andpasting. Theyve got a copy ofyour CV. Your cover letter shouldcomplement it not repeat it.Y
OUROPENINGPARA
GRAPHISVITALINCAPTURINGTH
EREADERS
ATTENTION.ITWILLNO
RMALLYBETHEFIRSTANDSOM
ETIMES
ONLY
PARAGRAPHTHEYREAD.
12 LEARNING CENTRE
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12 LengthAs a general rule, most cover
letters dont and shouldnt exceed one A4 page
in length. Never losesight of the fact thatyour cover letter is not
intended to take the placeof your CV; its meant to act as
an introduction.
13 Spelling, grammar and typosIt might seem hard to believethat people actually do sendout letters with errors in them.But, believe me, it happensall the time and if you canmake sure that your letters aretotally error-free then you willimmediately be at an advantage.
14 Spamming everyone with thesame letterIn just the same way that yourCV should ideally be tailoredfor each application, so shouldyour cover letter. In fact, it is evenmore important to tailor yourletter. It stands to reason thatevery job and every organisationis different and every letterand every cover letter should,therefore, also be subtly different.
15 Not signing the letterWhile you wont be able tophysically sign a letter sent byemail, you should always signletters sent by post or by fax.By taking the time to sign theletter before sending it, youregiving out one further signalto the reader that you have
taken the time to write to thempersonally and havent just sentout the same letter to hundredsof people. IT
ISI
MPORTANTTOT
AILORYOURLETTER.ITSTANDST
OR
EASON
THAT
EVERYJOBAND
EVER
YORGANISATIO
N
ISDIFFERENTAND
EVERYLETT
ER
AND
EVERYCOVERLETTERSHOULD,TH
EREFORE,ALSOB
ESUBTLYDIFFE
RENT.8 Lack of call to action
The key to ending your letteris to make sure you do so in apositive, upbeat manner. Youcant exactly demand a responsefrom them but you need todo everything in your power toencourage one.
9 Talking about moneybefore youve even gotyour foot in the doorUnless youvespecifically been askedto do so, never bring upthe question of money inan initial cover letter. It canbe a mistake because it sendsa clear message to the reader thatyou are more focused on your ownneeds than you are on theirs.
10 Giving the reader I-strainThe word I is often over-used incover letters. Unlike a CV,a cover letter should, ofcourse, be written in the firstperson. However, if you startevery sentence with Ithen it can make for prettytedious reading. It might notbe easy to cut down on youruse of I but you shoulddefinitely make an effort todo so.
11 Lack of coherent structureLike all the best stories, thebest letters have a strong andclearly defined beginning,middle and end. Its importantto make sure your letter isstructured in a logical fashion.
Capture their attention, makean impact, maintain theirinterest and finish with a strongclosing paragraph.
COVER
LETTER DOs
COVER
LETTER
DONTs
SAME LETTER,DIFFERENT JOBS
FUN OR JOKEEMAIL ADDRESS
LACK OFSTRUCTURE
ASK ABOUTSALARY
GENERIC HRCONTACT
SHORT LENGTH
PROFESSIONALLETTERHEAD
SPELL-CHECK
STATE THEJOB/POSITION
SIGNATURE
14 LEARNING CENTRE
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17
TALKING TECHNOLOGYUPGRADE OR NOT UPGRADE?TRADITIONAL SOFTWARE DEVELOPMENT COMPANIES WANT TO SELL AS MANY COPIES
AS POSSIBLE OF THE LATEST AND GREATEST VERSIONS OF THEIR SYSTEMS. BUT DECIDING
WHETHER THIS IS IN YOUR BEST INTERESTS OR NOT CAN BE A TRICKY JUDGMENT
CALL FOR INDIVIDUAL CONSUMERS AND ORGANISATIONS
company Gartner, migrating toWindows 7 from Windows XP ina corporate environment couldcost, on average, a whoppingUS $1,930 per seat, taking intoaccount the cost and time totalk to vendors, test existingapplications on the new operatingsystem, and upgrade or replaceany non-compliant softwareor inadequate hardware. Soyou will understand why manyorganisations are in no rush toupgrade their operating systemssoftware and why the cloudcomputing delivery model(which relieves software usersof the burden of repeatedsoftware upgrades) is becomingincreasingly popular.
the previous version; the lattergenerally costs less than theformer, until the point whenonly systems pre-loaded withthe latest release are availablefor purchase. New versions ofsoftware tend to require moreprocessing power and morememory than their predecessors,and this can become the decidingfactor. However, with some typesof software application, havingthe latest version is absolutelyessential even if it alsonecessitates other changes.
For example, the software thataccountants and businessesuse to help them meet statutoryreporting requirements arefrequently and repeatedlyupdated, because they mustchange to reflect frequent andrepeated updates to things suchas tax codes. So businessestend to take a different(and more pragmatic)perspective on softwareupgrades thanindividual consumers:acknowledging thatsome of themare an absolutenecessity, whileothers arepotentially moretrouble than theyare worth.
Accordingto the researchT
HES
OFTWARETHAT
ACCOUNTANTSANDBUSINESSES
USE
TOHE
LPTHEMMEETST
ATUTORYREPORT
INGREQUIREMEN
TSARE
FREQ
UENTLYANDREPEATEDLYUPDAT
ED,BECAUSETH
EYMUST
CHAN
GETOREFLECT
FREQUENTAND
REPEATEDUPDA
TES.
Apple spent 1.37% of its revenueon advertising during the lastfinancial year thats US $501m.Microsoft spent a more sizeable2.4% of its revenue thats US$1.4bn. All of which funds a slewof advertisements designed topersuade potential purchasersand end-users, among otherthings, that if they do not haveMicrosoft Windows 7 or AppleSnow Leopard on their personalcomputer, civilisation will grindto a halt and the world as weknow it will come to an end.
Clearly, this is not going tohappen. But knowing this doesntmake deciding whether to go withthe most up-to-date version of anoperating system (or a softwareapplication) an easier judgmentcall whether you are aboutto buy a new computer from aretail outlet, contemplating anupgrade to your existing machine,or considering the future ofhundreds (or thousands) ofdesktops and laptops in acorporate environment becauseif you want to make the rightdecision for you or your business,you will need to take a lot offactors into account.
Cost and features are usuallythe most significant. This couldmean deciding whether to buy anew PC with the latest operatingsystem or opt for a slightly lessup-to-date machine loaded with
STUDENT ACCOUNTANT ISSUE 01/2010
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BP is one of the worlds largestpetroleum and petrochemicalsgroups and, for over 30 years,has been operating in the
Sindh province of Pakistan asBP Pakistan Exploration andProduction Inc. BP Pakistan,along with its joint venturepartners, currently produces theequivalent of 45,000 barrels aday of oil, selling crude oil tolocal refineries and natural gasto the local energy supplier SuiSouthern Gas Co Ltd.
BP Pakistan became an ACCAPlatinum Level Employer in 2008,joining the scheme in order toadd value to the organisationas a whole. Ten ACCA students
ACCA AT BP PAKISTAN
EXPLORATION AND
PRODUCTION INC
SHARIQ IQBAL SIDDIQQUI
ACCA member
Working for BPhas enabledme to fulfil myambition tolearn more,and I have
progressedprofessionally. When I joined BP,I had already gained experienceof audit, supply chainmanagement, and finance,especially as I had worked asa finance manager in a refinerywhich gave me experience ofthe accounting requirementsof an upstream business.Working in this role, I did notfind the accounting difficult,but it was a challenge for meto gain the technical businessknowledge required in order toproduce the required reportsand to fill any gaps.
Shariqs six-years experiencein payables, treasury, andaccounting have proved tobe excellent preparation forhis responsibilities at BP asan accounting supervisor.These include supervisingthe payment process forvendors invoices, employee-related cheque requests,trainee engineers paymentsand all employees expenses.Shariq also liaises with humanresources on medical carebenefits. He also presents a
BPPAKISTANBECAMEANACCAPLATINUMLEVELEMPLOYERIN2008,
JOIN
INGTHESCHEMEINORDERTOADDVALUETOTHEORGANISATION
ASA
WHO
LE.TENACCASTUDENTSARECURRENTLYEMPLOYE
DBYTHECOMPA
NY,
ALONGWITHTWOAFFILIATESANDTWOACCAMEMBERS.
are currently employed by thecompany, along with two affiliatesand two ACCA members.
Students are encouraged and
supported throughout their ACCAstudies they take part in aprogramme of comprehensivetraining and mentoring whichencourages them to askquestions and to develop theirown opinions. In addition,students fees are paid whenthey qualify, and they are givenexam leave.
And support doesnt stopthere. ACCA affiliates workwith their managers to setannual objectives, which are
monitored byannual appraisals,and, on gainingACCA membership,BP pays annualmembershipfees and offerswide-ranging
CPD opportunities,which, together witha range of challenging
assignments,ensuresprofessionaldevelopment
is encouraged.
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report on outstanding paymentsfor monthly management review,and ensures that his team leader
is promptly updated on anyissues that might arise. Shariq iscurrently looking after a couple ofautomation projects to enhancethe teams performance.
SHENILA HAKIMSHALLWANIACCA affiliate
Shenila HakimShallwani hasbeen workingas a revenue accountant in theFinance Department of BP sinceNovember 2007. Shenila creditsACCA for her career progression:In BP, having a qualification isgiven significant importance;staff are motivated to acquire aprofessional qualification, andnew appointments to the financeteam are made on the basisof the applicants professionalaccountancy qualification.
Shenila works in gasaccounting, part of the revenuesection of BPs Financedepartment. Finance plays a vitalrole in supporting the explorationbusiness, from reporting thefigures to approving financialexpenditure. Business dependson revenue, as its not worthproducing something that cannotbe sold, she comments.
Shenila prepares a varietyof invoices for the local SuiSouthern Gas Co Ltd, andfor concession partners. Shealso responds to queries fromthe local regulatory body (the HA
VINGTHEACCA
LETTERSAFTERM
YNAMEWILLG
IVEMETHE
OPP
ORTUNITYTOWORKFORANYORG
ANISATIONINAN
YPARTOFTHE
WO
RLD.IAMALSOB
ETTEREQUIPPED
TODEALWITHT
HEBUSINESSAN
D
FINANCEISSUESWH
ICHARISEINMY
DAYTODAYWORK.SHENILAHA
KIM
Director General of PetroleumConcession), on royalties, pricingand other issues. Also as part of
her role, Shenila is responsiblefor preparing the final monthlygas production numbers,variance analyses, reconciliationstatements, and generating thefigures used to calculate the draftprice of gas for the followingsix months.
Shenila entered BP after havingtrained in audit at Deloitte, and
also has experience of workingin audit within the banking,finance and FMCG sectors. WhenI started working for BP, it wasa challenge to gain the technicalknowledge I needed in orderto understand the business,such as the science behind gasproduction and measurement,and international pricing issues.I have learned a lot as a BPemployee and have gained fourEmployee Recognition Awards. Iam confident about my future withthe organisation, although thereare more stairs to climb and thereis a lot more to learn, she adds.
Shenila hopes one day to be atthe top of the finance professionand recommends ACCA forpeople wanting a renownedprofessional accountancyqualification. She says: Havingthe ACCA letters after my namewill give me the opportunityto work for any organisation inany part of the world. I am alsobetter equipped to deal withthe business and finance issueswhich arise in my day to daywork, and to work effectivelyunder pressure.
QAISRA JABEENACCA student
Qaisra Jabeen,a maths andphysics graduate,works in BPsOil Accountingdivision. Qaisra joined thecompany in 2002 as an internbefore moving to the GasMeasurement division. She nowworks in Oil Accounting where she
undertakes a wide variety of tasks,such as weekly crude oil pricecalculations, and recording theoil deliveries made to refineries.She also records monthly salesto refineries, and looks afterthe payment of royalties to thePakistan Government, providingfurther details to the directorgeneral of Petroleum Concession.
Qaisra started her ACCAstudies in August 2005 shehopes to qualify in June 2010,and studies at a local tuitionprovider, using flexitime leaveprovided by BP: This gives mea set structure for my studyassignments, comments Qaisra.Having these deadlines helps meenormously as it forces me towork hard months before I haveto take my exams.
Qaisra is also very happy to beworking for an ACCA ApprovedEmployer: ACCA offered mesolid career progression, shecomments, and working for anACCA Approved Employer offersmany advantages, especiallythe chance to work alongsidecolleagues who are already ACCAaffiliates or members.
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and overseeing external audits.My role has evolved withthis new post, she says, asI am now in overall chargeof the financial activities ofthe company, whereas beforeI was responsible for onespecific area.
Despite continuous careerprogression, Clara still
decided to study for her ACCAQualification. She registeredin August 1989, and hopes tofinish this year SMC Zambiahas been supporting Clarawith financial assistance andstudy leave. I aim to becomea member as soon as possibleafter finishing my exams,she says. ACCA is a globally
recognised professionalbody and employers haveconfidence in the performanceof employees who are ACCAqualified. My ACCA studiesdefinitely contributedtowards my promotion.
Clara is determined to becomean ACCA member, despitestarting her studies late in her
career: Although I am already 44I am still pursuing my dream ofbecoming ACCA qualified, evenit means studying until after Iretire! My advice to students isto keep going its not easy tostudy and work full-time, andthis has been a challenge forme. However, ACCA membershipbrings great benefits it will raisemy profile in the profession, andhaving those letters after myname will bring great prestige.
Age is just a number andshould not deter anyone frompursuing their dream, saysACCA Qualification student ClaraYamba who, at 44, is older than
many of those studying for ACCA.Clara has risen steadily throughthe accountancy profession,and is currently a financialaccountant for SMC Zambia Ltd,part of the multinational SandvikMining and Construction Groupin Kitwe, Zambia.
Clara entered finance in1988 after gaining a diploma inaccountancy from the Evelyn HoneCollege in Lusaka. I was first anaudit assistant with Coopers &Lybrand (as it was then) in Ndola,rising through the ranks until Ibecame a senior audit supervisor,explains Clara. I then joinedMutende Mining as a companyaccountant, reporting to thechief accountant.
Five years later, MutendeMining was taken over by FinnishST
UDENTI
NZAMBIA
CL
ARAYAM
BA
company Tamrock, then takenover again by the present owner,Sandvik. As company managementchanged, so did Claras job:First, my job title changed fromcompany accountant to senioraccountant, and then I waspromoted to contract accountant,overseeing the financial affairs ofa contract running at the Mindolo
mine in Kitwe, she explains.Then the accounting functionwas reorganised again and so I
moved to head office and becamethe accounts payable managerin charge of both foreign andlocal payables, with the role ofsystems accountant later added
to my brief. In 2008, I waspromoted to my current role offinancial accountant.
SMC Zambia is the largestsupplier of undergroundequipment and after-sales servicecontracts to the countryscopper mining industry. Asfinancial accountant, Claras roleincludes the reconciliation of allsub-systems, posting all monthlymanual journals, preparingmonthly reporting schedules,
ACCA MEMBERSHIP BRINGS GREAT
BENEFITS IT WILL RAISE MY PROFILE IN
THE PROFESSION, AND HAVING THOSE
LETTERS AFTER MY NAME WILL BRING GREAT
PRESTIGE.
ACCA IS A GLOBALLY RECOGNISED
PROFESSIONAL BODY AND EMPLOYERS HAVE
CONFIDENCE IN THE PERFORMANCE OF
EMPLOYEES WHO ARE ACCA QUALIFIED. MY
ACCA STUDIES DEFINITELY CONTRIBUTED
TOWARDS MY PROMOTION.
20 LEARNING CENTRE
