Sizwe Nxumalo named GBC Future Business Leader 76 email.pdf · Sizwe Nxumalo (second from left), GBC Future Business Leader 2012, with teammates, Simbarashe Nyatsambo, Panashe Chigumadzi

Sizwe Nxumalo (second from left), GBC Future Business Leader 2012, with teammates, Simbarashe Nyatsambo, Panashe Chigumadzi and Khethinkhosi Dlamini. This SA team reached the final six and finished in fourth position.

Sizwe Nxumalo named GBC Future Business Leader

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Sizwe Nxumalo from team Monomotapa, representing South Africa, was named as Future Business Leader at the 2012 CIMA Global Business Challenge (GBC) in partnership with Barclays at the global final in Sri Lanka in July. The award is presented to the student who possessed both outstanding presentation skills and the ability to convince the judges of their business standpoint. Sizwe beat over 14,000 students to attain the accolade. Eighty eight participants were assessed and then narrowed to a final three. During their interviews the finalists faced rigorous questioning from Andrew Harding, MD, CIMA; Szilard Brenner, Internal Audit Manager, South East Asia, Tesco; and Deepesh Lad of Barclays. Sizwe pipped Prachi Metha of team Veritas from the Middle East who was runner up and Julie Niblock of Q Consult from Ireland who came third.

Szilard Brenner, Tesco said: “ This session was one of my favourites; meeting and identifying promising talents of the future. Sizwe is a high calibre and inspiring individual who impressed us during the days of the Challenge as well as during the interview. He showed understanding of what it

takes to be a great leader by sharing his experience and his vision to become one. These included; importance of recognising others, exposing them to their potential and encouraging people to work together towards a common goal. He has a clear aspiration to lift people by providing them opportunities to outstanding education and I believe that he will make us proud over the years to come. Good luck to him and to all who participated in the 2012 GBC competition and learnt from this unique experience.” The GBC is the most important student event in CIMA’s calendar as it gives the world an opportunity to discover the business leaders of tomorrow and allows these future leaders an opportunity to showcase their talents on a global stage. Other winners on the night included; 2012 GBC Global Champions the Indivisibles of the University of Exeter in the UK, Eva Consulting from the University of New South Wales in Australia who were First Runners Up, New Dimension Consulting from Auckland University in New Zealand who were Second Runners Up.

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

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CIMA has appointed a new Head of South Africa. Zahra Cassim joined CIMA on 2 July 2012 with responsibility for driving the long term country strategy and will report to Samantha Louis, Regional Director: Africa.

Zahra joins CIMA from the Institute for Public Finance and Auditing (IPFA) where she was Group Chief Executive of the Institute and its subsidiary, Public Finance IQ (PFiQ).

Having joined IPFA as Professional Development Director in 1999, Zahra was initially responsible for developing and implementing the qualifications framework and tiered membership structure of the Institute.

During her 10 years at IPFA, Zahra also served on various skills development committees and boards, advising on matters relating to education, training, career

opportunities and vocational trends. She also served as a Management Board member of FASSET (a Sector Education and Training Authority for Finance in South Africa) and a Technical Advisor on the International Accounting Education Standards Board (IAESB) of IFAC from 2005 – 2007.

Ms Cassim holds a B.Com degree and a post-graduate Diploma in Education from Rhodes University. Her early career included lecturing and research in skills development. She moved to Pretoria in 1998 and joined the South African Qualifications Authority (SAQA) as an Assistant Director responsible for Business Commerce and Management Studies.

CIMA appoints new Head of South Africa

CEMS and CIMA Open DayLearners from Mamelodi, Soshanguve and Hammanskraal were given an opportunity to meet with academic staff from the College of Economic and Management Sciences (CEMS) Department of Management Accounting as well as representatives from CIMA. The event, held on 30 May 2012, aimed to introduce the learners to professions within the accounting streams, with particular emphasis on programmes offered by Unisa in collaboration with CIMA.

Andile Nobatyi, senior lecturer in the Department of Management Accounting: “It is important to provide information to learners while they are still in high school. This will enable them to make informed career choices.“

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CIMA attended the Inaugural meeting of the Pan African Federation of Accountants (PAFA) in Tunisia in May. PAFA has been formed to promote and develop the Accounting profession across Africa. CIMA plans to work closely with the Federation to promote the importance of management accounting and its contribution to prudent government and economic growth.

This is the first year that Ghana has participated in the Global Business Challenge. Across the country universities submitted teams of four to compete for national winner. The winning team is the JERS Unlimited team from the University of Ghana. The team flew to Colombo, Sri Lanka to compete with all other country winners.

CIMA attends inaugural meeting of PAFA

University of Ghana wins country final of GBC 2012

Pictured at the inaugural meeting (L to R): Vickson Ncube (Chief Executive – PAFA), Paul Aninakwah (Manager – CIMA Ghana), Göran Tidström (President – IFAC), Major Gen. Sebastian Achulike Owuama (President - PAFA) and Kennedy Msusa (Manager – CIMA Zambia).

From left : Jesse Owusu-Bempa, Richard Akyeanfo, Paul Aninakwah, Manager: CIMA Ghana, Sheldon Ambaah, and Evans Adu.

Mauritius CIMA members to join MIPA

Upcoming events

According to Section 51 of The Financial Reporting Act 2004 of the Republic of Mauritius, all members that belong to professional bodies such as CIMA, ACCA, ICAEW must now register with the Mauritius Institute of Professional Accountants (MIPA).

The branch committee of Mauritius sent a notice to CIMA Mauritius members who have not yet completed the registration process to do so by emailing Mr Bheem Ramruttan: Chief Executive of MIPA at [email protected] or Daniel Chan Chong FCMA, CGMA at [email protected]

Effective date of Tax Administration Act, 2011Please note that SARS’s preparations for the implementation of the Tax Administration Act are at an advanced stage. SARS anticipates that the provisions of the Act will come into operation by October. Following on CIMA’s tax update event that was well attended, Professor Danie Erasmus will also present a CPD update seminar on a national basis during August 2012 together with the South African Institute of Tax Practitioners, if you missed the CIMA update, these CPD events should be useful. For further details, visit: www.thesait.org.za/events/event_list

CSSA Premier Corporate Governance Conference Date: 13 - 14 September 2012.

Wanderers Club JohannesburgRegistration deadline: Friday 7 September 2012Contact email: [email protected]

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(1) No person shall hold himself out as a professional accountant, or use any description or designation likely to create the impression that he is a professional accountant, unless he is registered as a professional accountant with the Mauritius Institute of Professional Accountants.

(2) Every member of – (a) the Institute of Chartered Accountants in

England and Wales; (b) the Institute of Chartered Accountants of

Scotland; (c) the Institute of Chartered Accountants of

Ireland; (d) the Association of Chartered Certified

Accountants; (e) the Institute of Chartered Accountants of India; (f) the Chartered Institute of Management

Accountants (g) the South African Institute of Chartered

Accountants, shall apply to the Mauritius Institute of Professional Accountants to be registered as a professional accountant.

(3) A person who is a member of a professional accountancy body other than those referred to in subsection (2), and –

(a) satisfies the requirements relating to qualifications in the field of accountancy; and

(b) has a minimum of three years’ practical experience in the field of accountancy, may

apply to the Mauritius Institute of Professional Accountants, to be registered as professional accountant in such form or manner as the Mauritius Institute of Professional Accountants may determine.

(4) An application made under this section shall be accompanied by such fees and such information as the Mauritius Institute of Professional Accountants may determine.

(5) The Mauritius Institute of Professional Accountants shall register the applicant as a professional accountant and enter his name and such particulars as the Mauritius Institute of Professional Accountants considers relevant, in the Register of Professional Accountants where the applicant –

(a) is a citizen of Mauritius, or where he is a noncitizen, he holds a work permit or is legally exempted from holding a work permit;

(b) is a member of a professional accountancy body; (c) is of good character and has not been convicted

of an offence involving fraud or dishonesty in any country;

(d) has successfully undergone such examination or assessment as the Mauritius Institute of Professional Accountants may deem fit for the purpose of determining whether he possesses adequate professional accountancy knowledge and skills; and

(e) has paid such fees as the Mauritius Institute of Professional Accountants may determine.

Section 51 of The Financial Reporting Act 2004 5.1 Registration of professional accountants

Results of a recent global survey amongst management accountants show that worldwide 80% of respondents - up from 72% in 2008 - indicated that their companies had provided codes of ethics, policies, training and hotlines. However, of all the global markets surveyed, South Africa scored the lowest with only 74% saying that their companies had implemented policies and codes.

Says Samantha Louis, Africa Regional Director for CIMA: “This is a worrying risk for South African companies despite the groundbreaking and internationally recognised King lll codes of governance and its related regulation. By contrast, Zambia and India scored highest at 84%. What is more concerning is that more than a third (37%) of South African respondents indicated that they felt pressured by colleagues or managers to compromise their standards of ethical business conduct.”

By comparison only 18% of the UK and US respondents felt pressured – this is the lowest closely followed by Ireland (20%) and Australia (27%). South Africa was higher than the global average, which was 35%, driven by high levels of pressure experienced by professionals in emerging economies.

Says Ms Louis: “CIMA, in conjunction with the American Institute of Certified Public Accountants, published the survey results in a report entitled Managing Responsible Business. This was a follow up to its first global ethics survey in 2008. Despite having called for business ethics to be higher on the corporate agenda, the key

findings of the 2012 report show that while there have been positive developments in terms of building the architecture for ethical codes and practices, the translation of these into practice is lagging behind. Clearly this poses a significant risk to business. We need less talk and more action.

“It seems the economic downturn is a factor in this increased pressure to compromise with 20% of respondents agreeing that they feel more pressured to compromise personal or professional standards during economic slowdown.”

The report showed that there was a significant global decline in the number of corporate leaders who held formal responsibility for ethics, falling from 67% to 60% for the board and 55% to 49% for the chief executive. Finance-related roles are now seen as having greater responsibility for ethical standards in organisations with the finance director up from 34% to 39% and the head of internal audit up from 24% to 28%.

However, Louis says that if an ethical culture is to be embedded successfully, it is important that all staff have some responsibility for ethical standards, given that formal policies and compliance are not sufficient on their own.

“On the positive side, more firms are collecting information on ethical behaviour up from 30% to 36%, and more companies are reporting on ethical information and corporate social responsibility, with 40% indicating that this is a requirement in their organisations. It is encouraging that integrated reporting is growing in importance and is driving the need for better and more robust non-financial data. This is where management accountants can play a key role in monitoring performance against key indicators. Of those who do gather information on ethical performance, 62% are doing so as part of the organisation’s regular management information systems, while 45% gather such information during staff surveys.

“It is clear that there are increased pressures within the workplace to compromise ethical standards – despite the prevalence of ethical codes, policies and statements. In response, leadership teams need to ensure that their stated commitment to ethical practice is fully embedded within the actual operating culture of the organisation. Without an authentic tone from the top, ethical behaviour is more easily compromised,” concludes Louis.

SA scores lowest on implementation of ethics

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We all polish our CV before a job interview. Instead of organising paper we “administrate”, and rather than waitressing we are “customer assistants”. A garbage man can become a “waste collector” and a person that prints flyers can label themselves as “promotions director”.

Nothing wrong with highlighting and clarifying what we’ve done and what we are good at – we have all done it to advance our careers. But, the line between polishing and falsifying is quite clear cut: we might refer to ourselves as administrators when we spent most our time shredding senior colleague’s old papers, but there is a vast difference between that and claiming we directed the office. Or get a role on the basis of a false qualification. Yet some people, high level employees included, have crossed that line.

In mid May, Yahoo’s Scott Thompson stepped down as CEO after it was revealed that his CV contained false information. The CV stated that he had a degree in accounting and computer science from 1978. It had been revealed that Stonehill College, from where he had graduated, only started their accounting and computer science degree in 1983. He did have the degree in accounting, but the computer science part came from thin air. How did this happen? Mr Thompson blamed a headhunting firm for the error.

CIMA members and students have an individual responsibility to make sure this doesn’t happen – there is no blaming the headhunting firm for falsifying information, because falsifying a CV would be breaching several of the key principles stated in our Code of Ethics:• Integrity in section 110• Professional Competence in section 130 • And possibly, section 330, about Acting with Sufficient

Expertise.

Mr Thompson resigned after the incident was revealed. The fact that he had blamed the incident on the headhunting firm only worsened his situation. Laxmin Mahendra, conduct manager at CIMA, says: “CIMA’s Members and Registered Students found breaching the code to gain employment or enhance their qualifications could face CIMA’s Conduct Committees. Past cases have shown that CIMA’s Conduct Committees consider such misrepresentation capable of tarnishing the Institute’s reputation and have in the past cancelled student registrations as a result.”

Instead of gaining you employment, a misleading or falsified CV could cost you your job. So next time you update your CV, polish it – but not too much.

Polish your CV but not too much

8

If a Chartered Management Accountant wishes to provide accounting services to members of the public for a fee, he/she must register with CIMA as a Member in Practice and fulfil the necessary requirements of that process. This is regardless of whether he/she is registered with another professional body. CIMA students may not register as a Member in Practice. For more information please look at www.cimaglobal.com/Members/Members-handbook.

Once registered as a Member in Practice a member resident in South Africa may:• Act as an Accounting Officer for Close Corporations in

terms of the Close Corporations Act, 1984 (Act No. 69 of 1984)

• Act as an Independent Reviewer in the case of a company whose public interest score for the particular financial year was less than 100 in terms of the Companies Act, 2008.

The Independent Regulatory Board of Auditors is in the process of applying to review the Audit Professions Act to allow them to recognise professional bodies for the purposes of Independent Review in addition to auditing. Currently the only body recognised in terms of section 33 of the Auditing Professions Act of 2005 is the South African Institute of Chartered Accountants. Please note that Independent reviews must be carried out in terms of ISRE 2400 and members must ensure that they are familiar with and able to apply the Standard.

CIMA has signed an agreement in which it provides a list of those members eligible to provide accounting services to the public to the Companies and Intellectual Property Commission (CIPC).

Public practice activities in South Africa

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New Manufacturing Incentive launchedThe Department of Trade and Industry (the dti) released the Manufacturing Competitiveness Enhancement Programme (MCEP) guidelines on 15 May 2012. Applications may be submitted from 4 June 2012 to 31 March 2018. The programme encourages manufacturers to upgrade their production facilities to sustain employment and promote enterprise competitiveness through maximising the value-addition.

The incentive benefitThis production incentive offers companies, close corporations and co-ops a cost sharing grant calculated at 7 - 15 % of the manufacturing value addition (MVA*), with the dti covering up to 80% of costs in certain cases. After the two year incentive agreement period and submission of the final MCEP claim, applicants may apply for further interventions under MCEP.

The incentive can be applied using one or a combination of the following components:

Component Cost sharing grant Maximum Qualifying assets / costs

Capital investment

30 - 60 % of investment

30 - 60 % of investment

50 - 70 % of investment

50 - 70 % of cost

80 % of costs

R 55 mil

R 50 mil

Calculated MVA

R 7,5 mil

R 50 mil

Owned /capitalised machinery and equipment Capitalised buildingsForkliftsTools, jigs & dies

Cleaner productionWaste managementEnergy efficiencyRenewable energyWater use efficiencyConformity assessments

Process improvement / optimisationProduct improvementsConformity assessmentLogistics improvementsInformation technology systemsSkills developmentProcurement process improvementBidding costs

Feasibility studies

Market researchExport promotion costsProduct development costsInternational marketing costsCosts of developing shared infrastructureProcess improvement costsBenchmarking costsInternational advertising and publicity

Green technology and resource efficiency improvement

Enterprise-level competitiveness improvement

Feasibility studies

Cluster competitiveness improvement**

1) Production incentive (managed by the dti):

• Pre- and post-dispatch working capital facility of up to R 30 mil at a fixed interest rate of 6 % over a 4 year term

• Industrial policy niche projects fund Projects falling under the Tourism, Automotive, Clothing, Textiles, Leather and Footwear sectors that qualify for

support under TSP, AIS, APDP / MIDP, NIPP and CTCP will not qualify for support under MCEP. Automotive component manufacturers with less than 25 % of its base year turnover earned as part of the motor vehicle manufacturers supply chain may be considered for MCEP.

2) Industrial financing and loan facilities (managed by the Industrial Development Corporation):

continues on page 10

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New Manufacturing Incentive launched (cont...)Submitting applicationsApplications must be submitted at least 60 calendar days prior to start of commercial production of the assets or undertaking the activities applied for. Evaluation criteriaExisting manufacturers with financial history of at least one year will be considered for MCEP. Applicants must have at least a level four B-BBEE status

or should submit a plan to demonstrate how the level four B-BBEE status will be achieved within a period of four years. Those manufacturers that are unable to comply with this condition may provide reasons for inability to comply, and the dti will consider each case on its own merit. Only one application in respect of each plant may be submitted within a two year period.

How to record your CPD event: 6 June 2012The event, attended by 27 members and students, was held at the Country Club Johannesburg in Woodmead. The session was conducted by Wikus Roets and Dineshrie Pillay, both ACMAs and members of the Gauteng branch committee.

Data Analysis using spreadsheets, held on 28 June 2012Members and students gathered at the Bronte Hotel in Zimbabwe to gain better understanding of excel spreadsheets and the learn how to analyse data using logical functions. The workshop was facilitated by Herbert Chitate, ACMA, CGMA and owner of Talarius Spreadsheet Training and Consultancy. The event was attended by 47 delegates.

GBC presentation skillsDineshrie Pillay, ACMA, CGMA and founder of Neospectives Consulting facilitated two workshops for the GBC team on 19 June and 9 July. This was to prepare Team Monomotapa for the GBC global finals in Sri Lanka on 23 and 24 July. Dineshrie gave tips on presentation skills, how to use body language and how to maintain a professional presence at conferences and meetings.

Events Round-up

From left: Sizwe Nxumalo, Panashe Chigumadzi, Simbarashe Nyatsambo, Khethinkosi Dhlamini and Dineshrie Pillay

CIMA attends SABC graduationCIMA attended the SABC student graduation ceremony at the end of May and continues to build relationships with SABC as a training partner.

Seen at the event, Lorraine van Schalkwyk, CIMA Regional Marketing Manager Africa, Theigasen (TM) Govender, SABC Manager: Group Learning and Development and Romona Naidoo, Business Development Manager CIMA.

In London during June, Malcolm Furber was elected Deputy President at the CIMA AGM. He will take up the presidency of CIMA next year and will be the first African president of CIMA. Mr Furber has been a member of CIMA’s

Council for 14 years. He currently has his own consulting business where he has played a major role in business improvement assignments in both the private and public sector. Malcolm is pictured after the AGM with his wife Zandra.

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Meet our new global president, Gulzari Lal Babber FCMA, CGMA, who was elected CIMA President at the Annual General Meeting on 9 June in London, United Kingdom. Mr Babber has been a CIMA member since 1984 and served as a Council Member before being elected CIMA President. He is one of the Institute’s registered Members in Practice and since 1985 has run his own accountancy and taxation practice in Harrow, West London.

Since 2001 Mr Babber has chaired a number of policy committees including the Members’ Services Committee, the Marketing Committee, the Professional Standards Committee and the Technical Committee. He has also been a member of the CIMA’s Executive Committee. Mr Babber, born in Lahore, is a British Citizen. His family emigrated from India to Nairobi,

Kenya in 1956 and Mr Babber moved to London in 1972. He is actively involved in voluntary and religious organisations.

On taking office, Mr Babber said: “I am both delighted and honoured to be elected President of CIMA and am particularly looking forward to working with CIMA’s dedicated and hard working staff. I am excited to be leading CIMA’s membership during a time of global change and strengthening our joint venture with AICPA. I will

strive to further develop CIMA’s activities and strategies with our students, members and stakeholders.”

In addition to Mr Babber’s appointment, our own Malcolm Furber FCMA, CGMA has been elected deputy president, and Keith Luck FCMA, CGMA has been elected vice president.

New CIMA President – Gulzari Lal Babber

Be first to get a sneak preview of two new tools developed by AICPA and CIMA; the Cost of Losing Talent© (COLT©) and the Cost of Replacing Talent© (CORT©). Simply enter your top line financial and operational data and produce instant outputs. It’s completely anonymous. You will also be helping to validate the existing tools before their official launch on the CGMA website.

These tools have been developed to address an urgent need to measure the cost to companies of losing and replacing talent. Total costs are surprisingly large, come straight off the bottom line, and yet remain largely unknown.

These tools will generate an absolute measure, allowing you to assess the cost of losing and replacing high, middle, and low performing personnel at three seniority

levels in the business. They will facilitate collaboration between finance and HR colleagues, and help develop your organisation’s talent management strategy.

We need your help to finalise these tools. Your feedback is a vital part of the development of these tools and will provide useful benchmarking data to make them more effective.

Please visit http://www.cgma.org/talent to get started. Any questions or further feedback you have can be sent to [email protected]

Be first to raise this key issue with senior management. Be first to get the HR and Finance departments collaborating. Be first to point out the impact on the bottom line.

The Professional Accountants in Business (PAIB) Committee has released Eleven Principles for Effective Business Reporting Processes for public comment. The proposed guidance seeks to establish a benchmark for good practice in implementing effective business reporting processes in organisations. It will also help professional accountants in business and their organisations create a cycle of

continuous improvement for their business reporting processes thereby assisting stakeholders in making better informed decisions. The comment period closes on August 23, 2012. For more information www.ifac.org/publications-resources/eleven-principles-effective-business-reporting-processes

PAIB Committee releases Proposed guidance on Effective Business Reporting Processes

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During the visit of CIMA President Harold Baird to Ghana earlier in the year, he visited the CEO of UT Bank, Prince Kofi Amoabeng, FCMA, CGMA (right). UT Bank has recently received a number of accolades. In addition to Bank of the Year, it was also awarded Best Bank Financial Performance and Best Bank IT and Electronic Platform, for which it was 1st runner up last year.

The bank was named 1st Runner up in the following categories:• Corporate Social Responsibility• Customer Care• Retail Banking• Advisory Service and• Medium Term Loan Financing UT was in addition, 2nd Runner up in the Corporate Banking category.

UT Bank – Bank of the Year: Ghana

Global Subject Rank

1 T4 Part B Case Study Examination Miss Prabhleen Kohli of Zambia

9 F1 Financial Operations Mr Ronald Van Hoven of South Africa

5 E2 Enterprise Management Miss Nyasha Gomwe of Botswana

In response to a need for an official CIMA Africa page on Facebook, CIMA Africa has just launched The CIMA Cafe on FB as a place for CIMA students in Africa to meet and share study tips and techniques or experiences. Students are encouraged to post info about study buddies and study groups, or maybe even find a mentor. The CIMA Cafe on FB aims to help

students succeed in their studies and progressing through the professional qualification by creating virtual networking opportunities for them and provide encouragement to focus on their goals. In addition the page manager shares useful hints, study tips and videos on preparing for exams and regarding preparation for specific papers. Says Africa Regional Marketing Manager, Lorraine van Schalkwyk: “Enjoy our virtual cafe, come in, make friends and network with students in your area or country. Share ideas and help each other find resources. Spend some time reviewing the resources that the CIMA Cafe shares on the page that we think are useful to you. We hope it becomes a favourite place for you on FB and helps you to succeed in your careers.” Following the soft launch period during which the basic resources and article links were loaded, the page already generated 83 likes. CIMA aims to grow this to over 1000.

Visit www.facebook.com/theCIMACafe now to join by liking!

Simon Campbell, an Art Director at marketing agency Seven, has won the Institute of Internal Communications (IoIC) ICon award for Best Designer at this year’s IoIC Awards. Simon was selected for his outstanding creative work on CIMA’s Financial Management magazine this year.

Designer of the Year, Seven’s Simon Campbell scoops IoIC Award

CIMA Africa launches CIMA Café

African students in the global top 10