this issue: public sector l revised … the world record and secured south africa’s first gold...

www.accountancysa.org.zaSEPTEMBER 2016

THIS ISSUE: PUBLIC SECTOR l REVISED REPORTING STANDARDS l TOP 35-UNDER-35s

AN INNOVATIVE SPIRIT

TOP 35-UNDER-35PROFILESPROFESSIONAL SKEPTICISM

FOUNDER OF ONE OF THE MOST INSPIRING

ACCOUNTANCY PRACTICES IN THE

WORLD

C O E N I EM I D D E L

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SEPTEMBER 2016 | 1

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REGULARS4 UPDATES Keeping you informed of business today

12 VIEWPOINT Everything you need to know about issues

that matter to you the most

34 ANALYSIS The new and revised auditor reporting standards

37 ANALYSIS Professional skepticism

41 TOP 35-UNDER-35 FINALISTS

60 MOTORING

62 RECRUITMENT

8 COVER PROFILETHE MIDDEL PATHIt's founder's innovative spirit and understanding of the importance of creativity and the arts at the root of an exceptional enterprise such as Middel & Partners

PUBLIC SECTOR

20 OVERVIEW OF 2014–2015: LOCAL GOVERNMENT AUDIT OUTCOMES

22 IPSAS ADOPTION IN AFRICA

25 AN UPDATE ON SUPPLY CHAIN MANAGEMENT REFORMS

28 CREATING PUBLIC VALUE

32 PROVINCIAL TREASURY: TRAINING FUTURE FINANCIAL LEADERS

EDITOR'S LETTER

What a history-making month has just passed! Once again, sport has succeeded in bringing our nation together.

Everyone gave a general sigh of relief when the country’s collective attention shifted away from the confusing aftermath of the recent local government elections to our amazing athletes at the Rio Olympics.

Ever since the Boks defeated the All Blacks in 1995 we have never failed to unite behind our sports stars.

As you were driving to work the morning after Wayde van Niekerk broke the world record and secured South Africa’s first gold medal at the 2016 Olympics every newspaper that was sold next to the road carried his picture. On every radio station people phoned in to say how proud they were of our Wayde. When he draped the flag over his shoulders, I’m sure you also felt proud and excited – proud because he is a homegrown talent and excited to see how this is uniting our country once again.

The man with his toothless smile next to the road pointing excitedly at the newspaper headline – the buzz when you entered the office was the beat of unity that is created by a shared love of our people, our national heroes.

The way our country united behind Caster Semenya is such a testament to how we as a nation protect our own. Close to 20 000 tweets were made with the hashtag #HandsOffCaster and in the newspapers and international media, it was clear that we united behind our superstar. Everyone set their alarms early on that Sunday morning to experience that moment when she won the gold she so dearly deserved. And while we couldn’t control what the critics and haters were saying about her, we as South Africans let them know that their reach does not extend to our beautiful part of the world.

And as we all return to our normal day-to-day activities after the excitement of the Olympics, we do it a little bit more united. And hopefully it makes you think about a speech by Nelson Mandela in 2005 when he spoke about the power that sport has in uniting people – not only locally, but globally too:

'Sport has the power to change the world. It has the power to inspire. It has the power to unite people in a way that little else does. It speaks to youth in a language they understand. Sport can create hope where once there was only despair.'

So when you read this, let’s celebrate who we are and where we have come from. Let’s reflect on the many wonderful reasons that we have to be proud of our country and our people.

And yes, let’s celebrate our unity …

GERINDA JOOSTEEDITOR

United we stand …

2 | SEPTEMBER 2016

SEPTEMBER 2016 | 5 4 | SEPTEMBER 2016

UPDATES

KEEP THE CYCLE GOING ... IVAN ZIMMERMANN IS CYCLING FROM BEIJING TO ISTANBUL AT THE MOMENT. HE

VERY EXPENSIVE TOMATOES

Every year on the last Wednesday of August, La Tomatina festival takes over the town of Buñol near Valencia in Spain. Some 20 000 people gather to throw around 150 000 kg of smashed tomatoes. The result is said to look pretty much like a horror movie.

It’s been a tradition since 1944 or 1945, and whatever the reason for the first tomato fight, everyone had so much fun, it just kept going. Since 2013, the capacity of La Tomatina is regulated by selling tickets for the event (and it’s not exactly cheap), a measure that 'guarantees the sustainability of the party, better security and [more] fun for the attenders [sic]'.

No one is certain how this event originated, but there is one popular theory is that disgruntled townspeople rioted and attacked city councilmen with tomatoes during a town celebration.Whatever did happen to begin the tradition, it was enjoyed so much that it was repeated the next year, and the year after that, and so on.

Usually, the fight lasts for an hour, after which the whole town square has been covered with tomato paste. Fire trucks then hose down the streets and participants often use hoses that locals provide to remove the tomato paste from their bodies. Some participants go to the pool of 'los peñones' to wash. Afterwards, the village cobblestone streets are completely clean due to the acidity of the tomato disinfecting and thoroughly cleaning the surfaces. Source: Wikipedia

FESTIVALS

IS RAISING FUNDS FOR THUTHUKA BURSARIES AND TO MOTIVATE TRAINEES NOT TO QUIT. #LEADERSNEVERQUIT

A HELLISH ERUPTIONNicknamed the Gateway to Hell, the Hekla volcano in the southern part of Iceland has been quiet for 16 years. According to geophysics professor Páll Einarsson, from the University of Iceland, pressure readings from inside the volcano are higher than before its last two eruptions, meaning it could erupt ‘at any moment’ and could cause a ‘major disaster’.

THE WORLD’S HOMELESSIn 2015 the global number of refugees, asylum seekers and internally displaced people reached 65,3 million, the highest since records began. The number of refugees who gained citizenship in 2015 in 28 countries stood at 32 000. Some 25 900 of those were in Canada, which accounted for 81% of the naturalisations last year.

TRAVEL

In AfricaThe African Union has introduced a new electronic passport to allow diplomats and heads of state of AU countries to move visa-free across these countries. The passport will be available by 2018 and will be extended to citizens by 2020. This step should promote greater continental integration and forge a united Africa.

In South and Central America In the meantime, pretty much the entire South and Central America (including the Caribbean) is accessible to South Africans on nothing but a passport with the exception of, among others, Suriname, French Guiana, Mexico, Cuba and Puerto Rico.

South Africans can enter the following countries in this region without a visa: Antigua and Barbuda, Argentina, Bahamas, Barbados, Belize, Brazil, British Virgin Islands, Cayman Islands, Chile, Colombia, Costa Rica, Dominica, Ecuador, El Salvador, Falkland Islands, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Montserrat, Nicaragua, Panama, Paraguay, Peru, Saint Lucia, Saint Vincent and Grenadines, Turks and Caicos Islands, Uruguay and Venezuela.

HIGHEST PAID CEOs RUN SOME OF THE WORST-PERFORMING COMPANIES

A firm that analyses corporate governance, MSCI ESG Research, conducted a study of the performance of 429 large-cap US companies from 2006 to 2015. According to their findings the total shareholders returns for companies whose CEOs’ pay exceeded the sector median, and by as much as 39%, shockingly performed worse than companies with less excessive pay.

DID YOU KNOW?The human body of a 70 kilogram person

contains 0,2 milligrams of gold and 2 milligrams

of silver.


WHATEVER HAPPENED TO THE 15-HOUR WEEK?Interestingly, in a 1930 essay, 'Economic possibilities for our grandchildren', John Maynard Keynes reckoned people might need work no more than 15 hours per week by 2030. But over 80 years after these speculations people seem to be working harder than ever.

HAPPY SNAPPINGAccording to research by the Marshall School of Business at University of Southern California, people who take photos while eating delicious meals, having special moments, or on a sightseeing cultural tour, enjoyed the experience significantly more than those who didn’t … along with hanging on to special memories.

A SCI-FI 2020 OLYMPICS One is to expect high-tech cool at the 2020 Tokyo Olympics. It is said that a robot will direct you to your seat while artificial meteorites will streak across the sky and a multilingual translation app on your smartphone will describe exactly what’s happening. It will be an event which Japan hopes will symbolise the country’s high-tech and draw in visitors.

THE FIRE RAINBOWThe ‘fire rainbow’ (pictured above) is a circumzenithal arc that was captured at 2,100 metres in Nepal by travel photographer Anton Jankovoy.

A fire rainbows is a circumhorizontal arc, an ice halo formed by hexagonal, plate-shaped ice crystals in high-level cirrus clouds.

CA(SA) PROFESSION

UPDATES

A QUICK WORKOUT THAT ACTUALLY WORKSAccording to the World Health Organisation, 25% of adults are not active enough, which is worrying, because a sedentary lifestyle is one of the top 10 risk factors for death.

The good news is that you don’t have to clock the hours at the gym to reap the many health benefits that exercise offers. A study in the journal PLOS One found that 60 seconds of intense exercise, three times a week could benefit your body in the same way as a 45-minute session. The participants in the study improved their endurance, blood pressure, and muscle activity in only six weeks.

HEALTHY LVING

ANTICIPATED SHIFTING DYNAMIC IN CA(SA) PROFESSION Ajen Sita (EY Africa CEO) started his career with EY as a trainee accountant in 1993. In that time, he has observed several extraordinary shifts in the chartered accountant profession which have had far-reaching consequences. Now he sees another coming.

In the digital era, much of a CA(SA)’s day-to-day activities will be transformed as technology is used increasingly. This is in line with a 2012 report titled 100 Drivers of change for the global accountancy profession, a study that anticipates the adoption of intelligent tools that analyse and interpret large volumes of data rapidly, effectively transforming activities such as audit and forensic auditing.

These changes are already happening. Significantly, Sita believes there will be a shift from a narrower definition of a chartered accountant’s role as a score keeper – albeit a highly skilled one – to a broader role encompassing entrepreneurial skills, innovation and information technology.

But there is hope. Sita notes a positive trend in the public sector. 'We are finding an increasing number of CAs as CFOs. In the last five years, there are more CAs(SA) in this role than we would find before.' While in the past most CAs(SA) perceived the public sector as the less attractive option, this is changing. ' Sita endorses the view that the public sector needs to 'grow its own wood' – a view expressed by former Auditor-General and current CEO of SAICA, Terence Nombembe.

KEEP THE CYCLE GOING ... IVAN ZIMMERMANN TOOK A "SELFIE" WITH A PERIAN DURING HIS TRIP REMEMBER TO FOLLOW HIS JOURNEY .#BEIJING2ISTANBUL #LEADERSNEVERQUIT

SA DROUGHT COSTS R2 BILLIONSouth Africa’s recent drought has been rated the worst in decades and has cost the country billons of rand in lost export revenue. For the first time in ten years, the country’s agricultural exports saw a decline in 2015 – shrinking from R106 billion to R104 billion.

Although governmental response managed to cushion the blow in Southern Africa, it is predicted that 18 million people will go hungry in December.

Ford has said it will mass-produce a fully

autonomous self-driving car without a steering wheel by

2021.

8 | SEPTEMBER 2016

THE MIDDEL PATH HABITUAL CREATIVITY, INNOVATIVE

BUSINESS SOLUTIONS

Local accounting firm Middel & Partners has been named one of the most inspiring accountancy practices in the world and has been selected for inclusion in the book The World’s Most Inspiring Accountants, which was

published in April this year. Middel & Partners is one of only four firms in South Africa

to feature in the book, which is an extraordinary achievement. At the announcement ceremony, chartered accountant Steve Pipe, who was the book’s author and led the research team, said: ‘Over a hundred thousand accountancy practices from across the world were eligible, but after a rigorous 18-month research process only 57 of them from 10 countries made the cut.’

Pipe added: ‘It is also a richly deserved accolade because they really are making a profound difference to their clients, community, and the wider world. They have helped numerous clients with growth strategies, helped failing businesses with turnaround strategies, and equipped companies to deal with uncertainty and create value for all stakeholders.

‘Along with the other firms in the book, Middel & Partners is helping to raise the bar for accountants across the world: inspiring an entire profession, and showing it how to make more of a difference by serving clients better than ever before. And one thing is really clear … the world would be a much better place if more accountants were like them.’

Middel & Partners’ chairman Coenraad (Coenie) Middel says: ‘We are humbled and proud to be named as one of the world’s most inspiring accountants. We have always believed passionately in the role accountants play in creating a better world by helping to make businesses more successful, creating jobs and generating wealth. So it is wonderful to see our commitment to those things being recognised on a global

stage.’ He also has his sights set on Africa, because he believes that developing the continent will provide vast potential for growth and opportunity and he encourages youngsters to share this vision.

He explains his core services as follows: ‘I provide strategic advisory and deal-making services, and craft business models for clients and my own businesses to deliver value to all stakeholders by linking strategy with resources, finance and capabilities. My key focal area is making innovation a key strategy for short-term and long-term success, and establishing frameworks for radical and incremental innovation.

'I do all this by creating a lifecycle approach to running the business and developing a strategy for success at every stage – from business plan to launch, to growth, and to maturity. Furthermore, it is key to developing more effective strategies by aligning company purpose, positioning, and programmes and demonstrating how to adjust your strategy as market conditions change. I relish in recognising, and capitalising on emerging opportunities.’

BEYOND AUDITING, TAX AND ACCOUNTINGThe Middel success story began with his parents being business people, and so when the young Middel, who claims to have had ‘too many interests’, had to choose a career path, he chose the CA(SA) route.

Middel attended Carletonville High School and completed his undergraduate studies at the then University of Potchefstroom (now North-West University). He then did his Certificate in the Theory of Accounting (CTA) at Unisa and also completed courses at Harvard Business School in the USA from 2008 to 2010.

In today’s fast-paced world, where business processes are accelerating exponentially, it is a breath of fresh air to encounter the innovative spirit and an understanding of the

importance of creativity and the arts at the root of an exceptional enterprise such as Middel & Partners. Yuven Gounden spoke to Coenie Middel

VIEWPOINT

ADVICE TO YOUNG PROFESSIONALSCoenie Middel believes that continuous education is essential in staying abreast of innovation. ‘I love reading factual books such as biographies. I summarise these books and absorb them as part of my psyche so that the lessons inherent in this literature informs my own growth and development. I also believe firmly in pushing the boundaries. Therefore, I choose to participate in extreme sports. I find the thrill of bungee jumping, cycling, diving and skiing exhilarating. I have completed three of the Top Five World Tour of Motorcycles and I intend completing them all by 2017,’ reflects Middel.

His wife has a qualification in music and now works alongside him in his thriving business. They have three children – triplets (two girls and a boy), who are in Grade 12 this year. Two are keen on following the accounting

route, while one girl is keen on pursuing a career in the healthcare industry. Coenie loves travelling the world with his family, and this continually helps to improve his knowledge about people, their needs, desires and what makes them tick. He also attends innovation expos, art, music and entertainment content markets, mining and design indabas, and festivals like Africa Burn.

Coenie’s advice to youngsters bent on pursuing the CA(SA) route: ‘You need to have a clear perspective on your job and on life. Balance is key. Knowledge is power, relationships are critical and innovation is essential. Make sure you are passionate about people and their businesses. Focus on helping people grow their businesses. CAs(SA) are brilliant individuals and they should use their intelligence judiciously. Do not focus on the past, but look into the future.’

SEPTEMBER 2016 | 9

10 | SEPTEMBER 2016

Although one may have assumed that his lust for entrepreneurship led him to this choice, the reason is quite complex. He had five options in mind, namely accounting, engineering, law, pharmacy and optometry. Whilst the latter choices were attractive, he realised that those might have become somewhat restrictive. ‘However, if I chose the CA(SA) route, I could still enjoy elements of these areas. That is true for me today, considering that I currently work in some of these sectors today.’

As Middel tackled the studies toward the prestigious, yet arduous, CA(SA) journey, he found that the training provided him with analytical skills and the requisite number crunching skills. However, there was still something missing. ‘Apart from wanting to be an entrepreneur, I was also interested in the arts. For me, creativity is key and I believe that the creative side is what provides the inspiration for the creative and innovative business solutions that provide me with the edge in the world of business.’

Immediately after completing his traineeship with Deloitte in 1992 he started Middel & Partners as a sole practitioner, but also soon started several media, entertainment and technology ventures that stimulated his creative and innovation ideas. ‘Today Middel & Partners has nine branches and eight partners, and we employ some 120 staff members delivering specialised services across Africa. Our clients range from the single entrepreneur to large multinationals. Since I started my business, we have managed to retain and grow most of our clients, and this is indicative to me that we are doing something right,’ explains Middel.

Since starting his practice, he has amassed vast experience working with parastatals and entities in the media, entertainment, infrastructure, mining, property development and healthcare sectors. He consults with international and locally listed companies, large private companies and government departments.

Coenie's inspiration and roadmap for the future: ‘We would like to think that we breathe life into our clients’ businesses. We go far beyond just auditing, tax and accounting. Yes, we make sure that we protect our clients’ interests and make sure all is well, but we also look towards the future and guide clients accordingly. It involves the ability to look at the business holistically, assessing its strengths and weaknesses, identifying opportunities and threats, and reigning in resources to allow

the business to meet its desired goals. We get to know our clients by spending time with them, working closely together and building mutual respect. And we choose our staff well and train them to be an inspiring team that goes the extra mile.’

This CA(SA) extraordinaire also produces television and live shows, and creates virtual reality, augmented reality and mobile apps and games through his media and technology companies. He is the chairman of companies Tixsa, Left, Oxyg3n Media, The Midnf*ctory and Dondoo Studios. Indeed, Middel is steeped in the world of the arts through his media businesses. His companies develop and promote artists locally and internationally, and also produce albums, music videos, television shows, films, stage plays and musicals. His companies’ current projects include Married at First Sight (a controversial international reality television show), a food and adventure show shot in South Africa with Australian Masterchef winner Brent Owens, and Size Matters (investigating why things are the size they are). They are also producing mobile apps for the mining, healthcare, and other industries: his virtual reality mining simulation is a world first.

AUTHOR | Yuven Gounden

VIEWPOINT

Fasset has always incentivised employers to hire and train African Black learners through the disbursement of the Seta’s discretionary grants. Fasset is also driving transformation through its Bridging Programmes, which bridge African Black learners into university for admission to a BCom or BCompt degree, place unemployed learners into employment, or make it possible for young people to obtain a professional qualification. Collectively, Fasset has funded more than 10 895 individuals on these programmes.

Fasset’s resolve to fast track transformation has deepened. “Since the 2012/2013 financial year, Fasset has only funded African Black learners on its Bridging Programmes, and only made discretionary grants available to African Black learners,” James informs.

Initiatives to fast track transformation are bearing fruit. “Since 2001/2002 the number of African Blacks employed in the

sector has increased by 60%; Indians by 62%, Coloureds by 47% and Whites by 25%. The employment profile has also changed markedly. Since 2001 the number of African Black managers has increased by 78%; Indian managers by 133% and Coloured managers by 50%. The number of White managers has declined by 25%,” she reveals.

Fasset’s initiatives to fast-track transformation have coincided with legislation and employer and professional body initiatives to fast track transformation. This makes it very difficult to quantify the exact impact that Fasset initiatives have had in terms of driving transformation. “Two things are, however, very clear: Fasset employers are committed to transformation, and Fasset will continue to drive transformation until the finance and accounting sector’s demographic mirrors that of the population,” James concludes.

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Facebook: fasset.org • Linkedin: financial-and-accounting-services-seta-fasset-

Fasset drives transformation in the finance and accounting sector

The Finance and Accounting Services Seta has been driving transformation in the finance and accounting sector for the past sixteen years. Fasset has embraced transformation as a process, which will result in dramatic and radical changes in the finance and accounting sector’s demographic profile. “Transformation is not negotiable. It is a critical component of nation building. The transformation imperative will create a more robust and sustainable finance and accounting sector,” says Fasset CEO, Cheryl James.

SEPTEMBER 2016 | 13

VIEWPOINT

POWERUSE POWER

TO EMPOWER

COMMENTSStudies in behavioural economics show that people in positions of power tend to subconsciously look down on others. We’d all agree that the abuse of power is one of the worst things a leader can do to those depend on them. It’s crucial that a conscious effort is made to realise the responsibility that a position of power brings. It affords no preferential right in this life, but puts us in a position to influence and empower others. If you have the opportunity to be in a position of power in any sphere of your life, use it wisely.

I t’s not hard to believe that people tend to look down on others who they believe are less powerful than themselves. But did you know it can

literally be true? A study published in 2013 shows this link.

Andy J Yap, a researcher at Columbia University who now works in the fields of Organisational Behaviour and Social Psychology, conducted a fascinating experiment. He asked subjects with differing levels of social power to guess the height and weight of others, both in person and from photographs. Sure enough, the study showed that people with greater power (such as executives and CEOs) judged others to be shorter than they really were.

Yap states that ‘when people feel powerful or feel powerless, it influences their perception of others’. In other words, we judge the power of others relative to our own. When

we feel powerful, others appear less so – and powerlessness and smallness often go together in our minds. In fact, it’s said that CEOs tend to be taller than the average person, and there are even estimates that for each inch a person is above average height, they receive a higher salary per year.

It’ so easy to think of leaders who have used power for unethical or immoral purposes. This is why power isn’t a popular term in the work environment and it often holds more of a negative connotation than a positive. However, it’s important to hold on to the fact that power, wielded responsibly, has immense potential.

Nelson Mandela understood the true meaning of this. He once said, ‘When a man has done what he considers to be his duty to his people and his country, he can rest in peace.’ His country came before himself. If applied to a work context, the needs of our team members, employees and

company should come before our own self-interest. The problem occurs when power goes to the head and not the heart. Again, in Mandela’s words, ‘A good head and a good heart are always a formidable combination.’

As leaders, we have the power to encourage or discourage. Motivate or demotivate. Grow or destroy. One of the best ways to use the power of leadership is to support and appreciate others.

People throughout various organisations are malnourished when it comes to appreciation and encouragement.

The prolific writer Maya Angelou once said, ‘I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.’ As leaders, let’s make it our mission not to look down on those less powerful, but to use our position and influence to better their everyday lives.

LEADERSHIP ADVISOR

Brett Tromp CA(SA) is CFO of Discovery Health

12 | SEPTEMBER 2016

VIEWPOINTVIEWPOINT

WHO’S THE BEST?

TOP TIPS • It bears repeating: past performance is not a good predictor

of future performance.• It’s not about timing the market, it’s about time in the market,

and that applies equally to your chosen investment house.• Beware of the fees, but remember value is multi-

dimensional.• If it sounds too good to be true, stay away.• Research your investment house, managers, investment

philosophy, systems and processes. • If you don’t have time to do thorough due diligence, find an

expert who can.• Learn to control those behaviours that destroy wealth or find

a good coach to help with these.

A s another investment year draws to an end, it’s the approach of the investment industry’s annual ‘Oscar season’.

While asset managers uniformly downplay short-term investment performance in favour of three-, five- and ten-year cycles, there’s no doubt they’re as keen to tread the red carpet. At stake is bragging rights for the best-performing investment group; best-performing manager and best-performing fund.

Investors equally crave the acknowledgement that last year they chose the best, and if they didn’t, will question whether they should now switch for next year. But can any fund or fund manager consistently perform at the top level, given that according to the S&P Persistence Scorecard, demonstrating the ability to outperform peers repeatedly is the only proven way to differentiate a manager’s luck from skill, and relatively few funds consistently stay at the top?

SKILL VERSUS LUCKS&P’s analysis of the performance of different funds, over different periods,

reflects the extreme difficulty they have in remaining a top-performing fund, as investment styles go in and out of favour with the evolving investment cycle. Out of 703 top-quartile domestic equity funds as at September 2011, only 0,28% remained in the top quartile by end September 2015.

‘An inverse relationship generally exists between the measurement time horizon and the ability of top-performing funds to maintain their status. It is worth noting that no large-cap or mid-cap funds managed to remain in the top quartile at the end of the five-year measurement period. This figure paints a negative picture regarding the lack of long-term persistence in mutual fund returns.’ So choosing the best is not just about who’s on the red carpet this year.

MOST ACTIVE MANAGERS CAN’T BEAT THE MARKETThe S&P SPIVA® US Scorecard (the referee in the active versus passive debate) reports that the US equity market ended 2015 on a rather flat note amid plunging oil prices, a strengthening US dollar, and the

devaluation of the Chinese renminbi, all of which contributed to market volatility. The S&P Composite 1500® returned 1,01% while the S&P 500® posted 1,38% on a total return basis.

Their findings included:• During the same one-year period,

66,11% of large-cap managers, 56,81% of mid-cap managers, and 72,2% of small-cap managers underperformed the S&P 500, the S&P MidCap 400®, and the S&P SmallCap 600®, respectively.

• Over the five-year period, 84,15% of large-cap managers, 76,69% of mid-cap managers, and 90,13% of small-cap managers lagged their respective benchmarks.

• Not only is it tough to choose the best active managers, but even when we get that right there’s the risk they may not survive. Over the past five-year period, nearly 23% of domestic equity funds, 22% of global/international equity funds, and 17% of fixed income funds had been merged or liquidated. This finding highlights the importance of addressing survivorship bias in mutual fund analysis.

WEALTH ADVISOR

Mike Lledo CA(SA) is Executive Partner at Citadel Investment Services

14 | SEPTEMBER 2016

VIEWPOINTVIEWPOINT

COMMENTSThe proposed amendments must still follow the public consultation process before being enacted. Written and oral presentations will be considered by the Standing Committee on Finance in Parliament. National Treasury, to fully understand the written and oral presentations, normally schedule a series of workshops with key stakeholders. A response document will then be issued by National Treasury based on report-back hearings to the Standing Committee on Finance in Parliament. Thereafter the Bill will be enacted.

For taxpayers to have full confidence in the system it would be best if the Office of the Tax Ombud is to be totally independent of SARS.

During October 2015, the University of Johannesburg hosted a round table discussion with the Tax Ombud,

Judge Bernard Ngoepe, and leading industry tax specialists, addressing challenges. The key takeaway from this event was that further legislative amendments are required to further strengthen the influence of the Office.

It is encouraging to note that further legislative amendments are proposed by the 2016 Draft Tax Administration Laws Amendment Bill, published for public comment. The proposed amendments are as follows:• Power of the Minister to appoint the

Tax Ombud: Currently the term of the office of the Tax Ombud is three years. The proposed amendment aims to enhance the independence of the Tax Ombud by extending his/her tenure to a five-year term.

• Office of the Tax Ombud: Currently the Office is funded by SARS and the staff are appointed in terms of the SARS Act and seconded at the request of the Tax Ombud

in consultation with the SARS Commissioner. The proposed amendment aims to enhance the independence of the Tax Ombud in respect of the appointment of the staff of the Office of the Tax Ombud allowing for the staff to be appointed by the Tax Ombud. In addition, an amendment is proposed that although the expenditure connected with the functions of the office of the Tax Ombud is paid out of the funds of SARS, it is subject to a budget for the office approved by the Minister.

• Mandate of the Office: Currently the Tax Ombud cannot initiate an investigation without a complaint. The proposed amendment aims to extend the mandate of the Tax Ombud to include the investigation and review, at the request of the Minister, of any systemic issue related to a service matter; the application of the provisions of the Tax Administration Act; or procedural or administrative provisions of a Tax Act.

• Resolution and recommendations:

The Tax Ombud’s recommendations are not binding on taxpayers or SARS. The proposed amendment aims to enhance the effectiveness of the Tax Ombud’s recommendations. If SARS or the taxpayer does not accept them, reasons must be provided. This will ensure that the Tax Ombud is able to review the reasonableness of the reasons to inform future action.

Other areas where the proposed amendments fall short:• Mandate of the Office: The Tax

Ombud should have the power to award costs to taxpayers. Further, the office should also have the power to suspend SARS’ actions while complaints are investigated.

• Reports by the Tax Ombud: Although the Tax Ombud’s annual report must be tabled in Parliament, there is no clarity as to the process of considering the report. The Standing Committee on Finance should consider the report as it does with the National Treasury and SARS annual reports.

TAX OMBUD INFLUENCE TO BE STRENGTHENED

TAX SPECIALIST

Muneer Hassan CA(SA) is a tax consultant and a Senior Lecturer in Taxation at UJ

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SEPTEMBER 2016 | 17

During the holidays, after a trip that took us through Lesotho, the Kruger National Park and the family farm in

the Free State, we spent a day in the famous Northern Cape town on the Orange River, Orania.

Orania seems to be very popular internationally with news and documentary makers, specifically for its political stances, values, etc, but I want to talk about something other than that.

I wanted to share how we got a better understanding of this original place and how you and we can learn from them to create your own way of life.

We arrived late to find children playing in the cleanest streets after dark.Despite the unknown, we felt safe.

Hoping to get under the skin of this small town and its people we stayed at a guesthouse, dined at the local steakhouse, went on a town tour, and visited the local deli before heading home.

I wanted to learn more about:• What drives people to move to

this small town in the middle of nowhere? and

• What this place gives and brings to them once settled?

Spending time with locals gave me some insights into the questions I wanted answers to.

WHAT DRIVES PEOPLE TO MOVE TO THIS SMALL TOWN IN THE MIDDLE OF NOWHERE?Although all people’s story is unique in its own way, a thread that came through in all stories was that they had had enough. Enough traumas. Enough anger. Enough crime. Enough powerlessness.

The list goes on. To understand a man you have to walk a mile in his shoes and one can imagine what their shoe stories might tell you.

WHAT THIS PLACE GIVES AND BRINGS TO THEM ONCE SETTLED? Here answers were more varied. For most, it gave them the opposite of

enough from where they came. Freedom. Choice. Stability.

But the understanding that they know what they want and taking control of life and business within the realities of these new decisions is very apparent.

Leaving Orania, the old Afrikaans saying ‘n Boer maak ‘n plan came up. (The direct translation is ‘a farmer makes a plan’. Mostly it refers to challenges that need to be overcome whatever it takes. For the rest of the world, it means Plan B when all else fails.)

Oraniers have in harsh terrain created a space that the rest of the world can and is looking up to,++ considering their circumstances and challenges and probably even opportunities.

Orania is setting the pace with the Makers Movement teaching crafts and skills to locals and neighboring towns at their new college.

Their local financial system (‘Ora’) with its own bank is getting international recognition for its creativity, feasibility and viability.

YOUR WAY OF LIFE

The people of Orania have made their future possible after committing to a space that suits their lifestyle, needs, beliefs, values and gives them their own sense of purpose and control.

What can you learn from their story or commitment?What would your Plan B look like if you needed to action it?When will it be the right time to do it?

Guaranteed, it won’t be easy. You’re unique and special in all ways and only by honouring that will you find what it is you need to commit to.

Inspire yourself and take control!

BUSINESS ADVISOR

Stanford Payne CA(SA) is an ICF-accredited executive and business coach

16 | SEPTEMBER 2016

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We are calling exhibitors & speakers: are you enabling busi-nesses to cut costs, boost sales, productivity and company pro� ts? Then share your ideas at the Finance Indaba and help the country grow. Contact Graham Fehrsen on 079 898 0227 / [email protected] or register online.

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A F R I C A

VIEWPOINT

18 | SEPTEMBER 2016

PUBLIC SECTORSPECIAL FEATURE

SEPTEMBER 2016 | 19

When it comes to premium negotiations, the rules often vary between different insurers and depend on the type of cover the consumer has in place. Before making the decision to cancel insurance policies, take a minute to consider the broader implications of cutting that expense and try to get expert advice to determine what exactly the insurance policy covers and what is excluded. Policyholders will be pleasantly surprised at how far their insurance goes in protecting them against calamities far in excess of what they might have thought, but it is an absolute necessity.

T he current economic climate has placed many South Africans under financial strain.

As a way to cut costs, some people may even consider reducing or stopping monthly insurance premiums. However, this can be a costly mistake as it leaves them exposed to potentially even greater financial risk in the future.

Instead, people should rather approach their financial adviser to discuss the various options available to them, as most insurance providers would rather try help a client find ways to save on current premiums without exposing them to risk of financial loss.

It is important to understand that one cannot simply skip a premium payment as they run the risk of the insurance policy lapsing.

If a policyholder fails to pay their outstanding premiums within the prescribed grace period, as stipulated in their policy, their insurance cover will

very likely expire on the date of their last premium payment. If the policyholder decides to re-instate their cover a few months later, they might be required to take out a new policy and the monthly premiums may well increase with the inception of a new policy.

Policyholders should also pay special attention to the type of cover they are purchasing versus the premium they are paying.

A cheaper premium often means that the cover is not as comprehensive as the more expensive option.

It is important that policyholders consider the cover, excesses, extensions, exclusions, claims paying capability and service levels of the organisation, before settling for cheaper monthly premiums.

There are various factors which are taken into consideration when insurers determine a client’s insurance premium.

Therefore, policyholders should also consider updating their insurance policies to make sure all the information in the policy

accurately reflects their current situation, especially when it comes to short-term insurance.

As an example, if the insured’s car is now parked in a locked garage or behind a secure gate, where it was previously parked overnight unprotected in the street, the vehicle will be considered a lower risk for theft and damage and therefore the motorist could possibly pay a reduced premium.

Similarly, when it comes to home insurance, should the homeowner install alarm systems and/or CCTV cameras on the property, he or she could possibly lower their monthly premium as the house is now at a reduced risk for house burglaries and robberies.

However, the rules often vary depending on the type of cover the policyholder has in place.

It is really a bad idea for someone to simply cancel an insurance policy to save money in the short term as they will be greatly exposed to risk of financial loss as they won’t be able to file a claim during this period.

FINANCIAL CONTRIBUTOR

Tiffany Boesch CA(SA) is group financial director of PPS

NEGOTIATINGINSURANCE PREMIUMS

VIEWPOINT

20 | SEPTEMBER 2016

A ccording to the Auditor-General’s 2014–2015 report on local government audit outcomes, the

expenditure budget for the municipal sphere in this period totalled R347 billion.

Municipalities with clean audit opinions represent R134 billion (39%) of this amount, while those with unqualified opinions with findings represent R143 billion (41%). Municipalities with qualified audit

opinions made up R49 billion (14%) of the total budget, with those with adverse and disclaimed opinions representing R20 billion (6%).

The outstanding audits constitute R1 billion of the total budget.

In his executive summary, the Auditor-General also stated that an increased accountability and transparency within local government was evident as indicated by the significant improvement made in submission of financial statements for audit by the legislated date and the

preparation of annual performance reports.

The financial statement submission rate improved from 78% to 94%, while the number of municipalities that failed to prepare annual performance reports decreased from 14% to 4%.

SUMMARY OF AUDIT RESULTSThe table provides a summary of the audit results as published in the 2014–2015 MFMA consolidated report on the audit outcomes of local government.

The Auditor-General’s 2014‒2015 report on local government audit outcomes shows a commendable slight increase in clean audit opinions and significant decrease

in disclaimer opinions with concerns being raised by the momentous increase in fruitless and wasteful expenditure. By Julius Mojapelo

SPECIAL FEATURE PUBLIC SECTOR

Overview of 2014‒2015 Local Government Audit Outcomes

2013–2014 Movement 2014–2015

1 Clean audits 58 72

2 Financially unqualified opinions with findings 141 138

3 Financially qualified opinions with findings 72 79

4 Adverse opinions with findings 2 4

5 Disclaimer opinions with findings 52 31

6 Irregular expenditure R11,47 billion R14,75 billion

7 Fruitless and wasteful expenditure R687 million R1,34 billion

8 Unauthorised expenditure R11,4 billion R15,32 billion

Clean auditsA clean audit opinion is given when the financial statements contain no material misstatements and there are no material findings on the quality of the annual performance report or compliance with key legislation.

Financially unqualified opinions with findingsA financially unqualified opinion with findings is given when the financial statements contain no material misstatements, but findings have been raised on either the annual performance report or compliance with key legislation, or both these aspects.

Financially qualified opinions with findingsA financially qualified opinion with findings is given when the financial statements contain material misstatements that are confined to specific amounts, or the misstatements do not represent a substantial portion of the financial statements.

Adverse opinions with findingsAn adverse audit opinion with findings is given when the financial statements contain material misstatements that are not confined to specific amounts, or the misstatements represent a substantial portion of the financial statements.

Disclaimer opinions with findingsA disclaimer opinion with findings is given when the auditee provided insufficient evidence in the form of documentation on which we could base an audit opinion. The lack of sufficient evidence is not confined to specific amounts, or represents a substantial portion of the information contained in the financial statements.

Irregular expenditureIrregular expenditure is expenditure incurred without complying with applicable legislation.

Fruitless and wasteful expenditureFruitless and wasteful expenditure is expenditure that was made in vain

and could have been avoided had reasonable care been taken.

This includes penalties and interest on the late payment of creditors or statutory obligations as well as payments for services not utilised or goods not received.

Unauthorised expenditureUnauthorised expenditure is expenditure that was in excess of the amount budgeted or allocated by government to the auditee, or that was not incurred in accordance with the purpose for which it was intended.

AUTHOR l Jul ius Mojapelo CA(SA) is Project Director: Public Sector at SAICA

SEPTEMBER 2016 | 21

22 | SEPTEMBER 2016

F rom time immemorial, governments have reported in terms of cash basis accounting. Over the past decade governments in Africa, with the aid of the World Bank and International Monetary Fund (IMF), have adopted accrual

accounting financial reporting frameworks in the form of International Public Sector Accounting Standards (IPSASs) as opposed to International Financial Reporting Standards (IFRSs).

IPSAS standards are more suitable for public sector entities that operate to deliver services to the public rather than to make profits and generate a return on equity to investors.

IFRSs are developed by the International Accounting Standards Board (IASB) while the International Public Sector Accounting Standards Board (IPSASB), a standard-setting board of the International Federation of Accountants (IFAC), develops the IPSAS standards. These are aligned to IFRS but adapted to a public sector context where appropriate.

IMPORTANCE OF IPSAS ADOPTION IPSASs comprise a suite of one cash and a number of accrual basis standards and offer governments the flexibility to initially adopt the simpler cash basis standard as a stepping stone to implementing the more onerous accrual basis standards. To add on, IPSASs provide governments with a three-year measurement and recognition relief for certain assets (investment property, property plant and equipment, and biological assets) and liabilities associated with assets that have not been recognised (employee benefits, provisions, and contingent liabilities).

International Public Sector Accounting Standards enable governments to account for material liabilities such as debt, pensions

and service concessions. By Amon Dhliwayo


As a result, governments have sufficient time to lay processes and procedures to measure and recognise assets and liabilities so as to comply with the requirements of the IPSASs.

IPSASs enable governments to account for material liabilities such as debt, pensions and service concessions. Currently, most governments do not recognise debt on their balance sheets as they do not know how much they owe and the corresponding cost of debt (interest) thereof. The USA and Greece owe approximately US$19 trillion and US$350 billion respectively and most African countries have amassed debt that exceeds their respective gross domestic products (GDPs).

Governments employ a large proportion of the working population, but the corresponding pension benefits payable to employees on retirement are not recognised on the balance sheet. In November 2015 the Cayman Reporter noted that the Auditor-General of the Cayman Islands had issued an adverse audit opinion citing that the post-retirement pension benefits were understated by approximately US$1,4 billion and urged the government to follow the principles of IPSASs to account for pension liabilities.

Strive Masiyiwa, chairman of the board of the Alliance for a Green Revolution in Africa (AGRA), emphasised to the audience at the 2014 World Food Prize Borlaug Dialogue that present demographic trends indicated that 2,5 out of 10 children born in the world were from Africa. He added that this number was expected to rise to 4 out of 10 children by the year 2050. As a consequence, governments will need to account for social benefit obligations in the form of grants, stipends and welfare benefits. The IPSASB is currently developing a standard that will provide guidance on the recognition and measurement of social benefits.

IPSASs allow governments to report on service concession liabilities incurred from public-private partnerships (PPPs). Governments enter into PPPs with private sector entities to construct, develop and maintain roads for public use and usually incur a liability to compensate the private sector over the period of that agreement.

IPSASB also issued recommended practice guideline (RPG) on service performance which allows governments to report on the efficiency and effectiveness of service delivery in the financial statements. For example, if the objective of the ministry of health at the start of the financial year is to vaccinate 10 000 patients infected with HIV, IPSASs can assist governments to report whether or not the objective was achieved and how efficient that service was provided at the end of the financial year.

CHALLENGES FACED BY COUNTRIES THAT HAVE ADOPTED IPSAS The adoption of IPSASs is a costly and time-consuming exercise because information systems and processes

IPSAS Adoption in Africa

AUTHOR l Amon Dhliwayo CA(SA) is Senior Manager at KPMG South Afr ica

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need to be upgraded, staff trained, and assets verified and valued. The successful implementation of IPSASs is also reliant on the support of politicians and stalls if such form of support is not attained.

The accounts of controlled state-owned enterprises prepared in terms of IFRS also need to be reconciled and adjusted to match the IPSAS financial statements of the controlling public sector entities when preparing the consolidated financial statements of the whole government.

The pace of IPSAS adoption in Africa has been slow as funding received from donors for implementation is usually diverted by governments to other important programmes such as education, health and welfare.

Other countries in Africa have only referenced IPSASs and developed their national standards as opposed to the full adoption of the IPSASs because the standards lacked a Conceptual Framework and there were reservations about the independence, governance and oversight of the IPSASB’s standard setting process. Nevertheless, the IPSASB published a Conceptual Framework in 2014 and established the Public Interest Committee (PIC) and the Consultative Advisory Group (CAG) in 2015 and June 2016 respectively to oversee the governance of the standard setting process.

COUNTRIES ADOPTING IPSAS African countriesThere are contradictory statistics in Africa about which countries have adopted or have complied with IPSASs. Most countries in the African continent have announced their intention to adopt these standards and implementation has occurred in leaps and bounds for reasons mentioned above.

According to a KPMG survey of 21 countries in Africa in 2012, some 62% of local governments adopted accrual accounting while 54% of central governments reported in terms of cash basis of accounting. Some of the countries surveyed were Algeria, Botswana, Gambia, Ghana, Kenya, Mauritania, Morocco, Nigeria, Rwanda, Sierra Leone and South Africa.

In West Africa, Nigeria and Ghana have led the adoption of IPSASs with the former following an aggressive step by step approach over a three-year period, where it first adopted cash basis IPSAS in 2014 and accrual basis IPSAS by 2016. Ghana on the other hand, announced its intention to adopt IPSAS spanning over a five-year period from 2016.

Kenya and Tanzania have led the adoption of IPSAS in East Africa, with Tanzania already producing consolidated financial statements for its central government and national departments.

The progress of IPSAS adoption in North Africa is somewhat unknown.

In Southern Africa, South Africa has referenced IPSASs and developed its own accrual accounting standards known as Generally Recognised Accounting Practices (GRAPs). The central government (National Treasury) has adopted a


A fter the establishment of the Office of the Chief Procurement Officer (OCPO) in the National Treasury, a supply chain management (SCM) review has been published in 2015 highlighting the challenges within the SCM environment

across government and proposing the mechanics in the form of reforms to correct these ailing areas.

This was followed by the publication of an update on the progress in March 2016, which included indications of further reforms planned for years ahead.

With regard to the planned work, the OCPO has since June 2015 started reviewing tenders above R10 million across government and its entities to ensure compliance with procurement rules.

The non-payment of suppliers within 30 days remains a challenge across government. The OCPO, in partnership with the Black Business Council in the Built Environment (BBCBE), is establishing a walk-in and call centre to facilitate the resolution of suppliers enquiries related to unpaid invoices.

From information sessions with Parliamentary oversight committees the OCPO was instructed to develop reporting mechanisms on the performance of all government procuring entities to enable oversight committees to diligently do their work. These reporting tools are unpacked below indicating how members of the public and stakeholders in SCM can interpret these to their benefit.

The availability of these reports will enable business (that is, suppliers) to get insight into what is happening in public procurement. This will enable the long-term goal of ensuring

that goods, services and works procured are manufactured within the boundaries of South Africa.

WHY WE NEED INFORMED SUPPLIERS FOR SUPPLY CHAIN MANAGEMENT / PUBLIC PROCUREMENTThrough engagements with suppliers, the OCPO established that most suppliers, especially emerging ones, tend to participate only in the quotation systems supplying similar commodities. This leaves the quotation system environment saturated and open to bribery. The SCM environment is made up of different tools that seek to empower previously disadvantaged groups. The interim proposed Preferential Procurement Policy Framework Act (PPPFA) regulations closed for public comment on 15 July 2016. The regulations seek to empower previously disadvantaged groups through public procurement.

WHAT IS THE SCOPE OF GOVERNMENT PROCUREMENT?Government has close to 780 procuring entities classified into schedules through the Public Finance Management Act (PFMA) and Municipal Finance Management Act (MFMA) to which suppliers can supply commodities and services. The challenge is that most emerging and small suppliers focus on one procuring entity and a similar group of commodities. The table below, drawn from the Central Supplier Database, indicates the commodity and service areas that are saturated.

Supply chain management reforms seek to empower previously disadvantaged groups and

work towards creating sustainable business opportunities that will result in the creation of decent jobs and reduce the amount of paper by streamlining the different types of procurement

AN UPDATE On supply chain

management reforms

modified cash basis of accounting framework. However, the National Treasury have developed a roadmap to implement the accrual accounting framework in terms of GRAP at central government.

The government of Botswana is working on a full adoption of the accrual basis IPSASs, while Lesotho, Swaziland. Zambia and Zimbabwe intend to firstly implement cash basis IPSAS as a stepping stone to adopting accrual basis IPSAS.

Most francophone countries in Africa have expressed interest in adopting IPSAS from the year 2017.

Countries outside AfricaThere is a lot of IPSAS activity outside Africa. In Australasia, New Zealand has led the implementation of IPSASs and developed their own public sector standards that are based on IPSASs. In Europe, Austria, Russia and Cyprus are at the forefront of implementing IPSASs or referencing it to develop their own public sector accounting standards. The European Union is also developing its own version of IPSASs known as the European Public Sector Accounting Standards (EPSASs).

In the Middle East, Abu Dhabi, Dubai, Jordan and Saudi Arabia lead the adoption of IPSASs while Chile, Colombia and Brazil are on the forefront of adopting IPSASs in Latin America.

Intergovernmental institutionsIn addition, major international intergovernmental institutions such as the African Union, the Southern African Development Community (SADC), the World Bank, the European Commission, the Organisation for Economic Cooperation and Development (OECD) and the United Nations have adopted IPSASs.

CONCLUSIONThe adoption of IPSASs has not been without challenges. Critics have questioned the suitability of IPSASs as adoption is costly and time-consuming, and the standards seem complex to apply. Therefore the pace of adoption has somewhat been slow, although many countries are expressing their intention to adopt IPSASs.

On the other hand, the sovereign debt crisis has caused many governments to fail to meet their maturing obligations.Also, poor public financial management practices in the continent have affected the delivery of appropriate services to the citizenry.

As a result of the above the application of IPSASB pronouncements and guidance will enable governments to account to their people on how to tax income received is utilised to deliver services to communities, provide quality education for the youth, pay down its debts, cover social benefits payable to the elderly population, and pay pensions owing to its employees on retirement.


COMMODITIES TOP 10

Building and facility maintenance and repair services

Cleaning and janitorial supplies

Specialised trade construction and maintenance services

Heavy construction services

Non-residential building construction services

Office supplies

Residential building construction services

Restaurants and catering

Heavy construction machinery and equipment

Office machines and their supplies and accessories

This list of commodities should be compared to what the DTI has designated to determine if suppliers are taking advantage of the designated sectors.

PROCUREMENT PLANSThe process of supply chain management is indeed a chain that connects many activities and functions within government. First, it ties budget or funds to the plans reflected through the procurement plans. As a start the OCPO publishes the procurement plans for national departments and entities on the eTenders site under Quarterly Scheduled Bid Opportunities for National Departments and Public Entities. The procurement plans give an indication of what government or each department will be buying in a quarter. This allows for suppliers to prepare their resources, do research on how best they can participate in the provision of goods, services and works presented in the procurement plans. They can also follow up with departments to check the delays and possible cancellations of these tenders when they get past the due date for advertising. The provincial treasuries are supposed to do the same for provincial governments.

It is imperative for suppliers to understand that when a tender is reflected on the procurement plan it should be budgeted for. There are huge implications when a tender is recorded in the procurement plan and later withdrawn. This affects service delivery and reflects poor planning on the part of the procuring entity.

AUTOMATION OF SUPPLY CHAIN MANAGEMENT PROCESSESThe automation of SCM processes seeks to reduce red tape for suppliers and users in transacting with government and brings an element of transparency to the entire value chain. The recent development in the automation process introduced the Central Supplier Database, a compliance tool that manages administrative compliance real-time, the eTenders site which publicises all competitive bids from procuring entities, and procurement plans for national departments and public entities. gCommerce is another system intended for internal users who buy from transversal contracts, more like an online shopping system.

The commodities from awarded transversal contracts are itemised, codified and loaded on gCommerce.

CENTRAL SUPPLIER DATABASE The Central Supplier Database (CSD) for government was introduced on 1 September 2015. It became compulsory for use at national level from 1 April 2016 and for local level from 1 July 2016 to coincide with the beginning of the financial year. The CSD automates the verification of tax clearance certificates, company registration information, personal identification and banking information. B-BBEE compliance is not on board due to the changes in the codes. Suppliers are still requested to submit B-BBEE certificates separately. Enhancements are being made to interface with government payroll systems to address the challenge of public servant doing business with government.

The CSD offers more than compliance. It allows suppliers to form partnerships and consortiums in order to bid for larger procurement opportunities. Self-registration on the CSD takes on average 20 minutes (www.csd.gov.za).

THE ETENDER PORTALThe eTender portal was introduced on 1 April 2015 and contains the following information:• All bid documents for a particular tender• The list of tenderers and their respective prices• Details of the winning bidder, and• Scores of the rest of the bidders who went through the

evaluation and adjudication process

The portal enhances transparency and is expected to reduce corruption and the number of tender disputes over time. Bid documents are made available to bidders free of charge on a single platform that is searchable and accessible 365 days a year. To date, more than 2 800 tenders representing some R40 billion in government business have been advertised on the portal (www.etenders.gov.za).

REVISIONS TO PPPFA REGULATIONS Review of the current SCM legislative framework is under way. This will culminate in a single public procurement legislation addressing all the legislative and regulatory inefficiency in the system. The Public Procurement Bill will fully establish the OCPO, ensure the SCM system is fair, equitable, transparent, competitive and cost-effective, and provide for an agile system of preference that will support social-economic transformation consistent with section 217 of the Constitution.

In the interim the OCPO, in consultation with business, worked together to revise the PPPFA regulations that were out for public comment closing 15 July 2016. Once the regulations are promulgated, they will introduce the following changes.

30% sub-contracting In order to further develop emerging suppliers, it will be compulsory to sub-contract a minimum of 30% of the value of the contract for all contracts above R30 million. The tenderer must sub-contract a minimum of 30% of the value of the contract to:


• One or more black female-owned exempted micro enterprises (EMEs), or

• One or more black youth-owned EMEs, or • One or more black-owned EMEs, or • One or more qualifying small business enterprises (QSE), or • One or more small businesses

Pre-qualification criteria The option to use pre-qualification criteria based on BBBEE levels of contribution has been introduced as a means to further support small and emerging enterprises. Examples of such pre-qualification criteria, although not exhaustive, are: • The tenderer must have a stipulated minimum B-BBEE

status level of contribution.• The tenderer must sub-contract a minimum of 30% of the

value of the contract to one or more black female-owned EMEs, or one or more black youth-owned EMEs, or one or more black-owned EMEs.

Objective criteria An objective criterion is to be taken into account after price and preference have been evaluated. The organs of state who intend using the objective criteria on evaluation of tenders will be required to indicate in the advertisement of such tenders that the tender will be subject to further evaluation in terms of objective criteria over and above the 80/20 or 90/10 preference point system.

The criteria must be objective and may include, but not limited to, a tenderer sub-contracting a minimum of 30% of the value of the resulting contract to one or more: • Black female-owned EMEs, and/or • Black youth-owned EMEs, and/or • Black-owned EMEs, and/or • Co-operatives conducting business in the municipal area or

province where the goods or services are required, and/or • Enterprises conducting business in a township or rural area

in the municipal area or the province where the goods or services are required, and/or

• Small, medium and micro enterprises (SMMEs)

The introduction of these reforms seeks to empower previously disadvantaged groups and work towards creating sustainable business opportunities that will result in the creation of decent jobs and reduce the amount of paper by streamlining the different types of procurement.

It is worth noting that the SCM environment has multiple stakeholders that work together to the realisation of this objective. The DTI issues designations to drive the development of the manufacturing sector for goods and works within the boundaries of South Africa. More information on these designations can be found at www.dti.gov.za. The Business Development Department should provide programmes to assist and finance emerging business to enter the procurement market.



Good governance paves the way for improved service delivery and accountability.It’s a mantra that Zakariya Hoosain lives by. The head of department of the Western Cape Provincial Treasury is rightly proud of what

his team has achieved as a result. He joined the Provincial Treasury in December 2012 and

was appointed to his current position in January 2015. The Western Cape’s Treasury has a track record of receiving clean audits which have been upheld under Hoosain’s leadership.

The province leads the pack in terms of financial governance. It’s an achievement that is viewed as a reflection of the quality of the ongoing support given to departments by the Treasury as well as the commitment to good governance by heads of department and their management teams. This has also resulted in the Western Cape having the country’s best-run municipalities, where residents enjoy better services and economic opportunities than elsewhere in South Africa, according to the Government Performance Index compiled by research and advocacy group Good Governance Africa (GGA).

A KEEN INTEREST IN THE PUBLIC SECTORBorn and raised in Cape Town, Hoosain qualified as a CA(SA) after passing his professional exam in 2005. His older brother had gone into the profession, exposing Hoosain to it from an early age. When he completed his articles, he joined Transnet as a client manager in group audit, servicing the port operations and rail portfolios. That was where he had his first taste of life in the public sector.

Following that, he joined PwC as a consultant. His entrepreneurial side came into play when he made an

The Western Cape Provincial Government Treasury head, Zakariya Hoosain, ensures good governance through financial accountability, oversight, and natural optimism.

By Monique Verduyn

CREATING PUBLIC VALUE

ambitious move to Mazars after convincing the firm to let him launch a new risk management, internal auditing, and corporate governance service line.

The majority of his clients at Mazars were public service entities and he spent a large amount of his time advising and consulting on a range of topics, including governance, internal audit, and risk management. He also developed a deep interest in the public sector as a result, becoming the engagement partner for assignments conducted by Mazars on behalf of the Auditor-General of South Africa, which included national and provincial departments and municipal entities.

‘I quickly learned that my qualification as a CA(SA) was an enabler, a door opener, and a confidence builder,’ he recalls.

His attraction to the public sector led to him joining the Treasury after six years at Mazars. In his current position, he is responsible for the money that is allocated to the province from National Treasury, which collects funds via agencies like SARS and divides it up between national departments and provinces. Hoosain’s department, in turn, drives the allocation of that money to the different departments that make up provincial government, sees to it that the systems are in place to spend and account for the money, and that year-end financial reporting is compliant with the accounting standards and the law. His department also oversees the provision of capacity-building and support to the different departments and municipalities in the province.

‘Once we have allocated the funds, we have to ensure it is accounted for,’ he says. ‘We engage with the Auditor-General via the audit process, and we have been successful in making sure that spending is properly reported. We have brought levels of non-compliance and irregular expenditure down consistently over the years and we continue to move in a positive direction. There is virtually no unauthorised expenditure in our provincial departments.’

A COMMITMENT TO MAINTAINING HIGH STANDARDS Upholding the Western Cape’s reputation for being the top-performing province in South Africa in financial governance is something that Hoosain takes seriously. ‘We maintain a tightly disciplined approach so that we can instil confidence in the taxpayers and investors. They need to know that public money is well accounted for. It has not been an easy achievement, but we now have the results we wanted.’

Ask him what advice he has to offer his peers in other provinces and he’ll tell you that government’s nation- and capability-building agenda is a long-term plan. ‘Change does not happen without effort. You have to make sure you build your teams, both those within the Treasury and those that provide support from the outside. Every accounting officer has a role to play, as does every CFO and every official in the public sector. We have to take collective accountability for the monies entrusted to us. It is crucial to have a strong, capable team to drive the good governance agenda.’

Hoosain says it’s also critical to be realistic about what resources you have on hand and then adjust your programme accordingly. It’s difficult but not impossible, he adds. ‘You need to gear your people to achieve certain milestones, which become the building blocks for the next stage, and that in turn becomes an iterative process. You also have to pace yourself and be clear about what you want to achieve.’

THE PROCESS APPROACHHe advises taking a process approach: when managers use a process approach, it means that they manage and control the processes that make up their organisations, the interactions between these processes, and the inputs and outputs that bind these processes together. Some of the benefits of this approach include the focus on integrating, aligning and linking processes effectively to achieve planned goals and objectives, and facilitating consistent performance which in turn provides assurance to customers about the organisation’s quality and capability. And once you arrive at a certain point, says Hoosain, the approach gains momentum and becomes self-propelling.

The parlous state of the global and national economies has not made his job any easier. ‘We are feeling the pinch,’ he says. ‘The dilemma is how to get more out the money we have when there is less of it. That is currently our single biggest challenge. With an ever-increasing mandate and growing expectations to further improve on our journey of financial maturity, we certainly do not want to go backward. At the bare minimum, we want to at least maintain what we have achieved for now, and continue with progress despite the austere environment, albeit at a relatively slower pace than before. We are currently engaging all our provincial colleagues about navigating through these tough times and it requires a fair amount of leadership from all the other accounting officers.’

What Hoosain finds most fulfilling about his work in the public sector is the role he plays in managing and protecting the province’s finances. ‘We are generally not a citizen-facing department, so when we see that the promotion of accountability has resulted in departments being able to implement new strategies, it’s satisfying. For example, our education department was the first in the education sector countrywide to receive a clean audit last year. From an investor and a citizen point of view, people can be confident that we have sound mechanisms in place to account for public finances.’

He also finds the Treasury’s rollout of its extensive supplier development programme gratifying. ‘We employed the use of simple technology some years ago to innovate on a “register once” principle. This mitigated the need for potential suppliers to register with multiple provincial departments to do business. At the same time, we were able to lever the investment in the technology to manage our compliance mandate.’

It’s one of the few areas in which the department is directly involved with the public and it has made big strides in helping first-time suppliers and entrepreneurs to register on the Western Cape supplier database. ‘Our team is making

The Western Cape Provincial Government Treasury head, Zakariya Hoosain CA(SA)

30 | SEPTEMBER 2016


it easier for people to do business with government,’ he adds. 'On top of that, the vast majority of our suppliers are paid on time. This is a matter we take seriously as we understand the importance of maintaining cash flow for business.’

The Treasury’s provincial strategic goal – good financial governance – is filtered down into the organisation through a disciplined system. ‘We have a sound performance management framework, and clear roles and responsibilities. We build on the outputs year on year, so we always ask, “what’s next?” There is no opportunity for stagnation.’

Of course, none of this would be possible without a supportive team that have bought into the philosophy of good governance. It’s their collective commitment, he says, that has brought about the success for the benefit of the citizens.

SAICA AND PUBLIC SECTOR SUPPORTHoosain has been an active member of SAICA’s Public Sector Committee since 2007. ‘It’s an invaluable platform,’ he says. ‘Firms with an interest in the public sector have the opportunity to discuss issues with key stakeholders, including the Auditor-General, private sector audit firms, the education sector and government, with SAICA facilitating. It’s an active forum that meets every quarter and has clear targets and deliverables. We discuss challenges facing the profession, and often we can pre-empt or resolve them in that forum.’

Hoosain is actively promoting the entry of CAs(SA) to the public sector because of the need for ethical, problem-solving, strategic thinkers in government. ‘The CA(SA) training programme affords trainees the benefit of different perspectives and unique ways to solve problems, and it gives them a set of competencies that are needed to address the growing reporting demands in the public sector, which are arising as the sector prepares for its long-term migration to accrual accounting.’

He says his own training as an auditor has helped to drive Treasury’s financial management maturity agenda and

the strengthening of controls in the organisation. Blending the CA(SA) skills set with those of economists, supply chain professionals, management accountants, and financial reporting specialists have given the Treasury an excellent balance of complementary skills.

When he joined the Treasury, one of his early projects was to launch a CA(SA) training academy in order to encourage more young people to enter the public sector and bolster the skills needed in the long run for the accounting transition. ‘We got the programme formally approved in 2015 and the first trainees joined us in March this year. That means that in addition to competing with the private sector, we are also growing and developing our own future pipeline. It’s a pet project of mine, and I’m excited that in three to four years’ time, we will have our first specialist public sector CAs(SA).’

THE IMPORTANCE OF FAMILY Describing himself as relaxed and easy going, Hoosain says his wife and three children are key to keeping him grounded in such a highly pressurised work environment. ‘My family reminds me that what I do at work is not only for them but for the greater good of all citizens. People generally join the public service because they want to make a difference and my home life is a constant reminder of that. Finding balance in this demanding environment is not easy, but it must be done. As important as the work is, equally significant is the role of my family. I wouldn’t be where I am without their support. Family, at a basic level, is what communities are made up of.’

In addition to the support he receives from his family, Hoosain also has a positive attitude to his work. That helps in a lot in a tough environment that demands hard work and long hours. After all, strict budget timelines wait for no-one. It’s also the kind of setting that demands solutions to daily challenges. ‘Again, that is why it’s so important to be solutions-focused,’ he says. ‘I never feel that any task is too big. No matter what arises, I am guided by my skills set and my optimism.’

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Sound financial management is the cornerstone of a well-run provincial government.

However, entrenching a culture of financial leadership, accountability and ownership is dependent on having the right resources available. The Western Cape Government Provincial Treasury has taken its commitment to good governance a major step forward with the launch of the Chartered Accountants Academy (CAA), which will enable the province to grow its own pool of financial leaders.

Under the leadership of the Head of Department of the Western Cape Provincial Treasury, Zakariya Hoosain; the Deputy Director-General of Governance and Asset Management, Aziz Hardien; and the Manager of the CAA, Adila Aboo, the CAA opened its doors to seven CA(SA) trainees in March 2016. The training conforms to the South African Institute of Chartered Accountants (SAICA) requirements, while simultaneously affording the trainees the opportunity to specialise in the public sector. A requirement for entry into the programme is a Certificate in the Theory of Accountancy (CTA) or equivalent from a SAICA-accredited university, or registration for the CTA.

‘The CAA was established to address the shortage of financial skills in the public sector,’ says Aboo. ‘Instead of hiring CAs(SA) from the private sector, we made the

The Western Cape Government Treasury has launched the Chartered Accountants Academy to grow the public sector pool of CAs(SA). Monique Verduyn reports

PROVINCIAL TREASURY Commits to training future

financial leaders


fifth strategic goal, which is embedding good governance, and integrated service delivery though partnerships and special development.

The seven trainees, Taryn Jacobs, Sinazo Mtuzula, Tracy-Leigh Lyner, Ayesha Phillips, Kabelo Mafiri, Lulamile Somngcuka and Mogamat Ameer Faker, receive on-the-job technical training through placement at different provincial government departments and institutions on a rotational basis.

‘This first cohort was recruited through cooperation with the province’s universities,’ says Aboo. ‘We were fortunate that the trainees, many of whom had coincidentally already completed the University of Cape Town Postgraduate Diploma in Public Sector Accounting, had not yet signed with other firms. It was obviously “meant to be” as they are the best candidates we could have hoped for and have thus far demonstrated a perfect fit with our organisation.’

Aboo says the aim is to retain the trainees within various spheres of government, thereby encouraging them to remain in the public sector once they have completed the programme. ‘On top of the training, we also place a strong emphasis on developing leadership and management skills, such as creating a thinking environment, managing conflict and building relationships The trainees are part of building the CAA brand, as they will be our future ambassadors.’

Looking ahead, the Western Cape Provincial Treasury wants to gain accreditation for the CAA to accommodate up to 30 trainees. ‘Within just four months, the trainees have added value through their roles at different departments. Now they are in demand, which is an indication that more young people need to be brought into the programme.’

Chartered accountancy students who are interested in applying their financial skills to help make a difference to the country will find that the Western Cape Provincial Government is an excellent training ground, Aboo says. Officials have embraced the programme and are willing to teach trainees in a supportive environment where the focus is on learning and development.

‘The public sector is unknown territory for young people who have been far more exposed to the Big Four firms, but they need to be aware that there is huge variety and opportunity for learning in the public sector,’ she adds. Anyone with strong values and a desire to help grow and change South Africa for the better will be richly rewarded in this space.’

WHAT THE TRAINEE CAs(SA) HAVE TO SAYTARYN JACOBS‘The CAA programme is a great opportunity for prospective CAs(SA) who wish to specialise in the public sector. We as young individuals are able to add value and make a difference as we are encouraged to give ideas and voice our opinions, providing a platform for both personal and professional growth.’

SINAZO MTUZULA‘The CAA programme in the public sector has given me a platform to develop my career objectives which are not only to be a CA(SA) but also to be able to make a difference in people’s lives.’

TRACY-LEIGH LYNER‘The CAA programme has given me the opportunity to not only gain invaluable experience and knowledge in the public sector, but also to know that at the end of the programme, I will be equipped with the expertise to contribute towards the economic growth and development of this country.’ AYESHA PHILLIPS‘My knowledge on the public sector has been greatly expanded since I’ve started the CAA programme. I believe that the exposure that I have received, and will continue to receive in this programme, will ensure that I am well equipped to be a successful CA(SA).’ KABELO MAFIRI’Integrity, value adding and capacity-building – these are among the pillars on which this programme is built. Being a part of it and everything it stands for, has been nothing less than extraordinary.’ LULAMILE SOMNGCUKA‘Joining the CAA means that the future is bright for me and I will utilise the opportunity to the best of my ability. My main goal is to add value to the public sector while I gain as much experience as possible.’

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decision to grow and develop our own set of trainees who are at a life stage when they are most open to new ideas and ways of doing things that are specifically in line with our own needs and functions. Because we have aligned ourselves with Government’s National Development Plan (NDP) and its commitment to building a capable state, the training focuses on developing public sector financial specialists.’

The CAA team was responsible for gaining accreditation for the CAA, registering it as a training office, and aligning the training programme with SAICA requirements. In addition to building capacity at the Provincial Treasury, the CAA programme is linked to the Western Cape Government’s


The new and revised Auditor Reporting

Standards With only three months to go until the new and revised auditor reporting standards become effective, are you ready to be part of a change that has been dubbed as the most significant

and visible change in auditing in recent history? By Willie Botha and Hayley Barker Hoogwerf

In January 2015 the International Auditing and Assurance Standards Board (IAASB) released its suite of new and revised auditor reporting standards, after six years of development.

At the time of their release, Professor Arnold Schilder (chairman of the IAASB) remarked that ‘these changes will reinvigorate the audit, as auditors substantively change their behaviour and how they communicate about their work.'

The aim is that these standards will significantly improve the relevance and value of the auditor’s report for shareholders and investors, and other users of financial statements.

A number of countries that have already been issuing more informative auditor’s report, such as the United Kingdom (UK) and the Netherlands, have seen positive reaction from all parties.

There have also been some instances of early adoption of the IAASB’s auditor reporting standards in South Africa over the past year, with an equally positive reception. We are aware of at least eight companies listed on the JSE (as at June 2016) where their auditors have issued the new format auditor’s report.

The aim of this article is to again alert all SAICA members regarding these important developments, dubbed the most significant and most visible changes in auditing in recent history, and to provide an overview of key resources that are

• Increased attention by preparers of financial statements on those disclosures to which reference is made in the auditor’s report, and

• Renewed focus of the auditor on matters to be reported as this will now be within the public domain

EFFECTIVE DATE AND ADOPTION IN SOUTH AFRICAThe suite of new and revised auditor reporting standards comprise the following International Standards on Auditing (ISAs), as well as some conforming amendments to a number of other ISAs:• ISA 700 (Revised), Forming an Opinion and Reporting on

Financial Statements• ISA 701, Communicating Key Audit Matters in the

Independent Auditor’s Report• ISA 705 (Revised), Modifications to the Opinion in the

Independent Auditor’s Report• ISA 706 (Revised), Emphasis of Matter Paragraphs and

Other Matter Paragraphs in the Independent Auditor’s Report

• ISA 570 (Revised), Going Concern, and• ISA 260 (Revised), Communication with Those Charged

with Governance

Furthermore, ISA 720 (Revised), The Auditor’s Responsibilities Relating to Other Information, which complements the changes arising from the above standards, was issued by the IAASB in April 2015. All of these standards are effective for audits of financial statements for periods ending on or after 15 December 2016 (with early adoption being allowed).

The Independent Regulatory Board for Auditors (IRBA) approved for adoption, issue and prescription by Registered Auditors (RAs) in South Africa the above IAASB pronouncements in June 2015 (and ISA 720 (Revised) in September 2015), with the same effective date.

In March 2016, the IRBA’s Committee for Auditing Standards (CFAS) issued the South African Auditing Practice Statement (SAAPS) 3 (Revised November 2015), Illustrative Reports. The aim of SAAPS 3 is to provide practical guidance to RAs in complying with the International Standards and legal and regulatory requirements applicable to auditors and auditor reporting in South Africa; in particular, requirements in terms of the Auditing Profession Act 2005, the Companies Act 2008, and the Public Audit Act 2004. If an RA has decided to early adopt the new and revised auditor reporting and related auditing standards, then the early adoption of SAAPS 3 is also required.

MOST NOTABLE CHANGES TO THE AUDITOR’S REPORTAll auditors’ reports issued by all RAs will be affected by the auditor reporting standards concerned. Seven primary changes can be identified:

ANALYSIS

GETTING TO GRIPS

available to assist in understanding and implementing the new and revised auditor reporting standards.

THE NEED FOR CHANGEThe need for reforms to auditor reporting was identified by the IAASB through various research, information-gathering and outreach activities.

It was clear that the auditor’s opinion on financial statements is valued, but that there were also calls (primarily from investors and analysts) for an auditor’s report that provides more entity-specific and more relevant information, and that is more informative about the audit that has been performed.

Furthermore, the auditor’s report is the means by which the auditor communicates the outcome of the auditing process to the users of financial statements and other stakeholders, and enhanced auditor reporting was identified as key to increasing the perceived value of the financial statement audit. It was essential to respond to the calls for change in the interest of the continued relevance and value of the external audit.

Other benefits envisaged by the IAASB include:• Enhanced communications between the auditor and other

stakeholders including investors and those charged with governance

Those changes applicable to all audits:• The report has a new form and layout, including that the

auditor’s opinion (that is, the opinion section) is required to be presented first, followed by the Basis for Opinion (and then the other elements of the report).

• Enhanced auditor reporting on going concern is to be under a separate heading ‘material uncertainties related to going concern’.

• Reporting on other information will be in a separate section of the auditor’s report (that is, financial or non-financial information other than the financial statements and the auditor’s report thereon included in an entity’s annual report).

• There will be an affirmative statement about the auditor’s independence and compliance with other ethical requirements.

• Description of the responsibilities of the auditor will be enhanced.

Those changes that are mandatory for auditor reports of listed entities are:• The inclusion of a new section to communicate key audit

matters (KAM). KAM are those matters that, in the auditor’s professional judgement, were of most significance in the audit of the financial statements of the current period.

• Disclosure of the name of the engagement partner (although the Code of Professional Conduct for RAs in South Africa stipulates a signing convention that already requires the disclosure of the engagement partner’s name).

It should be noted that the communication of KAM could also be applicable to entities other than listed entities, namely when required by law or regulation, or when the auditor voluntarily elects to communicate KAM. In South Africa (as at June 2016), two regulators have already announced the requirement for auditors to communicate KAM, namely the Council for Medical Schemes and the Registrar of Collective Investment Schemes under the Financial Services Board.

HOW WILL THE CHANGES AFFECT YOU? The enhancements to the auditor’s report build on the fundamental underlying concept of the ISAs, being a risk-based approach. The revision of the auditor reporting standards therefore does not change the auditing process but rather increases the transparency about it. Especially in those instances where KAM are communicated, the audit process will be affected from the planning stage throughout, up to drawing conclusions, forming an audit opinion and writing the auditor’ report. It would be important from the outset to have a good anticipation of those matters that may eventually represent KAM and plan the audit accordingly, including discussions with those charged with governance, that will generally be expected to be more frequent, more focused

36 | SEPTEMBER 2016

AUTHORS |Wil l ie Botha CA(SA),RA is Senior Executive, SAICA Assurance and Practice Division, and Hayley Barker Hoogwerf CA(SA) is Project Director: Assurance at SAICA

ANALYSIS

and more robust. Increased involvement in certain areas by more senior members of the audit engagement team, including the audit partner, may also be indicated. The proper formulation of KAM that provide relevant, entity-specific and audit-specific information will require considerable attention, including effective two-way communication between the auditor and those charged with governance.

The ultimate responsibility for the financial statements and the inclusion of relevant information about the entity and its financial performance, including providing adequate disclosures in accordance with the applicable financial reporting framework, remains with management, with the oversight of those charged with governance.

It should be clear that it is not only the auditor that will be affected, but also management, preparers of financial statements, the directors of the company and the audit committee. Ultimately, it is the shareholders, investors and other stakeholders that will be affected by having an auditor’s report available that provides more transparency about important aspects of the audit and that better describes what an audit is and what the auditor does.

AVAILABLE RESOURCESAs part of SAICA’s activities to maintain and enhance members’ technical competence, various resources are accessible via the Auditor Reporting section on the SAICA Assurance webpage at www.saica.co.za (follow the links ‘Technical’; ‘Assurance’).

Members can access the new and revised auditor reporting and related auditing standards, as well as communications from the IAASB and the IRBA (with links to the relevant websites). In particular, members are encouraged to access and utilise the IAASB Auditor Reporting Toolkit, which includes additional publications to explain various aspects or key topics in the new and revised auditor reporting standards.

SAICA-specific resources that can be accessed include:• Recordings and, as applicable, slides presentations of the

following events:o Joint SAICA/JSE panel discussion: New Auditor’s Report

– It is not just going to affect auditors! (March 2015). A panel of experts discusses what chief financial officers of listed companies, audit committees, auditors and investors can expect in terms of the impact of the new auditor’s report.

o Joint SAICA/IRBA event: New Auditor’s Report – Straight from the horse’s mouth (May 2015). Senior staff from the IAASB, including the IAASB chairman, visited South Africa in May 2015 and facilitated this presentation and discussion session to raise awareness and understanding of the new auditor reporting requirements, including the reasons for the changes and their anticipated impact.

o SAICA’s interview with early adopters of the new and revised auditor reporting standards in South Africa (September 2015): This interview with the audit engagement partner and the chief financial officer concerned provides valuable insight into the auditor’s and the audit client’s experiences of the process on the path to a new auditor’s report.

• The following articles on auditor reporting have appeared in Accountancy SA in 2015/2016 (as at June 2016):o Overview – new auditor’s reporto Focus on key audit matterso Ins And outs of the new auditor’s reporto Key audit matters: questions and answerso Auditor’s report and financial statement disclosureso Audit committee reportingo What’s going on with going concern?o The effect of the new auditor’s report on smaller entitieso The renewal of vows: auditor reporting and ethical

requirementso ISA 720 (Revised): auditor focus on ‘other information’o Consistency of information in annual reports: an ISA 720

perspective

In November 2015 SAICA presented a very successful three-hour auditor reporting seminar that focused on the new and revised requirements. Taking into account that the effective date of the standards is ‘around the corner’, we have decided to repeat the auditor reporting seminar in November 2016 to ensure that as many as possible of our members have the opportunity to get to grips with the changes to auditor reporting. The seminar will be updated with relevant developments since 2015 and will include perspectives from some of the early adoptions that have been seen. For the convenience of our members, we will again combine the auditor reporting seminar with the annual SAICA information session, which then provides an efficient full day of CPD. Please visit the SAICA website to book your place (follow the links ‘Training’; ‘Seminars and events’).

In the age of fair value measurementsAudit quality concerns raised by a spike in unsatisfactory results from firm/engagement inspections performed by the regulator and the possibility of audit firms being sued for

corporate failures warrants a fresh look at professional skeptism. Here is Brian Monegi’s take on this

ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing in paragraph 15 states that ‘the auditor shall plan and perform an audit

with professional skepticism recognizing that circumstances may exist that may cause the financial statements to be materially misstated’.

Paragraph 13(l) of the same standard goes on to define ‘professional skepticism’ as ‘an attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical assessment of audit evidence’.

This means the auditor needs to be alert to, among other things:• Audit evidence that contradicts other audit evidence

obtained• Information that brings into question the reliability of

documents and responses to inquiries to be used as evidence, and

• Conditions that may indicate possible fraud

This, then, reduces the risk of overlooking unusual circumstances, over-generalising when drawing conclusions from audit observations, and using inappropriate assumptions in determining the nature, timing and extent of the audit procedures and evaluating the results thereof.

Perhaps the meaning of professional skepticism is a preserve of the technical experts in quality control or technical departments of auditing firms and not something

PROFESSIONAL SKEPTICISM

an engagement partner should be concerned about in this age of auditing services becoming commoditised. With client pressures on firms with regard to lower fees, there is certainly no time for such luxuries as professional skepticism as opposed to ‘professional judgement’, which we seem comfortable to bandy around whenever our shortcomings in thought process are exposed. I would venture to say that professional skepticism will take centre stage in audits going forward, alongside fair value measurements.

The International Auditing and Assurance Standards Board (IAASB) released its Invitation to Comment called Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control and Group Audits (ITC) on 17 December 2015 with the closing date for comments being 16 May 2016. What comes out of this process will be interesting, particularly with regard to the subject matter addressed in this article.

What is also interesting is the fact that International Education Standard (IES) 8 Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) in paragraph 9 states that professional skepticism is one of the competency areas that an engagement partner is required to develop and maintain when performing the role of an engagement partner responsible for the audit of annual financial statements through Continuous Professional Development (CPD). This standard became effective on 1 July 2016.

This then ties in with one of the fundamental principles of professional ethics of a registered auditor – professional

SEPTEMBER 2016 | 37


competence and due care, as set out in the Independent Regulator Board for Auditors (IRBA) Code of Professional Conduct, section 130.

Professional skepticism then becomes more important in the age of fair value accounting, with most of the recent accounting standards issued focusing on fair value measurements.

IFRS 13 Fair Value Measurement (IFRS 13) is the one with the most impact in that it applies to all other standards where fair value needs to be measured, for example IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, IAS 36 Impairment of Assets, IAS 40 Investment Property and IAS 41 Agriculture. Auditing of accounting estimates and fair value measurements are the case in point, particularly with regards to the audit of significant judgements and assumptions.

These can’t be measured with precision as they are prone to estimation uncertainty. ISA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures defines ‘estimation uncertainty’ in paragraph 7(c) as ‘the susceptibility of an accounting estimate and related disclosures to an inherent lack of precision in its measurements’.

A recent article in Business Day (8 June 2016) states that ‘the market capitalisation of the JSE is 16 times what it was in 1996, but the number of listed shares is down by more than a third’.

It is not difficult to decipher the reason behind this increase in market capitalisation, as a quick perusal of the

ANALYSIS

balance sheets of the top listed companies reveals the impact of fair value accounting in this increase in market capitalisation. Similarly, the internal rate of returns for private equity funds was an average of 18,5% from 1 January 2005 to 31 December 2015 beating the JSE’s return of 14,1% in the same period, according to the recent report by the South African Venture Capital and Private Equity Association (SAVCA). These returns come mainly from valuation techniques (income approach, discounted cash flow and so forth) that are prone to the estimation uncertainty mentioned above.

Two separate events spring to mind – one of them recent and the other almost a decade old. They bring into sharp focus the importance of professional skepticism in the audit of annual financial statements:• The market meltdown in 2008 caused by collateralised

debt obligation (CDO) or mortgage-backed securities, and

• An article on 7 June 2016 in the New York Times relating to the buyout of Dell. In the article titled ‘Ruling on Dell buyout may not be the precedent that some fear’ it was pointed out that: ‘In the case of the Dell buyout, Glenn Hubbard [dean of Columbia’s Graduate School of Business and former chairman of the Council of Economic Advisers under President George W Bush] was Dell’s expert. He calculated fair value was $12.68 a share. Brad Cornell, a professor at the University of California, Los Angeles, was the expert for the dissident shareholders. He came out at $28.61.’

MARKET MELTDOWN OF 2008The CDOs or mortgage-backed securities were listed instruments with a quoted price in an active market. IFRS 13 paragraph 77 would require an auditor to use the quoted price as it provides the most reliable evidence of fair value and shall be used without adjustment to measure fair value whenever available. This is a Level 1 input according to this standard. Then it stands to reason that an auditor that relied on these quoted prices can’t be at fault when the company subsequently collapses on the back of the fact that these instruments were not fairly valued, as this was what IFRS required.

However, if you take a step back and look into the meaning of professional skepticism, the following questions arise: Was the auditor not supposed to have taken into account the other contradictory evidence that was publicly available at the time that showed that these instruments were overvalued – that is, consumers were losing their jobs and their houses with the unemployment rate in the US being at its highest in a decade in 2007? Shouldn’t they have had a questioning mind and critically assessed the evidence, in which case an adjustment to the quoted price would have been the more logical conclusion.

But, then, how would you counter the fact that the traders that made a fortune during that financial crisis used publicly available information that contradicted the evidence obtained by the auditors?

Clearly, the conflict of interest the rating agencies had in this episode is also important to note with the likes of S&P, Fitch and Moody not downgrading these instruments in a time when it was clear that there was contradicting evidence that these instruments were overvalued. The lack of independence was due to the fact that they were being paid by the same banks that needed these lofty ratings. They were subsequently charged in court and fined for this, with S&P agreeing to pay a fine of $77 million. These are the same rating agencies that four days prior to Enron imploding were rating it investment grade.

What was the responsibility of the auditor in this regard? Could this be defined as the auditor having failed to obtain reasonable assurance that the financial statements are free of material misstatements, meaning the auditor failed to meet the objective of an audit? And also improper conduct in terms of the Code of Ethics?

DELL BUYOUTThe difference in valuations of the two respected individuals quoted above, Glenn Hubbard and Brad Cornell, is huge. Can it be argued that who are we as auditors to question these respected experts? Or professional skepticism asks of us to look for other information, including any contradicting evidence to narrow the point range of these valuations.

Should we be of questioning minds and consider evidence that contradicts the evidence obtained and critically

assess it? For instance, instead of accepting aggressive revenue growth forecasts in a discounted cash flow model in an industry in decline – for example the steel industry – we should question management’s assumptions. Perhaps by doing so we might expose that essentially what lies behind these discrepancies is lack of independence or conflict of interest (that is, bias).

An Allan Gray publication says: ‘Forecasts may be useless, but the act of forecasting helps us understand what is possible for a company. We look at what the “fair value” for the company shares would be if the future unfolded in a certain way. We recognise that “fair value” is a wide range rather than a single number. The share price is likely to hover somewhere within that range most of the time.’ I am reminded of this quote by a colleague of mine when I raise these issues.

I could go on about banks that collapse with loan books not being impaired; meanwhile, there is contradicting information that these loans cannot be fairly valued – that is, there has been an increase in the number of customers that are not able to meet their monthly debt repayments.

Fair value measurements are susceptible to management bias and there are often very different views of how the future might unfold. Where there is a range of possibilities for an assumption, you can be sure that management will go for the most favourable – especially if a bonus depends on it! In addition, the increasing complexities of accounting standards, financial products, taxation, etc, open opportunities for misuse and misunderstanding. This, coupled with time and budget pressure, may result in auditors being tempted to accept management representations without sufficient challenge.

Our professional skepticism can’t be hampered by the fact that in the end we have to maintain relationships with our clients, as they are the ones paying us, and also have to avoid disagreements with management on accounting/auditing principles that could lead to losing the audit.

CONCLUSIONIn any market crash, the question that gets asked is: where were the auditors? This is a fair question to ask as we are charged with the responsibility of protecting the public when issuing auditor reports on public interest entities. The age of auditing as a box-ticking exercise to comply with the regulators is long gone. The auditor today should take a step back and think hard about the evidence he/she obtains – and what that evidence says. It won’t be long before the regulators question how professionally skeptical are we. In my opinion, it is time we sharpen our professional skepticism to stay ahead of the curve.

AUTHOR |Brian Monegi CA(SA) is Partner Audit at BDO South Afr ica Incorporated

MEET THE FINALISTS


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FINANCIAL DIRECTOR OF REMA TIP TOP SOUTH AFRICA According to his colleagues, Patrick is held in high esteem and is said to be a ‘getting things done’ type of person. Soon after joining the Rema Tip Top / Dunlop group – an international group consisting of 23 local companies ranging from 100% subsidiaries to 50% joint ventures to associates – Patrick, continually looking for challenges and business growth, went beyond the call of duty by initiating and implementing strategic planning. This resulted in the net profit of the group being impacted positively. His hard work and exceptional management skills paid off and he achieved the status of financial director at an early age of 33. His dynamic influence on the business has been significant.

Being a young South African and having a firm appreciation of the South African business climate, especially with regard to empowerment, Patrick approached his then CEO and requested that the group make a small investment in drafting a robust joint venture agreement with a BEE partner he had identified. This resulted in the establishment of Dunlop Industrial Africa (Pty) Ltd. Although no significant equity was required,

the first year of trading achieved a turnover of R55 million followed by R76 million in 2015. Showing exponential growth, it is expected to achieve north of R100 million in 2016.

The single greatest lesson Patrick has learned so far that may help other young upcoming CAs(SA): ‘Just keep going regardless of failures and setbacks – they make you strong and resilient. Many doors will open to you once you qualify. Your learnt good

business skills will get you through many a crisis.’

His next step would ideally be CEO, although he aspires to achieve much more than this. His family is of paramount importance to him so his dreams and goals would embrace them fully in achieving a balanced lifestyle.

His hobbies include watching his son play soccer on a Saturday morning (he is a Chelsea supporter), motor racing and running.

PATRICK MARTIN, 34

LYNDSAY MASEKO, 34, SENIOR LECTURER AT UNIVERSITY OF JOHANNESBURG (UJ)‘You have no ambition … ' and ‘Was the money not enough … ’! Two reactions received after Lyndsay had rejected job offers in pursuit of a career in academia – the former from a partner at a Big Four audit firm and the latter from an HR executive at one of South Africa’s biggest listed entities – motivated him to break the mould of what defines ‘success’. ‘My CA designation has never been my measure of success and financial privilege. It represents my stepping stone to greatness.’

In 2008, Lyndsay became the first black CA(SA) to be appointed at UJ. Since then he has lectured in all four

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accountancy disciplines, three of those at CTA level. ‘I thrive on challenges and is very comfortable leaving comfort for the unknown, 'he says. Lyndsay obtained a master’s degree in computer auditing with a minor dissertation that was assessed well above the 75th percentile.

‘I’m not in this for the accolades. I’m in it to change lives.’ As CTA, board course and professional programme lecturer, Lyndsay treasures the unique opportunity he has to mould, encourage and nurture the future of the profession. ‘Lecturing is a passion … one that ensures that I never work day in my life.’

Lyndsay is also a shareholder, director and lecturer at APT (one of SAICA’s accredited professional programme providers), serves as audit committee chairman of Safika Resources (Pty) Ltd, and is a co-opted member of the UJ Tender Committee approving all tenders in excess of R1 million while ensuring stringent governance principles are adhered to.

Along with being actively involved with lectures for the Thuthuka Fund, Lyndsay assists with annual career days organised by the Tirisano Foundation, an NPO uplifting scholars in Soweto, and has recently established an academic mentorship and bursary programme in his hometown, Aberdeen in the Eastern Cape, to acknowledge academic excellence in this rural community.

‘All I have, though, is not of my own doing because credit must go to the numerous answered prayers of my grandmother who raised me; my dad who inspires me; my mom who believes in me; my siblings who support me; and my beautiful wife and children who love and motivate me.’

Lyndsay dreams of pioneering high-performance schools in South Africa’s disadvantaged communities where scholars are not just taught the value of education but the power of education.

‘If you can dream it, you can be it!’

XOLANI SITHOLE, 32, MANAGING DIRECTOR: SEBENZA FORWARDING AND SHIPPING (PTY) LTDXolani’s attraction to the CA(SA) profession rose from an unlikely source. Since he lived in a shack, his family had many practical uses for the old newspapers his mother brought from work. However, before using the newspapers his mother would make him read them because although she didn’t have much education, she admired her educated boss and felt smart people read newspapers. It was here

that Xolani kept noticing job adverts for CAs(SA) in different companies and industries.

‘My conclusion was that this CA(SA) qualification must be one of those qualifications that guarantee job opportunities. The profession I really knew a lot about, teaching, was in oversupply and it was becoming common to find qualified teachers packing groceries in OK stores. I had decided that being the eldest and the only boy, it was upon me to take my family out of poverty.’

Xolani credits his career success to his firm belief that any problem that is created can be solved. This has kept him resilient to provide hope to any person or situation, against all odds.

Xolani quickly rose through the ranks and held various key positions. His most recent appointment has been MD of Sebenza, a company with a turnover above R50 million and assets worth R100 million. Sebenza’s parent company, Makana Investment Corporation, is an inspirational company established to look after destitute families of former Robben Island prisoners.

Xolani has also served as the CFO of Makana. Xolani started his career at Sebenza as the Group Financial Manager eight years ago. In his career at Sebenza, he has achieved a 60% reduction in audit time and costs, improving the BEE rating from a level 5 to a sustainable level 2. He recently implemented a turnaround strategy that moved Sebenza from loss-making (R17 million) to profit-making within six months.

Xolani values people and is devoted to giving back to the community in various notable ways. ‘Each person has something unique to contribute. Sometimes people are crippled by the hardships they have. When somebody takes a moment to give them a sense of dignity, that is when their best comes out.’

Xolani’s greatest passion outside of work is conducting free personal finance lectures. He firmly believes that such education can free up many households from hardships.


TOP 35-UNDER-35

RYAN MER, 32, MANAGING DIRECTOR OF CQS CONFIRMATIONS After realising that wearing a Springbok jersey was only going to happen as a fan, Ryan came to love the idea of being an entrepreneur. At a young age, he would sell juice and chips straight from his mother’s pantry to builders and anyone passing by in the neighbourhood. He even tried to breed and sell silkworms to other kids at school, until his parents decided it was time to shut down the operation.

After completing his traineeship, Ryan did a secondment in the Grant Thornton Los Angeles office with two good friends. This was an amazing experience for him – not only did he have the time of his life but he also came across what would be his business today.

Upon returning to South Africa, with bags barely unpacked Ryan, along with one of those friends, Brett Chait, decided to pursue his entrepreneurial aspirations, and electronic bank audit confirmations were going to be the first venture. ‘Sitting in coffee shops as we began to set our vision in motion is something I look back on fondly. Starting a business with a good friend has been so much fun and a definite highlight,’ says Ryan.

Along the way, they were approached by CQS, an established player in the audit software space, to partner on this venture. This partnership, having worked so well, has been an achievement in Ryan’s journey.

‘The feeling of signing our first bank and audit firm was one of sheer elation; I knew it meant we had a business and no longer just an idea. Improving how all the major banks and audit firms in South Africa go about doing confirmations has been a major achievement. I am proud to say that even though I am a long way from where I ultimately dream of being, in a matter of a few years we have achieved a sustainable, strong business with all the attributes that allow us to be well positioned to take advantage of growth and additional business opportunities, which we are in the process of pursuing,’ explains Ryan.

It’s not all business, though. ‘It’s important to lead a balanced life; I try to stay fit, strong and healthy through boxing, gym, and other kinds of exercise. I also love music, travelling, socialising and the African bush.’ Right now he’s bursting with excitement, as he’s going to be a first-time father soon.

ISMAIL SEEDAT, 34, GROUP REPORTING AND TAXATION MANAGER, ONE AFRICA MEDIIsmail has always been inspired by his parents – especially his father Ebrahim, a CA(SA), who in 1976 was the first black article clerk to join Ernst and Winnie (now EY) in Durban. ‘I was always a techie at heart and wanted to follow my IT dream. Then the dotcom bubble burst and I realised that maybe that was not a sustainable option.

'I have probably come full circle now that I am a CA(SA) working in a tech company. I’ve now got the best of both worlds working as a CA(SA) interacting with web developers, digital marketers and analysts.’

Starting off as an audit trainee, Ismail moved up the ranks to senior manager at KPMG in Durban benefiting from an audit unit which provided opportunities to audit banks and unit trusts to industrial and FMCG concerns. He was also given the opportunity to be a part of a global team on a climate change and sustainability review engagement for a listed client receiving various encore awards during his tenure at KPMG. Recognising his potential, the partners nominated him for a secondment to Grindrod Freight Services, as acting Divisional Head of Finance.

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NIRAKASHA SOOKRAJ, 31, FINANCIAL DIRECTOR OF BIDVEST SACDNirakasha describes herself as a self-motivated, optimistic and ambitious individual. Her parents played a major role in guiding her beliefs and instilled within her a strong value system enabling her to be the successful woman that she is today.

‘The CA profession has always offered a world of opportunities. Our training extends beyond finance and auditing and I love that the profession provided such adaptability and flexibility making the world your oyster,’ she says.

‘My dad once wrote me a birthday card that I’d never forget,’ she says. ‘It read: “To my loving daughter: do not forget the 3 Ds of life, live these 3 Ds each day, Direction, Dedication and Determination”.’ These three values are used by her in every facet of her life.

Completing her articles at Moore Stephens CJL, where she grew from a trainee into a qualified CA(SA) and audit manager, formed the basis of her foundation.

Nirakasha then joined the Bidvest Freight Division as a finance manager at Bidvest Tank Terminals, where she fell in love with the world of finance. This role proved to be a steep learning curve where she was continuously challenged to think differently. She played a key role in keeping the finance team focused on their core goals and embarked on numerous projects that assisted in streamlining processes within the organisation.

‘Thereafter I was recommended for an opportunity to become a finance director at Bidvest SACD. I have always been very ambitious and this was a goal that I worked towards tirelessly. This opportunity realised my vision of becoming a finance director before I turned 30. It then dawned upon me that I would be the youngest director within the Bidvest Freight Division. I am very proud to be part of a group where age is not a barrier to climbing the corporate ladder and each day I learn something new.’

Nirakasha is the deputy chairperson of the KZN committee of African Women Chartered Accountants, a non-profit organisation aimed at inspiring and assisting young aspiring and qualified CAs(SA). She is also a member of SAICA’s YCAN Eastern Region.

She enjoys building scale models such as bikes and her most recent project is a Mercedes-Benz 300SL.

Her motto is: ’Do not judge me by my successes, judge me by how many times I fell down and got back up again’ (Nelson Mandela).

‘The opportunity arose at One Africa Media where having initially supported the CFO in Durban I am now responsible for financial oversight of our Nigeria and Ghana operations. Under the mentorship of Justin Clarke – 2014 EY Entrepreneur of the Year – I was given the freedom and flexibility to be involved in strategic decision-making and excelled in innovative thinking by identifying a niche in funding Nigeria’s financially excluded population. I built a model, created all the documents and entered into the company’s first vehicle sale agreement and I am now leading the product thinking on solving rental property finance in Nigeria.'

Uprooting his family to Lagos has been a challenge, after being met with shock and trepidation from family and friends when he informed them of their move. ‘Those emotions were warranted – after all, Boko Haram attacks were almost a daily occurrence, Ebola was prevalent, malaria was rife, and many had to deal with fuel and electricity shortages. However, we as a family are really thriving during our time away and enjoying the togetherness of bonding as a family,’ he says.

’Never be afraid of stepping out of your comfort zone,’ is his adage. ‘Once we have left the refuge of what we are accustomed to will we truly understand how much room there is to develop and grow.’

Let our staff and numbers do the talking

The CA Programme at the University of Pretoria has a solid history of support for students from disadvantaged communities and is assisted in this endeavour by extremely capable personnel, such as Sedzani Siaga (newly-appointed Thuthuka Manager) and Sonnette Smith (former Thuthuka Manager).

TALENT TOP

Apply for admission to the BCom (Accounting Sciences) at UP by 30 September on www.up.ac.za/-accounting

For more information contact Prof Johan Oberholster (CA Programme Coordinator at the University of Pretoria)

Tel: +27(0) 12 420 2422/3211 | Email: [email protected]

Sedzani is hereby congratulated on being nominated as a contender for the SAICA TOP 35 UNDER 35 awards. This is a remarkable achievement and testament to her leadership potential, willpower and vision to succeed and passion to make a difference. Well done!

The following table provides a comparative overview of the performance of UP Thuthuka candidates in the Initial Test of Competence (ITC) of the past 5 years:

YearOverall pass rate

of January ITC candidates in SA

Overall pass rate of UP candidates

in January ITC

Overall pass rate of UP Thuthuka candidates

in January ITC

# of Thuthuka candidates in the Top 10 of the ITC

2016 76% 92% 89% 1 (UP)*2015 76% 92% 94% None2014 74% 97% 97% None2013 73% 95% 94% None2012 64% 93% 92% None

* Azile Nkabinde, an extremely talented UP student, was the first Thuthuka student ever to achieve a position in the Top 10 of the ITC. Azile achieved an excellent 4th position in SA in this challenging professional exam.

Should you want to become a chartered accountant, register for the BCom (Accounting Sciences) at UP in 2017. Note that the entrance requirements are an APS of 34, a 6 (70%+) for Mathematics and a 5 (60%+) for English or Afrikaans. Mathematical Literacy is not accepted.

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SEDZANI MUSUNDWA, 33

THUTHUKA BURSARY FUND MANAGER OF THE UNIVERSITY OF PRETORIA Sedzani is a woman who has great dreams for the African continent. After completing her articles at a Big Four firm, Sedzani immediately went back to her alma mater (University of Johannesburg) to give back to the system that had helped her achieve her success. She also then commenced with her master’s degree, knowing this would be her first official attempt in achieving her dream of changing Africa.

After five years at UJ, she felt she had achieved everything she had aimed for and was hungry for more. Not quite sure what ‘more’ was, she decided to take a year to try and find out.

’I came full circle – I was hungry to change Africa and education was the only way to do it. I decided to join the University of Pretoria (UP) as it is well recognised for its research output and this would be the gateway to my PhD.’

About 14 months into her employment at UP she was offered the post of Thuthuka Programme Manager and gladly accepted. ‘Talk about the universe conspiring to ensure I actually fulfil my person. Here was a role that meant teaching would not be the only tool I could use to effect change; I could finally invest hours in understanding exactly why the black child struggles to succeed in this accounting phenomenon.’

Today Sedzani proudly heads up the Thuthuka Programme at UP, as this is directly aligned with her life values. Being an accessible role model for hundreds of black students leaves her feeling like she doesn’t work a day in her life.

Attesting to her dedication and contribution to the development of global young leaders, in April 2016 Sedzani was awarded a Silver Angel Award at the annual G200 Youth Forum in Germany. She is an executive member of the international G200 Association based in Switzerland, an organisation that gathers young leaders from across the world. Her aim of bringing African issues to the fore and attracting more African students and professors was the reason for her joining the organisation in 2012.

Sedzani has recently started to study towards her PhD, which will focus on addressing socio-economic issues encountered in accounting education in South Africa. ‘I summited Mount Kilimanjaro for my 30th birthday and it looks like I’m going to summit the highest education peak for my 35th! Perhaps we can add the Comrades Marathon to that just for balance.’

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LECTURER IN POSTGRADUATE TAXATION AND TAXATION HONOURS, UNIVERSITY OF FORT HARE Daylan’s perfect day would start off on a tropical island with a perfect ocean view, a good book and freshly brewed cup of coffee ‒ but in reality, he says, the perfect day would probably be one with no traffic on the way to work, his students all arriving for class on time, his lecture delivery flawlessly, and his students achieving 100% for their last assessment.

Daylan has developed an enormous passion for teaching and transforming the profession and some of his proudest moments at the University of Fort Hare include being awarded the Vice Chancellor's Teaching Excellence award in 2014 and the excellent performance of the students in the 2016 ITC exam where, the University of Fort Hare, along with the University of Pretoria, came first in the country. Daylan believes that his success is measured through the success of his students.

Prior to joining the University of Fort Hare, Daylan spent ten years in practice at Moore Stephens in East London. At the age of 28, after being offered partnership within the audit firm, he put his career path and future under the microscope.

‘I have always worked hard to try and achieve my full potential and was rewarded accordingly. However, it was at this point, the top of the ladder so to speak, that I felt that I needed to evaluate my current and future career path. I had always been passionate about the development of my audit staff and had been actively involved in training and mentoring of the trainees. This, along with my strong technical ability led me into focusing my career on academia.’

In 2011, Daylan joined the University of Fort Hare. For two years he lectured Accounting 3 and in 2013 was placed in the role of PGDA/CTA taxation lecturer. Daylan is also involved in the Tax Honours degree, is subject head of Taxation, and the PGDA/CTA programme co-ordinator.

‘I have developed my passion for teaching and cannot think of a more suitable and rewarding career. In order to become a “master” within my profession, I have completed my masters in commerce as well as assessment and moderation modules,’ he says.

‘On the less serious side, I think there is nothing better than a good old-fashioned laugh. I often joke around with my colleagues but I definitely don’t have a poker face and most of the time, I give myself away.’

DAYLAN STAUDE, 33

RIKUS VORSTER, 32, CHIEF FINANCIAL OFFICER, DELOITTE NIGERIARikus believes life is full of exciting challenges and the actions taken will vary widely depending on what the challenge is.

‘To use a golfing analogy –100% of putts left short of the hole don’t go in. Without sufficient action, there will be no change in the situation,’ Rikus explains. ‘When I had the challenge of a shortfall in funds to study, I was fortunate enough to get a flight ticket to the UK, and then worked for 18 months in hotels and security sites to save enough money to fund my degree. The list of challenges can go on, but I see perseverance as one of the most important attributes to deal with challenges.’

While travelling the UK after school, Rikus worked hard to save money for his studies. One of his jobs was a security guard at the London Stock Exchange. ‘Seeing the people come in to work there every day motivated me to want to be on the other side of the table if I were to ever return to the Stock Exchange. I figured that becoming a CA would be a step in the right direction.’

His career started with Deloitte, where he served his training contract after which he briefly went on an audit secondment to Deloitte Boston. Upon his

return, he spent one year in commerce as a financial manager, and then returned to Deloitte Johannesburg as manager within the Assurance service line. When the Nigerian CFO position became available, he was asked to take on the role.

He had the key responsibility of ensuring international standard financial transformation and

sustainability within the finance department.

‘I have been in this position since January 2014, and it has been an unbelievably eventful time both from a professional as well as personal point of view. It has been the highlight of my career, and an opportunity that I am very thankful for. To have been given this opportunity to make a difference

within the firm has been very satisfying and humbling. Living in Nigeria for a few years now has greatly enriched my life and broadened my horizons.’

The most valuable characteristic that Rikus has observed in leaders he respects is humility: ‘The team is more important than the individual. We have saying in our Nigerian team that there is no “I” in the word “team”.’

ABED TAU, 28a visit to Silicon Valley where he’d been inspired by new developments in technology such as Uber, Airbnb and the multitude of person-to-person derivatives coming on stream, they hit it off. Both Dylan and Abed believed in technology’s ability to effect change, create micro-entrepreneurs as well as huge employment opportunities by opening new markets.

Thamani Financial Services is a consultancy focused primarily on the SMME environment. It provides IT solutions, HR consulting, accounting and tax advisory, business advisory and training services. Abed co-founded Thamani with Tebogo Suhume and recently got a partner, Thuto Motsie, in the business.

The Thamani and Tuta-Me business now comprises a team of 12 full-time people.

DIRECTOR OF THAMANI FINANCIAL SERVICES (PTY) LTD AND CO-FOUNDER OF TUTA-ME (PTY) LTDWhile Abed Tau is a fairly recently graduated CA(SA) he always believed he was an entrepreneur first and foremost. ‘Ever since I was a kid I always believed I was likely to be an entrepreneur. My family encouraged me to become a CA, which is fine since the CA qualification gives you a fantastic soundboard of business fundamentals. Though my family couldn’t afford the long years of education and training, they knew the Big Four auditing firms were helpful in this regard, and that way I won a bursary from Deloitte.’

Abed is the co-founder of Tuta-Me – call it the Uber of tutors. In the past, tutoring was a hit and miss matter of pairing the two, but the app now permits a more selective approach. Tuta-Me validates tutors, thereby enabling students to select the one that best suits their needs and availability. The system vets tutors as to experience, qualifications and criminal records, but otherwise anyone can join. Tuta-Me was a finalist in the MTN app of the year this year, being pitted against giants like Pick n Pay, DSTv, Vodacom, Cliff Central and others. It also won the Best Breakthrough app of the year.

Tuta-Me is South Africa’s very first on-demand tutoring edutech start-up and has recently been named second-best tech start-up in South Africa by Hack Jozi, City of Johannesburg and the JCSE, thus winning R350 000. Abed has learnt a great deal about fund-raising in the last while, closing their seed capital for Tuta-Me valuing the start-up at R5 million. His big picture is creating micro-entrepreneurs through impacting education.

His business partner, Dylan Hyslop (BSc), developed the Tuta-Me app. The business stemmed from their chance meeting in a pub. With Abed having recently returned from

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HEAD OF MANAGER RESEARCH AT STANLIB MULTI-MANAGERWe face challenges every single day, some small, some large and some that seem insurmountable. ‘But it is these challenges that allow us to build character, doesn’t it?’ asks Kamini.

The challenge she was most grateful for having encountered is one she faced at university. She visited the

KAMINI MOODLEY, 34dean of the faculty for some sort of career guidance, but he bluntly told her not to bother pursuing the designation because she won’t make it. She walked out believing she would have the last laugh. She did. This is why she would share this advice with other aspiring students of the world: ‘Find the people that think you are crazy for dreaming so big and ensure you cross their paths over and over again.’ She adds: ‘They will ignite a fire in you so large that you will blow your own mind.’

If she had to describe the various roles that she has pursued over her career, it would be roles that threw you

into the deep end with lead boots on because this is where you unravel the magnificent layers that we’re made of. Kamini joined Stanlib Multi-Manager at a time when the organisation was going through an enormous amount of change. She managed to find structure amidst the lack of it and it is this attitude that has allowed her to be noticed by her superiors and peers and had led her to snap up the role of head of manager research just 18 months after coming on board as an analyst. The Multi-Manager team are responsible collectively for R150 billion of assets.

Kamini is also a proud co-owner of a private company called Avant-Garde Cooling that is focused on greener, more energy efficient sources of heating and cooling. Starting a company is another instance of swimming in the deep end, she says, but if it makes your heart beat a little faster, that’s the definition of living. We evolve a little bit more each time we reach beyond our perceived limitations.

CSI is another passion of Kamini’s. The power of instilling self-belief in our youth cannot be underestimated.

Kamini is an avid gym goer. ‘I love spending time with my dog on long walks. We have great conversations and she never challenges my views. I am a self-professed junior master chef and a groupie of Marco Pierre White.’

STAN

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STANLIB Multi-Manager makes a range of diversified and compelling multi-asset class solutions available at a convenient single point of entry.

The result is a solutions business that blends abilities across different asset classes, managers and strategies to provide tailored investment outcomes based on your specific needs.

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If you are looking to diversify your portfolio, visit www.stanlibmultimanager.co.za today and talk to the team that holds R150 billion in assets under stewardship.

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NICO VAN DER MERWE, 35, ASSOCIATE PROFESSOR IN FINANCIAL REPORTING, NORTH-WEST UNIVERSITYAn absolute perfectionist to the point of irritation, hard-working, ambitious and driven is the way Nico describes himself. Indeed, he managed to graduate first in his class in both his undergraduate and postgraduate degrees and then passed his second board exam in the fifth position in South Africa. And even during articles he received overall ratings of ‘significantly exceeding expectations’.

Although by the end of his third year of articles Nico had had various offers on the table, his passion remained in academia: ‘I believe I have been given a talent to impart knowledge and wanted to make a difference to young lives. I joined NWU as a permanent academic staff member in 2007 in the subject group Financial Reporting.’

A year later Nico was named the best lecturer across the three campuses of NWU and in the same year, at the age of 26, was promoted to associate professor. He continued work in his role as Subject Chair and received lecturer evaluations in the region of 95% annually, being pivotal in the development and quality improvement of the subject group, as well as the standardisation and alignment of the subject across the various NWU campuses.

‘During this time I co-authored and edited a number of textbooks, produced a number of research outputs, and enrolled for my PhD in Accounting Education, which

I finished in 2013. In the same year I was promoted to Programme Leader of the CA programme, where I utilised the recommendations from my PhD studies to improve and transform the programme.’

The NWU showed huge growth in pass rates, transformation and the number of candidates passing the ITC in recent years. A recent highlight for Nico has been the 100% pass rate that the 2014 CTA class of NWU achieved in the ITC 2015. He also enjoys giving back to the profession and is involved in various SAICA activities, of which the most noteworthy is his serving on the APC Examinations Committee as from 2014.

‘I will not rest until the NWU CA programme outperforms any other programme in the world!’

Says Nico: ‘My family and my religion are my biggest passions. When I don’t work, I spend time with my wife and two girls. I also enjoy running and being active whenever I have time and I love to relax with a good book. Some of my other interests are travelling, cosmology and architecture. I am also a huge dog lover.’

GARTH PRETORIUS, 33, PARTNER AT EYGarth did not grow up with the proverbial silver spoon in his mouth. Instead, he was raised in the struggling community of Elsies River by his single mother, who instilled in him the importance of a good education. His dream and aspiration was to rise above his circumstances and to never allow it to hold him back. He grew up knowing he wanted to succeed.

His career began with his articles in 2006, which he completed at the Auditor-General of South Africa (AGSA). While there, he worked his way to senior technical manager followed by a short stint at an accounting and advisory firm. He joined EY as a senior manager in 2014 and within 12 months was promoted to associate director. On 1 July 2016 Garth became an EY partner in the firm’s Financial Accounting and Advisory Services division.

Accounting was not his first choice after leaving school. In fact, he initially wanted to study law at Stellenbosch University. Unfortunately his mother could not afford the fees and he subsequently received a bursary to study at the University of the Western Cape. On registration day he was informed that the intake for LLB was too high and that he had been admitted to study towards a BCom Accounting degree. As fate would have it, a day that marked a huge disappointment in his life turned out to be the day that

changed his life forever. Not only did it result in him qualifying as a CA(SA), but he also met his wife in that class.

Garth attributes much of his success to the great leaders who led and mentored him throughout his career and who not only moulded him professionally, but also personally.

One of the biggest challenges that he has had to overcome is that of self-doubt, largely based on his upbringing and feeling that he did not measure up to his peers. Overcoming this is something that he works on every day, always challenging himself to be the best that he can be.

On a personal level, Garth is a devout family man, who describes his perfect day as being one spent with his loved ones.

And what does he still wish to achieve? ‘I have different goals for the different aspects of

my life. On a personal level, my one dream is to learn to play the piano. My plan is to do this learning with my son one day, when he is of the age to start taking lessons. On a professional level I hope to one day lead Public Sector for EY Africa.’


JUNE 2016 | 52

SPONSORED BY

Congratulations Garth Pretorius for being nominated as a finalist in the SAICA top 35 under 35 competition.

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At EY we recruit builders of a better working world

Rolfes Holdings has a long South African history. The Group’s international footprint extends to Asia, Africa, Eastern and

Western Europe.

Congratulations

JOHAN FERREIRA, Group Financial Director,Rolfes Holdings Limited

for being selected as a finalist in the Top 35-under-35 competition.

We are proud of this amazing achievement and celebrate this with you.

We feel excited to know that you are seen as a future leader in business.

54 | SEPTEMBER 2016

TOP 35-UNDER-35

STUART ALLAN VAN DER VEEN, 30, FOUNDER AND MANAGING DIRECTOR OF PAPER PLANE ‘I like to create; call that an artist if you like,’ says Stuart. ‘I’ve always wanted to make sense of the abstract.’

His passion to be part of technology changing the world for the better led him to found Paper Plane and co-found Future Faces. Paper Plane is an advisory firm specialising in exponential technology. They design and inform strategy for integrating technology into the future of their clients’ businesses using a network of leading scientists and entrepreneurs.

‘I’ve always wanted to be part of our African story, so after a secondment to London and Singapore I decided to return to South Africa and to base myself in Johannesburg. To begin that story I proposed two technology solutions to challenges I had identified at Deloitte.’ Both of Stuart’s ideas were accepted and he spent the next few months delivering those initiatives before starting his entrepreneurial journey. ‘We’ve worked really hard to deliver difficult projects and we’ve had the guts to turn down less exciting work to risk focusing on what we think is meaningful.’

Stuart attended Finovate in May of this year and brought critical insights back for the local Fintech scene. ‘Finovate and the opportunities that it provided allowed us to build relations in Silicon Valley and those have been invaluable,’ says Stuart. In Johannesburg, Paper Plane has collaborated on Exponential Fellows to solve Africa’s

grand challenges. To this end, Paper Plane has invested in a venture capital vehicle with an investment mandate in Fintech and Edtech.

‘I will be returning to California with Singularity University in August and September. Our goal is to democratise the way Africa transacts and trusts.’

Future Faces was co-founded with Deloitte and SovTech to give every African access to quality financial education. In 2015, supported by Deloitte employees and successful entrepreneurs, Future Faces fully crowdfunded their first student to complete her CA(SA) undergraduate studies and supported several CA(SA) students with their living expenses.

Besides having a deep urge to explore technology’s impact on humanity, Stuart describes himself as your normal guy who enjoys time with family and friends, but who likes to dream big. ‘This generation of CAs(SA) will be responsible for defining our global relevance and the role we play within Africa.’

PIETER VAN NIEKERK, 31, MANAGING DIRECTOR HEALTH SHERPA HOLDINGS (PTY) LIMITED Inspired by his dad, who has always been in the audit profession and the Auditor-General of the Free State for many years, Pieter decided that pursuing a career as a CA(SA) is where his success lay.

‘I always admired my dad’s integrity and work ethic and that is probably what made me pursue the CA(SA) route.’

At age 31, Pieter is currently the MD of his own consulting firm specialising in M&A in the medical and pharma fields. They consult to smaller companies with great ambitions to grow and potentially list in the near future, and also to some larger corporate companies. The name ‘Health Sherpa’ originates from the Sherpas that live in the Himalayas and guide mountaineers up peaks like Everest. Likewise, Pieter is using his skills and expertise gained in the health industry to focus and guide companies to new heights. ‘A big part of my success is installing a group culture and core values and then corporatising companies around this feeling of unity and fairness. It’s an amazing feeling to go to sleep at night knowing that you have used your CA(SA) qualification to better the economy and change lives.’

Starting off as an article clerk at PwC Bloemfontein, Pieter ended as a manager with PwC in 2013. His time at PwC included a total of two secondments to the USA, where he

had the privilege of travelling and gaining valuable exposure to the New York Stock Exchange.

Back in South Africa he moved to Ascendis Health, which back then was still a dream in development and today is a pharmaceutical business with a R7 billion market capitalisation. He played a critical role to the listing of Ascendis on the Johannesburg Stock Exchange in 2013. At 29 Pieter was promoted to Deputy CFO – he gained excellent experience in the M&A side of a business and oversaw operational and financial issues in a listed group with multiple local and offshore subsidiaries.

Besides being esteemed for his inventiveness and innovation, through his career Pieter has successfully managed teams of 100+ people in multiple locations and time zones, being a key influencer within both the existing team and the new members from the acquired companies to ensure harmonious and productive integration.

Being a keen sports fan, Pieter collects sports memorabilia and a couple of his walls are filled with autographs and sports jerseys. ‘It’s amazing what you can learn from successful sports heroes and teams and apply that in your day-to-day business.’

His next career step will obviously be ‘Ironman … definitely Ironman. Apparently the suit is still in development, but the day will come!’


JUNE 2016 | 54

SPONSORED BY

SEPTEMBER 2016 | 57

TOP 35-UNDER-35TOP 35-UNDER-35

PIETER VAN DER ZWAN, 33, ASSOCIATE PROFESSOR AND TAX ADVISORWhen growing up, Pieter enjoyed changing the way things worked – such as figuring out how the coding of computer games worked and then changing aspects of the program to make it more interesting. But when introduced to business and accounting, he realised that this was his real passion and what he wanted to pursue as a career.

Pieter achieved first place in the SAICA Qualifying Exam in 2006 and second place in the IRBA Professional Practice Exam in 2007. After completing his articles, he moved to the Department of Professional Practice at KPMG where he developed his two passions: technical knowledge/advisory

skills and being able to transfer this knowledge to others. In this period he became involved in the KPMG Academy, supporting students studying towards their honours and CTA qualifications on a part-time basis.

‘This made me realise that I have a real passion for the academic environment. At the end of 2009 I applied for a position at North-West University and was appointed as a senior lecturer from the beginning of 2010.’

Soon realising that one needs to have an understanding of practice to be able to teach taxation at master’s level, Pieter started assisting small and medium-sized audit firms on technical issues they encountered. He now advises companies (both large and SME), government institutions, as well as accounting and legal firms on tax and IFRS matters. One of the highlights was being requested to be part of a team assisting the Mongolian Tax Authorities on a World Bank project. Pieter serves on various technical committees, including the SAICA National Tax Committee. In 2011 he was elected the best lecturer at the NWU Potchefstroom Campus and in 2012, at 28 years of age, he was promoted to associate professor.

Pieter aspires to be an academic who makes a difference. ‘I would like to be involved in setting up and establishing a South African tax journal that could provide a platform to produce research of use to the National Treasury and contribute to the process to develop our country’s tax legislation in this manner. My other aspiration is to be part of the development of digital products that could change the way tax practices operate.’

Pieter leads an active lifestyle and tries to either take regular runs with his two Irish setters (two of his five dogs) or play squash.

GERHARD VISAGIE, 33

INVESTMENT DIRECTOR, ACORN PRIVATE EQUITYAfter failing his first attempts at both his third year BAcc and Honours BAcc, Gerhard had an experience in 2007 that altered the course of his life and career, propelling him forward.

Directly after his CA(SA) traineeship, Gerhard was employed in the fast-paced private equity industry at Acorn Private Equity, where he has been an Exco member since age 27 and appointed as one of the youngest investment directors of a private equity firm in South Africa at age 30.

Within his first year of employment, Gerhard concluded his first private equity transaction, of which the company value grew from R16 million to R420 million in 5,5 years. He has since concluded numerous private equity transactions with the largest being R190 million.

Gerhard is one of three investment executives who managed Acorn Fund 1 which generated a gross return of 46% per annum and founded Acorn Agri, an agri- and food-focused holding company, with total assets of R950 million.

At age 29, Gerhard founded an investment holding company that invests in listed equities on the African continent, with a return of 21,9% per annum. Gerhard’s core belief is that ‘capital has a higher purpose than just wealth creation and that the highest purpose of capital is to impact the world for good’.

He has a passion for investing and Africa and a burning desire to make a positive impact and believes that his ‘life’s purpose is to use his investment skills to generate superior returns and contribute a significant portion of the gains to fund social initiatives to impact the world for the good’.

Gerhard’s goal is ‘to manage an African investment holding company that will last through the ages with an enduring purpose and legacy of impacting the world for the good. The company will have R10 billion of total assets, an investment track record in excess of 20% per annum, own the best businesses in Africa, be listed on the JSE and contribute millions of rands annually to uplift our society.’

When Gerhard was three years old he was adamant to become a police dog. Says Gerhard: ‘It seems that already from a very young age I believed that nothing is impossible.’

Gerhard is currently on holiday riding his motorcycle from Cape Town to Ethiopia and back, which is ‘a dream come true’. His greatest lesson learned is: ‘To trust in God and that nothing is impossible for Him.’


JUNE 2016 | 57

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CEO OF BIG CONCERTSAfter receiving his first computer at the age of 7, Justin was literally building them from

scratch at the age of 13 and today there isn’t much he doesn’t understand about the machines. ‘I always wanted to be an entrepreneur, specifically in the software and

technology industries. Perhaps one day I’ll pursue that dream.’In the meanwhile, since February 2016 Justin is CEO of Big Concerts, recently

acquired by Live Nation Entertainment – the world’s largest live entertainment company, which is listed on the New York Stock Exchange.

Interestingly, Justin’s dad (and greatest mentor), Attie van Wyk, is one of the most successful entertainment entrepreneurs in the world and has been recognised as such by his industry peers and the global CEO of Live Nation. Justin says he learns from him every day.

In the past eight years, Justin van Wyk has grown the group’s value by 300% and seen Big Concerts become the largest and only live entertainment company

in Africa to feature on the Top 100 Worldwide Promoters List, with interests in touring, ticketing, concessions, hospitality, merchandise, and venue management.

JUSTIN VAN WYK, 34

‘Before I joined Big Concerts as Chief Financial Officer in April 2007 I created a sponsorship agency which later grew into a fully fledged hospitality, ticketing, sponsorship and concessions business that achieved some major milestones such as securing the rights to manage the public bars at FNB Stadium in Johannesburg, selling out three One Direction stadium concerts in 37 minutes. It offered the first ever VIP packages to concerts in South Africa ‒ which today is a very popular client engagement activity for major corporates ‒ and had major clients such as SAB, Nokia, Coca-Cola, MTN, Huawei, City of Cape Town, City of Durban, DGB and Brandhouse on its books. I then became the Managing Director of Big Concerts in 2013.’

Justin has since successfully created business models for the use of the 2010 FIFA World Cup stadiums for live entertainment and has hosted some of the biggest names in music including U2, One Direction, Justin Bieber, Bon Jovi, Rihanna, Coldplay, Neil Diamond, Lady Gaga and Bruce Springsteen.

Justin has also been successful in growing the brand into one of the Top 10 brands on Twitter in South Africa, winning the tender for the +R2 billion redevelopment of the Bellville Velodrome precinct, which will include a world-class multi-purpose arena. He also concluded an acquisition of a majority stake in the business to Live Nation.

Justin’s perfect day: 'An early morning cycle or run, dropping my kids off at school, grabbing a cappuccino on my way to work, opening my emails to see confirmation that the biggest act in the world has accepted our offer to play stadium shows in South Africa, leaving work early to take my kids to the beach, and ending off my day with a glass of wine and a braai.’

TRAVEL


The small village of Magaliesburg lies at the heart of a beautiful region of mountains, valleys, rivers and indigenous woodland and is home to a variety of birds. But it is not all natural bushland. Here you will find a wealth

of hospitality – and if you’re looking for the perfect place to spend a relaxing weekend, look no further than De Hoek Country Hotel.

De Hoek Country Hotel is the only five-star country house in the serene Magaliesberg area and is also known as one of the outstanding boutique hotels in South Africa. Its secret appeal might lie in its incomparable location in a lush and fertile valley, within a sprawling farming community, and distinguished by indigenous bush and the small but bountiful Magalies River.

At De Hoek you will not only be spoilt by five-star luxury – there are activities to suit all tastes. Whether you stay here for a romantic getaway, an executive conference, a bespoke wedding or just to unwind in a tranquil setting – you are bound to enjoy warm hospitality and superb cuisine. Different areas of the hotel cater for different occasions: breakfast on the east terrace or out in the gardens under shady bushwillows, karees and wit stinkhouts, a formal lunch or dinner in the dining room with all the French doors open in summer, or a roaring fire in winter.

Since its establishment 22 years ago by the founding owners, Johann Redelinghuys and his wife Emma, together with part-owners Michael and Michelle Holenstein, De Hoek has set the standard for fine dining and premier hospitality

When you feel you deserve a break from the hustle and bustle of city life, you can just take a leisurely drive westward and within an hour or so you’ll discover the magic of Magaliesburg.

A well-deserved breakservices. Recently the Holensteins have sold their share to the Shongwes, Isaac and Khumo. Michael will, however, continue at De Hoek as general manager and executive chef.

De Hoek’s original Lesotho sandstone house was built in 1991 and evokes a special charm and ambience with its grand central mahogany table. The house boasts historic repurposed features such as struts from old Crown Mines headgear and wooden door lintels from Durban Station – to name but a few.

In addition to accommodation, De Hoek offers a variety of event venues that can accommodate up to 80 guests for a private event, a wedding, or a corporate conference. The Point Room in the Stone House is used for private dining for up to 12 guests.

CONFERENCINGDe Hoek caters for top executive conferences and meetings where creative thinking takes place and important decisions are made.

Four elegant conference and function rooms are situated in the grounds in the imposing sandstone Stonebridge House. The formal Foundation Room, with elegant interiors, can accommodate up to 60 delegates with various seating arrangements. A service bar leads off the room. Two smaller conference rooms, Cornerstone and Capstone, lead out onto the enclosed veranda, which in turn leads into the lovely Bridge Bistro restaurant, which boasts high ceilings, artwork, and glass doors and windows leading into the gardens.

Twenty-four-hour conference packages are offered to delegates who want superlative cuisine, good wine, excellent accommodation, and service in an elegant and exclusive environment.

Any type of activity could be arranged for team-building. These would typically include hot air ballooning, competitive cooking, Vegas gambling nights, murder mystery dinners, drumming, guest speakers, and conversations with famous South Africans.

DININGMichael Holenstein and his brigade of chefs at De Hoek are committed to food excellence and create sublime dining experiences every single day, seven days a week.

Every evening, the team offers a different and varied five-course dinner sourced from the best local and international suppliers and freshest seasonal produce available. Creative and unusual flavours are combined to create new food trends, and this is combined with clever interpretations of classic French and Mediterranean dishes. The food is beautifully plated and presented with herbal bouquets picked fresh every morning.

De Hoek has been in the top 100 restaurants in South Africa for many years and has won many food accolades, including American Express Fine Dining.

Interesting and unique wines are sourced all over South Africa, with many visits made to the hotel by the winemakers themselves. Old favourites and new finds appear on their wine lists, which have been voted best new wine list in South Africa by both Diners Club and Diamond on many occasions.

EXPERIENCESDe Hoek Country Hotel offers peace and tranquillity in a lovely setting. Varied packages are available for a group of guests or companies.

Visit www.dehoek.com to enquire about your year-end function, baby shower, honeymoon, engagement party, retirement function, or high tea on a Saturday afternoon, or send an email to [email protected].

http://www.dehoek.com

60 | JULY 2016

AUTHOR | Torque Talk is a member of SAGMJ

MOTORING

AUDI A4 1.4This is the all-new Audi A4 that was launched late last year. Even though there is no striking difference from its predecessor in appearance, this is actually a totally new vehicle. To start with, the new headlights have an all-new cleaner shape and feature LED lights as an option. The overall body looks more refined and squared off, in keeping with the new Audi look that started with the launch of the Q7. The grill is larger with chrome vertical slats and a more pronounced shape. The side silhouette does not look different, but the midway and lower creases are more pronounced and almost join the headlights to the taillights. The new taillights make the rear end look slimmer and more modern. The overall rear end is in keeping with the A3 sedan’s sporty rear end.

The biggest change is on the inside. Open the driver’s door and you are greeted by an all-new four-spoke steering wheel with a smaller rectangular centre hub. The rather flat dashboard top adds spaciousness to the front. The all-new slim-line infotainment screen is fixed on the top of the drop down section of the dashboard. The gearbox lever, which is

VW CADDY MAXI 2.0 TDISince its launch, the VW Caddy has created a niche market for itself in being one of the first seven-seater vehicles that was based on a small hatchback, namely the VW Polo. The Caddy seemed to appeal to buyers who did not have the capital outlay for a minivan or bigger SUV, or preferred to drive a smaller vehicle but still needed the space and versatility.

The updated Caddy has a refreshed appearance, in keeping with the overall new VW look. The new squared-off headlights, smoothened bonnet and minimalistic grill give the Caddy a more sophisticated, cleaner look. The raised roof makes the vehicle not only look bigger than it actually is, but also adds a whole lot more to the practicality and versatility. The side has double sliding doors to enable easy access from either side. The rear doors are to allow you to see through the larger door in your rear-view mirror.

This being the Maxi version, it has an extended body which allows you to have an extra row of seats while still allowing a for a fair-sized luggage section. But if you need to load more in the vehicle, you need to plan ahead. Even though the backrest of the third row of seats does fold forward, it does

Refined distinction

a copy of the one featured in the A8, has been moved further back to accommodate the new position of the MMI controller. The new minimalistic dashboard features almost no buttons and the buttons for the radio are now positioned in front of the MMI controller. One new feature is a virtual cockpit which starts out as a digital display in place of the speedometer and rev counter.

These features are good, but the navigation system is a bit cumbersome to use. Personally, I feel that Audi have complicated the input system in trying to simplify it. The rest of the interior is simple and modern. The overall leg room front and back is excellent so too is the boot space.

On the road, the 1,4-litre four-cylinder TFSi motor delivers a healthy 110 kW. Road holding is excellent and overall steering feedback is not bad.

On the whole, the new A4 has definitely surpassed its predecessor in refinement and distinction in looks. The 1,4 litre is not the best fit for a vehicle of this size but it does a decent job; I would have preferred the 2,0 litre, though. That being said, the new A4 is definitely a worthy competitor in the medium-sized executive luxury sedan market.

not give load space from the floor. Don’t despair, as the entire third row can be removed with a few pulls and tugs.

Entering the vehicle is easy, thanks to the raised roof height. All the seats are comfortable and the leg room is decent, even for long distances.

The driver's position is good but feels a bit too open thanks to the raised roof. Finding a comfortable driving position is easy and the dashboard is typical VW. As the vehicle is based on a smaller hatch, the space between the front seats is not enormous. On the road, the car feels easy to drive. The 2,0-litre diesel motor felt strong and was surprisingly quiet.

On the whole, the Caddy Maxi has been designed for those who need to carry people around the city and long distance. It’s easy to drive and frugal on fuel, but it takes some practice to perfect reverse-park. I would add the optional self-parking to make this the perfect city people-mover vehicle.

SPECIFICATIONSEngine: 1,4 ℓ 4-cylinder Turbo Power: 110 kW Torque: 250 Nm 0–100 km/h: 8,5 secondsFuel: Average 4,9 ℓ /100 km CO2: 114 g/km Price: From R476 500


SPECIFICATIONSEngine: 2,0 ℓ 4-cylinder Turbo Diesel Power: 103 kW Torque: 320 Nm 0–100 km/h: 10,9 SecondsFuel: Average 6,3 ℓ /100 km CO2: 166 g/km Price: From R434 900

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Investments

Banking

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Finance

Recent CAs

M&A MANAGER - EE PREF FINANCIAL ACCOUNTING MANAGER

TRAINEE DEBT STRUCTURER

INTERNAL AUDIT SPECIALIST

ASSOCIATE: LEVERAGED FINANCE

Market related salary. M&A Manager with 1-3 yrs M&A exp to assist with the execution of deals. Buy and sell side lead advisory services, distressed M&A, BEE equity transactions and debt / capital market fund raising services. CA(SA) / B.Bus Sci / CFA. [email protected]

R800K - R600K. Global brand seeks CA(SA) with 3-6 yrs post articles (FMCG pref) plus strong tax management exp. Embrace full accounting function, IFRS / US GAAP. [email protected]

R750K - R600K. Awesome opportunity for a CA with 0-2 yrs exposure to valuations of fi nancial / banking instruments. Opportunity to receive training in debt origination, structuring and placing debt and to gain experience in deal making and placements of debt transactions using credit derivatives. [email protected]

R750K - R650K. Self-driven CA(SA) / B.Com (Hons) / CIA with 3-5 yrs solid internal audit exp plus knowledge of risk methodology and corporate governance. Leading SA corporate offering exceptionally good benefi ts. Possibility of ad-hoc international travel. [email protected]

R800K neg. B degree in Accounting Science / Economics with 3 yrs exp in a credit / deal making role. Assist with the conceptualisation and identifi cation of long term debt and quasi equity transactions. Awesome opportunity to join front offi ce. [email protected]

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Investments

CREDIT MANAGERR680K - R560K. Credit manager (B.Com / Hons) with 3-5 yrs credit risk management exp in IB environment. Manage a defi ned portfolio of sovereigns and associated fi nancial institutions. Small specialised team. [email protected]

IT FINANCE MANAGER

FINANCIAL MANAGER – SPECIAL PROJECTS

R900K – R750K. CA(SA) with 6 yrs IT fi nancial management experience to champion business decisions through the provision of value-based analysis. Defi ne cost models and drivers for major IT business unit. [email protected]

R850K NEG + bonus. CA(SA) with 4-6 yrs exp to join highly regarded retail bank. Work with the executive management team on fi nance projects including building pricing models and assessing capital management and return on equity. Assist with optimising reporting processes. [email protected]

FINANCIAL MANAGER - EE PREFR800K – R600K. Newly established, forward-thinking fi nancial services company seeks CA(SA) 0-3 yrs qualifi ed CA(SA). Manage the fi nances including maintenance of accounting records, reconciliations, preparation of management and statutory accounts, tax returns, payroll etc. [email protected]

PROJECT ACCOUNTANT – RETAIL BANKING

TRAINEE EQUITY RESEARCH ANALYST

Market related salary. CA(SA) with strong academic track record for industry leader in fi nancial services. Provide end-to-end fi nancial support to several business units plus assist with ad hoc projects including competitor analysis and business process enhancements. [email protected]

R550K - R450K. CA(SA) / B.Bus Sci / CFA required for top class securities house. Solid academic track record and passion for the markets will make you a key player in this space. Analyse fi nancial statements and present research reports. Amazing opportunity to join a rapidly growing team. [email protected]

CORPORATE FINANCE ASSOCIATE BU CFO - EE PREFMarket related + bonus. CA(SA) / CFA with 3-5 yrs CF exp entailing strong deal origination, transaction management, fi n modelling and M&A. Join highly respected advisory team, a trusted advisor to impressive global client base. [email protected]

R900K - R800K. Leading bank seeks CFO for leadership, development and continuous evaluation of short, med and long-term fi n objectives. Hands-on CA(SA) with exp in large corp env, sense of urgency and results-orientated. [email protected]

TRAINEE EQUITY RESEARCH ANALYSTSENIOR MANAGEMENT CONSULTANT

PRIVATE EQUITY ANALYST

Market related salary. Financial services specialist management consultancy seeks director level experienced consultant with a strong network to drive new business development within the areas of risk / strategy / fi nance. CA(SA) / B.Bus Sci / B.Com Hons / CFA / MBA. [email protected]

Highly competitive salary. CA(SA) / CFA / Actuarial with 4-6 yrs exp in private equity / corporate fi nance for esteemed international fi rm. Undertake investment sourcing, valuations, structuring and deal execution. Requires individual with outstanding communication skills and excellent work track record. [email protected]

FINANCE

+27 21 418 1750 • Cape Town +27 11 622 2723 • Bruma +27 12 348 2960 • Centurion +27 11 318 2101 • Midrand

FINANCE EXECUTIVE CAPE TOWN

R960 000 – R900 000 CTC An award-winning Entrepreneurial company, is looking for CA(SA) qualified, SME-expert Finance Executive. This position will involve overseeing the day to day finances as well as the opportunity to have a significant impact on the business by developing strategies based on your market, competitor and trend analysis.Consultant: Monique Swanepoel (Cape Town)

HEAD OF COSTING JHB CENTRAL

R2 000 000 – R1 500 000 CTCHigh profile investment bank is actively in search of their new Head of Costing – CGMA/ CA(SA). Partnering with the CFO you will take responsibility of high level cost management, cost analysis, reporting, budgeting and forecasting. A technically savvy, solution orientated and innovative individual will be the best fit in order to streamline finance, improve reporting and ensure enhanced stakeholder relationships. Consultant: Nicole Naidoo (Midrand)

SENIOR FINANCIAL ANALYST JOHANNESBURG NORTH

R1 000 000 – R900 000 CTCA leading JSE listed company requires a Senior Financial Analyst CA(SA) with at least 4 years post-article experience to join their young and dynamic finance team. The successful candidate will be responsible for the building of complex business models, analysis of the current business strategy, data analysis, financial reporting and analysis and strategic planning amongst other exciting duties.Consultant: Briony Simon (Centurion)

FINANCIAL MANAGER WESTERN SUBURBS

R1 000 000 – R 900 000 CTCA global leading multinational requires a Financial Manager to provide local and international management support, to be based in the eastern suburbs of Johannesburg. A qualified CA(SA) with 2 –3 years post articles experience within a manufacturing multinational with Sarbanes Oxley, US Gaap and IFRS experience and an analytical mind and strong business analysis skills would be a match for this exciting opportunity.Consultant: Molebatji Mphasha, 087 351 3914

PROPERTY FINANCIAL MANAGER (EE) CAPE TOWN

R900 000 – R860 000 CTCLooking to expand your career and travel throughout SA? Provide support to divisional finance teams with financial planning and forecasting, analysis of existing business through key performance indicators and variances, preparation of annual budgets and recommendations for process improvements. Hospitality experience advantageous. Experience with Operational Finance and articles essential.Consultant: Nicky Harrison (Cape Town)

www.communicate.co.za

ADvTECH GROUP placed in the Financial Mail’s Top Employer for 2016 list and received the standard of excellence achiever award in Deloitte’s “Best Company to Work For Survey”.

Communicate Personnel is a trading division within ADvTECH Resourcing (Pty) Ltd, the recruitment division of JSE-listed ADvTECH Group.For more information and career opportunities, visit:

FINANCE BUSINESS PARTNER JOHANNESBURG NORTH

R900 000 – R800 000 CTCA globally recognised organisation is looking for a Financial Analyst, who is a qualified CA(SA) or CIMA Member with at least 4 years budgeting and forecasting experience. Candidates with business partnering experience will take first preference. This incumbent will be responsible for budgets; forecasts, monthly management reporting, cost control and tracking.Consultant: Neo Molwela (Centurion)

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Join Oasis expanding investment business as a senior �nancial accountant and advance your career globally. Oasis is a progressive, innovative and committed asset and wealth management company that operates across multiple jurisdictions in a regulated, automated and digital environment. The company is known for its distinct value and service offering, its excellence in product and its deep and broad expertise as well as its commitment to offering its people opportunities that showcase their capabilities and skill through the collaborative, inclusive and team orientated environment.

Rewarding Global Career Opportunities for Accountants

Description of the Role

www.oasiscrescent.com

Oasis Accounting and Finance division incorporates the disciplines of Business Finance, Corporate

Accounting, Treasury, Regulatory Reporting and Accounting Operations across multiple jurisdictions

and specialist businesses. Reporting directly to the Chief Financial Of�cer and the Chief Executive

Of�cer, the incumbent will need to possess exceptional technical, analytical, consolidation and reporting

abilities coupled with sound business acumen, excellent communication skills and the ability to work

independently and integrate seamlessly within teams as required. The position will require management

of the entire global accounting and �nance framework for the business and experience within a

multi-currency and multi-jurisdictional accounting and �nance environment will be a distinct advantage.

The candidate will manage and form part of a focused team based at Oasis’ of�ce in London and will

need to travel to similar operations of�ces from time to time to ful�l functional, project and management

requirements. This is a complex but rewarding opportunity for a specialised professional who strives

for excellence, thrives on challenges and is determined to grow and advance his/her career.

Candidates who Should Apply

• 5-10 years of accounting experience with an excellent track record. • Strong Management experience• Excellent technical and analytical ability• Superior communication and reporting skills• Suitable qualifications • Registered as a Chartered Accountant• Working knowledge of current industry standards

Application Process

E-mail your CV, copy of your ID, Certi�ed Academic Transcripts and Industry Quali�cations to [email protected].

Your submission is to be accompanied by a cover note that con�rms submission of all required documents. All submissions are to reach Oasis by 31 October 2016.

Location

London, United KingdomRemuneration

Competitive market related packages and a system of continuous reward for excellence.

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CLASSIFIEDS

PARTPARTNERSHIPS & PRACTICES

ARE YOU INTERESTED IN A MERGER?Should you be interested in merging with a long established and extremely successful accounting and auditing firm in South Africa, which is JSE accredited and internationally affiliated, then there is no doubt that this could be mutually beneficial to both practices. Let us explore the possibility. Call Marius on 0828873496 now.

ARE YOU INTERESTED IN SELLING?In the world of accounting and auditing, a well established, JSE accredited and internationally affiliated CA firm is looking to acquire your accounting or auditing practice in Gauteng, Cape Town, Bloemfontein or Durban. Should you be interested in selling, please give Marius a call on 0828873496.

PARTNER ROTATIONDo you value your independence? 2017 audit partner rotation problematic? Call me Marius on 0828873496 for solutions.

ONS KOOPRekenmeesters-, oudit- en belastingpraktyke of “blokke van fooie”. Kontak Pieter by 0823320646 of [email protected] as jy belangstel om te verkoop.

Legislation requires your VAT Registration Number for invoicing purposes. For Classified Advertisement information: Contact Palesa Khobane Tel: 011 621 6696.

All advertisements to be submitted to: Accountancy SA, PO Box 59875, Kengray, 2100, Fax 011 621 6807 E-mail: [email protected]

KEEN TO PURCHASEWe are keen to purchase an accounting or auditing practice in Gauteng/Paarl/Western Cape. We have done this before and are prepared to pay fair value. For a confidential discussion contact Joe on 082 854 8269.

SERVICES

PROFESSIONAL BUSINESS VALUATION SERVICESObjective, insightful and supportable business valuations. Contact us on 0861-99-99-32 or email [email protected] Visit www.businessvaluation.co.za for more information.

responsible leadership.

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