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ACCA LAUNCHES ITS NEW TUTOR EXCELLENCE PROGRAMME

ACCA collaborates with BPP Professional Education on support and training for ACCA tutors

An exclusive online programme for tutors who teach and support ACCA (the Association of Chartered Certified Accountants) students goes live today. Developed by ACCA, in collaboration with BPP Professional Education, and using BPP’s online classroom learning environment, this free of charge ACCA Tutor Excellence programme supports tutors so they can help their students’ progress through the ACCA qualification.

The programme is accessed through ACCA’s online Education Hub – a secure area that provides ACCA tutors with tools to help them offer the rigorous and high quality tuition demanded by the ACCA Qualification.

Approximately half of our students study for their ACCA exams with an education provider. This programme gives ACCA tutors around the world – whatever their level of experience in teaching ACCA – access to great tutor training which will help them support their students to become ACCA members.” – Alison McHugh, director of education at ACCA

ACCA already offers face-to-face Train the Trainer events across its markets, but this ground breaking programme means ACCA can reach every tutor, wherever they are, and help them to improve their teaching skills.The programme features more than 20 learning units and three e-assessment checkpoints, covering:

  • Guidance through the learning, revision and final preparation phases
  • The role of the tutor support resources provided by ACCA
  • The differences between academic and professional qualification teaching
  • Learning methodologies, presentation skills and creating a dynamic classroom environment
  • Teaching for computer based exams (including the new F5–F9 CBE)
  • Exam skills, exam focus and question debriefing
  • Supporting students with exemptions, choosing between option exams and their PER

The programme has been developed for ACCA tutors who are new to teaching ACCA and looking to get started, as well as those more experienced ACCA tutors looking to improve their delivery or find new approaches.

Alison McHugh concludes: ‘This is a timely and valuable resource that’s aimed at ACCA tutors working in a professional or an academic environment. It’s innovative approach gives ACCA tutors around the world access to a consistent programme of learning so they can develop their skills, while making sure the students who study with them can reach their ambition to become an ACCA professionally qualified accountant.’

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Are you ready for the Finance Indaba 2016?

The Finance IndabaAfrica is the biggest annual expo and conference for finance professionals.It brings together peers, technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. For more information about the program and exhibition please visit the Finance Indaba Africa website.

Get inspired by top speakers as well as CFO Award winners and leading experts, like
Vusi ThembakwayoProf Mervyn KingMartijn Aslander, Aarti Takoordeen (JSE Limite),
Bikash Prasad (Olam International), Steven Cohen (Sage One), Dumisani Dlamini (National Arts Council)  and more.

By joining the Finance Indaba Africa you can take advantage of:

  1. a 2-day expo and conference dedicated to finance professionals
  2. 90 workshops, presentations and expert sessions
  3. insight into the latest tools, solutions, and services that contribute to your success
  4. meetings with top recruiters and opportunities to find your dream job
  5. insight, knowledge, and know-how from South Africa’s top CFOs
  6. an overview of Africa’s top 100 most innovative FinTech companies
  7. pitches and updates on the latest technology, services, and products for finance
  8. meet and greet the winners of the South African CFO Awards

We look forward to welcoming you at the Finance Indaba Africa. For more information on the Indaba, please contact Shay Van Huyssteen via e-mail: svanhuyssteen@cfo.co.za.

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ACCA RELEASES FINANCIAL GUIDE FOR ENTREPRENEURS

ACCA (the Association of Chartered Certified Accountants) addresses the financial literacy skills gap in South Africa with a new guide for anyone starting their own business, new to financial management or simply seeking to improve their knowledge.

Whatever the force that drives South African entrepreneurs to get their ideas off the ground, the fact remains that there are many obstacles that they will have to overcome. Financial management is at the heart of running a successful business and remains a major challenge for many business owners. According to Fin24, 63% of businesses operating for less than 3 years fail in South Africa. In many instances, entrepreneurs are not equipped with the skills and knowledge needed to make informed and effective decisions about their financial business model.

ACCA have addressed the issue through a brand new guide, ‘Financial management and business success – a guide for entrepreneurs’, designed to help small businesses understand the importance of financial literacy and guide them through the basic elements. Understanding financial information is vital for offsetting this risk as it reveals the early warning signs of impending problems.

Building an entrepreneurship culture in South African is vital in the fight against unemployment; this guide is a game changer and can be used to support entrepreneurs to become financial savvy business owners.” Nomsa Nkomo, Policy Manager, ACCA South Africa

The guide stresses the importance of business planning at every stage of business life, helping to assess and identify opportunities directly, and avoid mistakes through applying correct financial knowledge.

Featuring quotes, case studies and statistics that support skilled financial management, the ACCA guide demonstrates how to make certain individuals have the financial capabilities needed to ensure their organisation achieves its full potential.

Rosana Mirkovic, ACCA’s Head of SME Policy said, “Having the right financial capabilities remains vital throughout the life of a business, whether you are just starting out, have an established business or are looking towards a final exit from a firm. Businesses are changing and innovating more rapidly than ever and the financial management needs of organisations must continue to evolve alongside their developments. Recognising the right financial management capabilities is, therefore, imperative to their success.

To view the full report, please visit here.

It’s Tax season again!

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It’s Tax Season again!

This is a friendly reminder that Tax season is on us. Here are two useful Tax submission guides (Guide 1 and Guide 2) that will make Tax submission as easy as 1 2 3. Familiarise yourself with the changes for this Tax season and get tips on how to submit your returns either at a branch or via eFiling.

For further information contact SARS by clicking here or contact the call centre on 0800 00 7277.

Learnings from investigating financial statement fraud

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This article comments not only on what has happened in corporate failures elsewhere in the world but also accurately describes the circumstances of many corporate failures in South Africa.

Although little has been recorded of the fraudulent activity that contributed to or resulted in the corporate failures in South Africa, KPMG had the opportunity to be involved in a number of those investigations to a larger or lesser extent.

Although greed, ambitious corporate growth, excessive interest in maintaining stock prices, stock market expectations and weak independent directors and audit committees, were definitely a common theme, these were not the only reasons that contributed to the frauds.

Another aspect that has always come up during these investigations into corporate failures and extensive financial statement fraud is the role the financial manager played in assisting management in concealing the true nature of the fraudulent activity going on. In many of these instances, the financial manager was not even directly benefiting from the fraudulent activity. However, their evasiveness during the audit or inability to answer probing questions, even during the forensic investigations, have made it impossible or very difficult to uncover the full extent of the financial statement frauds. The response of these financial managers differ from case-to-case, but trends that emerged were the following:

  • Pride in their ability to record the transaction in such a manner that the auditors did not pick it up
  • A belief that as long as they did not answer the auditor’s question, but referred him/her to management, they were not party to the fraud or the cover up
  • A belief that they are not to question their boss and therefore have to do what he/she says they should do
  • Rationalisation of their conduct and role in the transaction, to the extent that the financial managers do not believe that they did anything wrong.
  • Only recently, in a matter ongoing now since 1999, did the financial manager finally accept that although he may have an accounting explanation for the transactions he processed, legally, he is unable to substantiate the transactions. This distinction, in the mind of the financial manager, is something that can be definitely noted in future investigations to come.

Only recently, in a matter ongoing now since 1999, did the financial manager finally accept that although he may have an accounting explanation for the transactions he processed, legally, he is unable to substantiate the transactions. This distinction, in the mind of the financial manager, is something that can be definitely noted in future investigations to come.

This article was taken from KMPG’s South African blog, to visit the blog click here 

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ACCA Graduation Dinner

ACCA would like to welcome and thank the new Graduates for joining us in celebrating their new professional designation last week Thursday, and the start of their membership journey.

For use and reference please find below the images from the graduation:

 

 

 

 

 

 

IMF sees sub-Saharan Africa growth near two-decade low in 2016 – by FIN24

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Johannesburg – Economic growth in sub-Saharan Africa will likely slow this year to its weakest in nearly two decades, hurt by a slump in commodity prices, the Ebola virus outbreak and drought, the International Monetary Fund (IMF) said on Tuesday.

In its African Economic Outlook, the fund said the region would likely grow 3% this year – the lowest rate since 1999 – after expanding by 3.4% in 2015.

Growth was seen recovering to 4% next year, helped by a slight recovery in commodity prices, and the fund said it was still optimistic about the region’s prospects in the longer term.

“However, to realise this potential, a substantial policy reset is critical in many cases,” the fund said.

Affected countries needed to contain fiscal deficits as the reduction in revenue from the commodities sector was expected to persist, it added.

Major oil exporters Angola and Nigeria were hardest hit by the slump in commodities prices, as were Ghana, South Africa and Zambia, the report said.

Guinea, Liberia, and Sierra Leone were only gradually recovering from the Ebola epidemic, while several southern and eastern African countries including Ethiopia, Malawi and Zimbabwe were suffering from a severe drought, the IMF added.

On the upside, Ivory Coast, Kenya and Senegal would see growth of more than 5%, mostly “supported by ongoing infrastructure investment efforts and strong private consumption,” the report said.

“The decline in oil prices has also helped these countries, though the windfall has tended to be smaller than expected, as exposure to the decline in other commodity prices and currency depreciations have partly offset the gains in many of them,” it added.