ACCA South Africa recently hosted the President of ACCA, Martin Turner. The overarching theme of the President’s visit, and the event theme, was for ACCA Global to strengthen the role South Africa plays within the ACCA’s global strategy. The visit coincided with the launch of the #2020 vision for ACCA. The role-out of the 2020 vision, launched on the 1st April, will play an important role in increasing ACCA’s footprint in Sub Sahara Africa. The 2020 vision, initially marked to be launched in 2015, was brought forward for early launch as ACCA identified the increasing changes in the industry that require members to adapt and become more relevant. The core focus for ACCA’s global strategy is to be the number 1 in providing world class accountants.
“Despite the global economic condition, these are exciting times for South Africa; we see an immense growth opportunity here.” Martin Turner, CEO of ACCA Global.
The opportunity for growth for ACCA members in South Africa greatly outplays those in developed countries. In this instance, local is lekker as South Africa currently has a shortage of accountants, and ACCA sees this as an opportunity to build market muscle, whilst bringing an international standard to ethical practise and good governance, something South Africa is in dire need of. This will enviably give members an edge, an ability to build on international experiences in order to find local solutions.
During the event, Chama Kamukwamba, ACCA Chairperson of the Members Network Panel, highlighted the 2013 World Report on the state of the accountancy industry in South Africa, focusing on deliverables and shortages. According to the report, only half of the required accountants enter the market each year, and the growth of entry level accountants have not kept up with economic growth. According to the World Economic Forum http://www.weforum.org South Africa is ranked 1st in accountancy and auditing standards. The concern raised by Chama is the real possibility that the costs of business will escalate as demand outstrips supply.
“South Africa needs to develop more professional accountants to avoid the high cost of doing business in the financial sector”, Chama Kamukwamba, ACCA Chairperson of the Members Network Panel.
The President’s visit has given ACCA South Africa the opportunity to implement the 2020 strategy with the reassurance that the global body is 100% committed to development and growth within the South African market.