![]() Author: Rashied Small, Education, Training and Membership Executive, South African Institute of Professional Accountants & Liezl Leleu, Professional Accountant (SA) Many graduates approach the “new chapter in their career” with enthusiasm as trainees/clerks in the accountancy profession, but are often shocked when they encounter the reality and challenges on applying their “knowledge” in practice. These experiences of graduates are a clear indication of the “education-workplace” gap which is not unique to the accountancy profession but is becoming a global concern with numerous questions being raised by industry captains about the value of tertiary education. The reasons for the gap The “education-workplace” expectation gap may be attributed to firstly, the understanding of the workplace requirements by tertiary education leaders. Secondly, the disagreement on the responsibilities of education institutions and industry for the training and development of the learners; and thirdly, the extended process of changing academic programmes which may not accommodate the rapidly changing requirements of the workplace. Other causes include:
Current approach The short-term solution currently being implemented to address the gap in South Africa is to provide “work readiness programmes”. However, these programmes focus on developing the pervasive and inter-personal skills to facilitate the transition into the working environment. The long-term solution is to review the education and training as a continuum with a focus on an integrated approach that addresses the competence requirements of executing the critical work functions at the expected levels of proficiency. This requires a paradigm shift in the education environment with a change from the traditional teaching and learning system to competency-based education system (integration of technical knowledge and practical skills). Changing skills requirements The 21st century is abuzz with the concepts of “technology and connectivity” as the drivers of progress and development. The accountancy profession is no exception, long gone are the days of “pencil pushers and paper users” because technology such as accounting and financial reporting packages have changed the skills sets required from human resources. Technology has taken over the processing function (data conversion to financial information) as well as financial information analysis through artificial intelligence and “big data”. Furthermore, the shift in emphasis of financial reporting towards principle based reporting about the economic phenomenon of business transactions rather than rules based coupled with the demands for Integrated Reporting have placed even greater a premium on the cognitive skills of the professional in the accountancy profession. A consolidation of the aforementioned and, more importantly, for the relevance and survival of the professionals in the accountancy profession, it is an unequivocal requirement for changes to take place in the education and training. Way forward To close the gap educational leaders and captains of industry must work in a collaborative manner to develop and implement the following strategies:
Does this mean that the current education and training systems should be discarded – the answer is a definite “NO”, but they should be reviewed and adapted to meet the changing demands of the business environment and workplace expectations? Everyone claims that accounting and the related subjects are practical in nature, yet it is taught in a technical and theoretical manner often ignoring developing the skills required to apply it in the world of work. It is not a question of reducing the technical knowledge which is often blamed for information overload by academics, but focussing on the skills required to facilitate the process of engaging with the volumes of information. Partnership of collective sharing For education and training to be a continuum it is necessary for educational institutions and industry to form a partnership of collective sharing of responsibilities through a co-operative manner pursuing an integrated mandate. The development of employable and competent professional is not only key to the accountancy profession, but it is critical in addressing the risks such as fraud and corruption which are depriving business and the economy of the ethical responsibilities of ensuring sustainability and growth. ENDS MEDIA CONTACT: Idéle Prinsloo, 082 573 9219, idele@thatpoint.co.za, www.atthatpoint.co.za For more information on SAIPA please visit: Website: www.saipa.co.za Twitter: @SAIPAcomms LinkedIn: South African institute of Professional Accountants Company Facebook: South African Institute of Professional Accountants
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![]() South African Institute of Professional Accountants 25 July 2016 When it comes to cybersecurity, companies must consider the inside threat as well. By Ettiene Retief, Chairperson of the National Tax and SARS Stakeholders Committees at the South African Institute of Professional Accountants When it comes to cyber-crime, companies are most focused on the external threat from hackers. But given that business is largely digitised these days, and that fraud is so frequently an inside job, cybersecurity must include a strong inward focus. The target for cyber-attacks, internal or external, is usually data. Data thus represents a considerable risk for all organisations, but particularly professionals like accountants, lawyers, bankers and the like, who will hold large amounts of highly sensitive client information. Recent high-profile data hacks, such as HSBC Swiss leak, were the work of insiders, and it’s possible that the anonymous source of the so-called Panama Papers was an employee of the law firm concerned. So, while the external security measures like firewalls and other access control and tracking measures remain of greatest importance, companies need to take specific precautions to protect their data from internal threats. The following six principles will assist:
ENDS MEDIA CONTACT: Idéle Prinsloo, 082 573 9219, idele@thatpoint.co.za, www.atthatpoint.co.za For more information on SAIPA please visit: Website: www.saipa.co.za Twitter: @SAIPAcomms LinkedIn: South African institute of Professional Accountants Company Facebook: South African Institute of Professional Accountants ![]() Author: Bongani Coka, Chief Executive of the South African Institute of Professional Accountants Nelson Mandela was clear that the purpose of living was to make a difference in the lives of others and driving positive change in the country is the best way to truly honor his legacy. Against this backdrop I want to motivate South African business, our members and the country’s citizens at large to give serious thought as to how they want to mark 18 July. In my view, we can best achieve this by looking at what the national imperatives are and then consider how we can use our special skills to further those imperatives. By taking this approach, our individual efforts are multiplied by the work others are doing, and we are using our limited resources most intelligently. The first point of call should be to interrogate the National Development Plan (NDP) and the information put out by Stats SA. That way, companies and individuals can see what the key levers for driving social change are. The vital second step is to look at how to bring one’s particular skills to bear on the identified challenges. Passing on skills For Professional Accountants, the decision is relatively easy. Maths and Accounting are generally recognised to be critical in creating a vibrant economy—but the educational system remains unable to produce them. In 2015, for example 140 474 pupils wrote Accounting and only 59.6 percent of them were able to achieve a score of 30 percent or above. Surely we should be directing our efforts towards growing the pipeline of talented young people who choose accounting as a career. By passing on skills or even inspiring a young person to take a particular path, we can change his or her life and contribute to the country’s transformation. This is a better use of an accountant’s time than, say, painting a school, I believe. For this reason, donating time is inherently more valuable over the long term than money or things, important as these are. Thus, for example, a Professional Accountant could consider delivering a lecture or course of lectures to learners at a particular school, and leaving behind a set of notes or some software for educator to use. Further, I’d like to encourage members of the South African Institute of Professional Accountants (SAIPA) to look beyond just one day, and treat 18 July to 17 August 2016 as Mandela Month to create opportunities for more ambitious projects that might include some mentoring as well. Carefully thought-out initiatives can help improve BEE scores but, even more importantly, they can improve the image of the profession within the broader community. This has many positive benefits—it will help to increase the number of people wanting to enter that profession, and it will also serve to strengthen its “social licence” by demonstrating that it acknowledges its responsibilities to the broader stakeholder community. Let’s use Mandela Day or, even better, Mandela Month, as a way to share our professional skills in the most effective way to drive lasting, wide-reaching and sustainable social change. Mandela was not just a man of words—he was an action man who wanted results. That’s the best way to honour his memory. National Accounting Olympiad One of SAIPA’s initiatives include its annual National Accounting Olympiad, which aims to make Accounting a preferred subject choice to all students, and to promote the option of professional accountancy as a sound choice for further study and the pathway towards a financially and personally rewarding entry into employment. Teachers are encouraged to invite Grade 12 accounting learners who wish to follow a B.COM degree in Accounting as further study to enter for the competition The first round of the 2016 competition is scheduled for May at the learners’ respective schools. All learners who qualify for the final round will be invited to participate in the final round on 27 July. The final round will determine provincial and national winners in two streams: government and private schools. ENDS MEDIA CONTACT: Idéle Prinsloo, 082 573 9219, idele@thatpoint.co.za, www.atthatpoint.co.za For more information on SAIPA please visit: Website: www.saipa.co.za Twitter: @SAIPAcomms LinkedIn: South African institute of Professional Accountants Company Facebook: South African Institute of Professional Accountants |
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