The South African Institute of Professional Accountants (SAIPA) today released the results of its November 2018 Professional Evaluation. Professor Rashied Small, Executive: Education and Training at SAIPA, congratulated the successful candidates and welcomed them as full members to the Institute. “Those who passed have proven their competence and may now proudly bear the distinguished title of Professional Accountant (SA),” he says. “We are delighted to have them as members and look forward to supporting them throughout their careers and endeavours.”   
 
The purpose of the PE
The Professional Evaluation is a four-hour written exam that every prospective SAIPA member must complete before being granted access to the Institute’s ranks. Prerequisites for taking the test are a SAIPA approved degree or diploma and the completion of a three-year learnership at a SAIPA accredited training centre (ATC).
 
The stringent pre-entry evaluation is a distinctive requirement that sets SAIPA apart by testing the applicant’s ability to apply what they have learned to complex practical and ethical problems. “We don’t assume an accountant to be competent,” explains Professor Small. “Rather, they must be able to demonstrate their proficiency on demand. This assures the public that our members understand their burden of responsibility and are equipped to practice professionally from the very beginning.”
 
Demographics
For this round, a total of 676 candidates wrote the Professional Evaluation exam. This number comprised 265 males (39%) and 411 females (61%). From an equity perspective, 378 (56%) of the candidates were African, 55 were Coloured (8%), 43 Indian (6%) and 200 White (30%).
 
“We’re excited to observe so many female accountants entering the field and it’s encouraging that over half our applicants are black,” remarks Professor Small. “However, we’d definitely like to see many more Africans pursuing a career in accounting. It is an incredibly rewarding profession that also plays a key role in accelerating South Africa’s socio-economic transformation.”
 
Project Achiever
Project Achiever is a special five-month course designed to prepare candidates for their Professional Evaluation. It has proven very popular, with 415 of those being tested having participated. This optional programme is open to both university and university of technology graduates who have completed their 3-year learnership. Selected formally disadvantaged groups qualify for full funding through the Finance and Accounting Services Sector Education and Training Authority (FASSET).
 
“We dare not lower our standard to meet the overwhelming demand for accountants at the cost of protecting the public interest,” says Professor Small. “Through Project Achiever, we are instead helping aspiring accountants reach that standard and thereby satisfying both concerns.”
 
In addition to technical and ethical competency, the programme imparts vital soft skills, like team work, communication, business writing, reporting and more.
 
The future with SAIPA
With their Professional Evaluation behind them, these newly fledged Professional Accountant (SA) holders may go on to, say, work at corporations, start their own private practice or even extend their skills to specialised fields, like tax consulting. Whatever they choose, each will be considered a valuable business advisor. “Furthermore, SAIPA will be behind them all the way to help them realise their full potential,” says Professor Small.
 
Results
A total of 521 candidates successfully completed the Professional Evaluation exams. Below the top 10 achievers for November 2018 exams.

1. Moodley, Pranisha, Durban
2. Coetzer, Sally, Port Elizabeth
3. Van Marcke, Renalta, Cape Town
4. Troskie, Karlien, Pretoria
5. Ismail, Nazia, Durban
6. Heystek, Hendrik, Cape Town
7. Nyasuro, Tumai, Cape Town
8. Breytenbach, Tyrone, Cape Town
9. Le Roux, Tanya, Cape Town
10. Bugwandeen, Munish, Midrand

ENDS

MEDIA CONTACT: Stephné du Toit, 084 587 9933, stephne@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: Faith Ngwenya, Technical Executive, South African Institute of Professional Accountants (SAIPA)

In the ever-changing world of technology, it may seem that professional accountants have become somewhat obsolete.  We will be looking at what steps professional accountants can take to ensure they stay relevant.

Areas where technology has systematically been replacing professional accountants include accounting software packages that have been around for decades and have advanced significantly in recent years. In the past it would have taken weeks to prepare financial information, but today it can be done with the push of a button. 

SARS e-filing and Easy File have also automated a lot of previously manually prepared compliance returns. And it is not only the financial accounting world that is being overtaken by technology but also auditing. A lot of the audit processes have recently been highly automated. 

How to remain relevant
For accountants who have buried their heads in the sand, assuming they will still make a living by continuing the same services they have rendered in the past, the reality is that they are fast becoming irrelevant.  These days clients see little or no value in simple compliance services, and are rather looking for accountants who can add concrete value to their businesses.  

Accountants need to realise that even though it may seem like a daunting task, they must keep looking out for developments in their areas of operation, and by doing so they will provide the much sought-after service of adding value to their clients.  The days of billing based on “time” spent on the job will soon be a thing of the past and the billing should now be based on the value that you have added to the client’s business.

Adapting to a changing environment
More than a decade ago the industry awoke to cloud based accounting. Accountants under-estimated the impact of this innovation and today it has become the way of doing business. In the near future all systems will be cloud based and those accountants will be left behind. The lesson that we should learn from this is that as the profession evolves and technology advances we need to keep pace with the changes. 

Today we speak of techno-currency (Bitcoins and Blockchain) and these are transactions that accountants should understand, be able to process and be able to advise their clients on. If you ignore equipping yourself with the necessary knowledge of these important evolvements you will wake up one day and realise that half the business has moved away from traditional methods to the distributable ledger technology.

The IFAC 2018 Small and Medium sized Practioners (SMP) survey of 6258 SMPs globally revealed that 38% of the respondents viewed technology as a significant challenge. This realisation has resulted in majority of the respondents committing to heavily invest in technology. It becomes clear that business priorities have to be changed and more emphasis be put in enhancing the technology resources.

Offer new range of services 
Professional accountants need to embrace artificial intelligence and seek opportunities to ensure that they are able to add value that cannot be taken over by technology. The analytical capability of a professional accountant of the 21st century becomes an important resource that will keep them relevant in this changing environment. 

The range of services that are presented by professional accountants need to change significantly from what they currently offer. Some need to undergo a complete business re-engineering process and reconfigure who the client is and what are and should be the needs of the client in this dynamic business environment. The changing environment brings with it new risks that the professional accountant should be aware of and bring to the attention of the client. Risk identification on its own is meaningless if there is no mitigation and monitoring of future and residual risk.

Available resources to assist Professional Accountants (SA)
Professional accountants must seek professional development that will keep them abreast of the developments in technology. The biggest resource available to accountants is the reading material that is available. Accountants must read and attend training that will be relevant to the identified course that they want to follow in this changing environment. 

SAIPA has identified continuing professional development workshops that will address the changing necessities of the profession. The onus is on the accountant to capacitate him/herself adequately to remain relevant.

ENDS

MEDIA CONTACT: Stephné du Toit, 084 587 9933, stephne@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