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There has been a marked increased in the number of schools and learners participating in this year’s National Accounting Olympiad due to a growing interest in the Accountancy Profession as well as massive awareness drive initiated by the South African Institute of Professional Accountants (SAIPA), says Zobuzwe Ngobese, Marketing and Business Development Executive at SAIPA.
“The increase from 310 to 390 schools and 3510 to 7069 learners is quite encouraging and is also due to the fact that in 2017 we introduced the Olympiad to grade 11 for the first time. Next year we want to reach even more schools to make the subject of accounting popular again because our economy needs more accountants in order to grow,” he says. The top four Grade 12 learners nationally, in no specific order, are Adam Melnick from Yeshiva College in Gauteng, Juanè Cronjè from Die Hoërskool DF Malan in the Western Cape, Philip Visagè from Hugenote High School also in the Western Cape and Sara Saleh of Lenasia Muslim School in Gauteng. Gauteng had the most schools participating in the Olympiad, accounting for 145 of the 390 schools that took part. SAIPA has this year opened the competition to Grade 11 pupils for the first time since the inception of the competition in 2002, with the top five national candidates in this division, in no specific order, being Alet Muller from Hoër Meisieskool Bloemhof in the Western Cape, Deandre De Meyer of Stellenberg High School located in the Western Cape, Felicia Makondo of EPP Mhinga Secondary School in Limpopo, Nabeel Fazluddin from King Edward VII School in Gauteng and Sean Scorer from Amanzimtoti High School in KwaZulu-Natal. On October 10th, SAIPA will be announcing the Grade 11 and Grade 12 winners at a Gala Awards evening in Johannesburg. Broadening the scope In addition to including Grade 11 pupils in the competition, SAIPA has also partnered with Gauteng with Future Forward, which specialises in developing youth orientated intervention programs. The institute’s regional administrators have this year purposefully targeted additional schools in their areas. The aim with the Olympiad, which is open to pupils studying Accountancy or Mathematics in private and public schools, is to make Accounting a subject of choice for learners and to expose them as early as possible to the Accountancy profession, says Ngobese. Performance indicators The competition is divided into two rounds and Grade 11 pupils had to achieve a score of 60% or more to advance to the second round and Grade 12 pupils had to score 65% or more to qualify for writing the second paper. Out of the 1 750 learners in Grade 11, 255 progressed to the second round and 1 095 out of 5 319 in Grade 12 went on to write the second paper. The overall result for the 5 319 learners in Grade 12 shows that the majority – 2 495 learners - scored 40% or more. In the case of Grade 11 pupils, only 14.5% of the 1 750 pupils scored 60% or more in the final round. The majority – 955 pupils – scored 40% or more. The top performers will receive a bursary, valued between R10 000 and R25 000, which is paid to the tertiary institution of their choice. “This year the bursary is subject to the recipients pursuing studies in the Accountancy profession. The main aim with the competition is to grow the numbers in the profession,” remarks Ngobese. Maintaining high standards Ngobese says both papers in the competition have been moderated. “They are challenging, but doable,” he says, adding that the results of the Grade 11 pupils are a reflection of the fact that this is the first time they have been exposed to the competition. “We are confident that the results will improve. The Grade 12 pupils have had access to a study guide, compiled by SAIPA, with past examination papers. The Grade 11 pupils will have access to that in the Olympiads going forward.” Ngobese notes that part of SAIPA’s future strategy is to open the Olympiad to pupils from Grade 10 to Grade 12. He says in many instances pupils have already made their career decisions when they reach their final school year. “If we can expose pupils as early as possible to Accountancy as a profession the more likely it is that they will choose it as their career path.” Accounting is a critical skill and with the threat of Mathematics no longer being compulsory at high school, the numbers may start dwindling, says Ngobese. 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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 The future bodes well for the South African accountancy profession as the top six learners achieved an average of more than 90% at the National Accounting Olympiad run by the South African Institute of Professional Accountants (SAIPA). Interestingly, the six came from four different provinces with the top pupil coming from KwaZulu Natal.
Muzaar Ahmed Malani from the Orient Islamic School in Durban, achieved the highest score, followed by Rhulani Ndlala from Merensky High School in Tzaneen and Simonè Balt from Hoërskool Linden, in Johannesburg. “As the South African Institute of Professional Accountants we are pleased with the results of the National Accounting Olympiad because they continue to show that there are pockets of excellence in our schools and that public schools continue to perform on par with private schools. This is an encouraging sign for the future of the Accountancy profession,” says Bongani Coka, the Chief Executive at SAIPA. The top three learners were followed by three learners who scored the same mark, namely; - Liam Roubach from De Kuilen High School in Cape Town. - Husnaa Motala, a pupil at Westville Girls High School, in Westville. - Raadiyyah Seedat from the Lenasia Muslim School in Lenasia. The annual Olympiad is open to all Grade 12 pupils in public and private schools studying Accountancy or Mathematics and aims to increase awareness among them of the importance of accounting to the South African economy, as well as the range of career opportunities available to them. The competition consists of two rounds, each consisting of a two-hour examination. The first round of 2016, written in May, saw 3510 pupils from 310 schools competing. A total of 980 learners, consisting of the top three learners in every region, qualified to enter the second round that took place on 27 July. “One of our key strategic objectives as the South African Institute of Professional Accountants is grow and transform the industry and the NAO provides us one of the platforms to do this in a sustainable way by investing in young talent. Next year we aim to raise the bar in terms of the number of high school students that we touch with the Olympiad and as such we will revamp the format to encourage more participation and we will work more closely with the Department of Basic Education,” adds Coka. The final round required candidates to deal with calculations, case studies, scenarios, financial statements, recording and posting procedures and more. Zobuzwe Ngobese Marketing and Communication Executive at SAIPA says those who achieved 65% or more during the first round of the Olympiad and qualified for the second round also received a printed exam study guide sponsored by Sage One, which also provided learners with valuable career and bursary information. “The exam guide is curriculum based and will therefore help learners to prepare for their matric accountancy exams later in the year. More importantly, as SAIPA we have been using the results of the Olympiad to also assist the poor performing schools because we do not only focus on those learners who have done well – our members who are professional accountants – have been using their time to provide extra classes to the struggling learners,” explains Ngobese. The competition has been running since 2002, with SAIPA’s focus being to provide papers and literature that can be used by all South African students, including those for whom English is a second language. It is an approach designed to lead to the abstract, higher order thinking required to solve problems – exactly the kind of issues accountants face in real life. The national and provincial winners will be honoured at a formal National Gala Awards Evening on the 12th of October. 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: 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  South Africa is richer by 282 professional accountants, according to results released by SAIPA – the South African Institute of Professional Accountants – from the latest professional evaluation exam written by 328 qualifying candidates.
“Prior to writing the exam, candidates need to prove compliance to a strict set of academic and practical requirements,” said Rashied Small, Education, Training and Membership Executive of SAIPA. “Passing the professional evaluation exam is the final requirement for earning the designation of Professional Accountant (SA).” The designation is one of the few authorised by SARS to provide services as a tax practitioner. A professional accountant can also perform numerous functions and issue reports in terms of the Companies Act, Close Corporations Act, and Micro lending industry regulations, Sectional Titles Act, Non-Profit Organisations Act, and Schools Act. The professional evaluation examination was aligned with the International Education Standards 6 (IES 6) Assessments, with an emphasis on the principles of competency-based assessment. “The benefit for future employers or clients is that they will benefit sooner from the combined competence and expertise of the Professional Accountant (SA) beyond the preparation of financial statements for compliance purposes,” explained Small. Those who passed the professional evaluation examination were tested on the application of technical knowledge, cognitive skills with the focus on analysis and synthesis, and attributes or soft-skills with greater emphasis on analytical reading skills, critical thinking skills, and writing skills. Small also extended a word of special congratulations to Nadia Gouws and Stephanie Williams, the candidates that achieved the two top scores. Both Gouws and Williams were part of the Project Achiever intervention funded by the Financial & Accounting Sector Education and Training Authority (Fasset). The Project Achiever joint venture was initiated in 2015 to address the question of transformation in the financial services industry by providing the assistance where it is most needed – among black professionals. The initiative is funded in majority by Fasset – one of the 21 Seta’s that have been established by the South African government in terms of the Skills Development Act, in order to helps bridge the skills gap, particularly the gap between having a qualification and building a successful professional career. Four of the top 10 candidates were from the Project Achiever initiative. The top ten candidates for this examination were: Ranking First name Region 1 Nadia Gouws Midrand 2 Stephanie Williams Cape Town 3 Travis Hofman Pretoria 4 Sean Reynolds Pretoria 5 Benjamin van Coller Bloemfontein 6 Stacy van Eyk Port Elizabeth 7 Aradhna Deepchund Durban 8 Maarten Potgieter Bloemfontein 9 Daniel Strachan Pretoria 10 Wisdom Zimuto Midrand 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  The South African Institute of Professional Accountants (SAIPA) has welcomed government’s decision to raise pass requirements for grades 7, 8 and 9. SAIPA says the move will improve the quality of learners entering the Further Education and Training phase, thus enhancing the quality of Grade 12 learners. The spin-off of this initiative will be quality learners entering tertiary education, resulting in more graduates who will help plug the serious skills gap that is currently at over 800 000 vacancies in the private sector.
“The accounting profession alone needs in excess of 20 000 accountants – a target that we’ve been struggling to meet, given the quality of matriculants who are being produced by the school system,” says Faith Ngwenya, SAIPA’s Technical and Standards Executive. “By raising the bar in the senior phase, the throughput of students to grades 10 to 12 is likely to be more solid, which will mean improved results and a better quality matric,” she says. Ngwenya says the move to increase the pass requirement for a learner’s home language to 50% signals a commitment by the Department of Education to producing better quality graduates. “We hope that in future the Department will raise the pass threshold for matriculants as well, as the current pass mark is far too low for the financial sector.” According to SAIPA, from the financial sector perspective the relevant pass mark is 50% - a mark advocated as a general threshold to pass matric, particularly given its importance in the academic context. Most professionals in the financial sector require some university degree, and entrance into a Bachelor’s degrees in the sciences, engineering and commerce – fields in which the country experiences shortages of skills – requires a pass mark of at least 50%. “High schools should equip learners with the skills needed to enter tertiary education, while other secondary school branches should be considered for learners who will most likely not aspire to a university degree, but still need a solid education that prepares them for their professional lives,” she says. “Streamlining the education system in this way could increase the quality of education as it makes it easier to gear the learners towards their future careers, whether in an academic environment, a trade, in business or as an entrepreneur.” Furthermore, SAIPA says that simply raising pass requirements will not automatically result in matriculants who are ready to study further in preparation for entering the financial sector. “For this to happen, we need focused teaching that encourages learners to attain cognitive and analytical skills, the greatest lack of which we've seen in a number of learners entering tertiary education; the outcry is even greater for learners from non-urban areas,” Ngwenya says. In particular, she highlights that mathematical and analytical skills are critical to becoming successful as an entrepreneur or small business owner. “These skills are in fact the key to reducing unemployment and creating jobs as they help an entrepreneur assess the relevant markets as well as understand and manage the financial side of the business.” Photo caption: Faith Ngwenya, Technical and Standards Executive at SAIPA ENDS _______________________________________________________________________________________________________ MEDIA CONTACT: Cathlen Fourie, 012 644 2833, cathlen@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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