On Tuesday, 14 April, Finance Minister Tito Mboweni warned that the country should prepare for a deep recession but offered hope of a return to economic growth in 2021.

According to Ettiene Retief, Chairman of the National Tax and SARS Committee at the South African Institute of Professional Accountants (SAIPA), the future of most businesses will depend on the critical financial choices they make now.

“Accountants and tax consultants are more important than ever, not just for financial and tax reporting, but as business advisors who can help their clients discover and leverage vital emergency funding,” he says.
This is especially true for SMEs who often do not have the deep overdraft facilities and contingency financing available to big businesses.

Accessing funds
“There is a vast amount of information to consider and many requirements to satisfy before companies can apply for aid,” warns Retief.

Government intervention schemes require organisations to submit financials and projections, including assumptions and impact analysis, to prove that their current distress is a direct result of COVID-19. This prevents scarce funds from being squandered on businesses that were already failing before the pandemic occurred.

It, therefore, benefits companies to ensure their financial statements are up to date and that the impact of the virus on their profitability is accurately represented in interim reports.

Accountants, who are typically familiar with the state and needs of their clients, can also assist with a variety of applications, including cost-saving through efficiency and effectiveness, employee UIF applications, tax deferments, etc.

Business continuity
In addition, organisations must develop a sound business continuity plan that embraces heavy cost-cutting and stretching the value of each Rand spent. They may even resort to bootstrapping techniques, like sharing office space or reciprocal service exchange, which will likely become a standard tactic for some cash stapped SMEs.

Accountants will draw up strict operating budgets, and implement monitoring and evaluation strategies to assure adherence. They will also develop sustainability plans which include a thorough review of their clients’ business models. “This will help companies weather the coming months and provide optimal approaches to keep their business afloat,” says Retief.

Most businesses have a strong relationship of trust with their accountant, who is also intimate with their business affairs. This, and their strategic capabilities, makes the accountant the ideal candidate to help the business prevail.

Business rescue
“We must realise that, effectively, every business is now a potential business rescue case, and this is a situation for which Professional Accountants are not only well trained but optimally suited,” says Retief.

He advises all organisations to quickly approach their accountants for assistance in making sensible financial and strategic choices that contribute towards their survival and return to profitability.

The Institute continues to make representations before the government on the importance of uninhibited accounting services as a means of driving economic recovery and growth, during and post COVID-19.

ENDS

MEDIA CONTACT: Stephné du Toit, 084 587 9933, stephne@thatpoint.co.za, www.atthatpoint.co.za 
For more information on SAIPA please visit:
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Twitter: @SAIPAcomms
LinkedIn: South African Institute of Professional Accountants Company
Facebook: South African Institute of Professional Accountants

On Monday, 30 March, President Ramaphosa announced measures the government will be taking to minimise the local economic impact of the COVID-19 pandemic. The initiatives are aimed at reducing loss of income for small businesses and protecting jobs.
​
​In direct response to the measures, the South African Institute of Professional Accountants (SAIPA) held a member engagement webinar on 31 March with several subject matter experts from the Institute in attendance to offer guidance.

Offering clarity
According to Faith Ngwenya, Technical and Standards Executive at the Institute, the purpose was to provide its members with clarity around the new proposals and the relief measures that have been implemented by government.
“We realise that fake news and misinformation are spreading rapidly, and we are committed to providing authoritative guidance on the regulations to ensure they are implemented correctly,” she says.

Relief Measures
The webinar was backed by interactive chat that allowed the participants to submit their pressing questions in parallel with the presentations.

The first segment unpacked relief measures offered by the Department of Labour in terms of the proposed Compensation Fund and UIF allowances. This was followed by details on the steps being taken by the Department of Small Business Development to provide support for small businesses. Tax relief around PAYE, Provisional Tax and VAT deferments were also covered.

However, the last speaker emphasised that, although certain concessions were being implemented to protect small business cash flow, tax deadlines remained fixed and needed to be met.

This was punctuated by a senior SARS official, who spontaneously joined the discussion to offer his input.

Essential services
Members expressed several concerns through chat. Many asked how to apply for an essential service permit for clients who were sole traders, as they were not registered on the CIPC website where the permits are obtained.
Small business owners will typically turn to their Professional Accountants to help them submit applications for relief, essential services permit and other matters during this time. Says Ngwenya. “Since many of these submissions must include cash flow statements, other financial reports and supporting documents, it is critical that our members remain informed on the latest requirements.”

Conclusion
Ngwenya says the Institute continues to engage with government bodies at all levels to ensure its members deliver critical accounting and tax services correctly in the public interest.

She invites Professional Accountants and members of the public to visit the SAIPA website at www.saipa.co.za for daily updates on current regulations.

ENDS

MEDIA CONTACT: Stephné du Toit, 084 587 9933, stephne@thatpoint.co.za, www.atthatpoint.co.za 
 
For more information on SAIPA please visit:
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Twitter: @SAIPAcomms
LinkedIn: South African Institute of Professional Accountants Company
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On 27 February, the South African Institute of Professional Accountants (SAIPA) hosted its Annual Budget Breakfast at The Wanderers Club in Illovo, Johannesburg. The event which saw almost 200 attendees as well as a Live Stream audience, came the morning after Finance Minister Tito Mboweni’s National Budget Speech and served as a platform to review his announcements.
 
A keynote address by Judge Bernard Ngoepe was followed by a presentation on the budget highlights by Ettiene Retief, the Institute’s Chairman of the National Tax Committee. Below are the top take aways.
 
Union influence
In his address, Judge Ngoepe said the government had correctly contextualised the country’s economic problems and had made plans to address them. However, he asserted that they would not follow through on wage bill reduction or SOE restructuring to the full extent indicated, given the strong influence of the unions to obstruct policy execution. “Don’t hold your breath,” he said.
 
Unrealistic growth projection
Covering the highlights of the budget, Ettiene Retief noted that last year, the government had projected growth of 1.5 percent, but only achieved 0.3 percent, and this year project growth of 0.9 percent. He said this figure is possibly overestimated as the country could not sustain growth of just 0.3 percent, before considering current economic forces, like the effects of the coronavirus on trade with China and the impact on tourism, and the lack of stable electricity supply.
 
Tourism and agriculture
According to Retief, government could make significant strides in its goals in boosting both tourism and agriculture by legalising marijuana beyond only medical use. Also, government needs to consider how to support the agricultural sector, which includes means to ensure sustainable water supplies. “Certain foreign states have quite literally balanced their budgets, taking them out of the red into profitable positions purely on the basis of legalising and regulating marijuana usage,” he said.
 
Water security
Retief said that an important economic factor that had not been addressed in either the SONA or the Budget Speech was water security. “We do not at the moment have a sustainable water policy; we’re not even smart in how we use our water in terms of agricultural usage,” he said, noting that this was the one resource without which agriculture could not flourish. We have already experienced water resource shortages, and this matter will require significant infrastructural send.
 
The effect of 4IR
Retief explained that the Fourth Industrial Revolution will automate many repetitive tasks, and that this could result in economic growth but does not create more jobs, unless we prepare the labour market to the changing demand in respect of skills. The person currently doing the job must be deployed somewhere else, possibly in a different sector or doing a different task. “I don’t think we’ve really understood how our tax base is evolving, how it’s changing, how it’s going to stay sustainable for the next few years,” he said.
 
Reducing corporate tax rates
The Organisation for Economic Co-operation and Development has reported that there is an international trend for corporate income tax rate cuts. The average corporate income tax rate across OECD countries is 23.9 per cent, which was 32.5 per cent in 2000. A lower corporate income tax rate could reduce the risk of Base Erosion and Profit Shifting. However, various studies found that a reduced corporate income tax rate does not yield greater tax revenues or significant increases in investment, said Retief in response to government’s proposal to reduce corporate tax rates.  While the corporate tax rate should not be high, we should avoid participating in the “race to the bottom”, and “we should not try to get business here because we’re reducing corporate tax rates.”
 
The speakers and participants in a discussion panel that concluded the event all painted a picture of a budget that does not face the reality of an economy in need of desperate remedial action.
 
ENDS
 
MEDIA CONTACT: Stephné du Toit, 084 587 9933, stephne@thatpoint.co.za, www.atthatpoint.co.za 
 
For more information on SAIPA please visit:
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Twitter: @SAIPAcomms
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President Cyril Ramaphosa’s annual State of the Nation (SONA) speech ahead of the February budget held very few surprises, but he highlighted some key areas where economic growth can be realised.

It is quite telling that the president firstly tackled the biggest elephant in the room, namely Eskom and how it has been thwarting any plans by government to rebuild the economy and to create jobs.

He acknowledged that Eskom has been unable to deliver because of its debt, lack of capacity and state capture and that it will need some time to restore its operational capabilities.

He sets out government’s plans to mitigate the – as he himself called it – the debilitating effect of load shedding on the country.

Ettiene Retief, Chairman of the National Tax Committee at the South African Institute of Professional Accountants (SAIPA), says there is still no clarity as to how long it will take Eskom to get its house in order. There is no clearly defined timeline or strategy that would allow companies to weather the current impact.

There is a lot of “we will” statements in his speech, but very little on how it will be done. It is critical to get a better sense of what the strategy and implementation framework will be, says Retief.

He says procurement of emergency power from projects that can deliver electricity into the grid will happen within three to twelve months from approval. However, it remains unclear how long it will take to get the approval, or at what cost.

Ramaphosa singled out the agricultural industry as a key area for economic growth and job creation. However, he also talks of land reform and expropriation without compensation. The emphasis should be on sufficient support for farmers on productive land, with sustainable water supply, instead of the shift of ownership.

“Agriculture is heavily dependent on water and infrastructure. If we get that right it talks to economic growth and sustainability,” says Retief.

In acknowledging the biggest challenge facing the country, which is the high rates of unemployment, with almost half of the youth being unemployed, the President announced a two-pronged solution is – the creation of opportunities for youth employment and self-employment.

There seems to be a plan that the government has mapped out with the implementation of the Presidential Youth Employment Intervention. These priority actions will be laid out over the next five years to reduce youth unemployment, such as, growing a national network reaching 3 million young people, preparing them for the working world differently, supporting youth entrepreneurship and self-employment, expansion of The Youth Employment Service – which to date says it has created over 32 000 jobs, establishing programmes that will give young people the opportunity to earn an income and 1% of the national budget that will be reallocated to finance youth employment initiatives.

The concern that we have, says Faith Ngwenya Technical and Standards Executive at SAIPA, is that we have seen similar plans being introduced in the past, but they have not made any dents in the unemployment.

Another highlight to the 2020 SONA which SAIPA is watching with keen interest is the introduction of the She TradesZA, a platform aimed at assisting women-owned businesses to participate in the global value chain.  There will be R10billion set aside by the Industrial Development Corporation over the next five years for women empowered businesses. It is imperative that such commitments are accompanied by policies and regulations that are enabling in nature. The challenge that comes with such promises, is that they lack in implementation. The red tape that comes with the projects makes the benefits inaccessible to the grassroots levels thus resulting in the status quo where very few of the targeted women empowered businesses end up benefitting from the initiatives.

True to the President’s words in the SONA the cabinet approved the Public Procurement bill for comment on the 18th February which is hoped to provide more flexible legislation for preferential procurement.

ENDS
 
MEDIA CONTACT: Stephné du Toit, 084 587 9933, stephne@thatpoint.co.za, www.atthatpoint.co.za 
 
For more information on SAIPA please visit:
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Twitter: @SAIPAcomms
LinkedIn: South African Institute of Professional Accountants Company
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Will accounting be completely automated using artificial intelligence? And will this spell its end as a sensible career choice for school pupils? Not at all, assures Professor Rashied Small, Executive: Thought Leadership and Faith Ngwenya, Technical Executive, both from the South African Institute of Professional Accountants (SAIPA).
 
According to Ngwenya, AI will definitely take mundane, repetitive work away from accountants and free them to tackle the more exciting parts of their job. “AI is good at performing tasks that don’t change much and even improves on them,” she says. “But when it comes to managing a turbulent business environment, nothing can compete with human intuition.” So what can pupils expect if they pursue a career as a future-ready Professional Accountant?
 
Business advisor
“Professional Accountants are well positioned to serve as strategic business advisors because, of all the management functions, only they are exposed to the full body of business data,” says Professor Small.
 
Accountants will soon move their attention from ledgers and journals to people and problems. Their new skills will include creativity, communication, presentation and collaboration, to better help their employers or clients solve complex business problems and develop smart solutions. They’ll also use new technologies, like AI and data analytics, to enhance their services.
 
Accountants also make good entrepreneurs because they understand business and how money flows through it, and, as consultants, they play a key role in economic development, performing equally well in any sector.
 
The accounting career
Technology will help accountants achieve a better work-life balance - the days of working nights over year end will soon be a thing of the past. As a career, accounting offers a very respectable income and affords practitioners a wide range of career opportunities, such as becoming a CFO or financial director, starting their own practice, or providing tax consulting services.
 
How to become an accountant
An important part of becoming an accountant is obtaining a professional designation, like SAIPA’s Professional Accountant (SA), because it proves one’s competence to prospective employers and clients. That means following the Institute’s prescribed study path, which requires a pass in high school accounting and maths, and completing three years of practical training after graduating. After that, if you pass its written Professional Evaluation exam, you’ll be granted membership in the Institute and awarded the title of Professional Accountant (SA).
 
Who is SAIPA?
With over 12,000 members, SAIPA is South Africa’s largest professional body representing accountants who do not perform auditing. The Institute is a full member of the International Federation of Accountants (IFAC) and a founding member of the Pan African Federation of Accountants (PAFA).
 
While interest in accounting at schools has dropped over the last decade, the demand for competent accountants in business and government has not. “As a leading institution of Professional Accountants, we want to ensure there are enough to serve the economy in the future. So we encourage those pupils with an aptitude for numbers and business to consider this career path,” says Professor Small.

School pupils are invited to contact SAIPA’s head office for advice on becoming a Professional Accountant.
 
ENDS

MEDIA CONTACT: Stephné du Toit, 084 587 9933, stephne@thatpoint.co.za, www.atthatpoint.co.za
 
For more information on SAIPA please visit:
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Twitter: @SAIPAcomms
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December 9th was International Anti-Corruption Day. The annually observed event came into being after the United Nations Convention Against Corruption was passed in 2003 and raises awareness of the need to combat corruption on a global scale.
 
“With so many other days now reserved for special causes, it’s easy to let this one go by unnoticed,” says Shahied Daniels, Chief Executive at the South African Institute of Professional Accountants (SAIPA). “We encourage all members of the public, especially professional accountants, to recognise the need to quell misconduct at every level of society.”
 
What is corruption?
Corruption is a two-way street, comprising the party that corrupts and the party that becomes corrupted. Both are in the wrong.
 
The corrupter uses various approaches to influence the latter to act in a manner contrary to accepted laws, policies, rules and regulations, in order to achieve some selfish end. These inducements can include abuse of their authority to command the target to submit, bribery to reward them for their compliance, or intimidation that causes them to fear for their livelihood or even their lives if they do not comply. Sometimes, the target may be a willing accomplice, believing their act will assure their standing with the corruptor.
 
“In fact, corruptors are nothing more than common cheaters, who believe they can get away with stealing more than their fair share by defrauding the rest of us,” says Daniels.
 
Building awareness
December 9th should be used to build awareness of the effects of corruption. Daniels says anti-corruption organisations and concerned parties, including SAIPA’s own members, must especially take the opportunity to promote how to report corruption and to whom.
 
Every organisation must also have systems in place for anonymously providing tips but, if those are ineffective, informants should be aware of alternative, independent channels to use. SAIPA is a founding member of the Anti-Intimidation and Ethical Practices Forum (AEPF) and can provide guidance to informants or targets of corruption who are under threat.
 
Becoming an active combatant
“If we use this one day to rally support but do nothing more afterwards, we’ve achieved very little,” warns Daniels. He urges anti-corruption supporters to take what they learn from the essence of this day and intentionally apply it throughout the coming year.
 
“As a Professional Accounting Organisation (PAO), we have strong investigatory, legal and disciplinary structures in place to deal with misconduct,” says Daniels. SAIPA members are also required to sign an annual Code of Conduct and Ethical Pledge to preserve their good standing with the Institute. This ensures they remain conscious of their responsibility to act as good citizens within the Profession.
 
We all need to do our part
Being one of the country’s leading professional accounting organisations and an active leader in the war on corruption, SAIPA calls on the South African public to work with it to make lasting change.
 
“From state capture to petty fraud, we can make a difference if we all do our part,” concludes Daniels.
 
ENDS

MEDIA CONTACT: Stephné du Toit, 084 587 9933, stephne@thatpoint.co.za, www.atthatpoint.co.za
For more information on SAIPA please visit:
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Twitter: @SAIPAcomms
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On 28 October, the South African Institute of Professional Accountants (SAIPA) signed a Memorandum of Understanding with the South African Institute of Government Auditors (SAIGA). In attendance for the signing where Shahied Daniels, Chief Executive (SAIPA), Professor Rashied Small, Executive: Thought Leadership (SAIPA), Phillip Rakgwale, President of Council (SAIGA) and Russel Morena, Acting CEO (SAIGA).
 
Daniels says the accord formalises a number of reciprocal activities the bodies have agreed to engage in to each other’s benefit. “The MoU is an acknowledgment of the mutual respect each body has for the other’s role in promoting high quality accounting and auditing standards and practices within the public sector,” he says.

SAIPA is an avid proponent of a strong public sector accounting function that adheres to the standards set out by its parent body, the International Federation of Accountants (IFAC), of which it is a full member. Also a member of the Pan African Federation of Accountants (PAFA), the Institute supports the full adoption of accrual accounting, the International Public Sector Accounting Standard (IPSAS) and other globally recognised accounting and reporting standards by government entities throughout the continent.
 
Reciprocal activities
Both bodies have agreed to acknowledge, support and promote each other as registered professional accounting organisations (PAOs). They will recognise SAIPA’s title of Professional Accountant (SA) and SAIGA’s title of Registered Government Auditor (RGA) as mutually respected professional designations at NQF Level 8 (comparable to an Honours degree). Of note is SAIGA’s commitment to provide SAIPA members operating in the public sector with a similar designation.
 
If a member of one body attends a continuous professional development (CPD) event hosted by the other, any CPD points awarded will now be credited to that member and be recognised by the member’s body. “Members attending the other body’s events are making the effort to extend their professional intelligence and competencies, and we agree that their efforts should be rewarded,” says Daniels. They will also be able to attend the host’s events at its member rate, which is typically lower than its public attendance fee.
 
In addition, the pact extends to advertising to each one’s members agreed-on training and development courses, programmes, workshops, seminars and related activities, as well as providing each other with marketing materials and articles to promote them.
 
The bodies will partner in auditing and accounting initiatives, media releases about associated topics, and publications related to public sector financial management in South Africa and internationally. SAIGA will also advise SAIPA on new and updated legislation with the option of providing joint submissions. Finally, both bodies will provide corporate membership to each other.
 
Open channel
According to Daniels, public sector accounting will benefit greatly from the agreement between the two bodies. “It opens a channel of communication and collaboration between these specialised areas of practice - auditing and accounting - as well as traditionally separated private and public sector concerns,” he says. “I believe it will definitely accelerate the achievement of our shared vision of robust financial management in the public sector, especially by building awareness of our initiatives among our members and the general public.”
 
ENDS

MEDIA CONTACT: Stephné du Toit, 084 587 9933, stephne@thatpoint.co.za, www.atthatpoint.co.za
 
For more information on SAIPA please visit:
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On 16 October, the South African Institute of Accountants (SAIPA) and the Institute of Certified Public Accountants of Rwanda (ICPAR) signed a Memorandum of Understanding (MoU). The agreement will see the two accounting bodies working closely to advance the Profession and provides greater mobility to each one's members operating in the other's country.
 
Says Professor Rashied Small, Executive: Thought Leadership at SAIPA: "We're very pleased to welcome ICPAR into SAIPA's growing network of collaborators who share our vision of enforcing strong accounting standards and practices throughout Africa and across the planet."
 
Dual membership
An important aspect of the agreement is that it entitles members from one body to be awarded membership in the other. This allows for greater mobility between the two institutes’ countries, ensuring that members working in either are able to continue practicing without undue delay or requalifying.
 
The agreement therefore acknowledges the degree to which the bodies’ professional designations conform to the standards demanded by their parent, the International Federation of Accountants (IFAC), of which SAIPA is a voting member. Members still have to apply for the additional affiliation, and present their home institute’s certificate of membership as well as a letter of good standing.
 
Both organisations are also members of the Pan African Federation of Accountants (PAFA).
 
Shared interests
According to Professor Small, apart from introducing dual membership, both bodies have agreed to exchange knowledge, share resources and carry out joint research to their mutual benefit, with the primary objective of serving and protecting the public interest.
 
Another important goal will be to ensure each remains relevant in the Fourth Industrial Revolution era by cooperating on developing knowledge, expertise and continuous professional development (CPD) programmes that embrace the digital transformation of accounting.
 
The bodies are also committed to sharing technical expertise to facilitate compliance with their Statements of Member Obligations (SMOs). IFAC members must implement its operational requirements embodied in seven SMOs, including quality assurance, international educations standards, international standards of practice, adoption of its code of ethics, public sector accounting standards, investigations and disciplinary processes, and international reporting standards, including IFRS.    
 
More CPD opportunities
To enhance professional development, the bodies agreed to share CPD programmes and encourage their members to attend each other’s events. They’ll combine their CPD databases to give both access to the most relevant presenters, organisers, trainers and expertise when developing events. CPD points acquired by members attending the other PAO’s events will now be recognised by the home body.
 
“For example, Rwandan practitioners who attend SAIPA’s annual Accounting INdaba can claim their CPD points as their would when attending an event in their own country,” says Professor Small.
 
Mutual respect
Above all, the agreement signifies mutual respect and trust between the bodies. It increases their solidarity in helping their respective countries evolve from colonial-era accounting to a truly African approach to financial management and reporting.
 
“Innovations in accounting practices that serve the unique economic aspects of our vast continent are only possible by maintaining open channels of communication and cooperation,” says Professor Small. “This MoU between SAIPA and ICPAR is yet another critical step towards realising that ambition.”

ENDS
 
MEDIA CONTACT: Stephné du Toit, 084 587 9933, stephne@thatpoint.co.za, www.atthatpoint.co.za
 
For more information on SAIPA please visit:
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Twitter: @SAIPAcomms
LinkedIn: South African institute of Professional Accountants Company
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The South African Institute of Professional Accountants (SAIPA) recently announced the provincial winners of its 2019 National Accounting Olympiad (NAO). Several schools took winning spots in both the Grade 11 and Grade 12 categories.
“From feedback, we know the competition is a valuable indicator against which pupils and their schools can measure their progress,” says Faith Ngwenya, Technical and Standards Executive at SAIPA.

The best performing schools, with first or second place winners in both grades, were C & N Sekondêre Meisieskool Oranje in Free State, Khanyisa Education Centre in Limpopo, Middelburg Hoërskool in Mpumalanga, and Rondebosch Boys High School in Western Cape.

According to Ilse Olivier, accountancy teacher at C & N Sekondere Meisieskool Oranje, the NAO provides scholars with a unique challenge that helps prepare them for exams. “It teaches pupils to think outside the box when dealing with unfamiliar questions and gives them confidence that they really can do well academically,” she says. Her school has faithfully participated in the competition for the last 10 years.

Lloyd Nel, Head of Accounting/EMS at Rondebosch Boys High agrees. “It’s a good opportunity for the boys to test themselves, see where they are, and open their eyes to what other questions could be asked,” he says. Nel also believes the competition encourages students to take accounting by building awareness of the subject.

For Stephen Ampong, accountancy teacher from Khanyisa Education Centre, it’s a chance to highlight his school’s outstanding record of a 100% matric pass rate over the last 25 years. Says Ampong, “We want to prove that being a rural school does not mean you cannot be a winner.” He holds extra classes on Saturdays specifically to help his students prepare for the NAO.

Lastly, Hannelize Adendorff, accountancy teacher at Middelburg Hoërskool, commends SAIPA for a well-organised contest: “We will definitely be entering the 2020 competition.”

Ngwenya says the Institute is delighted with the level of achievement among provincial entrants. “We believe that, apart from contributing to a sufficient supply of accountants for the future, the contest provides an outcomes-based platform that helps children think for themselves and assert their academic identity,” she says. She asks teachers to check the SAIPA website regularly for NAO 2020 registration dates.

ENDS

MEDIA CONTACT: Stephné du Toit, 084 587 9933, stephne@thatpoint.co.za, www.atthatpoint.co.za
For more information on SAIPA please visit:
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Twitter: @SAIPAcomms
LinkedIn: South African Institute of Professional Accountants Company
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Photo Caption: Grade 12 Winners
(B/L) Shaun Alex, Matimu Mabunda, Taariq Mowzer
(F/L) Eden Walters, Iman Jhetam, Tebogo Malope

On Thursday, 10th October, the South African Institute of Professional Accountants (SAIPA) hosted a special awards ceremony to honour the Top 3 national winner positions of its National Accounting Olympiad (NAO). The event took place at the Birchwood Hotel & OR Tambo Conference Centre in Boksburg, Gauteng.
 
Held every year since 2002 at schools across the country, the NAO allows Grade 11 and 12 pupils studying accounting to compete for one of three top places per grade. According to Faith Ngwenya, Standards and Technical Executive at SAIPA, participation in the increasingly popular contest exceeded expectations. “Over 5,700 pupils wrote the test this year,” she said. “We’re very happy with the turnout and we’re anticipating even more entrants next time.”
 
The winners
In the Grade 12 category, Matimu Mabunda from Khanyisa Education Centre and Taariq Mowzer of Fairbairn College shared joint first place. Likewise, Justin Knopfmacher and Jesse Drieband of King David High School, along with Gilad Kangisser of Yeshiva College tied for second place. There was an astounding 6-way tie for third place between Iman Jhetam of Lenasia Muslim School, Shaun Alex of Umtata High School, Eden Walters of Middelburg Hoerskool, Alexa Msakiwe of Springfield Convent School, Chris Dean of Rondebosch Boys High School, and Tebogo Malope of Reitumetse Secondary School. 
 
In the Grade 11 category, Nicole De Jager of St. Mary's Diocesan School for Girls took first place, and Veren Naidoo from Rondebosch Boys High School placed second. Once again, third place saw a 6-way tie between Nadine Steyn of Maragon Mooikloof, Zintle Mshoadiba and Manelisi Ncube of Phoenix College of Johannesburg, Vaishnavi Maharajh of Durban Girls High School, Vinil Keshav of King Edward VII School, and Ruan Roodt of Hoërskool Brandwag.
 
“The playing field was definitely shaken up this year,” comments Ngwenya. “First, the number of joint winners shows how tight the competition really was. Also, where KZN cleaned up last year, this time it was Gauteng that rose to the challenge with the most winners. And, just looking at the diversity of schools in top positions, it's clear that everyone brought their A-game in 2019. Well done!”
 
A worthy initiative
According to special guest, Percy Masango, Chief Education Specialist for Commercial Subjects at the national Department of Basic Education, the NAO meets a critical need. “Commercial subjects have been declining over the years. Initiatives like this really generate interest in learners to study the subject. We’d like to thank SAIPA for organising the competition and hope to see it grow,” he said.
 
Stefaan Grobler, Accounting Teacher to Grade 11 first-place winner, Nicole De Jager, said those who win are an inspiration to pupils in lower grades: “There is a role model system among students so juniors look up to successful seniors, especially the example they set and their work ethic.”
 
First place Grade 12 joint-winner, Matimu Mabunda, said the NAO had confirmed his desire to pursue a degree in accounting and a career as an accountant. “I will definitely join SAIPA to become a Professional Accountant (SA),” he added.
 
Inspiring future accountants
According to Ngwenya, the NAO plays a critical part in SAIPA’s strategy to promote accounting as a career of choice among school pupils. “Without enough pupils deciding to become accountants today, the capacity of the Profession would suffer in the future,” she said. She congratulated the winners and encouraged all schools to register their accounting champions in 2020. 
​
Photo Caption: Grade 11 Winners
(B/L) Veren Naidoo, Ruan Roodt, Manelisi Ncube, Vinil Keshav
(F/L) Nicole De Jager, Vaishnavi Maharajh, Zintle Mshoadiba, Nadine Steyn
Photo Credit: (c) Jade Photography 
 
END

MEDIA CONTACT: Stephné du Toit, 084 587 9933, stephne@thatpoint.co.za, www.atthatpoint.co.za
 
For more information on SAIPA please visit:
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Twitter: @SAIPAcomms
LinkedIn: South African Institute of Professional Accountants Company
Facebook: South African Institute of Professional Accountants