cover story: leading ladies extraordinary focus … · a survey of over 600 us citizens, it was...

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COVER STORY: LEADING LADIES

Leading in an International Career3 leadership lessons from the Argentine tango

FOCUS of the

MONTHTHE LADY BEHIND MALE GROOMING

2017 TOP35-UNDER-35

FINALIST PROFILES

STAYING ON THE CURVE DATA ANALYTICS AND ARTIFICIAL INTELLIGENCE 101

EXTRAORDINARY

CONTENTSAUGUST 2017

ON THE COVERThese seven incredible ladies are all leaders in their own right who are striving to help our country become a better place in their own authentic way. Not all of them were born with the proverbial silver spoon in their mouths – some even had to deal with the tragic death of their parents. But they dreamed big, believed in themselves and yes – they’ve made it happen. And now they are leading and inspiring others.

UPFRONT4 UPDATES Environmental, local, economic and

political news updates

FEATURE24 STAYING ON THE CURVE How will the maturation of

data science combined with advancements in artificial intelligence revolutionise the role of the CA(SA)?

FOCUS30 3 LEADERSHIP LESSONS FROM

THE ARGENTINE TANGO In the tango, as in all leadership

roles, understanding the opposite point of view is essential …

32 LEADING IN AN INTERNATIONAL CAREER

Jean Stephens is CEO of RSM – a global network of independent audit, tax and consulting firms with offices in 120 countries.

ANALYSIS52 ANALYSIS: CPD Amendments to Impairment

Standards

55 ANALYSIS: CPD The New Auditor’s Report

REGULARS

36 Viewpoint

58 Lifestyle: Travel

62 Lifestyle: Motoring

TOP 35-UNDER-3546 Find out more about the Top 35

finalists' hobbies and their secrets to success

30 – FOCUS OF THE MONTH

58 SOMEWHERE BETWEEN HEAVEN AND EARTH Once in a while (or in a

lifetime) you get to experience something, a moment, or even a place that you’ll never forget. A trip to the Maasai Mara might just be that …

1AUGUST 2017www.accountancysa.org.za

DYNAMIC,EVEN WHEN STILL.

JAGUAR XF

One glimpse of the Jaguar XF and there’s no mistaking it for anything but a performance car. With its taut, athletic exterior made more pronounced by its beautiful curves and F-TYPE inspired design cues, the XF truly stands apart. Once you step inside, you’ll experience the contemporary style, exquisite craftsmanship and exceptional comfort that make XF so seductive. Distinctive lines. Dramatic beauty. No wonder XF turns heads, even when it’s stationary.

Contact your nearest Fleet & Business centre to arrange a test drive:

Jaguar Centurion: (012) 678 0044 Jaguar Sandton: (011) 548 0500Jaguar Bedfordview: (011) 621 6300 Jaguar The Glen: (011) 682 5400Jaguar Umhlanga: (013) 571 2620 Jaguar Constantiaberg: (021) 710 0900Jaguar N1 City: (021) 595 7100

LOWER EMISSIONSFrom 114g/km CO2

HIGHER FUEL ECONOMYUp to 4.3l/100km

LOWER TOTAL COST OF OWNERSHIP2 years or 34,000km

3 LEADERSHIP LESSONS FROM THE ARGENTINE TANGO

EDITORIAL Editor Gerinda Engelbrecht

Art Director Ashley van der Merwe

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When you type ‘Why do women __’ into Google Search, the first term that comes up is ‘wear

makeup’. The second is ‘need men’, the third ‘pull away’. There is even one that says ‘play hard to get’. Clearly, some Googlers have issues …

Interesting is how these terms resonate with other misperceptions about women floating around. In general, the worst stereotypes about powerful female bosses are that they’re icy, touchy, emotional, single and lonely ‒ yet for many of the women who reach the top, the reality is very different.

Glenn Llopis wrote an article on Forbes.com about women leaders in which he says it’s impossible to respect, value and admire great leadership if you can’t identify what makes a leader great. While this is changing and more women are being elevated to leadership roles, there is still much work to do. As women continue along their upward curve in the business world, they have yet to be fully appreciated for the unique qualities and abilities they bring to the workplace.

If you’re a successful leader today (male or female), it’s very likely that when you grew up you were influenced by a strong-willed, hardworking and purpose-driven woman. Through her leadership the traditions, values and legacy of your family were upheld. We

have all been surrounded by strong women leaders in some way or another – which proves that women’s instincts and emotional intelligence are unparalleled. They can manage crisis and change like experts and sense signs of danger before it even crosses their path.

It is as Llopis says – women are well organised, full of love, spiritually aligned and well balanced. It doesn’t mean they are perfect, but women embrace traditions as they adapt to change.

Llopis further says it can be difficult for a man to understand how women think, act and innovate unless he has been closely influenced by the women in his life. He has learned that women may process things differently and in their own terms. The best women leaders he knows have circular vision, which enables them to be well-rounded people. For example, they have their finger on the pulse of the culture and can talk to you about the latest pop-culture news – but then easily switch gears to give you their perspective on what is taking place on the stock markets.

Women leaders seeking a chance to be significant see the world through a lens of opportunity; they are especially in search of those opportunities previously unseen. Llopis’ experiences have taught him that great women make it a priority to teach men about women.

This month we celebrate great women and great leaders. We profile seven incredible ladies that are all leaders in their own right and who are striving to help our country become a better place in their own authentic way. Not all of them were born with the proverbial silver spoon in their mouths – some even had to deal with the tragic death of their parents. But they dreamed big, believed in themselves and yes – they’ve made it happen. And now they are leading and inspiring others.

To all the great women in our lives – thank you for your inspiration and leadership. May we all learn more from the amazing women in our lives – whether at home or at work.

GERINDA ENGELBRECHT EDITOR

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UPFRONT | UPDATES UPDATES | UPFRONT

HEALTH • POLITICSECONOMY • LOCAL

4 www.accountancysa.org.zaAUGUST 2017 5AUGUST 2017www.accountancysa.org.za

BOOST YOUR ENERGY LEVELS

After work you may find yourself skipping your exercise class, getting takeaways so you don’t have to cook, or avoiding any preparations for the next day, even though you realise this may lead to unnecessary stress. Your excuse? Exhaustion.

You can feel less tired after work with a few tweaks to your daily routine: take a short break away from your desk, work on your posture, get some sunshine and spoil yourself with a massage every so often.

Source: CAMAF

BIGGEST ICEBERG BREAKS OFFA trillion-ton iceberg, one of the biggest ever recorded, splintered off western Antarctica and is now floating at sea. The massive iceberg isn’t expected to pose any imminent danger to people, ships, or nearby areas, scientists say. But they're worried about what this could mean in the long run for Antarctica and rising sea levels.

Source: CNN

New research conducted by Livingfacts commissioned by Sage Foundation, reveals that more than 50% of women believe corporate jobs are ‘a safer option’. And, only 20% of those who don’t own a business felt they have the necessary network to support their family responsibilities. The study pinpoints a need for financial stability and a low tolerance for risk-taking and failure are among the most significant factors holding back female entrepreneurship in South Africa. The research highlights the obstacles that women face, including:• A lack of exposure to

entrepreneurial role models in their families and communities;

• Poor access to funding, and• The challenge of juggling

personal and work responsibilities

Link to the research report: https://www.sage.com/za/foundation/fostering-female-entrepreneurship

Source: Sage

167The number of re-ported consecutive cars at an Indiana McDonald’s who paid for the meal of the car behind them. This was after a woman paid on behalf of a dad with his children in the car behind her. And the father followed suit. The pay-it-forward chain continued for hours.

Source: Time magazine

SCIENCE SUPPORTS THE BENEFITS OF GIVING Research by social psychologists has shown that a person’s sense of happiness is greater when they spend or give gifts to others. In a survey of over 600 US citizens, it was found that spending money on others predicted greater happiness whereas spending money on oneself did not, and this pattern was found across all income levels. In other words, even those with little money reported greater happiness when their proportion of spending on others, relative to the self, was greater.

Source: Psychology Today

$43 billion – According to Deloitte Access Economics, this is the estimated value of the Great Barrier

Reef. The figure is based on the reef’s economic, social and iconic significance.


SA WOMEN IN BUSINESS

$2,7 billion – The amount Google was fined by European antitrust recently. Why? For breaking competition rules by giving its own shopping service priority placement in search results.


UPFRONT | UPDATES

LOCAL • INTERNATIONAL

For more information, contact the programme convener Professor Mark Graham at [email protected] or the programme administrator Olivia Europa at [email protected] or (021) 650 2269.

UCT’s College of Accounting offers a Master of Commerce specialising in

Financial Reporting, Analysis and Governance. The degree emphasises business

applications in all areas of accounting.

This degree is relevant for aspirant Chief Financial Officers, Audit Partners, Board Members, Regulators and Academics.

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Entrance requirementsAn HEQSF level 8 qualification in Accounting and/or Finance or an HEQSF level 8 qualification with relevant work experience in Accounting and/or Finance. Candidates may be required to present themselves for an interview.

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C R I M E - F I G H T I N G ROBOT DROWNS

Twitter tributes have flooded in for a state-of-the-art security robot that plunged wheel-over-nosecone into a shallow fountain near Washington DC – and couldn’t get back up …The roving robot – a four-foot-tall oblong affair developed by a Silicon Valley start-up called Knightscope - was on its usual crime-fighting rounds when it clattered down a set of steps and into the water feature outside Georgetown’s Washington Harbour office and retail complex, the Washington Post reports.Images of its helpless, partially submerged form prompted a torrent of Twitter jibes. ‘We were promised flying cars, instead we got suicidal robots,’ wrote one Twitter user.


100% BIODEGRADABLE BAGSA team of local scientists from the Council for Scientific and Industrial Research (CSIR) Polymer and Composite Research Group in Port Elizabeth broke new ground when they recently developed 100% biodegradable plastic bags made from agricultural by-products.

The maize and sugarcane bio-based bags are completely biodegradable in mud‚ soil‚ water and compost and break down completely in just three to six months.

Source: Times Live

Did you know? Facebook founder Mark Zucker-berg is said to drive a non-ostenta-tious Volkswagon GTI with manual transmission which costs only about $30 000.

DANCE FOR BETTER HEART, BRAIN AND BODYA study in the journal Circulation: Heart Failure found that people with cardiac conditions who danced for just 20 minutes three times a week saw their heart health improve significantly more than those who stuck to traditional cardio workouts.

And dancers can be sharper in the short term and less likely to succumb to brain diseases in the long run. Another study (this time in the New England Journal of Medicine) of 11 physical activities found that dancing was the only one that lowered dementia risk, and that by a whopping 76%.

Source: Women’s Health

THE WAY CARS USE THEIR TIMEAccording to Frederic Mazzella, founder and executive chairman of carpooling

company BlaBlaCar, cars are parked 96% of the time on average, are in traffic jams 0,5% of the time,

and are looking for a place to park 0,8% of the time. Only 2,7% of the time are they driving and in

this time, three out of four times there is just one driver on board.


COVER STORY

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These seven incredible ladies are all leaders in their own right who are striving to help our country become a better place in their own authentic way. Not all of them were born with the proverbial silver spoon in their mouths - some even had to deal with the tragic death of their parents. But they dreamed big, believed in themselves and yes - they’ve made it happen. And now they are leading and inspiring others.

PHOTOS: André van der Merwe

EXTRAORDINARY

ACHIEVING THE

COVER STORY

M asasa’s mom sent the then 15-year-old Thuto to a prestigious boarding school in Cape Town. ‘It wasn’t just that it was a big city,’ she reflects. ‘Moving

from a rural place to a Model C school, attended by privileged children, required me to adapt on several levels.

‘It was a different culture altogether. On top of this, my English wasn’t good. But the experience moulded me into an independent person.’

Today, Masasa is Head of External Audit and leads Integrated Reporting at Nkonki Incorporated. Regarded as a leading practitioner, she advises South African organisations on the development of their integrated reporting and is active on the International Integrated Reporting Council (IIRC).

In her thirties, Masasa is highly respected among her peers and won the prestigious Young Accountant of the Year at the 2016 International Accounting Bulletin (IAB) and The Accountant (TA) Awards. The occasion in London was followed by an industry forum at which Masasa chaired a session on the global accountancy landscape.

The young professional’s win acknowledged her significant contribution to the industry in the 10 years since qualifying. ‘The award has given me a

little more recognition back home,’ says a modest Masasa of her accomplishment.

Her insatiable curiosity and drive have seen her progress steadily against stiff competition. Born with ‘the desire for self-development’, she was energised by it. After completing her traineeship at Deloitte, the Big Four firm offered the newly qualified CA(SA) the opportunity of a lifetime: a secondment to London. It was Masasa’s first trip overseas, let alone working in another country.

An interviewer in London offered sage advice to the wide-eyed professional: ‘This is a very competitive environment. Do everything to stand out and work very hard. Everyone is smart.’ She has adopted this modus operandi ever since.

But Masasa credits the late Roger Reeves, the former chief financial officer of Murray and Roberts, as instrumental in accelerating her career. ‘Roger mentored me. A year into management level he told me: “Keep a journal. Make sure you are able to write something new you have learned monthly otherwise you are not developing.”’

The CA (SA) qualification is also an enabler and ‘allows one a seat at the table’. For all her success, Masasa has faced critical choices. ‘Making the decision to leave Deloitte was very emotional.

The company provided me with my first job, and I’d developed good friendships and mentors after seven years there.’

She decided to take a leap of faith. ‘I needed to try out being a rainmaker as most of my experience had been in a cost centre in my role within the learning and development department at Deloitte. I had to let the market give me feedback on my readiness for the next step.’

Masasa landed a leadership role at Nkonki Incorporated, one of the largest black assurance and advisory firms in South Africa with a global reach through Kreston International. Nkonki Incorporated has been tracking how South African Top 100 listed companies and state-owned enterprises (SOEs) are adopting integrated reporting best practice since 2011.

Credible commitment is being shown by SOEs and the Top 100 Listed Companies in preparing integrated reports. ‘This includes Transnet and Eskom by volunteering for the IIRC pilot programme alongside listed companies like Goldfields to contribute towards shaping the IIRC international frameworks as released in December 2013,’ explains Masasa. ‘Remember that integrated reporting is voluntary outside of the listed companies and is designed to assist organisations to communicate a clear, concise, integrated story that explains how all their available resources and relationships are creating value for stakeholders, so this is cause for celebration for us South Africans as we have set the bar for the world.’

Masasa regards winning the International Service Line Development Award at the 2015 Kreston World Conference in Rio for driving the adoption of integrated reporting as her most significant professional accomplishment to date.

She is animated in her explanation of the role of integrated reporting. ‘Integrated reporting is one of the three shifts we are hearing the world talk about currently shifting from silo reporting together with inclusive capitalism and focus on long-term capital markets. Society is looking for more sustainable markets.’

Masasa has firm opinions on South Africa’s junk status and reactions to the downgrade. Given the option to sink or swim, with her positive disposition, she chooses to swim.


TO SUCCESS Defining moments change us forever. For award winner Thuto Masasa, moving to Cape Town from the small kingdom of Lesotho was such a turning point

THUTO’S LEADERSHIP STYLE

Helping people to realise their potential through pushing them to

do those things they never imagined they could be capable of doing, and

to become that person they never thought they could ever be. Initially it may be unpleasant for them, but when you watch their growth and confidence, it is the most fulfilling

aspect of what I do.

A s head of Tax Risk Management at FirstRand Group Tax and the new chair of SAICA’s National Tax Committee (NTC), Tracy shares what makes her

day job so special and the impact she hopes to make as the first woman chair of the NTC.

Tracy was just eight years old when her father tragically passed away. She witnessed her mom’s constant struggle on her modest salary as a paralegal secretary to raise her and her older brother and she made an inward decision to make something significant of her life.

Street-smart Tracy reduced the length of her Legal articles through a strategic move. ‘I did six months’ full-time training through the Law Society’s School for Practical Legal Studies. Being multi-disciplinary, it shortened the duration of my Legal articles to only a year. Lecturing in the evenings for Midrand Campus to earn money while at law school was the only drawback,’ she says wryly.

The newly qualified lawyer entered the world of litigation but soon realised that drafting ante-nuptial contracts and handling divorces wasn’t for her. ‘I wanted more commercial experience,’ she reflects. ‘A friend suggested that I convert my degree to become a chartered accountant (CA(SA))

and I thought that was a good idea.’Given the choice, Tracy would choose the same

path again. ‘My background in law has helped me in my approach to solving a problem and articulating an argument.’

Tracy moved into tax at KPMG in 2001 and later, in 2003, helped to establish the EY Financial Services tax team, which was focused on servicing the banks and looking at their tax needs.

She left EY after 15 months as a principal tax consultant to join FirstRand as their international tax specialist. This was 13 years ago, and Tracy applauds the ethos of the organisation. FirstRand is one of the big four South African retail, commercial and investment banks. Through its ownership of businesses like First National Bank, Rand Merchant Bank, WesBank, Ashburton Investments and FirstRand Life, the group operates in most areas of the financial services industry.

As FirstRand’s international tax specialist, Tracy was responsible for implementing tax solutions, an aspect of her career she particularly enjoys. She needed the knowledge base to back her decisions, and enrolled for a Certificate in International Tax. ‘It was so enjoyable applying what I was learning. Usually it’s theory, then practice.’

‘As a perfectionist I tend to take on too much but I’m working on this as a leader. I’ve been told not to hold people to the same standards; instead I nurture their strengths. Responsible leadership is being cognisant of which hat I’m wearing, whether representing FirstRand, the Banking Association, or SAICA, and being responsible in my approach for all of them.’

Tracy became the head of Tax Risk Management at FirstRand Group Tax seven years ago and describes her team as absolute professionals. ‘Besides being tax experts they are incredibly innovative. Giving people space to be innovative is part of the DNA of FirstRand,’ says Tracy.

‘You need to be enthusiastic about what you do, or risk stagnation. The magic is just outside your comfort zone.’

Although she favours an open management style, she does not shy away from making courageous decisions. From having eight direct reports three years ago, today Tracy has three. She shrugs, ‘Sometimes you have to give people responsibility and accountability.’

She implemented the first ever transfer pricing (TP) policy and controlled foreign company reporting model for FirstRand. ‘A TP policy refers to the manner in which a multinational group enters into cross-border transactions within its own group. It details the nature of these transactions and the methods adopted to ensure that the pricing is on an arm’s length basis.

‘I was given the freedom to engage with the businesses and to come up with a TP model, which from the start in 2004, was implemented in 2006. The reporting model included approximately 175 offshore entities.’

Tracy joined SAICA’s National Tax Committee (NTC) 10 years ago. As the first woman chair, Tracy plans to bring a different flavour to the committee. ‘Women are generally more engaging in terms of leadership style.’

‘My husband, Justin, is in asset management. We have two daughters – Bethanie (10 years) and Lilly (7 years). We’re trying to instil the belief in them that they are each other’s best friends!’ laughs Tracy. ‘My family is everything. They ground me.’

ONE CALLINGStarting out as an attorney, a year into law Tracy Brophy decided to become a CA(SA). Today she’s glad she took this route and wouldn’t change her choice for anything

COVER STORY


COVER STORY


TRACY’S LEADERSHIP STYLE

The leaders I have looked up to in life are the people who make you want to be a better person! I found that

Robin Sharma has encapsulated what leadership is all about in his book The

Leader Who Had No Title, because you don’t have to have a title to be

a leader. You just need to be the best you can be every day and make an excellent contribution in every touch point of your life. I strive to live these

beliefs every day in my own life.

T here are times the world feels like one big distraction. Smartphones chirp and laptops beep with dozens of daily message notifi-cations. Colleagues distract you with the

latest gossip. Nomzamo Radebe regularly implores her

staff to cut through all the external noise; focus, keep it simple, have a game plan and execute it! It’s become her hallmark, as it is of most good leaders. She admits to possible overkill at times, having noticed some managers stifling sniggers and inspecting the ceiling when she gets on her hobbyhorse. ‘But they get the point: it’s important to have action plans and to implement in a focused manner,’ she says. Radebe’s own single-minded focus is on driving high-performance from teams.

Living her own advice, Nomzamo has immersed herself in the property sector since qualifying as a CA(SA) and today sits at the pinnacle of the property industry: she is the immediate past president of the South African Property Owners Association (Sapoa).

It was in Grade 11 that Nomzamo decided to follow the chartered accountancy profession, having participated in a SAICA / Standard Bank

Annual Business Development Game. The death of her father when she was just 12 was a formidable obstacle to her attending university, but she was awarded an all-costs bursary by Sasol, enabling her to get a BCom (Accounting) degree.

AUDITING TO PROPERTYNomzamo’s involvement in property began in 2006 when she joined shopping centre owning fund Pareto Limited as its CFO. She caught the property bug and went on to study further. She acquired a Property Development Programme Certificate and a Certificate for Commercial Property Practitioners, as she transitioned from finance to become Pareto’s Chief Investment Officer in charge of its portfolio.

Her next step came four years ago at the age of just 36 when she was appointed CEO of JHI Properties, part of the Cushman & Wakefield Excellerate international group.

LIFE PHILOSOPHYBeing black and female makes her particularly conscious of being a role model to many less privileged South Africans. She herself has had a

number of mentors, both men and women, on her ascent and now acts as a mentor and role model to others. ‘My mother, a teacher, was probably the greatest mentor I had, teaching me to be career driven without sacrificing balance in life. She made me a warmer person.’

Nomzamo is passionate about mentoring others. She formally mentors two women and provides ad hoc mentoring of others. It’s a guilty pleasure of hers because she admits to enjoying as much self-growth as she does growing others. ‘Mentoring is really about having conversations on experiences and mistakes, especially those not found in any textbook. I also mentor many men who are in need of assistance. Gender inequality remains a major issue in property as much as racial inequality and at any meeting will be an agenda item.’

She participates in a forum of women property CEOs which meets monthly to share challenges. Nurturing and retaining talent are such issues, as is managing a company while not losing sight of running one’s family. ‘Women do need assurance from other women that they’re not bad mothers just because they work hard,’ she explains.

Nomzamo was appointed at a young age as CEO of a major property services company and before the age of 40 had been chair of two of the most important industry bodies. She has a list of other accolades, including Institute of People Management Business Leader of the Year 2016 and Woman Property’s Five-Star Woman of the Year.When Nomzamo became CEO in 2014, the JHI business primarily serviced commercial property, with a R50 billion portfolio that was 70% offices and industrial buildings, compared to 30% retail. The strategic change in direction resulted in a R150 billion portfolio in 2017 closer to a 50/50 ratio.

Her four-year-old child looms large in her life (her most recent movie was The Smurfs in 3D) and her appetite for reading is eclectic. ‘I love spending time with my family, catching up on weekends with friends, and sometimes just doing nothing!’ concludes Radebe.

LEADER‘Focus’ is a trait of leaders who get things done. This trait defines CA(SA) and JHI Properties CEO Nomzamo Radebe. With it, she has scaled the heights of the property industry

COVER STORY


NOMZAMO’S LEADERSHIP STYLE

When choosing new executives, Nomzamo has favoured people

with leadership ability and ‘the right attitude’. The additional qualities she looks for are commercial awareness

and a client-centric philosophy. Technical know-how is important. If

anything, it is secondary as ‘know-how' can be learned whereas the right attitude cannot be. My practice is to identify people internally and to

groom them.

A t just 26 years of age, Ayanda Ballen-siefen had already landed an executive position at Barclays. Last year she joined EY as a financial services senior risk

consultant – no easy feat either. And this year she is one of the 20 dynamic young leaders on the African continent selected to join the Leadership Council of the Harvard University Center for African Studies (CAS). She will be at the forefront of driving a hub for academic thought in the field of African studies and will act as a cross-pollinator of ideas.

‘I have always wanted to inspire other young people, especially women,’ says Ayanda of her decision to become a CA(SA).

She saw the profession as a stepping-stone to vast opportunities. And she was right, but even Ayanda could not have have foreseen being part of the big league so early on in her career. Being offered the amazing opportunity to move to London as an auditor as a business manager for Absa assisted her rapid ascent up the career ladder.

Ayanda’s has the ability to attract attention as ‘the one to watch’. And although her entry onto the executive committee of Absa Business Banking came about through a referral, her success has been largely self-propelled.

‘I think it is very powerful to have sustainable, genuine networks so people keep you top of mind,’ says Ayanda. ‘But you need to be memorable. So when they say “I need this kind of person,” they think of you.’

Her new role came with a huge jump in responsibility. Ayanda, as the business manager, assisted the head of Absa Business Banking with managing the overall business, in everything from strategic and operational issues to stakeholder management.

‘My employer handpicked me. She wanted a CA(SA) and a black woman that she could nurture,’ explains Ayanda. ‘She understood the rigorous training required of the profession and that my skills set would complement hers, specifically when it came to the numbers.’

But after three years with Absa, she realised that she wanted to develop her skills beyond a generalist role. ‘I asked myself when I was going to start making a name for myself and not just shadow a dynamic executive. Us millennials realise quite quickly when something isn’t working for us anymore.’

Still, leaving the bank wasn’t an easy decision. But today Ayanda’s face lights up as she clarifies her current role as a financial services senior risk

consultant at EY. ‘What’s exciting is the technology that’s in the works that will enable organisations to drive regulation and use it more efficiently.

‘We are trying to unpack the culture of risk in a way that is digestible. Currently, conduct risk is extremely topical in our space; it determines how financial services, including banking and insurance institutions, interact with the market, which is for the benefit of the market: treating the customer fairly.’

While at Absa, Ayanda started Women in Business Banking (WIBB), a vehicle to educate, connect and inspire women within this division. ‘It is hugely inspiring for entry level and less senior banking staff when someone like Maria Ramos says she started out as a bank teller.’

In 2015, Ayanda received the Rising Star Award at the Global Diversity Business Awards in New York for the work that she had done through WIBB as well and as a co-founder of the Mbewu Movement – an organisation external to her Absa portfolio – which empowers young women. In 2016, Ayanda was chosen as one SAICA’s Top 35 under 35 finalists.

‘As young black ambitious women we were desperate to learn how we could navigate the corporate world, and the world beyond that. As you climb the corporate ladder, you always want access to those that have come before and succeeded, to share their trials, tribulations and triumphs,’ she says.

‘It’s so inspiring! Seeing the impact; how women’s lives are transformed through a new way of thinking about themselves and their potential.’

Another milestone was getting married last year. Her husband is German. Ayanda, typically, attended language classes at the Goethe-Institut and now speaks German with confidence.

We can all learn from Ayanda’s ‘can do’ zest for life!

CAN LEAD THE WAYAyanda Ballensiefen’s gracious and outstanding leadership abilities have seen her to be selected as one of 20 dynamic young leaders on the African continent to join the Leadership Council of the Harvard University Center for African Studies (CAS). Ayanda tell us more about her journey

AYANDA’S LEADERSHIP STYLE

Besides being strong, confident and decisive, it’s important that a leader be humble and develop their listening skills, says Ayanda. A leader should make a

conscious effort to see through the lenses of other people around the table because

there may be a better way. In the consulting world, you’re often on multiple projects, with

tight deadlines and it becomes crucial to understand how you can enable, uplift and encourage those that you lead so that you

achieve the greatest outcome for the client.

COVER STORY


W ho doesn’t love a retro barbershop? The cultural resurgence of men’s grooming, estimated to reach $26 billion globally by 2020, has barbers

lining up to get their cut. It’s a trend that caught the eye of Cara Anderson, a CA(SA) who on re-turning to South Africa after many years abroad, quickly spotted a gap in the market.

Her Sorbet Man store in brand-new Kyalami Corner was a year in the making. It combines retro styling – think black and white subway tiles, chevron floors and shiny chrome – within a sleek and über-stylish environment.

Anderson, originally from Pietermaritzburg, spent a decade with EY specialising in internal auditing. While at EY, she was offered an opportunity to apply her expertise in Sarbanes-Oxley legislation in California, where she lived for three years. In 2008, after becoming desperately homesick, she returned to Johannesburg. But EY had other plans for her and a few years later she was offered an opportunity to work at the firm’s risk advisory practice in Doha, Qatar.

‘After a few great years in Qatar, I realised that to pursue my personal life goals, I had to exit the profession,’ she recalls. ‘It can be extremely

time consuming, and that takes its toll on your personal life. I didn’t have a family at the time, and I was starting to worry that I never would because there was no time for anything outside of work.’

Like any CA(SA) worth their salt, Anderson designed a personal five-year plan which included returning home, settling down, and making it possible for her to work for herself. ‘It was an active decision, comprised of clear goals that were made conscientiously. If you avoid that exercise, life can pass you by. I had to make some tough choices, and the toughest of the lot was choosing to leave the professional services environment and finding something that would afford me more opportunity to explore other aspects of my life.’

She stayed on in the Middle East but joined the risk management department of an Abu Dhabi-based telecommunications company in 2012, a move that gave her an insight into the private industry and even more opportunity to travel.

A year later, it was time to come home. She was offered a position that combined risk management and her experience in SOX into one role at Mix Telematics. It was there that she found a mentor, CFO Megan Pydigadu, an

influential figure in Anderson’s life. After working for many years in the male-dominated Middle East, Anderson found a mentor who helped her grow in both her role and her career. That was also when she met and married her husband, Julian, who designs and builds wooden outdoor playground equipment for children.

‘I took stock and realised it was time. I was ready for my own business, and I wanted to wear jeans to work every day. During my travels, I had seen many male-grooming salons. It was noticeable, especially in cities like London, that men were taking pride in their appearance and putting in the effort to look good. When I heard about the grooming bar Sorbet Man, it was a perfect fit.’

The Sorbet franchise model, launched by Ian Fuhr 12 years ago, made sense for Anderson. She had the business and accounting skills that appealed to the franchisor who, in turn, could provide a turnkey system, easing her entry into an industry she loved but did not know much about. For all the rigidity of a franchise system, her expertise as a CA(SA) has been welcomed, particularly when it comes to input on systems and controls.

A people person, Anderson was drawn to Fuhr’s strong emphasis on staff, who are called ‘citizens’ by the franchise. After all, she came from the EY environment and its ‘people first’ culture.

Her focus now is on what she needs to do for her people to make them the best barbers and therapists. ‘It’s a mix of ongoing training, of sending them to have treatments at other barbershops and salons and of bringing in experts to our store. On top of that, my experience in business is something I enjoy sharing with the team.’

Does she ever regret leaving the corporate world? ‘There are days when I miss the stability of the pay cheque on the 25th of each month, but I now employ 13 staff and I work in a system that is focused on empowering people and always doing the right thing. I have learned that that’s a winning formula in any business.’

LADY OF MALE GROOMING Proving that a CA(SA) can do anything she sets her mind to, Cara Anderson left the professional services world to open a hip luxury barbershop, successfully tapping into the unmet needs and growing trends in this field

CARA’S LEADERSHIP STYLE

Female entrepreneurs have taken the world by storm, yet they still face unique

challenges. A senior partner at EY told me I was committing career suicide by leaving the profession. He was defining what I should want

in terms of his own goals in life. I learned to own my personality regardless of how others might see it. It is important to never lose sight

of your objectives. Believe in the power of your convictions, be steadfast, do your best, and

chance will settle the rest.

COVER STORY


‘W orking for the public sector comes with a baggage and stigma of people being lazy, incompetent and corrupt,’ says Silindile Kub-

heka. ‘I want to change that stigma and showcase that there are ethical professionals and people of integrity working for the public sector.’

As a chartered accountant, Silindile believes that everything she does should not only benefit herself but her country – South Africa. Her goal is professionalising the public sector and she hopes young CAs(SA) realise there are massive opportunities in being able to make a difference in the public sector.

Having more CAs(SA) in government would also enhance the image of the public sector, she feels.

‘Most municipalities are looking at employing more CAs(SA). However, it will be key that we have people who understand the public sector. If CAs(SA) don’t understand how the public sector operates, how are we going to contribute towards getting clean audits? That has a potential to tarnish the value of the profession. It’s the responsibility of everyone involved in the process to ensure that upcoming CAs(SA) understand the workings of the public sector.’

It’s also important to note that you can be a

successful CA(SA) while working for the public sector.

Silindile joined the National Treasury in April 2016 from the Auditor-General of South Africa. Initially Silindile did not apply for the CFO role until she was convinced to throw her hat in the ring. She admits it was one of the toughest interviews in her professional life.

‘I had to do a presentation on a case study explaining how I would move an entity towards a clean audit. I think that’s what most CAs(SA) coming to the public should aspire to – moving the public sector towards clean audits.’

Silindile is the only CA(SA) within the finance and supply chain division. She is responsible for a finance and supply chain teams and she joins the minister and the director-general (DG) in Parliament on some occasions, but is mostly a background operator. However, Silindile has to endorse every financial decision the National Treasury makes – which makes her job an interesting one.

According to Silindile, the National Treasury has a massive role to play in ‘making things better’.

‘I joined the department during the era of cost-cutting and shoestring budgets but I don’t see my – or the National Treasury’s – role as

having a narrow focus on numbers,’ said Silindile. ‘We need to explore how the National Treasury can contribute to the rest of the public sector. I want to change the perception that National Treasury is very arrogant. Just as a CFO can’t be a five-star performer as a manager when my team scores three stars, the National Treasury cannot be seen as excellent if the rest of the public sector is lagging.’

MENTORINGSilindile beams passion about nurturing young talent. ‘I want to provide opportunities to people that are coming through the ranks. For me, coaching is not about telling them what to do but sharing experiences and transferring knowledge. My wish is that talent development and succession planning in the public sector becomes a planned, transparent process.’

As much as she is passionate about nurturing young talent, she feels the youth should be teachers, too. ‘As a manager, you learn from your team. What worked five years ago, might not work now. You need to be flexible and be open to new solutions. At the same time, you need to strike a balance as you also work with people older than you.

‘As a mother, I relate much easier to people. It taught me how I should manage and lead my team. During meetings and/or informal conversations, I try to remove the position from the person. They can’t confide in you if they see you as the CFO. However, if they see you as a colleague it works better.’

Silindile is a mother of two – a boy and a girl – and has been happily married for 12 years. The old Silindile had never left greater Durban area until 2005, when she moved to Johannesburg as a newly-wed.

POWERHOUSEShe began her career as a bookkeeper followed by various stints with the Auditor-General, among others. Now CFO at National Treasury, Silindile Kubheka shares her journey from humble beginnings to a lady who leads with strong views on mentorship and professionalising the public sector

SILINDILE’S LEADERSHIP STYLE

I do not have a specific style as I am a flexible person and I feel “subscribing” to one style will

box you in and that is not my nature. I value the people I work with and am aware of our different personalities, diverse cultures and backgrounds

that we all come from (or have).

I like to engage with my team, while meetings can take much of your time, they are necessary

to catch up and really enable you to get to know each other more. Emails tend to be misinterpreted sometimes and can result in unnecessary conflicts.

COVER STORY


manager: I said I wanted exposure to initial public offering as I hadn’t been involved in it before.’

‘What I learned from the experience, besides the need to prove myself, was the American spirit of entrepreneurship. They make opportunities out of nothing. I also appreciated the diversity of people from different countries.’

ATTITUDE IS EVERYTHING‘One of my mentors, Dr Judy Dlamini, told me that attitude is everything. If you don’t like something, change it. And if you can’t change it, then change your attitude,’ she says.

‘You must be willing to do the ground work. When I come across entrepreneurs who are not even willing to put in the effort into a properly researched business plan I know they are not cut out for entrepreneurship.’

The Masisizane Fund provides loan financing from R500 000 and above in agribusiness, franchising as well as in supply chain and manufacturing. Besides funding SMMEs and partnering with them to be sustainable, there are instances where jobs have been saved and hope restored to rural and peri-urban economies.

‘WP Timbers, a wood manufacturer and one of the biggest employers in Stutterheim in the Eastern Cape, is one such example. The business was on sale due to the passing of its founder,’ confides Zizipho. ‘Thanks to collaboration between the Old Mutual Foundation, Masisizane Fund and its strategic partners, 136 jobs were retained through assisting Thabo Sikukula and his wife, Nox, with funding to acquire the business. Two years later the business employs 145 workers and services clients such as Boxer Build and Cash Build.’

Zizipho admits that juggling a flourishing career and a family can be really difficult: ‘I don’t always achieve a balance, it is about juggling the two (family and work) as long as I have communicated with my family in advance of the stressful times at work such that they are aware and are accommodating for that particular period. The same applies at work, my team needs to know what’s happening in my life such that I am able to prioritise important family events as and when required, because family comes first, without them I am nothing.’

GREAT THINGSFaced with the loss of her mom at the age of 15 and her father losing his job soon afterwards, Zizipho (née Mqwala) Nyanga, CEO of the Masisizane Fund decided that there is only one way out of her depressing circumstances: to focus on getting educated

COVER STORY


T oday, at 35 years old, Zizipho Nyanga is a professional career woman with her own beautiful family. Walking into the plush boardroom at Old Mutual, Sandton, with its

leather seats and carefully chosen artwork, Zizipho gives a welcoming smile. She is down to earth, hum-ble and loves to laugh.

There are many lessons Zizipho’s mother left behind and Zizipho says she can’t really single out one specifically. However, her mother’s emphasis on her kids getting quality education is something she has treasured most.

Zizipho has travelled a long road from her childhood in Mthatha in the Eastern Cape when, as the youngest of six children, she sold sweets for pocket money. ‘But I have my mom to thank for steering me in the direction of becoming a chartered accountant (CA(SA)). As a school teacher, she saw that I was interested in business from a young age and encouraged me to become a CA(SA),’ says Zizipho.

‘She was a strong woman who also taught me how to go for my dreams and how to be a great wife and cheerleader to my husband, as she was to my father when I was growing up. I learnt the importance of team work and partnership in

marriage by seeing how she and my father lived at home.’

Today, as CEO of the Masisizane Fund, an Old Mutual initiative that was established in 2007 to provide loan financing and support to small, medium and micro enterprises (SMMEs), Zizipho’s role truly resonates with her values.

‘My motivation for becoming a CA(SA) was financial security. I also wanted to change the script of my family dynamics,’ she says stoically.

In 2004, Ernst & Young seconded the newly qualified CA(SA) to their San José office in California to audit US-based companies such as Data Domain and Xenoport Inc. Zizipho didn’t expect to encounter prejudice during her four months' secondment in a US city the size of Pretoria.

‘The Americans I was interacting with looked at South Africans as coming from a country which was underdeveloped and they doubted my capability. They’d only give me work that a first-year accounting student could do.’

She put her foot down. ‘I didn’t travel 17 hours in a plane to audit bank accounts. At the time Xenoport was preparing for a listing on the New York Stock Exchange. I was frank with the audit

ZIZIPHO’S LEADERSHIP STYLE

Identifying everyone’s strengths and giving the team the space to do their part. I always say we as the team, we are a puzzle. I

identify which part of the puzzle everyone is and lead according

to that and address any gaps accordingly where there are

gaps, such that we all play our part in ensuring that the entire organisation (the puzzle) wins.

What’s important for me is to set the expectations clearly upfront, so that everyone plays their part and we all celebrate as a team when

we’ve succeeded in achieving the organisation’s objectives.

FEATURE | TECHNOLOGY

BACK TO THE FUTUREWhenever someone talks about robots taking over

the world, most people chuckle quietly to themselves and dismiss the notion in its entirety as politely absurd – something best left to the realms of science fiction and Hollywood.

The reality is, however, markedly closer to realisation. Since Alan Turing, who is widely accepted as the father of modern computer science and artificial intelligence, introduced the world to his ‘computational machine’, science fiction has become a de facto force de rigueur.

Billions are spent annually to help mankind rapidly achieve breakthroughs in every field of theory, study, and application

change, you’re going to dislike irrelevance even more.’

So where does that leave us? The future of data science and AI lies in how we apply them. Other professions such as medicine are fast out of the starting blocks, exploring how machine learning and deep-learning AI can transform healthcare from symptoms-based traditional approaches to delivering algorithm-based ‘precision medicine’ for patients and practitioners.

We need to look introspectively at our conventional and time-honoured approaches in all spheres of accounting application, daring to pioneer and innovate. The sum of the parts is greater than the whole, but perhaps we need to first understand exactly what these

across industries, society as a whole and the global economy.

My point of departure lies in those who would fear it. I don’t. Neither should you. If we are to stay relevant as a profession, we need to understand and embrace technology as a pervasive underpinning of what it means to be a chartered accountant in the 21st century.

Elon Musk recently said he believes machines will take over the world (and not in a good way). He’s a very clever guy, Elon, to put it mildly. Right up there with Marvel’s Tony Stark and Ironman, if you're a superhero fan. But fear mongering aside, there is an element of truth in what this South African-born visionary is stating. Elon’s own Tesla and SpaceX are currently developing and utilising

technologies are – and what they aren’t – to appreciate how we can harness and leverage them to our advantage.

DATA ANALYTICS AND ARTIFICIAL INTELLIGENCE 101Even before Luca Pacioli conceptualised and introduced the modern double-entry accounting system in the 15th century, accountants have been struggling with large volumes of data whether these were initially paper-based and tediously manual or in more recent times, legacy mainframes or enterprise resource planning (ERP) systems.

Janvrin and Weidenmier Watson1 noted that in the last few years, the term Big Data has emerged as the new buzz word.

incredible forms of artificial intelligence (AI) to help power driverless cars and reusable space rockets and more recently even a tunnel-boring machine to help solve chronic inner-city gridlock. They're accomplishing this by analysing vast amounts of complex data, both structured and unstructured, on a never before seen scale. That’s their unique selling proposition: progress through disruption by harnessing advancements in technology.

There isn’t a profession or industry in the world that doesn’t stand poised for similar levels of disruptive change, accounting included.

I often recall a quote from Eric Shinseki, a US Army General, shared with me by a long-time mentor, a friend: ‘If you dislike

While some claim Big Data is ‘just turning mess into meaning,2’ Gartner3 provides a more official definition of Big Data as ‘high-volume, high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision-making and process automation’. Collectively, volume, velocity and variety are known as the three Vs and imply that vast amounts of transactions are quickly created from a wide variety of sources. Other sources frequently suggest two additional Big Data Vs – veracity and value4. Veracity refers to the data accuracy and reliability (and consequently completeness) while value examines the cost-benefit of collecting data5.

AUTHOR: Sven Wüsthoff CA(SA) is Head of the Department of Accounting Sciences at Nelson Mandela Metropolitan University

TECHNOLOGY | FEATURE

STAYING

How will the maturation of data science combined with advancements in artificial intelligence revolutionise the role of the CA(SA)? Sven Wüsthoff unpacks technology imperatives for you

ON THE CURVE

WE NEED TO LOOK INTROSPECTIVELY AT OUR CONVENTIONAL AND TIME-HONOURED APPROACHES IN ALL SPHERES OF ACCOUNTING APPLICATION, DARING TO PIONEER AND INNOVATE


Accountants tend to focus on the veracity and value/cost-benefit of data collection, continue Janvrin and Weidenmier,6 while volume and velocity have been around since the 1990s when enterprise systems (and even some legacy systems) were created to handle the high volumes of transactions and flow of information between companies as business process integration found favour within corporations and global expansion.

If you've been keeping track of the maths, that covers four of the Vs, leaving just one: the biggest difference with Big Data is the bigger variety of data.7 This includes data generated externally by a variety of sources including websites, social media, texts, Internet of Things (IoTs), RFID, sensors and others.

We are living in the era where a smart refrigerator can not only monitor the groceries in your kitchen, but automatically initiate an online shop to replenish them if they get too low. Certain models can even ‘phone home’ for preventive maintenance and diagnostic procedures and, where needed, dispatch a technician to service and repair. Think of all the

IFRS standards impacted by that single scenario without any human involvement as transaction initiator. Perhaps we are heading towards a future that considers AI-FRS?

Data has always tended to exceed our ability to process, analyse and interpret. Until now, that is.

Moving swiftly along to artificial intelligence, Frank Rosenblatt introduced the world to the perceptron in 1957. Simply put, a perceptron is an algorithm that provides for logic operations. Think of AND, OR and IF statements that are commonly used in formulas to build expressions and queries, except on a much larger scale. Where there are vast amounts of inputs which are generally unknown, perceptrons are used in clusters and layers to mimic the function of biological neurons similar to what is found in the human brain.

We now typically refer to models and simulations that use this approach as artificial neural networks, or ANNs for short. ANNs are an enabler for the renaissance being experienced in machine learning. Collectively, they find their home in the science of artificial intelligence.

Over the next few decades, Rosenblatt’s research, combined with others, formed the basis for postal services around the world to ‘train’ computers to scan envelopes and ‘see’ addresses, ensuring vastly improved mail delivery times and accuracy through digital character recognition.

These early attempts were however severely constrained by technological limits of the time, being a lack of persistent and in-memory storage and raw computational power with which to process large data sets.

It wasn’t until the 1980s that the onward march of Moore’s Law gave rise to the advent of expert systems, the first readily adopted and successful form of AI software. Expert Systems were able to apply human decision-making logic to complex IF, THEN rules and deduce answers in much the same way we would, rather than using procedural programming code.

Fast forward to the present day and the average smartphone has exponentially more computational power and memory than those early pioneering expert systems. So much so that we now have artificial intelligence platforms (or AI




‘engines’) that allow computers to hear, see, write and speak.

Computers that not only hear and see but can write and speak. Let that sink in for a moment.

There are AI engines that can fluently translate the voice of a person speaking English into Chinese at the level of a native speaker, in real time, with a localised accent. Think about that. As the AI engine performs the verbal translation, it also transcribes the conversation.

And seeing as we live in the ‘sharing economy’, even advances such as these are accessible to you and I in the form of downloadable cross-platform apps, providing most of the functionality in the palm of your hand thanks to distributed processing power that leverages cloud infrastructure and robust application programming interfaces, or APIs.

Trans-continental auditing for multinational teams comprising non-native speakers just became a reality: in your pocket. All of a sudden the science fiction gadgets we might have seen in old episodes of Star Trek just became the ‘new normal’.

Disruptive, to say the least.Windows users can already have

a Skype meeting with real-time translation in over seven languages. And the more you speak, the better it gets thanks to smart algorithms. But it doesn’t stop there.

As qualified auditors and chartered accountants, the fundamental reason our profession exists is to apply rules and provide sound judgement. Either in the role of an auditor providing an attest function, or a financial professional in commerce required to make informed decisions based on reams of reports and processes. In some form or another, that is our raison d’être; the application of judgement

on both knowns and unknowns. But how can artificial intelligence and data analytics help us apply our judgement and can we trust it implicitly? If so, what is the role of the future chartered accountant?

In the next article in this two-part series, I’ll be examining some examples of how auditors and accountants can embrace AI and data as a partner, for both ordinary and complex situations, to drive efficiency and added value. In addition, I will discuss the role of both academics in higher education and the accounting firms, looking at how these two bodies can supercharge their vision and collaboration efforts if we are to educate and instil AI and data science skills for South Africa accounting students and trainees

and in doing so, maintain our relevance in a technology pervasive future.I'll leave you with a teaser.

Can a machine provide an audit opinion? Such an opinion would need to be based on qualitative and quantitative input variables that rely on data-mining techniques to decide if a company’s annual financial statements should be qualified or unqualified.

Accounting and computer science researchers in Tehran, Iran, have recently developed not one but four artificial neural networks (ANN) capable of providing such an opinion with an overall accuracy

rate that already approaches 85%, previously unheard of in academic circles and within the auditing profession. The possible benefits to audit quality, monitoring and oversight are immeasurable, especially considering the more reference data is fed into the ANN, the better it becomes.

There is no reason to doubt that through continuous refinements and improvements to the machine-learning algorithms used, this confidence level could be increased well into the 90s.

The concept of ‘reasonable assurance’ may soon give way to a much higher level of confidence, driven by both market and stakeholder expectations, together with enhancements to AI and data science techniques.

Until next time. My smartwatch tells me it is time

stand in order to keep healthy and that it wants me to breathe for one minute to stay focused. The fitness app has just checked the weather and knows it’s sunny outside. It’s now asking me if we’re going running later today because apparently there is no excuse. I've told it no before, it almost seemed disappointed. Better go along this time to play it safe.

NOTES1 D J Janvrin, & M Weidenmier Watson (eds),

‘Big Data’: a new twist to accounting, Journal of Accounting Education, March 2017, pp 3–8.

2 N D Kho, The state of Big Data, Econtentmag.com, January/February 2016, http://www.econtentmag.com/Articles/Editorial/Feature/The-State-of-Big-Data-2017-115703.htm.

3 Gartner. IT glossary, 2016, http://www.gartner.com/it-glossary/big-data/.

4 M Merritt-Holmes, Big data & analytics: the DNA to a successful implementation in 2016.

5 J Zhang, X Yang & D Appelbaum, Toward effective Big Data analysis in continuous auditing, Accounting Horizons, 29(2), June 2015, pp 469–476.

6 Ibid.

7 R V Zicari, From classical analytics to big data analytics, 2015, http://www.odbms.rg/2015/08/from-classical-analytics-to-big-data-analytics/.

THE CONCEPT OF ‘REASONABLE ASSURANCE’ MAY SOON GIVE WAY TO A MUCH HIGHER LEVEL OF CONFIDENCE

FOCUS OF THE MONTH

LEADERSHIP

FOCUSLEADERSHIP


3 LEADERSHIP LESSONS FROM THE ARGENTINE TANGO

Pablo Pugliese began studying tango when he was nine years old, the son of two legendary teachers who shaped the modern form of the

dance, especially by elevating the role of the follower. One day, Pablo was teaching our class the arrastre, or ‘drag’, a step in which the leader blocks then drags the follower’s foot into position.

Pablo told a story about a spat between his parents when his father insisted on going to a tango club that his mother did not like. So when they got there and Mingo attempted to lead a drag, Esther refused to budge her foot, so he tripped. When he complained, she

But, as the song goes, the truth is I never left the dance. So when I learned that the 2017 World Economic Forum on Latin America would take place in Argentina this April, with the theme ’Responsible and Responsive Leadership’, it was the perfect excuse to put my tango shoes back on.

The Argentine dance holds secrets to becoming a responsible and responsive leader: two-way communication, setting a clear direction, and building the foundations that allow intuition and innovation to flourish.

I reached out to Pablo, who is now based in Montreal. He put me in touch with Carla Marano, a tango dancer and teacher, to organise a workshop on tango and leadership at the Annual Summit of Young Global Leaders and Alumni in Buenos Aires.

Carla and her team started the group out by pairing up teams around the room. One partner closed their eyes while the other steered them around the room with a gentle push. ‘Don’t walk just for the sake of walking,’ she warned us.

As you might imagine for a group chosen for their leadership qualities, the follower’s role was not easy. Several participants, upon opening their eyes, commented on how much harder it was than they thought to read the leader’s intentions instead of just charging ahead on their own. That was frustrating for the leaders, too, as they worked to give clearer signals to keep the followers from doing their own thing.

This simple exercise taught a powerful lesson in just a few minutes: leadership is a two-way conversation. The best leaders read their followers and set them up for success by sending a clear message and anticipating and avoiding possible obstacles. Good followers pay close attention to the leader to keep the partnership strong.

The workshop brought me back to the lessons I learned when I was dancing at least three times a week and learning how to navigate the leadership styles of classmates and dance partners at milongas, or dance halls, in New York City.

These are the three most important lessons.

UNDERSTANDING ANOTHER POINT OF VIEW IS ESSENTIALLeaders lead better when they understand where their follower is coming from. ‘To be able to lead properly you want to understand how it feels to be led,’ Pablo said. You cannot lead without having a sense of your follower; and the way the leader looks best is when the follower looks fabulous.

told him that’s what he deserved for being so stubborn.That story went to the heart of the tango: the

importance of communication, respect and negotiation. ‘If a man and a woman can sit in a café for three hours and not come to an agreement, how do you think it is they can do it in the three minutes of the tango?’ Pablo asked us, not entirely rhetorically.

I gave up the tango over a decade ago, after a falling out with my dance partner that ended with a melodramatic gesture involving a tin of cinnamon breath mints. (The intended message apparently was that I’d have to find someone else to carry them around for me.)

In the early days of tango, women were not allowed to participate in practice sessions, so men had no choice but to dance with other men. ‘If you wanted to learn from somebody you had to follow to learn to lead,’ Pablo said. The result was that from the beginning, leaders had the tools for better understanding of both roles.

Indeed, the New York City dance studio where I met Pablo required all beginners – women and men – to practise both the leader and the follower roles. Students tended to separate into traditional gender roles as they advanced to intermediate roles.

But as they got even better, many students – especially women – went back and re-learned the basics of leading. This strengthened their skills even more, not to mention helping to ensure that there were enough leaders and followers.

These women students were inspired in part by four female instructors who created an all-women tango troupe, Tango Mujer, which shattered conventional gender roles and inspired dancers to approach tango from new perspectives.

WITHOUT A CLEAR LEADER, THE FOLLOWER CANNOT SHINE The leader sets the foundation and the follower ‘embellishes’ with ochos (serpentine steps), boleos (kicks) and more. But the leader also cannot lead if he does not set the follower up for success by sensing which foot the follower’s weight is on, the follower’s skill level, and of course by making sure he doesn’t lead the follower into another couple or some other obstacle.

INTUITION GOES HAND IN HAND WITH COMMUNICATIONBeing mindful from the outset, setting good foundations and practising prepare you to make decisions and act intuitively. Mastering the basics gives you the tools to improvise.

In times of uncertainty, having a good foundation is essential. Emergency room doctors, firefighters, airline pilots and other professionals practise for thousands of hours so that they can rely on instinct to carry out basic actions in a crisis.

While lives may not be at stake on the dance floor, the same principles apply: learning the basics so that they are second nature makes it easier not just to avoid collisions but also to do more advanced steps and execute the embellishments – the kicks, twists, and other flourishes that make the tango so memorable.

Attribute: World Economic Forum

FOCUSLEADERSHIP


AUTHOR: Michele Wucker is Chief Executive Officer of Gray Rhino & Company

As a beginner tango student years ago in New York City, Michele Wucker was lucky to have a gifted teacher who understood how important psychology is to the dance. In tango, as in all leadership roles, understanding the opposite point of view is essential …

FOCUSLEADERSHIP


LEADING IN AN INTERNATIONAL CAREER

My journey as CEO – and without a doubt the turning point in my career – began when I accepted a secondment offer from

my firm in California in the US to the RSM head office in the UK. This was a step backwards for me career wise, as I was going from being a partner in a major national firm in the US to a manager in small office in London, but it was a personal objective of mine to travel and see more of the world – and it turned out to be well worth it as it was the start of my international career.

In the UK, I began working for the CEO at the time and when his tenure finished at the end of 2005, I was invited to be CEO. I’ve never looked back since and I am very proud now, after living in the UK for over 20 years, to be a British citizen. Back then, RSM was quite a different thing to what it is today. The network had firms in 78 countries with a workforce of around 30 000. Now, RSM is in 120 countries with 41 400 staff.

A major highlight for me has been watching this evolvement – yes, we have more offices and people, but what is important is that we are also a much more sophisticated organisation as well. Our clients are increasingly global and they want to work with global advisers. RSM firms are independently owned and managed (just like all other networks) and so the challenge is for our leaders to put the needs of the whole network above those of their own firm – and, when you get almost 100 firms around the world doing this, you get the cohesion, trust and loyalty that is required to serve clients at the highest level and across all borders.

themselves more by being more creative and assertive with their companies and senior management in asking for what they need and taking the initiative to create the change necessary for them.

USE YOUR LIFE EXPERIENCEThe most important lesson that life has taught me is learning to fail. One of my earliest experiences of this was at university when I had to give a presentation. Public speaking can be very daunting if you have not done it before, but I was determined to overcome the nervousness and deliver my presentation as well as I could. I prepared and practised over and over but when the day came, I froze. When the class left, I was stuck to the spot in tears. I hadn’t uttered a word of my presentation.

This was the first time I’d had to really confront a weakness and I realised that I had a choice. I could either face the challenge head on or avoid public speaking for the rest of my life. I didn’t want my life to be shaped by something I couldn’t do, so I threw myself at any opportunity to get up in front of people; I joined charities and clubs and practised speaking publicly whenever I could.

What I didn’t realise then, was that I had learnt to fail. In the business world, you are confronted by failure every day. There is always room for improvement. Success in business is about being able to understand why you failed, identifying how to fix it, and not beating yourself up over it.

Apart from learning how to react to failure, I have also learned to appreciate the journey, and specifically the people that I have met along the way. I believe that mentorship is absolutely critical. But, it doesn’t just show up, you have to seek it based on your needs. I have had both male and female mentors during my career, with very different skills and experiences, but each of whom has in their own way guided me along my path and helped my personal and professional development. I will always seek the advice and tutorage of the exceptional people I encounter in my life.

FIND WHAT WORKS FOR YOUI am lucky that I have found a work/life balance that works for me and I try to inspire other women to do the same. Everybody’s circumstances are different and there are always obstacles to overcome but if you know the goals you want to achieve and are encouraged and empowered to reach them, I believe, that everyone can have a happy and contented personal life that is fuelled by a successful and satisfying career.

SEEK OUT YOUR PASSIONMy advice to women who want a career in accounting is to be focused, determined and prepared to work hard. The profession can be very rewarding if you put in the effort. I would also encourage those joining the profession to seek out that something extra – an added dimension that can become a continual focus of your career. For me, that passion was working internationally. I knew from an early age that I wanted to travel and experience the world, embrace and learn about cultures and traditions; intricacies and nuances of business etiquette. And, I am still doing this now – over 30 years later I spend 70% of my time abroad and the new things I learn never cease to amaze me.

Since I began my career in accounting, the conversation surrounding women in leadership positions has not changed and this is an issue not just for the accounting industry but for business worldwide. Although within accounting we have made marked progress worldwide, as the first female CEO of a Top Ten global accounting network, I am conscious that there is still much to be done to ensure that those at all levels of our profession, but particularly at the top, are adequately supported throughout their careers.

The business world in general has seen progression, but there is still far to go. For example, in Africa only 5% of CEOs are women and in South Africa specifically, nearly 40% of businesses have no women in leadership positions whatsoever. Though business leaders need to act on this, I do think that women can try and help

FOCUSLEADERSHIP


Jean Stephens is CEO of RSM – a global network of independent audit, tax and consulting firms with offices in 120 countries. Jean was born and studied in the US and is a certified public accountant with a Master’s in Finance. She shares her journey with us

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FINANCIAL CONTRIBUTORTIFFANY BOESCH CA(SA)

http://bit.ly/TB_08_17 Group Financial Director of PPS

It is important to remember that from a taxation perspective, transferring shares from one shareholder to another, or the company issuing shares, at a price below market value, may constitute a ‘donation’, which may trigger donations tax. It is very important that the documentation forming part of your B-BBEE transaction reflect the board’s considerations in this regard to avoid a surprise from SARS. This requires tax advice forming part of your B-BBEE transaction.

By dealing with a financial adviser women can rest assured that they (and their dependants) are covered for any unforeseen events, have a diversified investment portfolio, and have sufficient savings for their retirement. It is critical that all women empower themselves with knowledge and are in control of their financial path.It is encouraging to see more and more professional women empowering themselves and taking control of their finances. As we celebrate women in the month of August, I urge all women to interrogate their financial ‘health’ and see a financial adviser to secure their future.

FINANCIAL INDEPENDENCE FOR WOMEN

I am expected to give away a part of my company!’ How often we hear these words uttered by business owners who have realised that black ownership has become a requirement for their company to be B-BBEE compliant.

Many also now understand that outstanding acquisition debt on the part of a black partner may potentially penalise the company on its ownership scorecard. When under extreme pressure to submit their B-BBEE credentials to important clients, many business owners think that they have no alternative but to simply transfer shares to a black party. Sadly, this is perceived as their only option. The reality, however, is that black ownership doesn’t have to be a ‘give-away’!

The question is: How do you do a share transfer without ‘giving away some of the existing shareholders’ equity value without creating debt in the hands of your B-BBEE partner? Leading corporate advisors have solved this problem for us. There are legitimate equity models available that achieve these goals while fully satisfying the objective of the B-BBEE legislation, namely genuine black economic empowerment. The purpose of these models is to create ‘net value’ for the B-BBEE partner within a much quicker timeframe by eliminating the inherent restriction that acquisition debt imposes on the transaction. At the same time, they ‘ring-fence’ the existing equity value to the benefit of the existing shareholders who accumulated such equity value prior to the B-BBEE transaction and to whom it obviously belongs. These are self-funding models that leave all shareholders satisfied while allowing for organic flow of economic benefit to the B-BBEE partner based on the empowered company’s financial performance. In other words, a B-BBEE transaction that makes commercial sense.

I have found that there is a perception in the market that the above types of corporate restructuring models are only available to large corporates that can afford the services of expensive tax and M&A advisory firms. I mention this, as this perception is having an extremely negative impact on the overall uptake of the B-BBEE policy. It also encourages the implementation of solutions that may meet short-term compliance criteria but that will potentially have a detrimental long-term impact on the individual business as well as the economy.

Black ownership has for many become a ‘license to do business’ in South Africa. The question is, are you going to obtain your licence by accepting some ‘quick fix’ solution and thereby ‘giving away’ some of your hard-earned equity? Or are you going to implement black ownership in a manner that makes commercial sense?

B eing financially independent means different things to different people. For many it refers to people who are able to completely support themselves financially, without the help of outside parties, including family, friends or partners. With

August being Women’s Month, I want to encourage women to take control of their financial future and not rely on someone else to take care of their personal finances.

Increasingly, more women are entering South African boardrooms and it is now a more common occurrence for females to be the breadwinner of their family. It is therefore important that women empower themselves by assuming control of their personal finances by taking financial planning seriously. In the past, gender roles in society reserved financial planning for men. These days, South African women are in a much more favourable position and females now have more power than ever.

It is therefore vital that women develop their own financial goals and obtain the right financial advice to achieve those goals. The benefits of consulting a financial adviser are: • ��Develop�a�financial�plan: This is applicable to all females whether they be single,

married, divorced or widowed. A financial plan is the essential guide that will help you to establish goals and set priorities for your future, all with the financial end-goal in mind.

• Assist with starting a budget: The most important aspect of financial planning is to create an accurate budget that reflects expenses and financial needs while also allowing for some money to be left over every month to put towards an investment plan. A financial adviser can assist with this, personalising a budget tool or framework to determine what can be saved and what can go towards discretionary spending.

• Get expert advice: A financial adviser has experience and knowledge obtained through years of working in the financial services arena and can assist you with diversifying your investment portfolio, saving for retirement, getting appropriate insurance cover and determining financial risks, both for the long and short term.

• Sufficient�cover�for�dependants:�With the current high divorce rate and many women choosing to delay having a family until after they are established in their careers, blended families – the merging of two people with children from previous relationships – are becoming more commonplace. Women may need to have enough cover for themselves, their own children, their partner’s children and any other dependants arising from a new relationship. Relying on a spouse’s financial plan alone could potentially lead to financial trouble.

www.accountancysa.org.za 35AUGUST 2017

B-BBEE SPECIALISTANTON DE WET CA(SA)

http://bit.ly/ADW_08_17 Managing Director of Managing Director of NetValue™ Equity Partners

KEEP THIS IN MIND

BE IN CONTROL

DON’TGIVE IT AWAY!


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LEADERSHIP ADVISORBRETT TROMP CA(SA)

http://bit.ly/BT_08_17

BUSINESS ADVISORSTANFORD PAYNE CA(SA)

http://bit.ly/SP_08_17CFO of Discovery HealthICF-Accredited Executive and Business Coach

According to the World Economic Forum, ‘It will be 118 years before women have the same career prospects as men. Even as female leaders steer multinationals and major economies, the reality [is that this] is a working world which still excludes, underpays, overlooks and exploits half of its available talent.’

If you’re a woman looking for support and career guidance from like-minded people around the world, visit https://leanin.org/together, a global community inspired by Sheryl Sandberg’s LeanIn.Org. Here you can join a ‘lean-in’ group and talk openly about issues like pay for women and work/life balance.

To build and maintain your own vault consider: • Content: Your detailed

criteria for ‘thriving life giving’ will determine the checklist for any new item added to the stock list.

• Rules and regulations: The biggest lesson I have learned is that if you do not respect your own rules and guidelines, nobody will. Complete guidelines create full-proof specs.

• Accessibility: The future of your vault and its content will depend on who has access to your vault. Be selective.

• Strength: Appropriate building ‘materials’ are needed to create a structure to thrive in the circumstances that are your life and career.

Now build.

WORDS OF WISDOM THIS WOMEN’S MONTH

On 9 August 1956, around 20 000 women of all races marched to the Union Buildings to protest laws which restricted the movement of black people in the country. Since 1995, this march has been celebrated in South Africa as

Women’s Day to recognise the significant role that women played in the struggle for freedom and democracy.

As I considered the value that women in my own life bring to the workplace, I thought it would be apt to reach out to some respected women I know and ask about their views on leadership. Here are some great responses I received.

WHAT IS THE BIGGEST MISTAKE LEADERS TODAY MAKE?I’ve often found that leaders don’t invest in people because they feel it’s too time-con-suming, it doesn’t help achieve their end goal and because they don’t believe there’s anything in it for them. They’re wrong. Working for a leader who cares about you as an individual, simply because you’re a human being and worthy of respect, makes people feel that they matter. And when people feel this way, they will go the extra mile and beyond. This sets the leader up for success, as employees who know they are valued deliver well, so all parties benefit. This does take time and effort, but I deeply believe that the rewards are well worth the investment. Building a happy team can-not be underestimated. (Heather Osborne, CA(SA) and Head of Strategy Integration)

WHAT ADVICE WOULD YOU SHARE WITH OTHER WOMEN LOOKING TO GROW IN THEIR CAREERS? Be deliberate about developing your personal brand. Whether or not you’re aware of it, every action you take affects your personal brand. The way you speak and act will either move you towards or away from the reputation you want to build for yourself. So whether you’re taking up speaking opportunities, adding value to projects, or interacting with others in the workplace – obsess about excellence. By understanding that you are developing a personal brand each time you engage – not just in person, but also by email or on social media – you can make sure it’s one that you’re proud of. (Zimkhitha Saungweme, Head of Discovery Health People)

WHAT IS THE MOST IMPORTANT QUALITY FOR A GOOD LEADER TO HAVE?Authenticity. People follow what they trust and believe in – and impactful leadership happens when you aren’t faking it. As far as actions go, it is vital to building strong teams. Spend time every day thinking about what you can do to support the people in your team. In the end, doing this will yield the greatest returns over anything else. (Karren�Sanderson,�Chief�Operating�Officer,�Discovery�Health)�

I n Spitsbergen, somewhere between Norway and the North Pole, millions of life-giving seeds are stored in the Global Seed Vault.

The vault (referred to by some as the ‘doomsday” vault) houses more than 900 000 varieties of seeds that we plant to eat daily on Earth. The safeguard of these seeds is vital to human existence if anything (from nature to human intervention) would challenge our way of life.

Armageddon and Deep Impact come to mind. In these movies the ‘vault’ wasn’t for seeds but actually for humans and animals after the anticipated asteroid collision with Earth that would change the way humans lived after. These vaults represent survival. The Global Seed Vault came about (reactively) because of humans and their disregard for each other, Earth and the Solar System.

Look at the following definitions closely:• Survive: continue to live or exist, especially in spite of danger or hardship.• Thrive: prosper;�flourish.

What might your life, goals and actions look like if you were focused on thriving as above?

What if the vault’s extreme but important restoration (not advancement) purpose were turned around into proactive advancement for humankind? How different might the content be from today’s list? Think broader – the dodo, quagga and black rhino …

In a time where you have so much that is demanding (or so it seems) your time, focus and energy, where are you storing your life-giving needs? And if you proactively were to fill a vault to assist you to thrive – what’s on the stock list? The list should honour your unique needs and wants.

Which old survival resources need to be removed in your new thriving vault?So many plans and ideas today have their origin in external reactive modes, even building others vaults …

What are you reactively managing versus proactively mastering? A life with all the human facets of purpose and spirituality, physical being, unique traits, relational desires and financial requirements to do it all should be about prospering and flourishing. A prospering you doesn’t need survival techniques or reactive restoration; a prospering you is in charge of your own destiny above everybody else’s; a confident you will flourish when you honour yourself.

Here is to many unique ‘living-giving’ vaults! Building anything takes a certain amount of time, resources and focus. The less noise and clutter involved the more attention to purpose, which brings sustainability in turn.

LEAN IN AND HELP CLOSE THE GENDER GAP

YOUR VAULT

www.accountancysa.org.za 37AUGUST 2017

YOUR ‘LIFE-GIVING VAULT’


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TAX SPECIALISTMUNEER HASSAN CA(SA)

http://bit.ly/MH_08_17

Tax Consultant, Senior Lecturer in Taxation at UJ and Lecturer on the Gauteng Board Course

Section 23B prohibits a deduction or an allowance under more than one provision of the Act. Section 23B is not applicable where a section expressly permits a double deduction. Section 12H is an example of an allowance section which expressly permits the allowance under section 12H in addition to the salary costs claimed as a deduction in terms of section 11(a) of the Act. If the agreement is registered in accordance with the Skills Development Act within 12 months of the company’s year-end, the agreement is deemed to have been registered on the date of signature of the learnership agreement.

LEARNERSHIP AGREEMENTS

Section 12H of the Income Tax Act 58 of 1962 grants an allowance to employers in respect of ‘registered learnership agreements’. A registered learnership agreement is defined as one which is registered in accordance with the Skills Development

Act 1998 and is entered into between a learner and an employer before a date specified in the Act.

From a tax policy, this allowance is granted to employers to encourage skills development for employees.

Section 12H contained a sunset clause of 1 October 2016. Registered learnership agreements entered into before 1 October 2016 fall under the old section 12H, which targets all skills levels equally.

Learnership agreements entered into on or after 1 October 2016 fall into the new section 12H, targeting employees most vulnerable to unemployment due to a lack of relevant qualifications. The sunset clause has been extended to 31 March 2022.

The allowances available under the new section 12H are summarised as follows:

ANNUAL ALLOWANCEReference to the Income Tax Act, Section 12H(2)(a): Scenario: The employer being a party to a registered learnership agreement for the full year of assessment. Allowance: NQF (1–6) R40 000; NQF (7–9) R20 000.

Reference to the Income Tax Act, Section 12H(2)(b): Scenario: The employer being a party to a registered learnership agreement for only a part of the year of assessment. Allowance: NQF (1-6) R40 000; NQF (7-9) R20 000 in the same ratio as the number of full months bears to 12.

COMPLETION ALLOWANCEReference to the Income Tax Act, Section 12H(3): Scenario: The learnership agreement of less than 24 full months was completed by the learner. Allowance: NQF (1–6) R40 000; NQF (7–9) R20 000.

Reference to the Income Tax Act, Section 12H(4): Scenario: The learnership agreement that equals or exceeds 24 full months was completed by the learner. Allowance: NQF (1–6) R40 000; NQF (7–9) R20 000 multiplied by the number of consecutive 12-month periods within the duration of that agreement.

Note that where a learner is a person with a disability (as defined in section 6B(1) of the Act), the amount of R40 000 / R20 000 is increased by an amount of R20 000 / R30 000 respectively. In order to claim the additional allowance for disabled learners, the employee must be disabled on the date that the learnership agreement is entered into with the employer.

IN ADDITION

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THESE ARE THE GAME-CHANGERS, THE OUT OF THE ORDINARY UNDER 35 CAs(SA) FOR 2017

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Tyron BarnardHead of Audit Training KPMG South Africa

Congratulations to Tyron for being selected as a finalist in the SAICA 35 Under 35 competition.

In a league of his ownTyron expanded the KPMG Sports Leagues – a sporting initiative – to more than 400 KPMG staff members. He is also an award-winning sports journalist and regularly features on radio and TV.

Tyron was recently selected as media officer for the SA Indoor Hockey Sides World Cup qualifier in Namibia.

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TYRON BARNARD (31), HEAD OF AUDIT TRAINING AT KPMG

Describe yourself in a few words. My

nickname is Jabu, which means happiness. (This

is also my son’s middle name.) This is the best way

to describe me. I like to work hard and play hard. If you aren’t

enjoying life, you aren’t living!

Your favourite hobby? Anything to do with sport.

Something most people don’t know about you? I’m petrified of roller coasters!

The greatest lesson learnt in your lifetime? Failure is not the end of the road but rather another opportunity to find inspiration. Sometimes things in life happen to you so that you can inspire others.

TOP 35 UNDER thirty five2017 FINALISTS

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Describe yourself in a few words. I am a friendly person who gets along with everyone and likes making things happen. And very ambitious.

Your favourite hobby? Getting together with friends and watching sports on TV.

The greatest lesson learnt in your lifetime? Anything is possible; you just need to believe and work towards achieving what you believe in.

Your secret key to success? Hard work.

Your favourite holiday destination and why? Dubai – the city is growing, people are friendly, there is less crime and it offers a lot of activities – from safari drives to ballooning and playing with dolphins.

Something you can’t live without? God’s grace in my life.

JONATHAN STRENG (34), SENIOR LECTURER AT UNIVERSITY OF JOHANNESBURGDescribe yourself in a few words. Laid back, unperturbed, cheerful.

Your favourite hobbies? Wake-boarding, snowboarding, cliff jumping.

Something most people don’t know about you? I’m also a musician and have played for,

and alongside, a number of well-known local artists.

Your secret key to success? Talent will only get you so far in life – all things also require dedication, hard work and practice for excellence.

The best advice you would give someone leaving Grade 12? A good friend of mine once said, ‘If you are the best plumber in town, you will be rich.’ The idea really stuck with me … be great at whatever it is you do.

DYLAN WUTH (35), DIRECTOR OF IKHWEZI FOODS T/A TRADESTAR

Describe yourself in a few words. I live life to the fullest.

Your favourite hobby? Deep sea kayak fishing.

The greatest lesson learnt in your lifetime? Monetary success is as much about enjoying the ride to accumulating wealth as the wealth itself.

The best advice you would give someone leaving Grade 12? Take a step back and identify your ultimate goal before jumping into a career path. Success is truly achieved if you align your passion with your career.

Your favourite holiday destination and why? Mozambique – white sandy beaches, crystal clear water and great fishing.

Your favourite gadget? Garmin Striker 4 Fishfinder/GPS combo.

RIVALANI GLEN NTULI (34), CEO OF MNB CHARTERED ACCOUNTANTS

42 AUGUST 2017

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Describe yourself in a few words. I am a life optimist and very strategic minded.

Your favourite hobbies? Mountain biking and reading.

Something most people don’t know about you? I am an introvert.

Your secret key to success? Networking and relationships.

The mantra you live by? Celebrate the small victories.

Best advice you would give someone leaving Grade 12? Do not be afraid, find what you love, and do it.

Your favourite holiday destination and why? Ireland: beautiful country and I love their local music and great people.

Describe yourself in a few words. Entrepreneur to the core.

Your favourite hobby? Running.

Something most people don’t know about you? I started my entrepreneurial journey in high school at age 15 selling car speakers.

The greatest lesson learnt in your lifetime? Always focus on re-engineering yourself by learning new things.

Your secret key to success? I forgive quickly, myself and others.

The best advice you would give someone leaving Grade 12? Position yourself to be ahead of the pack by learning skills that will be in demand 5–10 years from now.

Your favourite holiday destination and why? The Wild Coast because the waves are ‘exhilaratingly brutal’.

COENRAAD STOKES (34), MANAGING PARTNER AT BERACA ACCOUNTANTS AND AUDITORS

Something most people don’t know about you? After school, I started working at my dad’s audit firm, learned from him every day and became a partner

after seven years and later bought the audit firm. I only

had one boss, one workplace and one interview for a job thus far.

Your secret key to success? No secret: only long hours, continuous learning and studying, and hard work.

The best advice you would give someone leaving Grade 12? Find your passion and make a living from it.

If you live your passion, you will make a success and you will not work a day in your life.

Something you can’t live without? My family.

MONTAQUE SWANEPOEL (29), FOUNDER OF CFO360

Describe yourself in a few words. I’m a constant student of life and everything my curiosity leads me to. I don’t like losing. I enjoy a challenge and the smaller things in life.

Something most people don’t know about you? I enjoy classical music. And I once cycled to Cape Town with a mate.

Greatest lesson learnt in your lifetime? Soft skills are as important and, in some cases, more important.

The mantra you live by? Progress isn’t made by the early risers. It’s made by lazy men finding easier ways to do something … So stop and think – is there a better way to do this?

FRANCOIS HERBST (30), MD OF HOUSE OF GROWTH (PTY) LTD

JACOBUS DE NYSSCHEN (32), DIRECTOR AND CO-OWNER OF CREATIVE CFO

Describe yourself in a few words. I am passionate about building businesses and creating growth through engineering innovative solutions. I’m a strategist, an adventurer, and I am interesting.

Something most people don’t know about you? I incorporated the world’s first fully licensed Bitcoin-only sportsbook and casino, which is registered in Curaçao, a Dutch Caribbean island, in 2014.

The greatest lesson learnt in your lifetime? Persevere.

Your secret key to success? I will act now.

The mantra you live by? Treat all people with unwavering kindness and respect.

Something you can’t live without? My wife and two kids.

Your favourite gadget? I am a minimalist.

ITUMELENG BARNARD (30), FOUNDER OF INSPIRED TRENDS UNDESIGNED (ITU)

Describe yourself in a few words. Innovative, strong-willed and perfectionist.

Your favourite hobby? Travel.

Something most people don’t know about you? I have a habit of setting goals every five years.

The greatest lesson learnt in your lifetime? Before you give up on your dream, look around and see who’s watching.

For all you know, you might destroy someone else’s hopes and that might be someone closest to you.

Your secret key to success? It’s a secret, but it starts with believing that you can achieve what you put your mind to.

LUKHANYO DABULA (35), MD OF GAMERZ EXPLOSION


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LYLE MALANDER (29), DIRECTOR

OF MALANDER INC, MALANDER PLACEMENTS AND MALANDER DIGITALDescribe yourself in a few words. I am motivated and goal

oriented and have a constant desire to grow

and enhance myself.

Your favourite hobby? Soccer and other team sports. It’s a

great way to network and build friendships.

Something most people don’t know about you? I had a humble upbringing and spent a large part of my younger years growing up in Mitchells Plain on the Cape Flats.

I look back on this with fond memories as it has moulded me into the person I am today.

The greatest lesson learnt in your lifetime? No matter what your current situation or background, you have the ability to change your future.


ROBERT ZWANE (34), DIRECTOR: EDUCATION & TRANSFORMATION AT IRBA

Describe yourself in a few words. I’m driven by youth development and seeing young people prosper. I believe in ‘servant leadership’ – all leadership positions must be about serving those that have shown confidence in you by putting you in that position of leadership.

Something most people don’t know about you? I am the second youngest of ten children and the first one to go to university. My little sister followed.

Your secret key to success? Glorify God in all you do.

The mantra you live by? ‘Who of you by worrying can add an hour to your life?’

ELTON PULLEN (33), SENIOR LECTURER AT UNIVERSITY OF THE WESTERN CAPE (UWC)

Describe yourself in a few words. Extremely down to earth, always willing to learn, and like to encourage others.

Your favourite hobby? Saturday morning park runs.

The greatest lesson learnt in your lifetime? Life is precious and should not be taken for granted.

Your secret key to success? Always being willing to learn. Believing everybody has value. I believe in treating the janitor the same way you would treat the CEO.

The mantra you live by? Love God, love people.

Your favourite holiday destination and why? Blouwaterbaai in Saldanha Bay, Western Cape. My best memories as a young boy.

Tel: 0860 021 024Email: [email protected]

Johannesburg :140A Kelvin Drive, Morningside Manor, Sandton, 2196

Cape Town :Icon Building, 6th Floor, Corner Long Street

& Hans Strydom Avenue, Cape Town CBD, 8000

At Malander Inc, we have a team of highly skilled Chartered Accountants and finance professionals gearedtowards aiding short and medium-term staffing requirements, to provide a quality, value added service that eases processes and pressures in your business.

Do you require highly competent Chartered Accountants to assist your business? www.malander.co.za

Our team at Malander Placements is committed to assisting our clients in attracting and recruiting talented individuals, who not only have the experience and skills to aid your business, but also the personality and attitude to match your corporate culture.

Are you looking to hire talented individuals?

www.malanderplacements.co.za

Malander Digital is geared towards improving business growth strategies by providing IT services including web development, graphic design and outsourced IT support.

Can Information Technology increase the effectiveness and efficiency of your business? www.malanderdigital.co.za

B-BBEE Level 1

OOur mission is to provide excellent and professional services, to clients who are serious about their business.

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LYLE LAXTON (34), CEO OF LAXTON GROUP LIMITED

Describe yourself in a few words. I am a forward thinker. I am a team player. I am fair and I am a man of my word. When I do something, I always try to do

it to the best of my ability.

Your favourite hobby? Snowboarding down long trails and glaciers in big beautiful mountain ranges around the world.

Something most people don’t know about you? I am an introvert. I had to learn how to be more extroverted.

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[ ANALYSIS | CPD 30 MIN ] [ 30 MIN CPD | ANALYSIS ]

AMENDMENTS TO IMPAIRMENT STANDARDS

GRAP 21, Impairment Non-Cash-Generating As-sets, and GRAP 26, Impair-

ment of Cash-Generating Assets, be-came effective for reporting periods beginning on or after 1 April 2012. GRAP 21 provides impairment requirements for those assets used with the objective to deliver services while GRAP 26 is aimed at assets used with the objective to generate a commercial return. GRAP 26 is

primarily drawn from the Inter-national Accounting Standard on Impairment of Assets.

Following the implementation of the two standards, the Account-ing Standards Board observed, based on feedback received from its stakeholders, that the distinction between cash and non-cash-generat-ing assets has proved problematic. This is particularly evident at a lo-cal government level as municipali-

ties charge fees for the services they provide as well as provide services for free or at a subsidised rate.

The view articulated by stake-holders was that the part of the definition of cash-generating assets that refers to ‘an asset held with the primary objective of generating a commercial return’ was difficult to interpret. Some argued that the pri-mary objective of holding assets in the public sector is service delivery

and not to generate a commercial return. Therefore, even though some assets do generate cash in the same way as profit-oriented enti-ties, because the primary objective of holding such assets is service de-livery, all assets are non-cash-gen-erating assets.

During 2013, the board agreed to review the two standards as part of its improvements project to reconsider and improve the wording in the standards so that the board’s intention could be made clearer. The most significant amendment made was the revision of the defini-tion of cash-generating assets to ‘an asset managed with the objective of generating a commercial return’.

While the amendments were supported by some stakeholders, some were still of the view that, de-spite the revised the definition, the distinction between cash-generating and non-cash-generating assets was problematic. In the midst of these concerns, the board agreed to undertake a separate project to review and consider simplifying the impairment requirements in those standards.

The output of that review pro-ject was the amendments to GRAP 21 and GRAP 26 approved by the board in July 2015.

SUMMARY OF AMENDMENTS TO GRAP 21 AND GRAP 26The structure and content of the two standards underwent a com-plete overhaul with the board agreeing to remove some of the duplication that previously existed between GRAP 21 and GRAP 26.

The amended standards now require entities to designate their assets as either cash-generating or non-cash-generating. A new section dealing with designations is includ-ed in GRAP 21. It is in this section that the board outlines the princi-ples for designating and classifying

an asset as either cash-generating or non-cash-generating. The amend-ments are structured such that an entity must first apply the desig-nation requirements in GRAP 21 and, depending on the outcome of the designation, an entity will then either apply GRAP 21 or GRAP 26 to assess and account for any impairment loss.

The amendments require an entity to designate assets as cash or non-cash-generating at initial recog-nition based on an entity’s objective of using the asset, and subsequently only when there is a change in an entity’s expected use of the asset. In particular, assets are designat-ed as cash-generating when an entity’s objective is to use an asset to generate a commercial return, that is, generate positive cash flows that are expected to be significantly higher than the cost of the asset. Non-cash-generating assets are those assets that are not used with the objective to generate a com-mercial return, and instead they are used to deliver services. It is important to note that in applying the requirements, entities are not required to perform annual calcula-tions to demonstrate whether they are fulfilling their objectives for using the assets, as management would have had a clear objective of how the assets will be used when the decision to acquire the assets was made.

The amendments clarify that the designation of assets should be undertaken on an asset-by-asset ba-sis instead of assessing the entity’s overall objective. This means that an entity should assess the objective of using an asset or cash-generating unit rather than the entity’s overall objective. For the purposes of the standards, an asset could comprise a group of assets that are part of a system or network, that is, infra-structure assets.

The amendments also indicate how designations should be per-formed for dual-purpose assets that are used with the objective of generating a commercial return and service delivery. The board consid-ered that there may be instances when an entity is unclear about the overall objective for which it is using dual-purpose assets. In such instances, an entity applies the presumption that the dual-purpose asset is used with the objective of delivering services and designates the asset as non-cash-generating.

Consequently, amendments have also been made to the para-graphs dealing with the re-desig-nation of assets; and the disclosure requirements have been amended to reflect the new approach to impair-ment of assets.

As part of the review of the standards, the board considered the feasibility of combining the two standards into a single standard. While there are similarities in the two standards, and potentially

Since adopting the Standards of Generally Recognised Accounting Practice (GRAP) on impairment of assets, stakeholders shared practical challenges on the application of those standards with the Accounting Standards Board. This article discusses these challenges and steps taken by the board to respond to those challenges AUTHOR: Tsholo Tshoke CA(SA) is a Standard Setter

at the Accounting Standards Board

THE AMENDMENTS REQUIRE AN ENTITY TO DESIGNATE ASSETS AS CASH OR NON-CASH- GENERATING AT INITIAL RECOGNITION BASED ON AN ENTITY’S OBJECTIVE OF USING THE ASSETTHE BOARD BELIEVES THAT THE NEW APPROACH IS SIMPLER AND LESS SUBJECTIVE


[ ANALYSIS | CPD 30 MIN ]

combining the standards will result in the reduction of duplication of requirements, the board considered those areas that are different and how it could respond to these differ-ences. The board concluded that it may be difficult to develop a single set of indicators suitable for both cash-generating and non-cash-gen-erating assets, and that there is still merit in retaining two separate standards. In an effort to reduce the duplication between the two stand-ards, a cross reference of the new section on designations has been included in GRAP 26, which makes it clear that an entity first applies GRAP 21 to determine the asset’s designation.

In to the above, the amendments address other issues requiring clarity from the board in relation to (a) impairment of assets for minor damages that could be rectified through repairs and maintenance; and (b) restoration of an asset, following physical damage to the asset, could be an indicator for a reversal in an impairment loss.

EFFECT OF AMENDMENTS FOR PRE-PARERS AND USERS OF FINANCIAL STATEMENTSIn line with past practice, the board usually allows a year’s lead-time before making any amendments to the standards effective. This prac-tice allows entities sufficient time to prepare for the implementation of the amendments.

Preparers will need to consider the effect of the amendments on their assets, particularly the desig-nation of an entity’s assets as either cash-generating or non-cash-gen-erating. The amendments are intended to enhance the preparers’ interpretation and understanding of the impairment requirements, and enable them to provide more relevant information to the users of financial statements. As a result,

some entities may re-designate some of their assets from cash-generat-ing to non-cash-generating, or vice versa. In such cases, it will mean that the measurement basis for determining value in use will be dif-ferent for the re-designated assets, and the information provided to the users of financial statements will be different from that which was previously reported in the previous reporting periods. However, where the application of the amendments does not trigger re-designations, then the same information will be provided to the users of the financial statements.

The board believes that the new approach is simpler and less subjective. As such it is not expected that the amendments will lead to an increased level of skill or capacity at the entities affected by these amend-ments. Similarly, information made available to the users of financial statements to assess accountability and make decisions may be affected as a result of the amendments. For instance, users of financial state-ments may receive more relevant and comparable information as the requirements make it clear that the

assessment and designation is un-dertaken on an asset-by-asset basis, on initial recognition. In addition, entities were previously required to disclose the criteria developed to distinguish cash-generating assets from non-cash-generating assets. In the amended standards, this disclo-sure requirement has been amended so that entities should disclose the judgements applied by management when applying the new approach.

TRANSITIONAL PROVISIONS AND EFFECTIVE DATE The Acting Accountant-General approved an effective date of 1 April 2018 for these amendments. These amendments should be applied prospectively for reporting periods beginning on or after 1 April 2018. Entities may elect to apply these amendments earlier, but they will need to disclose this fact.

A summary of the amendments is available on the ASB’s website: http://www.asb.co.za/Portals/0/Documents/GRAP/standards/Summary%20of%20Amendments/Amendments%20to%20GRAP%2021%20and%20GRAP%2026.pdf


[ 30 MIN CPD | ANALYSIS ]

THE NEW AUDITOR’S REPORT

The most prominent change in the auditor’s report under the new and revised

auditor reporting standards is the communication of key audit matters (KAM), which provides more entity-specific and audit-specific information to the users of the audited financial statements about the audit that has been performed. We obtained input from some auditors on their

initial experiences regarding the identification and communication of KAM.

BACKGROUND TO KAMIn terms of ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report, KAM are:• Matters that, in the auditor’s

professional judgement, are of most significance in the audit of

the financial statements of the current period.1

In determining KAM, the auditor is required:• From the matters that were

communicated with those charged with governance (TCWG), to determine those matters that required significant auditor attention in performing the audit.2

Challenges are being faced in the implementation of the new auditor’s report. Here are some tips gleaned from auditors’ initial experiences AUTHOR: Thinus Peyper CA(SA)

Project Director: Assurance at SAICA


[ ANALYSIS | CPD 30 MIN ]

matter as a KAM that does not necessarily meet the definition but is communicated for completeness sake; that is, communicating a matter so that the KAM section of the auditor’s report contains at least one KAM. This approach has the potential negative consequence of highlighting a matter to the users of the financial statements that is not necessary and that is also not aligned with their own expectations in this regard, creating concerns or giving rise to questions among users when a matter is given more prominence than necessary in the circumstances.

Consolidated versus separate financial statementsQuestions arose around KAM that were identified in different entities forming part of a group and how these affect the specific entity being reported on, or the auditor’s report of the group. This matter has been addressed in the IAASB staff publication Auditor Reporting: Frequently Asked Questions (November 2016).

To make a determination if the KAM should be communicated in the auditor’s report of the separate, consolidated or both financial statements, the auditor should consider:• Whether the separate financial

statements is regarded as a complete set of general purpose financial statements in terms of the applicable financial reporting framework and, if so,

• Consider KAM in respect of the separate financial statements and the consolidated financial statements

KAM could be applicable to both financial statements but the description thereof should be tailored to each respective audit, as may be applicable.

SOME PRACTICAL TIPSWhen to consider It may be advantageous to develop a preliminary view at the planning stage of which matters are likely to be KAM and communicate these to the audit committee at the initial planning meeting. However, the final determination of KAM is based on the results of the audit and as such the assessment of what matters are KAM may change throughout the audit. The auditor may therefore have further discussions about KAM with the audit committee when communicating audit findings. The auditor may find it useful to provide the audit committee with draft KAM at the planning stage of the audit to focus their minds from the very start of the process. This also prepares for easier discussions at the end of the audit when the timing is tight, and it can also help initiate discussions on things that may have changed during the audit. In summary, it acts as a valuable tool to assist the audit committee’s understanding.

Order of KAMThere is no requirement for a specific ordering of KAM. They may be organised in order of relative importance, based on the auditor’s judgement, or may correspond to the order in which matters are disclosed in the financial statements.

No related disclosuresThe auditor may find that a matter to which a KAM relates is not disclosed in the financial statements. That is acceptable because the description of a KAM only needs to include a reference to a related disclosure if there is one. By way of example: applicable accounting standards may not require the disclosure

of the implementation of a new IT system in the notes to the financial statements. As a general rule, KAM would not provide original information, which is any information about the entity that has not otherwise been made publicly available by the entity. Rather than providing original information, management or TCWG should be encouraged to disclose the necessary additional information in the financial statements or elsewhere in the annual report; however, it is acknowledged that there may be situations where this is not practicable.

CONCLUSIONThe communication of KAM will evolve over time – the first few reporting periods will have a steep learning curve. If everyone involved in the financial reporting supply chain embrace these new requirements, we are sure to see the realisation of the intended objectives of the new and revised auditor reporting requirements, including a more informative auditor’s report that provides transparent information about the audit that has been performed and that ultimately contributes to the continued relevance and value of the external audit.

NOTES

1 ISA 701.8.

2 ISA 701.9.

3 ISA 701.9.

4 ISA 701.13 (a).

5 ISA 701.13 (b).

6 ISA 701.13.

7 ISA 701.14(a).

8 Chartered Accountants Australia and New Zealand, 2015, KAM: The matters that matter: embracing the spirit of the new requirements, https://www.charteredaccountantsanz.com/member-services/technical/audit-and-assurance/auditor-reporting (accessed 24 April 2017).

9 Ibid.

10 Ibid.

In identifying those matters that required significant auditor ation,the auditor takes into account the following:• Areas of higher assessed risk

of material misstatement or significant risk

• Areas that involved significant management judgement, and

• The effect on the audit of significant events or transactions that occurred during the period3

For each identified KAM, the auditor is required to:• Describe why the matter was

considered to be one of most significance4

• Describe how the matter was addressed in the audit,5 and

• Refer to the related disclosure, if any, in the financial statements,6 or

• In certain limited circumstances, if there are no KAM to communicate, include a statement to that effect7

DIFFICULTY IN COMMUNICATING KAMSome auditors experienced difficulty in communicating KAM in certain areas. Here are some of their experiences.

Describing precisely what the issue isAuditors find it difficult to describe why a particular matter was of most significance in the audit. It is further difficult to describe the issue to readers who have no background information about the audit and to write it in non-technical terms or terms that are unambiguous and do not have unintended meanings.

It is sometimes also difficult (and time consuming) to engage with management and those charged with governance (TCWG) in order to reach common ground on which

matters were of most significance and therefore KAM.

Describing the procedures performedThe auditor is not necessarily required to describe actual procedures performed but rather how the matter was addressed in the audit. As explained above, it is difficult to describe this in a simple and concise manner that will be understood by the general user of the financial statements that does not have the background information of the audit.

Reference to disclosuresSome matters that required significant auditor attention were not required to be disclosed in accordance with International Financial Reporting Standards (IFRS) and therefore were not disclosed by management. In these instances, the auditor requested management to include additional disclosure in the financial statements to enhance transparency.

In most cases, management included the additional disclosure. It is interesting to note that although the additional disclosure is not required in terms of IFRS if management do not expand the financial statements with such disclosures, it could result in a basis for modified opinion if the auditor believes that the omission represents a material misstatement of the financial statements.

Making KAM applicable to the current periodIn preparation for the implementation of the new and revised auditor reporting standards, a number of audit firms undertook so-called dry-run sessions where an illustrative auditor’s report based on the new and revised requirements was prepared but not issued.

Auditors that were part of these dry runs showed concern about repeating KAM in the subsequent reporting periods – that is how does the auditor continue to provide transparent information that is useful and relevant to the users of the financial statements when the same matters are again identified as KAM (which is likely in the context that there may be no significant changes in the entity’s environment and business from one year to the next).

KAM in subsequent periods will also depend on the auditor’s procedures to address the identified matters in those periods. The work effort in subsequent years could result in a different description of the KAM.

These concerns and how the auditor deals with them will become prevalent in the second reporting period after the effective date of the new and revised auditor reporting requirements when KAM are considered for the second time. It would be interesting to observe the trends that will then emerge.

Reporting of KAM is time consumingMore time is required of all parties involved in the financial reporting process on fulfilling the requirements relating to the disclosure of KAM. However, in general there is recognition and acceptance of the positive behaviour and message that are achieved through the communication of KAM.

No identified KAMIt was initially thought that this would be rare, but there were a number of instances where the auditor did not identify a KAM; particularly for smaller listed entities and where reporting of KAM was requested by regulators.

An additional concern noted relates to the inclusion of a


[ 30 MIN CPD | ANALYSIS ]

www.accountancysa.org.za 57AUGUST 201756 www.accountancysa.org.zaAUGUST 2017

[ REGULARS | TRAVEL ] [ TRAVEL | REGULARS ]

‘Ihad a farm in Africa …’ Anyone who ever watched the movie Out of Africa would’ve

fallen in love with the beautiful part of the Kenyan countryside where the movie plays out. One of the most memorable images (and certainly one of the most recognisable images in cinema history) is the one in which Meryl Streep and Robert Redford posed for the iconic film poster and where they had a picnic together.

just as it ought to be: two intimate camps of just fifteen tented suites each, a private airfield and access to the Mara below, tailor-made safari days, and the famous warm Kenyan welcome.

The lodge is set on the edge of Africa’s Great Rift Valley and there’s little that’s conventional about the creation of Angama Mara, with views that stretch for miles across the Maasai Mara 300 metres below.

Now you too can lounge on a picnic blanket high up on Kenya’s Oloololo Escarpment – in the exact spot of the Maasai Mara where these famous scenes were filmed.

Angama Mara is a remarkable owner-run safari lodge inspired by the Swahili word for ‘suspended in mid-air’. Located high above the floor of Africa’s Great Rift Valley, the lodge overlooks Kenya’s Maasai Mara, considered by many the loveliest game reserve on the continent.

The Maasai Mara is named in honour of the Maasai people who call this corner of Africa home. The Mara is world renowned for its exceptional populations of lion, leopard, cheetah, thousand-strong herds of buffalo, the rare black rhino, and of course the thriving elephants. In approximately July each year, the Great Migration starts for a four-month stay.

No day at the lodge will be predictable, as the staff will create

As you fly over the rolling hills of the reserve approaching the private airfield of the lodge, you’ll already get a glimpse of the majestic scenes you will be treated to. Herds of animals will be frolicking on the airfield and run off just before that plane touches down. And the moment you step off the plane your unforgettable experience starts …

At Angama Mara, guests will find a lodge where everything is

surprises and special experiences for each guest. Your day will start with coffee, tea and rusks served in your room after your early wake-up call. Then you will have a breakfast feast fit for a kind before your ranger will meet you at the agreed time to ensure that you experience as much of the African bush as possible. Your game drive will start soon after and you’ll get the opportunity to marvel at the amazing wildlife for a

SOMEWHERE BETWEEN HEAVEN AND EARTH

Once in a while (or in a lifetime) you get to experience something, a moment, or even a place that you’ll never forget. A trip to the Maasai Mara might just be that …

[ REGULARS | TRAVEL ]

few unforgettable hours. Lunch will probably be served picnic style in the shade of an acacia tree or overlooking the Great Rift Valley. Then you’ll slowly make your way back to the lodge for a leisurely late afternoon. At sundown you’ll meet fellow guests on the deck perched somewhere between heaven and earth to enjoy a sunset as grand as it gets.

The lodge’s architecturally dramatic guest areas were inspired by Nairobi’s Muthaiga Club, built in 1917 and also featured in Out of Africa. Typical of early colonial design in Africa, the inside of the guest areas become the outside and vice versa.

On lovely Mara days, all the

action will be on the deck and during those dramatic but brief afternoon thunderstorms, guests are safely tucked behind the floor-to-ceiling glass doors watching the spectacle unfold.

By night, the softly lit architecture of the Maasai brick walls and the cone-shaped buildings that float on a lily pond hold guests’ attention – especially the library, a lovely quiet place and handsome brick-clad oval room, which is perfect for private dining and complete with Wi-Fi, and a thoughtfully chosen collection of books and films on Africa.

The Pavilion is the only common shared area and sits in the heart of

the lodge between the two camps. With endless views of the Mara and easily reached by footpath from both camps, here guests will find a fitness room with techno gym equipment, an infinity swimming pool heated by solar power, and a shop showcasing the best Kenyan craft.

Days at Angama Mara should be savoured because the time to leave comes too soon. And as you make your way back home, you realise that you can shake the sand of Angama Mara from your shoes but it will never leave your soul.

FOR MORE INFO VISIT https://www.angama.com/


[ REGULARS | MOTORING ] [ MOTORING | REGULARS ]

VW’s Passat has always been in the shadow of the Audi A4, but the latest

version of the Passat seems to be breaking away from that mould. To start, the front of the Passat is unmistakably VW, with its new striking chrome grill that seems to fade into the lights.

The new headlights look edgy and modern with their angular

remained in the dropdown centre section and not elevated to the top of the dashboard. The sporty leather-bound steering and gearshift complete the cockpit look and feel.

The seats are slightly oversized making for a very comfortable ride. Rear legroom and head room are good, but due to the sloping roofline, exercise caution when getting into the vehicle as you may just hit your

lines and crystal clear glass. The bonnet has two prominent creases which elevate the centre of the bonnet, giving the car a sports coupé look as opposed to a sedan.

The side silhouette of the vehicle is in keeping with the coupé look, but the boot ends with a rather sudden squared end. The sporty look was enhanced on the test car thanks to the optional R Line edition.

head. The boot space is enormous and easy to load thanks to its squarish dimensions.

On the road, the two-litre diesel motor feels powerful and refined, with very little diesel vibration. It’s an absolute breeze to drive no matter if you’re in the city, on the freeway or even overtaking on an incline.

The best part though is the fuel consumption as throughout my test

Inside is where the car really comes into its own. The revised dashboard has a seamless look. The top and bottom section of the dashboard is split by a long airvent type grill. The centrepiece classic clock completes the executive look. In keeping with modern times, the cockpit display is all electronic and customisable. The infotainment screen, unlike other cars, has

drive, which included many different roads on my trip to Mpumalanga, I averaged just over 7 litres per 100 kilometres. Considering the hilly areas I drove on, that is truly impressive.

In conclusion, if you’re looking for a sporty sedan with all the practicality and provocative looks yet not breaking the bank in both price and overall running cost, then this should certainly be on the list. A true winner from VW.

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AUTHOR: Torque Talk is a member of SAGMJ

60 www.accountancysa.org.zaAUGUST 2017 www.accountancysa.org.za 61AUGUST 2017

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well positioned to partner with clients and candidates operating in these

industries.

SET Consulting: [email protected] | SET Secondments: [email protected]

We are proud to be a 51% black-owned Level 2 BBBEE organisation

We also bring our dedicated customer

focus and innovative sourcing

techniques to a number of other

sectors including: Automotive, Oil

and Gas, Construction, Power and

Utilities, Public Sector and Government,

Health, Consumer Products and

Retail, Technology, Media and

Telecommunications.

Egg

2048

SET CONSULTING | SECONDMENTS www.set.co.za | 011 234 4313

CLASSIFIEDS[ RECRUITMENT | CLASSIFIEDS ]

ARE YOU INTERESTED IN A MERGER?Should you be interested in merging with a long established and extremely successful accounting and auditing firm in South Africa, which is JSE accredited and internationally affiliated, then there is no doubt that this could be mutually beneficial to both practices. Let us explore the possibility. Call Marius on 0828873496 now.

ARE YOU INTERESTED IN SELLING?In the world of accounting and auditing, a well established, JSE accredited and internationally affiliated CA firm is looking to acquire your accounting or auditing practice in Gauteng, Cape Town, Bloemfontein or Durban. Should you be interested in selling, please give Marius a call on 0828873496.

PARTNER ROTATIONDo you value your independence? 2017 audit partner rotation problematic? Call me Marius on 0828873496 for solutions.

BEE PARTNEROld established five partner firm in Edenvale wishes to offer partnership to a suitably qualified Chartered Accountant. Established client portfolio essential. Reply to [email protected]

ACCOUNTING DEPARTMENT MANAGERAudit firm seeking an individual to head accounting / bookkeeping department. Responsibilities include: reporting directly to partners, implement and run SAIPA article program, manage and assist bookkeepers. B.Compt Degree plus SAIPA/SAICA articles is a prerequisite. Individual must be experienced on Pastel, Caseware, Pastel Payroll, MS Excel, E-Filing and EasyFile. Email: [email protected]

PARTPARTNERSHIPS & PRACTICES

Legislation requires your VAT Registration Number for invoicing purposes. For Classified Advertisement information: Contact Palesa Khobane Tel: 011 621 6696.

All advertisements to be submitted to: Accountancy SA, PO Box 59875, Kengray, 2100, Fax 011 621 6807 E-mail: [email protected]


WE BUYAccounting, auditing and tax practices or blocks of fees. Contact Pieter at 0823320646 or [email protected] if you are interested in selling.

KEEN TO PURCHASEWe are keen to purchase an accounting or auditing practice in Gauteng/Paarl/Western Cape. We have done this before and are prepared to pay fair value. For a confidential discussion contact Joe on 0828548269.

SANAS ACCREDITED BBBEE VERIFICATION AGENCY BVA059Xcelerate Verification Agency (formerly Izikhulu BEE Ratings & Ex-IRBA BEE auditor CPG Consulting) has over 10 years experience in efficient, ethical, professional and pro-active BBBEE rating services. Level 1, black women-owned compliant. Tel: 0861 505 555Email: [email protected]: www.xcelbee.co.za

www.accountancysa.org.za

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