Current Edition >> Archive Section >> Special Features >> 1-15 July 2006
In order to improve and streamline the structural functioning of the key profession of chartered accountants in South Africa, all regions and provinces in the country have been linked up directly with the single national controlling body, the South African Institute of Chartered Accountants (SAICA).
This also applies to the provinces of the Free State, North West and Northern Cape, which in turn together form the Central Region of SAICA. All qualified and practicing chartered accountants in the region are registered as members of SAICA. The latter has an administrative office based at 82 Pres. Reitz Street, Westdene, Bloemfontein, manned by Div Lamprecht (Regional Executive and himself a CA) and Berneen Schroeter(Personal assistant).
Also new Code of Ethics
In a further move aimed at enhancing confidence in the local accountancy profession, SAICA has adopted the revised International Federation of Accountants' (IFAC) Code of Ethics for Professional Accountants. However, SAICA's Code has for some time been aligned with the international one.
The code, applicable to all chartered accountants [CAs (SA)] and effective from 30 June 2006, places greater emphasis on a conceptual application framework, as opposed to the former rules-based framework. As such the Code now has the following five fundamental guiding principles as the key characteristics and requirements of any professional accountant: Integrity / Objectivity / Professional Competence / Due care / Confidentiality and professional behaviour.
Ignatius Sehoole, SAICA's Executive President, comments: “The distinguishing characteristic of the new Code is its conceptual framework and emphasis on the public interest.” He says that under the new Code, all professional accountants, including CAs (SA) active in commerce and industry, will be required to identify the following threats to these fundamental guiding principles: Self-review, advocacy, familiarity and intimidation.
The Code then suggests that the following mechanisms, among others, provide safeguards in dealing with these threats:
• Educational, training and entry requirements. • Continuing professional development.
• Corporate governance regulations.
• Professional standards.
• Professional or regulatory monitoring and disciplinary procedures.
• Documented policies
• Using different personnel for the provision of non-assurance services to assurance clients.
• Involving an additional accountant to review the work done.
• Consulting an independent third party.
Should an ethical conflict arise, the Code recommends that the professional accountant first considers the relevant facts, the professional issues involved and the fundamental principles.
The professional accountant should consider establishing internal procedures and alternative courses of action. The professional accountant's next step is to seek advice and then remove the threat or, at least, minimise it to an acceptable level. Should the issue remain unresolved, the professional should withdraw or resign from the assignment.
Sehoole points out: “Ethics are one of the cornerstones of the CA (SA) designation and, as such, the Code of Professional Conduct assists members of SAICA and acts as a guideline not only on how to conduct themselves professionally, but also to use the provided safeguards.”
An ethics helpline has been set up to support members of SAICA in all matters involving ethical issues. Investors and members of the public should report any ethical concerns involving CAs (SA) to SAICA and those involving CAs (SA) who are auditors to the Independent Regulatory Board for Auditors (IRBA).
For more info in this respect, Jan Dijkma, Project director Ethics of SAICA, can be contacted at (011) 621 6605.
CA's: What do they do?
The Chartered Accountant designation is the highest accountancy designation available in South Africa, involved in a huge diversity of work, such as:
• Accountancy: This involves all aspects of accounting and bookkeeping, leading to and including the preparation of annual financial statements for presentation to shareholders. It will involve the preparation of up-to-date financial information to enable management to run a business effectively.
• Auditing: A CA in public practice who performs audits will be responsible for issuing an opinion on whether annual financial statements fairly present a company's results and financial position.
• Taxation: With detailed and practical knowledge of taxation, the CA assists clients to comply with a myriad of tax regulations and to help corporate and individual clients to minimise their liability within the law.
• Financial management: Budgeting, cash-flow forecasting, business plans and advice regarding corporate structures are all skills that businesses look to CA's to provide.
• Management consultancy: This is another specialist area and involves giving advice to clients on the management of their business so that they can become more profitable and effective. CA's in smaller practices often have an intimate involvement in this area on a daily basis.
• Information technology: As regards one of the most exciting and fastest changing areas of business, CA's are trained to be at the forefront of technology and to advise clients on the choice of computer systems, hardware and software.
• Corporate finance: This is a specialist but highly lucrative field that deals in the fast moving world of take-overs and mergers.
• Estate planning and administration of estates: When such advice is needed, exercise their knowledge in this field for tax planning and other purposes.
Company audits
All chartered accountants in public practice have to register with the Public Accountants' and Auditors' Board (PAAB) as Registered Accountants and Auditors (RAA's), in order to perform the attest function. It is a legal requirement for both public and private companies to prepare annual financial statements and the law prescribes the make-up of these financial statements. Auditors prepare a report to shareholders stating whether, in their opinion, those financial statements fairly present the financial position of the company and the results of its operations.
All RAAs are subject to practice review by the PAAB. In this way standards are upheld and the interests of shareholders, owners and clients are protected. A separate booklet is available detailing the benefits of an audit.
GR (SA): Voeg waarde toe tot besigheid
“Geoktroooieerde rekenmeesters is by uitstek opgelei, gekwalifiseerd, toegerus en strategies geplaas om maksimale waarde tot enige besigheid toe te voeg,” sê Div Lamprecht, Uitvoerende Beampte van die Sentrale Streek van die SAIGR in Bloemfontein. Lamprecht sê dit is belangrik vir die publiek om te onderskei tussen 'n Geoktrooieerde Rekenmeester en Ouditeur en persone wat praktiseer as Rekenmeesters of Boekhouers.
Die Geoktrooieerde Rekenmeester is die bes toegeruste persoon om oor 'n breë spektrum diens aan die kliënt te lewer en om hom by te staan om sodoende waarde tot sy of haar besigheid toe te voeg. Die dienste van GR'e sluit in:
• Strategiese beplanning van die besigheid
• Winsberekening
• Interne beheerstelsel en kontroles • Boedels en Trustbeplanning
• Begrotings en kontantvloeibeheer
• Opvolgbeplanning in die besigheid
• Risikobestuur
• Finansiering en strukturering van besigheid
• Rekenarisering en rekenaarstelsels
• Swart bemagtiging en in diensneminggelykheid
• Rekenkundige en ouditdienste
Volgens Lamprecht is dit vir enige besigheidspersoon belangrik om te onthou dat die geoktrooieerde rekenmeester en ouditeur prakties ‘n sakevennoot is. “Besigheidspersone moenie onkant gevang word nie. Kontak u geoktrooieerde rekenmeester eerste!”, aldus Lamprecht.
Vir meer inligting, kan Lamprecht gekontak word by tel: 051-4470092 / faks: 051-4470018 / sel: 0836292305 / epos: divl@saica.co.za
CA services in more detail
Profile
It is imperative for all businesses and organizations to have accurate financial information at their fingertips in order to grow and prosper. Chartered accountants are ideally suited to provide this information as they receive rigorous practical training, have a wide range of business experience and are required to pass challenging examinations before they qualify. They are the general practitioners of the financial world, with the expert knowledge and integrity to provide all organisations, large and small, with high quality advice on all aspects of running a business.
To this end, CA's can be consulted in the following respects:
New business
Business format: On the many different options a chartered accountant can advise on inter alia a sole trader/proprietor, operating as a partnership, a close corporation with up to a maximum of 10 members, a private company either by yourself or with others, etc.
Business plan: There is no single format, but the key features such as unique selling propositions, equipment, materials and (if relevant) staff and premises, a projection of cash flow, etc., should be included.
Record keeping: This is not just good business practice, but it is a legal requirement and will include registration for PAYE, Skills Development, Provisional Tax and VAT.
Raising finance: Apart form loans (if necessary), there are other options available such as grants, factoring or approaching a venture capital company.
Existing business
In the cases of either shrinking or expanding of a business a CA can assist in the following areas:
Controlling costs: Controlling costs against a realistic budget, using management information systems, is vital to the ongoing health of any business. In this regard a key success factor is understanding the difference between fixed and variable costs.
Internal controls: As a business grows, replacing personal presence everywhere with good internal controls is essential.
Information technology: Internet access, or e-commerce, is becoming increasingly more desirable as a business tool. Increasingly, small businesses are finding that a website is an important marketing tool. Therefore, it is important to ensure that your information systems are powerful enough to cope with these demands.
Taxation: Running a business requires effective tax planning tailored specifically to individual circumstances – both in business and in personal affairs.
Conclusion
It is not possible, within the scope of this feature, to identify all the areas in which a chartered accountant can assist you in your business. Suffice to say that a chartered accountant is uniquely qualified to provide any business or financial advice.
Moreover, chartered accountants are required to comply with a stringent Code of Professional Conduct and this makes them the ideal professional to employ or consult with in order to drive a business forward.
• Alida Lambinon - eienares van Casa Mia Gastehuis, Sasolburg
Ek het einde verlede jaar vir meer as 'n maand my dogter, Gerda, in Dubai besoek, waar sy as siviele ingenieur in diens is van Murray & Roberts Kontrakteurs met die bou van die tweede internasionale lughawe te Dubai.
Dubai is een van die sewe Arabiese Emirate en 'n plek van fassinerende kontraste, 'n mengsel van 'n moderne stad en die tydlose woestyn, die Ooste en die Weste, die oue en die nuwe. Dubai was sedert vervloeë tye die stad van handelaars en seevaarders en is dit steeds. Wat 'n mens egter eerste opval, is dat dit absoluut veilig is om daar rond te loop, selfs in die nag. Misdaad, diefstal, bestuur na alkohol gebruik, ens. word baie swaar gestraf en kom feitlik glad nie voor nie.
“The Creek” is 'n natuurlike seewater inlaat wat deur die stad sny en is die historiese fokuspunt van die lewe in Dubai. 'n Wandeling op die walle van die “Creek” herinner aan eeue-oue handelstradisies. Dis 'n onvergeetlike gesig om die op- en aflaai van die dhows, wat nogsteeds die antieke roetes bevaar en handel dryf met plekke so ver as Indië en Oos-Afrika, te aanskou. Handelsware word net so op die dhows op die walle sonder enige toesig of sekuriteitswag gelaat – diefstal bestaan eenvoudig nie.
Wat 'n ervaring om met 'n abra (watertaxi) op die “Creek” rond te ry en die historiese en moderne besienswaardighede op die walle te bewonder! Die Souks aan beide kante van die Creek is bekend vir winskopies! Daar is speserye, materiale, vis, ens. en veral die bekende “Gold Souk” waar elke winkel propvol goue kettings, armbande, ringe, oorbelle, ens. is. Goudpryse is hier van die laagste in die wêreld.
My mond het oopgehang van verbasing om die pragtige nuwe gedeelte van Dubai te aanskou. Reuse argitektoniese wolkekrabbers verrys uit die sand – 50, 80 verdiepings hoog en nog hoër. Dit is 'n miernes van boubedrywighede met groot hyskrane wat bo-op die reuse geboue-in-wording staan. Die mense bo-op is verdwerg tot vuurhoutjiegrootte. Geboue en “malls” is almal uniek anders en wolkekrabbers word saans verlig in ontwerpte patrone en kleure. Tans is die hoogste gebou ter wêreld in Dubai in aanbou. Die strate, paaie en inkoopsentrums is netjies skoon en versier met ontwerpte tuine.
Daar is legio inkopiesentrums met ware van elke moontlike ontwerper, maar ook gewone goedere te kies en keur. Kruideniersware, vars groente, vrugte en vleis word vanoor die hele wêreld na Dubai ingevoer. Wonderlik om uit so 'n groot verskeidenheid verskaffers se ware te kan kies! In die “Deira City Centre” is daar soveel winkels dat jou kop behoorlik draai – van ontwerperswinkels tot by gewone draklere.
Die “Ibn Battuta Mall” is veral uitstaande, uniek en eiesoortig. Ses “malls” is langs mekaar op die grondvloer en reflekteer die ses belangrikste plekke wat die ontdekkingsreisiger Ibn Battuta in die 14de eeu besoek het, nl. Sjina, Egipte, Tunisië, Andalusia en Persië, noukerig soos in die 14de eeu tot in die fynste detail “gekopieer”.
Die Burj Al Arab, is die grootste hotel in die wêreld en toring 321 meter hoog bo die Persiese Golf - die enigste sewe-ster hotel ter wêreld. Die seilfasade is bedags spierwit en saans word dit benut as 'n “doek” vir buitengewone ligvertonings.
Een van die hoogtepunte van my besoek was die woestyn-safari met 'n vloot van 4X4's: Toyota Landcruisers 4500 EFI. Die pad kronkel verby die groot kameelreisiesbaan in die woestyn, Bab Al Shams, 'n luukse fort-kasteel-hotel in die woestyn, wat ons ook 'n week vantevore besoek het, tot by die Dubai Desert Conservation Resort diep in die woestyn. Dit is 'n baie opwindende ervaring om met 'n 4X4 reghoekig oor die duine te ry of op die kruin langs en die betowerende kleurwisselinge te aanskou. Die “kamp” is kleurvolle oop tente met persiese matte en kussings op die sand. Rondom slegs duine, sover as wat die oog kan sien. Daar het ek ook kameel gery en Gerda ook sandbord – ski van die kruin van 'n duin af.
Daar is die “Palm” eilande in Dubai – die eilande is mensgemaak in die Persiese Golf en in die vorm van palmbome. Met fyngemaakte rots uit die woestyn, sand uit die persiese golf, is die drie eilande gebou wat die Dubaise kuslyn baie verleng en plek bied vir honderde duisende mense. So 'n “erf” op een van die “Palm” eilande kos miljoene rand en is feitlik al uitverkoop.
“The World” – 'n asemrowende projek in die Persiese Golf – lyk soos 'n wêreldkaart en was nog nie heeltemal voltooi ten tye van my besoek nie.
Die “agste” wonder van die wêreld word in Dubai beplan. “The Bubble City” 200 meter in die lug wat op heliumbalonne rus en wat lyk soos 'n lugblasie: restaurante, museums, eksklusiewe konferensie venues, temaparke en so meer. Die berekende koste daarvan is $30 biljoen en is die enigste van sy soort in die wêreld.
Dubai is voorwaar 'n belewenis wat moeilik in woorde omgesit kan word.
'n Laaste indruk: As 'n mens sekere van die ongelooflike sterkpunte van Dubai by van die positiewe aspekte van Suid-Afrika – en Vrystaat - kan bysit, wat 'n wenland sal ons nie hê nie!
Receiving proudly SA status
On 1 July 2006 Clarens became the first town in South Africa to be awarded with Proudly South African status – the designation to identify high quality South African products.
In the allocation of the award to Clarens, costing some R11 000 per annum, the local publication, The Speckled Bean, has been instrumental.
Amongst the benefits expected to accrue to Clarens as a result of the PSA status are:
• Town to be listed on the Proudly South African website.
• During Proudly South African Week, 18 – 24 September 2006, Clarens will be part of all media advertising of the PSA campaign.
• Full media coverage of official handling over of the membership certificate to the town of Clarens.
• Promotion of products and services offered by Clarens to member companies and also on National Consumer Road Show.
• Putting up the Proudly South African logo at entrance of town.
For more information, contact (058) 256 1664 or garth@btwo.co.za.
At a glance
One of the few vibrant economic growth points in the Free State – that's Clarens and surroundings nestling in the misty Eastern Higlands between Bethlehem, Fouriesburg and Golden Gate.
According to the two local tourist info centres, the number of tourists visiting Clarens and surrounding area continues to rise. South African tourists come from all over, especially Gauteng. It is estimated that the number of international tourists visiting Clarens could be almost 10% of the total figure.
There are currently some 130 accommodation establishments of varying sorts in and around Clarens, while the estimated total tourism spent (accommodation, restaurants and cuisine, shopping, eco-adventure, fuel for visitors, etc.) in Clarens is estimated at R55 million per annum.
Boosting the local economy further, is a golfing estate, the Clarens Golf & Trout Estate, currently being constructed, comprising some 250 luxury residences. Recently a number of smaller residential estates at the town has been established or is in process of being established. This all might mean that the present higher income population segment of some 800 persons in Clarens could increase dramatically over the next two years.
Meanwhile property prices at Clarens are booming. For instance, a record price of R2,2 million has been paid for a residential property set on an erf of 2 810m² in town. A vacant stand of 3 000m² could fetch up to R1,1 million.
Clarens has a magic of its own. There is just something nice about visiting the town and exploring it – browse the shops, enjoy the cuisine and sleep over. Besides the pleasant surroundings, it is also definitely the people of Clarens. They are notably friendly and accommodating and tremendously proud of their town. No wonder then that Clarens has just been designated the first official Proudly South African town in South Africa.
In this special glimpse on Clarens, you can meet people and suppliers at Clarens that would go out of their way to be of service. Do try them out!
Arts Festival
The Clarens Visual Arts Festival will be held from 01 – 09 July 2006 at all the local art galleries in Clarens and surrounding communities. The festival, exclusive for Clarens artists and galleries, is aimed at promoting local artists across the board. Black artists from within the area have also been given gallery space free of charge.
A map, available from garth@btwo.co.za, will guide visitors to all the selected destinations. The festival dates have been extended to spread the trading period to one week and not to limit local service providers to one weekend of business only.
For further information, contact Garth Brook at (058) 256 1664.
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