The Accountant-May-June 2017

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STAR OF THE MONTH STAY FOCUSED A great commitment to work and to tasks at hand and a constant willingness to learn and listen seem to be some of the factors that have propelled our star to success; at least that is what was discernable in this interview. At 26, CPA Derrick Majani, head of Finance Bandari Sacco limited has a lot to be grateful about. It is rare for anyone this young to achieve as much as he has so fast and to rise so quickly. But CPA Majani, attributes all these to focus hard work, and an instinct for accomplishment. He believes in churning out results as fast as possible and being ahead in whatever role he plays. He refers to himself as a reliable and highly experienced accountant professional. He has 4 years experience; leading effective teams in all areas of audit and applying audit techniques and procedures to analyze financial information and provide assurance services. Before becoming head of Finance, he had worked as an Internal Auditor for Bandari Sacco Ltd and AAR Nyali Health Care as an Accountant. He is currently a member of the Youth and Student Affairs Sub-Committee of ICPAK and is in addition, an elected County Representative for the Institute at the Coast Branch in Mombasa. CPA Majani attained a Bachelor of Commerce – (Finance Option) at Kenyatta University; CPAK (Certified Public Accountant of Kenya); CS Part II (Certified Secretarial); CISA (Certified Information System Audit) and is currently at Strathmore University where he is pursuing an ICEAW Chartered Accountant Qualification (ACA). Our Star believes that if you set your sights on your dream and work relentlessly to achieve it, enormous and unremitting success will constantly follow. These are the factors that impel him to work diligently and to be a fine example to his workmates and upcoming accountants. It is worth adding that CPA Majani has and is using his youthfulness to great effect and moving forward at great speed. Below are excerpts from our interview: What does your present job entail? a) Preparation of Annual Financial Statements b) Answering accounting procedure questions by researching and interpreting accounting policy and regulations. c) Overseeing finance department and correlation with other departments in the Company. d) Preparation of Annual Budget and Cash flow statements to the Board. e) Coordinating the implementation of Internal control Framework so as to streamline Internal Control and Risk Management in the Sacco’s business processes. f) Coordinating and liaising with external audits of the Sacco to ensure external audits and Financial reporting processes are efficient and effective What was your first job? Accountant at Nyali HealthCare Mombasa What did your first job entail? • Debtors Invoicing. • Maintaining financial security by following internal controls. • Preparing payments by verifying documentation, and requesting disbursements. • Answering accounting procedure questions by researching and interpreting accounting policy and regulations. • Preparing special financial reports by collecting, analyzing, and summarizing account information and trends. • Bank Reconciliation Professional development and other training I currently serve as a member of the youth and student affairs subcommittee member of Membership Services –ICPAK; 64 MAY - JUNE 2017
STAR OF THE MONTH I am also the County Convener in Mombasa Branch – ICPAK.I have made publications in the Accountant Journal including designing the first Accountant Crossword. Trainings presented and attended include; • Unclaimed Financial Assets Authority (UPAR) • Tax Compliance Workshop Earnest & Young • FRS workshop ICPAK • Forensic Audit Workshop ICPAK • Inaugural Public Sector Audit ICPAK • Assessment, Testing and Documenting Risks for Small Entities ICPAK • Tax Compliance Seminar- Hammond Tutu & Gunther • IFRS and IAS Training Seminar- Hammond Tutu & Gunther • Annual Tax Workshop – ICPAK 1. Main gains • Growth in reporting skills and service to the Accountancy profession In your view, how has the accounting profession advanced lately? The profession has developed widely with growing concerns amongst shareholders to bring value through reporting and accountability. Changing business needs and dynamics has had various implications on reporting and accountants play a big role towards helping stakeholders achieve value based on reporting and audit approach. The profession still has potential to help bridge the expectation gap arising from the audit process and perception to shareholders What would you say was your biggest challenge? Working under pressure and preventing creative accounting which may lead to false representation of financial statements. Are there changes would you like to see? I would like to see more disclosure by accountants; and more embracing of integrated reporting to give the shareholder value and information. I would also like to see an enforcement of ethical standards within the profession. Advice to upcoming accountants To really embrace the profession through representation in various sectors of the economy and support the Institute of Certified Public Accountants towards creating a better future for the members. Major work highlights? Management reports and meetings form part of my major work Lowest moments? When there is no coordination within the department and most items are not posted in time leading to misreporting to the Board of Directors What are your hobbies? Reading IFRS books, Designing Code word and playing educative and video games Professional contributions • Presented on IAS 37 (Provisions, Contingent Liabilities and Contingent Assets) and IAS 24 (Related Party Transactions) at Whitesands Training sponsored by Capabuil Ltd. • July 2015 Appointed to Membership Services Committee by ICPAK. Serving in Youth Affairs Subcommittee and in Good standing • November 19th-20th 2015 Presented on IAS 1 (International Accounting Standard) at Hammond Tutu & Gunther Training workshop • Successful Implementation of ICPAK Internship Policy. • Implementation of TAPEF (Trainee Accountant Practical Experience Framework) PUBLICATIONS MADE • May –June 2016 Accountant Journal- Information Ethics and the Accountant Crossword. • March- April 2016 Accountant Journal- Audit Communication- The Missing Piece • March- April 2016 Accountant Journal- The Accountant Crossword. • November-December 2015 Accountant Journal- Explaining Audit Purpose to the Auditee - ICPAK. What is your hope for your organization? I would like to help the organization achieve greater growth Who has inspired you most in your life? My Inspiration is from my mentor; DR Patrick Ngumi. He has been a mentor to the youth and inspiration to me towards seeking higher goals. He has changed the face of the Institute and inclusion of youth in leadership to set pace for leadership and advancement. I am a beneficiary of ICEAW Scholarship as a result of partnership between the Institute and ICEAW through the stewardship of the ICPAK CEO What do you like reading? The Accountant Journal and International Financial Reporting Standards (IFRS) What are you reading now? 2016 IFRS Book majorly concentrating on Financial Instruments (IFRS 9) What inspires you? The zeal to know more though understanding and interaction with relevant professional members If you would like to be featured in our star of the month, send your profile to accountant@icpak.com MAY - JUNE 2017 65
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JOURNAL OF THE INSTITUTE OF CERTIFI
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TABLE OF CONTENTS 26 COVER STORY Wi
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EDITORIAL Dear Reader, The matter o
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Financial reporting and assurance T
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Financial reporting and assurance T
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Business Practice and Development I
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Business practice and development O
Page 16 and 17: Economy THE IMPACT OF HYPERINFLATIO
Page 18 and 19: Management THE POWER OF PERSUASION
Page 20 and 21: MANAGEMENT UNDERSTANDING THE RISK M
Page 22: MANAGEMENT Gor Mahia fans engaging
Page 25 and 26: Finance and Investment will also ne
Page 27 and 28: Information Technology DATA GOVERNA
Page 29 and 30: COVER STORY Daniel Susskind, a lect
Page 31 and 32: CPA Centre TO LET Structure • Ele
Page 33 and 34: governance the generation of a plan
Page 35 and 36: Public Policy Auditor General Edwar
Page 37 and 38: Public Policy and ensure government
Page 39 and 40: WORK PLACE If you are in the catego
Page 41 and 42: WORK PLACE Wherever, you find yours
Page 43 and 44: WORK PLACE Does this thought ever c
Page 45 and 46: WORKPLACE working remotely and bein
Page 47 and 48: WORK PLACE Being self-employed mean
Page 49 and 50: INSPIRATION don’t always come tru
Page 52 and 53: SOCIETY POSTPARTUM DEPRESSION IS A
Page 54 and 55: SOCIETY immediate family members an
Page 56 and 57: ENVIRONMENT Society in collaboratio
Page 58 and 59: HEALTH DEALING WITH CONSTIPATION Co
Page 60 and 61: HEALTH lower back, using your arms
Page 62 and 63: TID BITS Below are selected article
Page 64 and 65: BOOK REVIEW Reviewed by Angela Muti
Page 68 and 69: TRAVEL By Clive Mutiso, clivemutiso
Page 70 and 71: KAMPALA ««««« PICTORIAL PROGRE
Page 72 and 73: ACCOUNTABLE RECIPES By Sharon Gaton
Page 74 and 75: PEN OFF questions effectively open
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The Accountant-May-June 2017

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