Blue Chip| Issue 87 - May/June/July 2023

BLUE CHIP PROFESSIONAL

BLUE CHIP PROFESSIONAL ACCOUNTANCY | Trends advantage of technology advancements and to use it as a tool to bolster the value they bring. Rather than being intimidated by data and technology, Professional Accountants (SA) should look at the strategic edge these tools provide them in offering more dynamic strategic advisory. Data is gold, as they say. Data analytics is a business tool to be used by Professional Accountants (SA) to elevate and enhance whatever they do, be it preparing financial statements, auditing reports or value creation reports. Something that will be affecting the audit side is blockchain technology. Blockchain has the capability to enable real-time online audits, which will affect the profession in a big way. We need to embrace both the opportunities and demands of technology. Leading by example, SAIPA has added digital proficiency as a compulsory CPD for our members because, wherever you practice within the profession, you need to stay relevant of what is happening in the digital technology space. Digital tools like ChatGPT and Microsoft’s Copilot will all likely influence the accountancy profession, and we need to stay informed to mitigate any risk to the profession, by capacitating ourselves to integrate these tools into what we do. With the recent greylisting of South Africa, what role can Professional Accountants (SA) play in helping business ensure financial transparency and compliance, and supporting the efforts of the government to get the country off of the list? As we all know, South Africa has unfortunately been placed on the Financial Action Task Force’s FTAF greylist of countries under special scrutiny regarding money laundering and terrorism financing. Linked to this, it is important for Professional Accountants (SA) to note emerging areas of assurance, as we develop and implement standards to support compliance in burgeoning industries, such as cryptocurrency, cybersecurity, data privacy and integrity, as well as AML. These are areas which the profession needs to put its heads together in developing assurance and audit standards. SAIPA recently conducted a CPD on FICA and greylisting, with a focus that all Professional Accountants (SA) must register in terms of the legislation. Professor Wiseman Nkhulu once raised a profound question for professional accountants: are they enablers or contributors to corruption? As a member of IFAC, SAIPA and its members are not just guided by ethics – we proudly adhere to internationallyrecognised standards of integrity within the profession. It is our responsibility to collaborate and work with government and other entities and stakeholders to get South Africa off of the greylist. We have a hugely important role to play in the “accountability ecosystem”, as Auditor General Tsakani Maluleke terms it. As accountancy takes on sustainability, digitalisation and challenges of ethics and integrity, what is your hope for the profession? South Africa has a doyen in the corporate governance space, Professor Mervyn King, who is on record saying that accountants can save the planet. At face value, that may seem grandiose. But if you drill deeper, Professional Accountants (SA) play a role in key industries that are driving the world forward, from the medical to the legal industries and beyond. The increasingly important role SAIPA members play in sustainability reporting, for instance, is crucial in combatting climate change. Our work in financial compliance helps strengthen the attractiveness of our economy, to the benefit of all citizens. Accountants can save the planet. But to do so, we must evolve – stop doing the same thing and stop doing the same thing differently – the time is now for accountants to do different things. SAIPA’S COMMITMENT TO EXCELLENCE SAIPA is a leading professional accountancy organisation with a membership of almost 15 000 trusted and experienced professionals in all areas of accountancy, finance and strategic business advisory. For more than 40 years, SAIPA has been at the forefront of advancing the accountancy profession by influencing legislation, promoting high-quality standards and ensuring its members are future ready. Global recognition SAIPA’s global recognition is evident through its membership in the International Federation of Accountants (IFAC) and the Pan African Federation of Accountants (PAFA). By fostering affiliations with leading international accounting institutes, SAIPA guarantees that its members adhere to international standards. In line with its commitment to transformation and inclusivity, SAIPA has consistently played a strong leadership role in facilitating the entry of previously disadvantaged individuals into the accountancy fraternity. Through initiatives like the Centre of Future Excellence (CoFE), SAIPA helps members identify trends shaping the profession and acquire the necessary skillsets to navigate change. The Centre of Business Advisory (CoBA) and Centre of Tax Excellence (CoTE) further enable members to specialise in their respective fields, offering support and resources to ensure their success. SAIPA designations SAIPA offers various designations tailored to members’ diverse needs, from Professional Accountant (SA) and Accounting Technician (SA) to specialised tax and business advisory designations. Members can access numerous benefits, including international recognition, exclusive offers, professional indemnity insurance and the ability to perform various functions under different legislative frameworks. Continuous Professional Development Continuous Professional Development (CPD) is a cornerstone of SAIPA’s commitment to its members. By offering CPD seminars and webinars, SAIPA ensures that its members remain up to date with industry developments and maintain their relevance in an ever-changing landscape. Promoting equality and progress throughout the profession, SAIPA is driven by the regulations of IFAC and PAFA. Locally, SAIPA’s ambitions include promoting integrity in business and society, ensuring high standards of professional ethics and service, advancing equality as well as providing members with technical support and ongoing skills development opportunities. SAIPA is dedicated to the growth of its members by ensuring that they are well-equipped to excel in their careers and contribute positively to South Africa’s economy. SAIPA is the ideal partner for accountancy, tax, finance and business advisory professionals seeking to thrive in a future-focused profession. www.saipa.co.za 28 www.bluechipdigital.co.za

SAIPA YOUR WEALTH REGISTER TODAY! ATTENTION ALL PROFESSIONALS! Transform your career and stay ahead in the constantly changing world of work with SAIPA’s Short Learning Programmes. These programmes create exceptional value and will empower you with the knowledge and skills necessary to gain a distinct competitive advantage. WHO SHOULD ATTEND? • Finance and accountancy professionals • Entrepreneurs and business owners • Business Advisors and Consultants • Business Rescue Practitioners • Business leaders • R&D professionals • Marketing experts • Technology gurus • Sales champions • Operations managers Join our expert facilitators for a range of must-attend programmes that will keep you future-ready: PROGRAMME DELIVERY DURATION May/June 2023 Tax Courses with PwC Online Various July 2023 Future-fit business: Accelerating Growth and Innovation Facilitator: VS Ravi - Invictus Leader Thriving SMEs: Relevance, Business Growth & Sustainability Facilitator: VS Ravi - Invictus Leader Certificate in Business Rescue Short Learning Programme: Facilitators: Stefan Steyn & Div de Villiers August 2023 Understanding & Leveraging the Blockchain Challenge Facilitator: Prof David Venter Managing Effective Negotiations Facilitator: Prof David Venter In-person In-person Online Online Online 1 day 1 day 10 months 2 webinars (3 hours each) 3 webinars (3 hours each) Don’t miss out on these fantastic programmes and earn CPD points while doing it! Contact us at connect@saipa.co.za for details on fees or to find out how to book. Discounts offered for group bookings. www.saipa.co.za