produce South Africa's future accountants
1 February 2007
The Auditor-General (AG) today announced a R3,8 million financial boost to
help the University of Fort Hare produce South Africa's future chartered
accountants.
This is an initial subsidy in a long-term partnership which will see the AG
financially supporting the university yearly.
As part of this partnership, the AG will provide financial support to ensure
the historic Eastern Cape university is accredited to train postâgraduate
students studying towards the certificate in theory of accounting (CTA). The
support is in the form of a subsidy for the cost of hiring additional lecturers
to help train future accountants and meet the South African Institute of
Chartered Accountants' (SAICA) accreditation requirements.
According to SAICA, the university has a commendable undergraduate
programme, but to get full accreditation from SAICA to produce CTA level
students, it also needs to establish a strong CTA programme.
Auditor-General Terence Nombembe says "this investment will have a
significant benefit of sustaining the transformation of the profile of
accountants in South Africa."
South Africa has an acute shortage of African Chartered Accountants (CAs).
As at 31 October 2006, there were 25 346 CAs in South Africa, of whom only 2
887 are Black, a mere 11 percent. This is made up of 735 African, 431 Coloured
and 1 721 Indian accountants.
Of the 5 827 female CAs, only 990 are black, 250 African, 185 Coloured and
555 Indian.
The Auditor-General trains 650 accountants every year. About 90 percent of
these trainee accountants are black.
The AG invests heavily in various bursary programmes that support students
who study both part and full time towards an accounting qualification. As part
of Thuthuka, a SAICA initiative aimed at training African students as
accountants, the AG also contributes financially to help unearth and support
learners who want to be CAs after matriculating.
Nombembe, South Africa's first black African Auditor-General in the history
of the organisation's 95-year history, believes this subsidy will not only
benefit the lecturers, but also the many students who will in future pass
through the programme.
Nombembe says, "We recognise that the auditing industry has a big skills
shortage. Initiatives like this partnership with Fort Hare are aimed at closing
this skills gap. We are confident that the students we help train will
contribute to the overall transformation of the industry when they
qualify."
"South Africa is a rich mine of young, bright and talented youths. It is our
task to help unearth and polish this latent talent. It is initiatives like
these that sustain our momentum to search for such talent and we are going to
all corners of the country looking for future auditors and auditors-general who
will take over from us and continue helping our country manage its public
resources effectively."
Fort Hare University produced well-known businessman and academic, Professor
Wiseman Nkuhlu, who later became South Africa's first-ever African CA.
Temba Zakuza, Department of Accounting Head at Fort Hare said, "We want to
position Fort Hare to be the launch pad of accountants in the Eastern Cape, in
South Africa and the whole continent. Our sincere thanks to institutions such
as the Auditor-General for helping us work towards realising this dream and
commitment. This strong working relationship will ensure that we have the
financial muscle to attract and retain suitably qualified academics."
About the Auditor-General mandated by the Constitution, the A-G of South
Africa is responsible for the auditing of national and provincial state
departments and administrations, all municipalities and any other institution
or accounting entity required by national and provincial legislation to be
audited by the AG. Its purpose is to promote public accountability and
governance in all spheres of government. As an independent organisation, the
Auditor-General is accountable only to parliament.
For further details contact:
Africa Boso
Media Liaison: Auditor-General of South Africa
Tel: (012)- 426 8273
Cell: 082 8899 527
E-mail: Africab@agsa.co.za
Issued by: Auditor-General of South Africa
1 February 2007
Source: Auditor-General of South Africa (http://www.agsa.co.za/)
