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Tag: ACCA

  • Why Nigerian graduates ‘re unemployed, by ACCA chief

    Why Nigerian graduates ‘re unemployed, by ACCA chief

    THE Association of Chartered Certified Accountants’ (ACCA) Country Head, Mrs. Oluwatoyin Ademola, has given reasons why Nigerian graduates are unemployed.

    Mrs. Ademola stated that based on demands from corporate organisations, it was discovered that some of the graduates write wrong curriculum vitae.

    She said the graduates were still ignorant of their mistakes.

    The country chief, who spoke at ACCA Nigeria November Summit last Wednesday in Abuja, said the summit was a platform to engage unemployed youths.

    Mrs. Ademola said: “Basically, what they tell them is what they expect to see on their CV, how they expect it and how to write it, because some of these organisations look at the CVs. One of the reasons Nigerian students are not employable is because they probably have wrong CVs ever and they don’t understand it.

    “ACCA has over 20,000 stakeholders, including students and members. Some are not graduates. I know that FirstBank Plc and some other banks hire them on internship basis pending when they finish and get engaged”.

    She said the core value of ACCA was opportunity and accessibility, stressing that the event was organised as part of its Corporate Social Responsibility (CSR) to support all stakeholders.

    The association, Mrs. Ademola added, had been in partnership with global and Nigerian employers of labour to reduce discrepancies arising from job agencies. Ademola stated that issues of engaging and sustaining qualified employees were major concerns to many corporate bodies, stressing that the ACCA would bridge the gap.

  • ACCA urges Nigeria to justify ‘MINT’ status

    ACCA urges Nigeria to justify ‘MINT’ status

    The Association of Chartered Certified Accountants (ACCA), the global body for professional accountants, has urged Nigeria to live up to its status as a new economy hub.

    Nigeria, Mexico, Indonesia and Turkey are referred to as the next economy frontiers with an acronym, ‘MINT’.

    The country is expected to take a cue from the BRIC nations – Brazil, Russia, India and China. It is expected to increase opportunities for accountants.

    “Many people will be aware that Nigeria, alongside Mexico, Indonesia and Turkey, forms part of a new acronym, ‘MINT’, the next big thing. They will also be aware that the world is watching to see if the ‘MINT’ countries will become an influential group as their ‘BRIC’ predecessors.

    “This highlights the increasing role Nigeria is playing in the global economy,” Goldman Sachs Bank said.

    ACCA hoped that through its Nigerian branch, the nation would create a platform at the BRIC Summit to address increased training of Nigerian accountants to create more opportunities for them at the global level.

    “It is an issue which members of ACCA Nigeria’s National Advisory Committee (NAC) discussed at a meeting. ACCA Nigeria will work with NAC to ensure that employers, businesses, students and parents are aware of the scope of work that ACCA members can undertake and will speak to the government and the regulators to ensure there is clarity over the contributions ACCA members make to the Nigerian business community,” ACCA added.

     

  • How to fight corruption, by ACCA

    How to fight corruption, by ACCA

    The Association of Chartered Certified Accountants (ACCA) has identified the placement of people who are not professionals in positions where professionals are supposed to occupy as reason for thriving corruption in the country.

    Its sub-Saharan Africa Director, Jamil Ampomah, who spoke in Lagos during Career Summit for its students, said any member of the global accounting body that is caught enaging in corrupt practices automatically loses membership.

    Ampomah said the body takes ethical issues seriously. He said: “Any of our member who engages in corrupt practices, automatically loses his/her membership.

    “We know the role professional accountants can play in the fight against corruption and that is why we have always advocated that the right persons be put in the right positions.

    “Let professional and chartered experts, who understand the implications of cutting corners or not following due process be allowed to do their jobs, and corruption will be reduced.”

    He said it is aimed at enhancing the employability prospects of job seekers.

    Ampomah said ACCA was propelled to organise this year’s edition across three major cities because last year’s edition, which was the first, recorded huge successes.

    “We may not be able to give you statistics as to how many people got jobs through the exercise last year because that is really not our focus. But, many employers told us they got good materials and some students also disclosed that they had either internship or job offers from the companies they interacted with.

    “This year, we have moved it to another level where we have brought in mentors who are experienced ACCA members. What they are doing is to share their career experience with the respective students.

    “Our objective has always been to create opportunities for our members and students. I think it is always important to find out ways of creating opportunities for them,” said Ampomah.

    The director noted that the body was poised to also add value to its members that are entrepreneurs, as well as build entrepreneurial drive among its students.

    “A lot of our members are running their own businesses and this type of summit brings people who can share experiences about what they are doing.

    “As an organisation, we do proactively engage with employers and policy markers to understand what the key issues are in the financial ecosystem,”

    ACCA’s Country Manager, Mrs. Toyin Ademola said: “The summit had larger number of people in attendance, compared to last year’s.

    “So, in terms of value added, whatever we did last year worked and that is why it is generating a lot of interest.

    “We feel that matching these students with potential employers can benefit the accounting profession in Nigeria, which will eventually dovetail into improving the economy.”

     

  • Corruption bane of SMEs in Nigeria, Africa

    Corruption bane of SMEs in Nigeria, Africa

    A new report by the Association of Chartered Certified Accountants (ACCA) may have corroborated experts’ view that bribery and corruption is a major contributor to the demise of 80 per cent of Small and Medium Scale Enterprises (SMEs), within the first five years of their establishment in Nigeria and sub-Saharan Africa.

    77 per cent of accountants in sub-Saharan Africa, surveyed for a global study, believe that bribery is a major concern for businesses in the SMEs sector, and 64 per cent said it had a negative impact on the business environment as a whole.

    Commenting on the report, Toyin Ademola from ACCA Nigeria, said: “While sub-Saharan Africa is a huge place, it is clear that there is a consensus among respondents that bribery and corruption damages a business’s reputation and makes it harder to attract investment.

    The big question for accountants here in Nigeria is: How do we tackle bribery and corruption? The research respondents said the most effective methods would be whistle-blowing laws and more high profile prosecutions.”

    The newly published research from ACCA further stated that more than 60 per cent of respondents did not support the idea that the law should treat bribery and corruption more leniently in the SMEs sector than in the large company or public sectors; but should be tackled across board.

    The report, “Combating Bribery in the SMEs sector” was conducted by ACCA among 1000 of its global members.

    Ademola reiterated: “This report has a clear message for accountants, SMEs and the government here in Nigeria. The full restoration of trust and confidence in the business sector can only be achieved when people believe that business is being conducted fairly and transparently.

    “By adopting a value-based approach, businesses can help themselves and, indirectly, help to achieve the wider goal of enhancing confidence in the business sector as a whole. Accountants, who have twin responsibilities to give best advice to their employers or clients and an obligation to act in the public interest, have a major part to play in this process.”

    The findings reveal a concern that many SMEs are not taking the right steps to mitigate the risks of exposure to bribery and corruption. It also suggests that many businesses have been willing to mis-state financial statements to cover up for bribery and corruption and that recourse to such practices has been exacerbated by the global financial crisis.

    Speaking with a cross-section of entrepreneurs, they shared their experiences as sole proprietors thus far.

    Mr. Sebastian Johnson, who runs Sebastian Electronics Venture, Lagos, who noted that some entrepreneurs may have been compelled to offer bribes to some unscrupulous individuals in an attempt to curry their favours, said it behooves the giver to insist on playing by the rules all the time.

    “Actually, the amount I was asked to pay before I was authorised to sell my electronic products was fair and affordable. But I know some people who have had to pay more for the same. This, I think, can have a drain on their finances if not checked in the future,” he stressed.

    Echoing similar sentiments, Uche Okoro, who runs Uche Pharmacy, Lagos, also recounts his experience. “Before I started my business”, he began, “I went to take permission from the National Agency for Food and Drugs Administration and Control and I was told to pay some amount of money, thus I might not be a victim of those that pay large amount of money before they were authorised. The amount I was asked to pay was moderate and good. But I do know that some others may have been compelled by circumstances beyond their control to part with unreceipted money in the past.”

    Speaking separately with The Nation, Sandra Emerson, also a pharmacist and Oreoluwa Bello, who runs a snack bar in Mushin axis of Lagos, observed that judging by their experience, they have not fell victim of bribery, especially from authorising agents.

    Said: Emerson: “As far as I know, I don’t think there is any form of corruption within the agency because the amount I paid before I start selling was okay. But that is not to say that people have not been coerced by some officials of some of these agencies to offer one form of gratification or the other. You cannot put it past them.”

    In her own assertion, she said: “The amount we paid here was okay, and I don’t think there is any form of corruption among the agency.”

  • Firm trains working women

    Firm trains working women

    A firm, ACCA Nigeria for Women in Finance, has trained women working in the financial sector, with a view to developing their skills and capabilities in a complex financial world.

    The women were trained at a one-day seminar, which held at the Eko Hotels, Lagos.

    It was attended by senior and junior women workers in the financial sector, including the Chief Executive Officer, ACCA, Helen Brand; Chairperson, Women in Management and Business (WIMBIZ), Mrs. Adeola Azeez and a banker, Aisha Ahmad.

    It was noted that although the future of finance is female, women account for only 20 per cent of the most senior posts held in the field.

    The participants agreed that there was so much work to do to enable the thousands of young women joining the profession fulfil their potentials and meet their aspirations.

    In her lecture, Brand said what the financial world needs to embrace is diversity, including gender, cultural, skills and experiences as well as ideas and business perspectives that help deliver enhanced business performance.

    She described the quota policy for women as tokenism, which leads to bitterness and makes organisations claim they are ticking all the right boxes but serve no useful purpose.

    “We want to see businesses recognising the positive reasons for diversity. Diversity is a critical component of capability. You want to employ the best people in finance and the best people simply are not defined along some set of homogenous criteria…

    “Research has suggested that companies with more women on their boards outperform rivals with a 42 per cent higher return in sales, 66 per cent higher on capital and 53 per cent return on equity,” she said.

    Brand said a research conducted by ACCA showed that although women have the necessary background and qualification to occupy top positions, they are limited by the “who you know” syndrome.

    She said diversity is important in finance because there is need to reduce cost, improve finance processing efficiency, ensure appropriate control and compliance to help drive and create value.

    “The evolving role and career paths of the Chief Finance Officers, CFO, means the skills and capabilities they need to bring are very different and much wider than pure financial experience and acumen. And they will need diverse international and cultural experience as we move to an increasingly global finance function,” Brand said.

    To ensure diversity, Brand said companies need to understand cultural differences, ensure that individuals from different backgrounds, sectors and careers are recruited to bring a mix of different skills to their team and embrace transparency and interaction.

    In her lecture, Azeez said women were responsible for their problems. She urged them to rise above pity and acquire the necessary skills that will guarantee their career fulfilment.

    Azeez also accused senior women of not wanting to assist or mentor the younger ones, just as she advised them to work as team and not rivals.

     

  • ACCA partners PwC on IFRS

    THE Global Chief Executive of Association of Chartered Certified Accountants (ACCA), Mrs Helen Brand has said the organisation will collaborate with PwC Nigeria on key initiatives such as capacity building in International Financial Reporting Standards (IFRS), being adopted in Nigeria.

    Mrs Brand, who is on a visit to PricewaterhouseCoopers (PwC) Nigeria as part of a week-long event, said both ACCA and PwC are partnering to address the capacity deficit in the country’s accounting industry and to improve the quality of corporate reporting.

    “Both ACCA and PwC share common professional values, global presence, ethics and governance,” she said. “This perhaps explains the desire to collaborate on key initiatives such as capacity building in IFRS which are being adopted in Nigeria. Both firms plan to jointly organise a series of events on IFRS for SMEs in collaboration with the International Accounting Standards Board (IASB).”

    Responding on behalf of PwC Nigeria, Taiwo Oyedele, a member of the ACCA Global Governing Council and Partner in charge of Tax and Corporate Advisory Services at PwC Nigeria, said an effective and full adoption of IFRS in Nigeria would increase investment inflow into the country; adding that it was vital that both global firms partner on creating the much needed capacity building in that regard.

    “In addition to removing some of the subjectivity from financial reporting, IFRS provides more consistent platform for recognition, measurement and disclosure of transactions and events in financial statements, leading to greater transparency,” he said.

    “This in turn, will lead to increased investment in Nigeria,” he added.

    deadline for their submission of IFRS-complaint financial records for the year ended 2012 as mandated by the Financial Reporting Council and harped on the need for increased capacity in the accounting practice in Nigeria.

     

    ACCA is the global body for professional accountants offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

     

    PwC is the leading global professional services firm providing advisory, audit and assurance and tax services. PwC is structured as a network of member firms, owned and operating locally in more than158 countries and 776 locations around the world with over 180,000 staff and partners connected to share knowledge, skills and resources.

     

  • How firms can spread risks

    How firms can spread risks

    Businesses need to work harder to spread responsibility for risk management, according to a report from the Association of Chartered Certified Accountants (ACCA).

    The survey of over 2,000 members found that accountants have vital role to play in successful risk management.

    The survey, it said in a statement, also found a statistical link between the use of accounting practices that contribute to managing risk and lower occurrences of fraud. It also found differences in the perception of a company’s exposure to risk between those at board level and those accountants working below board level.

    ‘Risk happens at all levels of business. Risk management needs to be something that is undertaken by everyone in an organisation so it is fully integrated. The survey shows that accountants have an excellent grasp of the risks faced by their organisation and the steps needed to manage those risks. The survey also shows clear support amongst accountants for ‘challenging senior people’ as being part of good business culture,” it said.