OCTOBER/NOVEMBER | 2016 issue 100

EDITION

BADiBANGA PROMesse Appointed CiMA Regional Vice President

This issue, cleverly coined the platinum edition to align with the

notion of the ‘Platinum Jubilee’, has coincidentally become both our

birthday issue and my first issue as the Africa Regional Vice President.

Over the years, The Bottom Line Newsletter has been our first line

of communication, having covered the biggest stories and the biggest

names associated with CIMA and in the management accounting

profession in Africa. The first newsletter was published in 2000 and

since then some of the biggest topics covered include:

2004 – The Constitution of the Southern African Region of CIMA

2012 – The launch of the CGMA designation

2012 – The Constitution of the Africa Regional Board

2013 – CIMA’s first President from the Africa Region, Malcolm Furber

2014 – The launch of the Global Management Accounting Principles

2015 – CIMA’s launch of computerised assessments

2015 – CIMA South Africa’s 60th anniversary

2016 – The CIMA AICPA Joint Venture Evolution

We have created a special edition cover celebrating all of CIMA’s people

– our members, employers, staff, students and stakeholders and have

selected photo’s from some of our most memorable moments.

It feels right to be starting my journey at this point; having the

opportunity to celebrate the past and eagerly await the future.

Especially, as we begin to strengthen our Joint Venture with the AICPA,

we will build on the strengths from our history to accelerate our

strategy and expand opportunities for CGMA’s in Africa.

In this edition you will read more about me and my background, the

annual October offer, CIMA students achieving great accolades, decision

making in business and our interactions with various stakeholders.

If you would like to share your views or get in touch with the team

working on the Bottom Line Newsletter email editor@cimaglobal.com

I look forward to my new position as Vice President and hope to have

you along the journey to growing market penetration of the CIMA

qualification in Africa increasing visibility of the brand and relevance

of our offering.

Enjoy your read!

Badibanga ‘Badi’ Promesse

Regional Vice President: Africa

NOTe FROM THe Vice President

“Hello and welcome to our 100th edition!”

cimaglobal.com | cgma.org The Platinum edition | October / November | 2/8

Global strategy expert, Badibanga ‘Badi’ Promesse MBA, ADM, Dip AIBM

fin has been appointed Regional Vice President (RVP) at CIMA Africa.

Badi assumed his new role on 1 August.

Badi has been in the employ of CIMA since 2010 as a Strategic

Account Director reporting into Global Corporate Relations where

he led CIMA engagement with global financial services groups and

other multinational companies. As the RVP he is charged with the

responsibility of leading the region’s direct activities by managing its

operations and driving both growth and strategy across Africa.

His role will also be instrumental as CIMA and the AICPA move to

implement a newly formed accounting professional association as

endorsed by their members. The new association will come into effect

in January 2017 and will represent over 600 000 current and next-

generation professionals.

Said Samantha Louis, outgoing Regional Director: “Badi’s expertise in

relationship management will be vital in delivering the CIMA Africa

Regional Board strategy of developing the public sector and raising

capital to fund students via organisations such as the World Bank and

Africa Development Bank. As he is already part of CIMA’s market facing

team, he will be able to be up and running really quickly.”

Said Badi:“I commend Samantha Louis for her outstanding leadership

quality and management style that saw the region grow tremendously

over the years. I intend to build on her solid foundation to take CIMA

Africa to a new level of success”.

Badi has vast knowledge in the areas of business management, finance

and strategy. He is currently preparing for his PhD in Knowledge

Management.

The CIMA Certificate in Business Accounting (CertBA) syllabus has been

updated and assessments under the updated syllabus will commence on 11

January 2017.

Following a similar process to the 2015 update of the CIMA professional

qualification, the CertBA syllabus update comes after extensive consultation

with educators and organisations around the world. Thus ensuring you a

qualification that is relevant to employer’s need.

The update has resulted in a reduction in the number of subjects from

5 to 4 due to the removal of the standalone subject: Fundamentals of

Business Mathematics (C03). This subject, has not been very popular with

students, however it remains fundamental throughout the entire CIMA

qualification and has therefore been redistributed across three subjects of

the Certificate level. This will allow for the teaching and assessment of

Business Mathematics in the context of business therefore putting theory

into practice.

The 2017 update aligns the CertBA with the Professional Qualification

creating a closer relevance to the three pillars of the Professional

Qualification and embedding the CGMA Competency Framework which

identifies the skills finance professionals need to drive the success of their

organisations.

Sonia Weston, Learning Development Business Partner: Africa, said: “CIMA

understands that employability and your career is key and so the revised

Certificate in Business Accounting will help you to develop the skills and

competencies you need in order to succeed in business”.

Building on the success of the implementation of computer based Objective

Testing (OTs) as a method of assessment for the Professional Qualification,

the CertBA 2017, will also have OTs as a method of assessment.

Transition Arrangements

Examinations under the current CertBA (2011 syllabus), will run until 10

January 2017, with examinations under the revised CertBA 2017 syllabus

commencing 11 January 2017. This means that your current studies are

unaffected and you are advised to schedule your next exam as soon as

possible.

As part of CIMA’s transitional arrangements, students with a strong

knowledge of Business Mathematics can select to opt for the C03

waiver. You must note, however that the C03 knowledge will be assumed

throughout the remainder of the qualification. We would therefore

recommend that you study and sit C03 if you do not feel confident that

you have the level of mathematics required.

Students that have either passed examinations, or have been awarded

exemptions under the 2011 Syllabus, prior to 11 January 2017, will receive

credit(s) for the corresponding subject(s) within the updated syllabus.

Should you not pass a subject you are currently studying by 10 January

2016, visit CIMAConnect to obtain information relating to any additional

learning required in order to re-take the corresponding subjects under the

2017 syllabus.

For further information on the revised CertBA 2017 syllabus visit

www.cimaglobal.com/Qualifications/cert-ba/

uPDATeD CeRTiFiCATe in Business Accounting

Recruiters are increasingly advising employers, when ambition needs to match ability, CIMA is the natural choice NIKKI MARITz CEO, IBTC, South Africa.

A Case for the CGMA CNBC Management Accounting

Series, 2 November

According to a recent CGMA report titled: Business analytics

and decision making – The human dimension, it is people,

not technology, who make sense of data and give it meaning.

This means that business intelligence resides not in the data

warehouse but in the minds of people.

Unfortunately, many people have sought to overcome the

challenges associated with data analytics in the mistaken

belief that, with the right technology and new insights, better

decisions are almost a given.

Yet analytics actually have very little to do with technology. Yes,

there might be technical issues to address, but no analytical

tool can do more than augment or complement what is a

cognitive and sometimes social process. Generating insight is

an inherently human trait.

The recent CGMA report – Joining the dots: Decision making

for a new era – also highlighted how many companies are

struggling to translate data into insight and build the decision-

making skills of their senior leaders.

cimaglobal.com | cgma.org The Platinum edition | October / November | 4/8

Management accountants are ideally positioned to help a

company focus on gaining insight from data. While many

organisations are likely to have pockets where analytics

is already taking hold, accountants’ overview across the

organisation and their focus on financial performance enable

them to bring an objective ‘big picture’ perspective. However,

there is a danger that they could forfeit this privileged position

unless they go about it in the right way.

Businesses need a stronger understanding of their business

model before setting bonus policy

South Africa has the fourth-most meritocratic bonus system in

the world, according to a global poll of 6,500 financial decision

makers carried out by CIMA. However, while 72% of South

African finance professionals feel that bonuses are an excellent

way to motivate staff and guarantee long-term business

success, 46% also felt awarding bonuses based on performance

in one area of peoples’ responsibilities encourages an over-focus

on that while devoting less attention to other activities. CIMA is

therefore calling for bonus systems to be designed to encourage

long-term success rather than only short-term performance.

Of respondents whose companies operate a bonus scheme, over

a quarter (27%) of South African finance professionals feel that

bonuses for top earners, including salespeople, fund managers,

board members and more, are undeserved. As a result, CIMA is

calling for bonuses to be rethought so they reward work which

can be shown to benefit an organisation’s full business model in

both the short and long term.

Professor Wim A Van der Stede, CIMA Professor of Accounting &

Financial Management, said: “These findings reaffirm some well-

known issues of incentives related to a narrow focus on what

is rewarded and other myopic behaviors. But they also suggest

that perceptions of ‘unjustified’ bonuses, whether stemming

from ineffective incentive designs or not, can trigger resentment

and undermine employee engagement and motivation. This

hurts performance, exacerbates myopia and corrodes culture.

Designing effective incentive systems is hard, yet incentives

that may be fair may not look fair – a challenge that touches on

the issue of transparency as well as the question of both how

and how much to incentivise.”

Badibanga Promesse, Regional Vice-President commented:

“Bonuses are a trust issue as much as a financial issue. If

customers and stakeholders perceive a company to be paying

exorbitant sums to its employees, it will affect that company’s

reputation and erode the trust in which they are held. This is

something we saw time and again following the financial crisis.

CiMA has announced its representatives scheduled to

speak at the Finance indaba to be held on 13 - 14 October

at the sandton Convention Centre, Johannesburg.

Malcolm Furber FCMA, CGMA, CIMA Past President and

Badibanga (Badi) Promesse MBA, ADM, Dip AIBM fin, CIMA

Regional Vice President: Africa will both speak at the Indaba.

Says Badi: “Since 2012 CIMA has been changing the playing

field within the management accounting space firstly, the

launch of the Chartered Global Management Accounting

(CGMA) designation, the Joint Venture with the American

Institute of Certified Public Accountants (AICPA) and the

subsequent formation of a new accounting association with

the AICPA. Furthermore CIMA has gone on outreach across

Africa to finance and accounting conferences such as the Africa

Congress of Accountants and the Tax Indaba to position CIMA

as a global thought leader within the accountancy profession.

We are pleased to continue our association with the Finance

Indaba Africa and are looking forward to the engagements.”

The Global Management Accounting Principles launched by

CIMA and the AICPA in 2014 will be discussed as a solution

to quality business decision making for this era of business.

Linked to this, CIMA thought leadership research on Joining

the Dots will be highlighted as a means of connecting the most

relevant information and people from across the organisation

when making decisions.

CIMA is a Gold Sponsor of the Finance Indaba 2016.

More information on http://www.finance-indaba.co.za/

Fresh thinking for a new economy

According to recent media reports, zimbabwean

President, Robert Mugabe has, after over 15 years,

openly asked for western re-engagement in the

country’s economy, during his State of the Nation

Address.

It is against this backdrop that CIMA zimbabwe hosted its

annual conference from 15-18 September at the Kingdom

Hotel, Victoria Falls.

BusiNess ANAlyTiCs and Decision Making

CiMA’s No subs Offer

Our free subscription offer runs again until 31 December 2016.

If you know of anyone who is interested in joining CIMA, now is the time of the year to recommend CIMA to your colleagues and friends.

This offer will commence on 1 October and end on 31 December. This year, the offer has been structured as follows:

•AnybodywhoregistersinOctoberwillgettheir2017subscriptionfeeswaivedandreceive15monthsfreesubscriptionsequaling

£135 – (Oct, Nov, Dec and 2017 fees)

•AnybodywhoregistersinNovemberwillgettheir2017subscriptionfeeswaivedandreceive14monthsfreesubscriptionsequaling

£126 - (Nov, Dec and 2017 fees)

•AnybodywhoregistersinDecemberwillgettheir2017subscriptionfeeswaivedandreceive13monthsfreesubscriptionsequaling

£117 – (Dec and 2017 fees)

CiMA student, sihle Ndlovu

from KwaZulu-Natal was

awarded the first prize at

the National Department

of Agriculture, Forestry

and Fisheries Agristars

Recognition Awards, for his

successes and contribution

to the agricultural sector.

He was recognised for his particular input in the animal and plant

production category. Ndlovu was awarded a R50 000 cash prize

sponsored by the MTN South Africa Foundation. The event, which took

place on 30 June in Pretoria, was hosted by the Deputy Minister of

Agriculture, Forestry and Fisheries, General Bheki Cele, to showcase the

exceptional achievements of graduates, entrepreneurs and producers in

the agriculture, forestry and fisheries industry.

Ndlovu was recognised for his outstanding achievements as owner and

Managing Director of Mjadiya Oil Suppliers and Renewable Energy – a

company that offers both agricultural products and renewable energy.

Ndlovu is a qualified accountant and a CIMA student with only the

strategic level case study to sit. He also holds a MBA, and is currently

enrolled for a Doctor of Business Administration at the University of

Kwazulu-Natal.

Ndlovu is hugely committed to the agricultural sector and he believes:

“this is why I won – not just for what I do on my farm, there are a lot of

good young farmers, but rather for what I do outside farming and how I

help the community and the development of agriculture.”

CiMA sTuDeNT ON THe MOVeCiMA student Receives Agristars Award

BONuses CAuse ReseNTMeNT At More Than A Third Of south African Firms

CiMA sPeAKeRs At Finance indaba Africa

CiMA ZiMBABWe Collaborative Conversations To Aid economy

“So, boards need to think carefully about their bonus structure

and this applies to all levels within the business. Current schemes

often only focus on ‘hard indicators’ such as short-term revenue,

but they should also seek to reward evidence the employee is

helping the organisation plan and build for the long term.

Being a CGMA is your licence to the Boardroom. TREVOR MWALE B.Com (Hons) Acc, ACMA, CGMA, MBA (Cum Laude), M.Inst.D

sihle Ndlovhu, Deputy Minister of Agriculture, Forestry and Fisheries, General Bheki Cele and sihle’s wife Zilungile Ndlovu

CiMA has updated its online salary Calculator which

allows members and students to compare their salaries

against different career factors.

The new tool uses data from the 2016 CIMA member

and student salary surveys and allows users to compare

and contrast average salaries by industry and level of

experience in their respective countries. Apart from salary

information, extra data from the survey has been included

to provide context for example, what countries members

and students want to move to and which industries

pay the best. The Salary Calculator can be found at:

salary.cimaglobal.com

Barclays Africa Head of Forensic investigations, Bruno schiemsky,

presented a fraud management workshop to members and students in

KwaZulu-Natal.

Although there are fewer major incidents of fraud being reported in the

media, the incidence of many smaller scale cases result in the loss of huge

sums of money by business.

Management accountants, whose professional training includes the analysis

of information and systems, can play a significant role in the development

and implementation of anti-fraud measures within their organisations and

ultimately prevent the loss of money. It is against this backdrop that this

workshop was presented to CIMA members and students who are finance

managers and practitioners and senior managers across sectors.

The following topics were discussed during the workshop:

• Thestructuringandoperationsofsyndicatesacrossborders

•Commonfraudtechniquesusedbysyndicates

•Bestpracticesandcutting-edgetoolsandtechniquesonfrauddetection

•Tips on how to protect yourself as an individual and as a corporate,

against fraud.

CiMA sAlARy CAlCulATOR updatedINTERACTIONS

EVENTS ROUND UP KZN FRAuD Risk Management

GHANA BRANCH immediate Past Chairman Honoured

NeW TuiTiON Providers

cimaglobal.com | cgma.org The Platinum edition | October / November | 6/8

The conference ran under the theme: ‘New economy, fresh

thinking’. It brought together some of zimbabwe’s and

neighbouring countries’ financial minds, who discussed key

financial and economic issues facing zimbabwe.

The conference was attended by CIMA members who work

at the heart of business, Government and Civil Society in

zimbabwe who collectively identifed efforts and opportunities

to resuscitate an economy. Hon. Deputy Minister for Industry

and Commerce, Iris Mabuwa, was also in attendance to set the

tone for the conference and gave strategic grounding for the

discussions that ensued. Hon. Mabuwa previously met with

CIMA President, Andrew Miskin to discuss ways in which the

accounting profession could help with current challenges in

zimbabwe.

Says Badibanga Promesse, CIMA Regional Vice President:

Africa: “As an important player in the economy in zimbabwe,

CIMA aims to help people and business to succeed.

“Recent CIMA research and work done around topics such

as the Global Management Accounting Principles, Finance

Business Partnering, Joining the dots, transparency in the

public sector and the role of the modern CFO has shown

how management accountants partner with business and

government in spearheading critical business agendas. They

contribute to decision making and performance management

bringing not only their accounting and analysis toolkit, their

overview of business and their professional objectivity but

most significantly their ability to participate in conversations,

asking the right questions and joining the dots. It is these

questions and collaborative conversations that we believe will

lead to the insights needed to improve the performance of the

zimbabwean economy.”

CiMA & MONAsH sA MOu signed

CiMA and Monash south Africa have entered into a MOu to collaborate on the advancement of the management accounting

profession in south Africa and Africa through collaborative projects. Pictured here are CiMA President Andrew Miskin and Prof Alwyn

louw, Academic President, MONAsH during the signing

CiMA is proud to welcome Cashbuild as a newly accredited Training Partner. Pictured here are

(l-R): Nadine January, Nonhlanhla Tshaka, Haroldine Jansen, yolan Dass,Gillian Mead, ismail

Rahman, lebo segoete, Peter Champion and Muziwakhe Masuku

During the Boma themed dinner evening CiMA’s Kudzai Farirayi, Badi Promesse, Tebogo Mathafeng and Paul Ngwarayi from the

Zimbabwe Branch Committee

Hon. iris Mabuwa

CiMA’s Karen Phang and Heather Bangwayo visited the Namibia university of science and Technology (NusT) on 8 september to discuss

accrediting their accounting programme so that their students can be eligible for exemptions when they graduate. Also pictured are NusT lecturers, Alfred Makosa and lameck Odada

CiMA President, Andrew Miskin visited ey and gave a presentation on joining the dots

Jonas Sowah Quaye FCMA, CGMA, Immediate Past Ghana Branch Chairman was awarded “The Plaque of the Institute” for his immeasurable service and contribution to CIMA Ghana since 2001 during the Honours Night event held on 14 September at the British Council, Accra. Jonas has served CIMA at Branch Committee level in various positions including those of Publicity Secretary, Vice President, President and Chairman. On retirement in 2012, he served as Immediate Past Chairman for two years. He was part of the African Regional Board and the African Branch Forum in 2011 and the Global Markets Committee the same year.

Presenting “The Plaque”, the Ghana Branch Committee Chairman, Augustine Kessie was full of praise for Jonas and urged all potential office holders to emulate his example saying the sky should not limit them in their aspirations. The citation accompanying “The Plaque” acknowledged Jonas’ role in the development and growth of the CIMA Brand and his efforts towards the recognition of the management accounting profession in Ghana. In accepting the award Jonas expressed his joy and happiness to be of service to CIMA saying. “it has been a pleasure giving back to the profession and seeing so many young talented accountants come in through the ranks. During the event, nine top performers in the 2015 examinations were awarded Certificates of Recognition, six Passed Finalists were acknowledged, 15 new ACMAs and an FCMA were recognised as well.

Guests at the honours night (l-R): Moses Temanu, Mike Tyson, stephen Asare, MacGeorge Gyimah, esther Bonsrah, Jonas

Quaye, Dr. Adelaide Kastner, Anthony Boateng, Kelvin Gyekye, Justice lartey, Gus Kessie

T: 011 728-7225e: info@cpmd.co.zaW: www.cpmd.co.zasamzo House, 103 William Road, Norwood, 2192

T: 011 026 5828, M: 074 762 6867e: info@desneytraining.co.za W: www.desneytraining.co.za 128 Richards Dr, Midrand, 1682“Nurturing Business Leaders"

The good thing about my CIMA qualification is that it provides a holistic approach ALFRED RAMOSEDI FCMA, CGMA, African Bank’s head of retail operations in South Africa

Designbyiheartdesign•M.0836489214E.darshana@iheartdesign.co.za

T. +27 (0) 788 8723/ 0861 CIMA SA | E. johannesburg@cimaglobal.com

Heather Bangwayo is the new

education Manager based at the

Regional Office in Johannesburg.

In this role she will work to drive

student growth and employability

by building relationships with

key education institutions,

stakeholders and employers.

She will also drive the high

school pupil’s awareness program

so as to start promoting the

CIMA brand from a high school level. Between Monash

South Africa and Varsity College, she has worked in

international student recruitment for 10 years where

she accumulated extensive experience in managing

and nurturing stakeholder relationships in various

African countries whilst recruiting students to study in

South Africa.

yetunde Okunoren is the Business Development

Manager for Nigeria.

Yetunde is a self-motivated, competent marketing

and business development professional, with

diverse industry experience in Technology Solutions,

Administration and Human Resources. She is a strong

team player with attention to detail and excellent

verbal and written communication skills.

CiMA sTAFF succeed

NeW APPOiNTMeNTsin The Region

Congratulations to Paul Aninakwah, Country Manager

Ghana and samantha louis, Past Regional Director:

Africa for attaining the ACMA and FCMA designations.

Paul Aninakwah (ACMA, CGMA)

samantha louis (FCMA, CGMA)

Gauteng Mentorship Event 15 October

Ghana Pass your CIMA First Time 22 October

Ghana Nov 2016 Exam Preparation 23 October for Gateway & Management Level Case Study

Gauteng Training Partner Day 27 October

zambia Entrepreneurship 27 October and Economic Development – looking beyond formal employment

Western Cape Annual Dinner 27 October

CGMA CNBC Management 02 November Accounting Series recording

Zimbabwe Exam Preparation for 05 November Operational Level Case Study

zimbabwe 2 Exam Preparation 05 Novemberfor Gateway and Management Level

Zimbabwe 3 Exam Preparation for 05 November Strategic Level Case Study

Western Cape PER session 09 November

Gauteng Branch Gala Dinner 11 November

KzN PER Session 16 November

Gauteng PER session 23 November

Ghana PER session 30 November

Ghana ACMA to FCMA session 30 November

DATes TO DiARiseeVeNT DATe

For more information please email Eventssa@cimaglobal.com

We believe that CIMA, as an internationally-recognised global business qualification, brings tremendous value to everyone in South Africa CHARISSA COUSINS

Head of Academic Operations for IBTC.