ICAN transformation and bursary project unveiled

The dream of ICAN to establisha bursary fund has become reality now. 2013 marks a very important year in the life of the ICAN Bursary Fund (IBF).

This momentous year see the pilot cohort of students to join the Thuthuka project of SAICA in SA eligible to qualify as chartered accountants in Namibia during 2016. These students will lead the way for many more students to follow in their path.

This proud achievement has brought about the realisation of the objective for which the IBF was established, with hard work from a lot of people.

The main objective of the IBF is to provide talented Namibian students from disadvantaged backgrounds with the opportunity to study towards becoming chartered accountants. It is in pursuance of this objective that the IBF seeks to address the country's shortage of high-level skills.

The IBF strives to support the vision of ICAN by advancing the education of our youth, empowering them to become prospective chartered accountants and sustaining the future of the chartered accountancy profession.

ICAN wants to build partnerships with funders that may range from individual CAs(Nam) to commerce and industry organisations, government and foundations to be part of this project. ICAN invites interested parties to contact them for information.

ICAN wants to congratulate these students that worked hard during their studies, to enable them now to qualify for admission on the IBF scheme to further their studies towards a Chartered Accountant.

They are:

Shambi Matheus
Josefin Johannes
Lasarus Shiimi
Frans Tshikesho
Khumbu Ndebele

"The real hard work starts now. Success is 1% inspiration and 99% perspiration! ICAN wishes the students all the good luck possible!" a statement by the ICAN team reads.

The current situation with regards to the CA profession in Namibia is as follows.

To obtain the nationally recognized, professional accounting qualification of Chartered Accountant (CA), you have to pass the qualifying examinations of the Institute of Chartered Accountants Namibia (ICAN) (QE1), and the Public Accountants and Auditors Board (PAAB) (QE2), and you have to meet their standards for practical experience. The CA syllabus is aimed at preparing candidates in Financial Accounting, Auditing, Taxation and Management Accounting, so that they can function as chartered accountants in the private or public sector.

Currently a reciprocity agreement exists between SAICA and the Namibian Institute (ICAN), with a mutual commitment between the two institutes. ICAN follows the SAICA training programme and qualifying examinations, and Namibian CA's are therefore recognised in SA and all countries that have similar agreements with SAICA.

Before one qualifies for the CA training programme, you have to obtain the B Comm Accounting degree, and then the B Com Honours (Accounting) degree/Certificate in the Theory of Accounting (CTA) at an ICAN/SAICA accredited educational institution, to be allowed to sit for Part 1 (QE1) of the professional examination of ICAN.

At present, UNAM and PON, situated in Windhoek, are the only institutions providing full-time undergraduate accounting programmes in Namibia, and do not offer the B Com Honours (Accounting) degree or Certificate in the Theory of Accounting (CTA).

These undergraduate accounting programmes are however not accredited by the ICAN/SAICA, and the students therefore do not directly qualify for admission into the B Com Honours (Accounting) degree or Certificate in the Theory of Accounting (CTA) programmes of universities in South Africa, e.g. Unisa, UJ, UCT.

Namibians who want to become Chartered Accountants (CAs) must therefore study in South Africa, or follow the Unisa distance learning programmes. If they do their undergraduate study at the Namibian institutions, the SA institutions require "bridging" programmes of 1 or 2 years, before being allowed into the B Com Honours (Accounting)/CTA programmes. This results in a very long and costly exercise. At best, it will result in a 7 year academic process, against the 4 years if attending SAICA accredited institutions. Also, it is experienced, that without the necessary high-level and solid foundation at school and undergraduate level, with at least good average pass results, a few more years can be added before qualification.

Students must usually follow a training contract programme of minimum 36 months, but if they then enter with a Namibian undergraduate degree, the period is 48 months, adding another year. This results in a very costly, long and demotivating process.

Namibian audit firms want to offer bursary support to students for as short a period as possible, and they therefore direct some of their bursary holders to South African universities that offer three year programmes. Many students who go to South Africa to study accountancy tend not to return to Namibia, as the top students are recruited by SA auditing firms, as they have very aggressive and attractive recruitment programmes.