The 2022 SONA address by President Ramaphosa’s lit a fuse in the accounting profession that will likely double your accounting service revenue in the next two years.
The impact of his speech will be even bigger than the positive impact we experienced with the removal of the audit for most companies in 2013, and even bigger than the establishment of accounting officers as an alternative to auditors in 1984.
Each of those events lead to an increase in 1000s of jobs for non-CA accountants by opening up economic sectors previously gifted to CA auditors. The result was a reduction in costs to consumers, increase in consumer choice, fair access to markets, and poverty alleviation.
Once again the flames of freedom are burning bright for the majority in the accounting profession.
Zondo has laid bare the corruption that results when the control and management of the financial reporting supply chain in state departments and SOEs are dominated by a selection of accounting firms.
Our President has heard the Zondo clarion call and responded in his SONA address:
- A comprehensive review of the work visa system which will likely create a new market for accounting verification services.
- A whole new economic sector is being created in the hemp and cannabis market that will require specialist accounting services.
- New types of financing via non-bank SME providers. New accounting systems and reporting is required and SME can only get a loan if they have an accountant preparing and reporting on their financial statements.
- A review of the Business Act that will likely include areas of interest for accountants such as simplified bookkeeping and financial statements and an accreditation of accountants.
- The Infrastructure Fund will spend R100 billion in the next 10 years and will require progress and performance reports from accountants working in the sector.
- The establishment of a Climate Financing Team whose success will depend on accountants that specialise in climate change reporting.
- Announcing measures that will likely include a review the financial reporting supply chain in state departments and SOEs. The professionalisation of the public sector will likely require that only members of professional bodies be appointed in key finance roles.
- Reforming SOEs to be more efficient will require a new role for accountants as change agents.
- Specialised units will be appointed to address economic sabotage and corruption presenting an opportunity to become a forensic accountant.
- Local economic development will require the support and participation of accountants to train and assist SMEs.
- Removing challenges to NPOs and NGOs will impact the accounting and financial reporting of these entities. This requires a new type of accountant specialising in the sector.
It is now up to us as SAIBA members and all accountants that share our values to organise and take ownership of our collective future. Democratising the accounting profession for all.
We must actively and constantly present our skills and support to President Ramaphosa and his government.
SAIBA recommends that you call an urgent strategy meeting with your team and do the following:
This will be your biggest gift to yourself:
- Make a list of all the relevant DGs and managers of various state departments, SOEs and municipalities that you want to work with, your list should include at least 20 contact details.
- Send them an email and phone them, declaring your willingness to participate in any workgroup or committee discussing the reform of the financial reporting supply chain.
- Offer your services as forensic accountant, procurement accountant, accounting system advisor, business advisor, bookkeeper, and accountant.
- Make sure your firm is included in any subsequent list of preferred providers.
- Contact SAIBA to make sure you participate in our various workshops and engagements with government to ensure fair access to all accountants.
SAIBA will fight hard to ensure that all South Africa’s accountants will be utilised by government as we repair our economy damaged by corruption, domination and exclusive market access.