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4 CONTENTS

DISPATCH
06 GRAPHIC NEWS The safest banks in the world and the top
25 competitive economies
08 DISPATCH News round up and jobs news from around
the world

FEATURES
28 CAMBRIDGE ICFE – WHAT DO USERS
THINK? Students and tuition providers
give their verdict
32 WATER FOOTPRINTING Water
is set to be a pivotal power in all
business decisions
38 MOULDING MANAGEMENT
What are the skills required of a
good leader?
45 LOOKING UP:
CANADA Where
are ACCA members
in demand?

LEARNING CENTRE
12 MOVING ON Who’s moved where
14 REVIEWS Online and book reviews
15 HOW TO Approach an appraisal
17 PER Mythbusting 22 MEMBER PROFILES
19 TALKING TECHNOLOGY Web Enterprise 2.0 24 WHAT’S IT LIKE TO WORK AT DELOITTE, UAE

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Welcome to the OCTOBER 2009 issue of STUDENT ACCOUNTANT
Brendan Murtagh
Please email studentaccountant@accaglobal.com with your feedback on this issue President
Mark Gold
Deputy President
Dean Westcott
Vice President
Helen Brand
Chief Executive
TECHNICAL
EDITORIAL TEAM
Victoria Morgan
56 TECHNICAL
Editor
ARTICLES
Jamie Ambler
PROJECT
Editorial Consultant
MANAGEMENT
Paper P3 Jackie Dollar
Art Editor
TRANSFER PRICING
Papers F5 and P5 Richard Gooding
Designer
THE RISKS OF
UNCERTAINTY Papers Rhian Lewis
P4 and P5 Editorial Executive
THE TAXATION
OF INCOME WWW.ACCAGLOBAL.COM
FROM LEASING Glen Patterson
TRANSACTIONS Online Editor
Paper P6 (MYS)
29 Lincoln’s Inn Fields London
COST OF CAPITAL,
WC2A 3EE
GEARING AND CAPM
United Kingdom
Papers F9 and P4
tel: +44 (0)20 7059 5700
FOCUS ON PER email: info@accaglobal.com
Performance www.accaglobal.com
objective 10
57 EXAM PUBLISHING AND ADVERTISING
SUPPORT All ACCA Adam Williams
Qualification papers Head of Publishing
59 EXAMINABLE Anthony Kay
DOCUMENTS All Production Manager
ACCA and CAT papers
61 NOT-FOR-PROFIT For all advertising-related matters please
ORGANISATIONS contact Lisa Peake:
Papers F1, F5, F7, F8, tel: +44 (0)20 7902 1224
P2, P3 and P5 email: lisa@educate-direct.com

Published by the Certified Accountants

Educational Trust in cooperation

RESOURCES with ACCA.

The Council of ACCA and the publishers

do not guarantee the accuracy of
68 ACCA news
statements made by contributors or
74 Essential exam dates advertisers, or accept any responsibility
and entry information for any statement which they may make in
this publication.

EXAMS No part of this publication may be

INTERACTIVE
Visit the interactive section to tell us about
your job-hunting tips, and be in with a chance
of winning an e-pen to take notes in lectures
reproduced, stored in a retrieval system,
or transmitted in any form or by any means,
50 Read vital feedback electronic, mechanical, photocopying
for all ACCA and CAT or otherwise, without prior written
papers following the permission of the publishers. © CAET 2009
June 2009 exam session ISSN 1473‑0979
 6 DISPATCH
WORLD’S 50 SAFEST
BANKS

1 KFW
GERMANY
2 CAISSE DES DÉPÔTS
FRANCE
3 BANK NEDERLANDSE
GEMEENTEN
NETHERLANDS
4 RENTENBANK
GERMANY
5 ZÜRCHER
KANTONALBANK
SWITZERLAND
6 RABOBANK GROUP
NETHERLANDS
7 L-BANK
GERMANY
8 NRW.BANK
COUNTRY TYPE 2009 2010 GERMANY
9 BNP PARIBAS
FRANCE
HONG KONG NON-CBD -20% 10% 10 ROYAL BANK
OF CANADA
CANADA
GRAPHIC NEWS
HONG KONG CBD -38% 0% 11 NATIONAL
AUSTRALIA BANK
AUSTRALIA
12 COMMONWEALTH
MALAYSIA ALL FLAT FLAT BANK OF AUSTRALIA
AUSTRALIA
13 BANCO SANTANDER
SINGAPORE ALL -33% -30% SPAIN
14 TD BANK
CANADA
THAILAND ALL -10% -5% 15 ANZ
AUSTRALIA
16 WESTPAC
AUSTRALIA
17 ASB BANK
Source: CLSA Asia-Pacific Markets. CBD – central business district NEW ZEALAND
18 HSBC

OFFICE RENTAL FORECASTS IMPROVE

UK
19 CRÉDIT AGRICOLE
FRANCE
Improved economic conditions have boosted office rentals in Asia, according 20 BBVA
SPAIN
to a recent Star report. Rental figures are unlikely to fall as drastically as in the 21 NORDEA
SWEDEN
first quarter of this year. However, a continued downward adjustment in occupancy 22 SCOTIABANK
CANADA
costs could mean that doing business in Asian cities becomes more competitive. 23 HANDELSBANKEN
SWEDEN
24 DBS
SINGAPORE
25 BANESTO

GERMAN BANK TOPS WORLD’S SAFEST LIST

SPAIN
26 CAISSE CENTRALE
DESJARDINS
CANADA
KfW has won first place in Global Finance’s 18th annual table of the world’s 50 safest 27 POHJOLA
banks. The highest ranking banks are the ones that kept an iron grip on their risk FINLAND
28 DEUTSCHE BANK
exposure before the financial crisis. The banks were selected through a comparison GERMANY
29 INTESA SANPAOLO
of the long-term credit ratings and total assets of the 500 largest banks in the world. ITALY
30 “LA CAIXA”
Ratings from Moody’s, Standard & Poor’s and Fitch were used. SPAIN
31 BMO
CANADA
32 BNY MELLON
US
KFW 33 DNB NOR BANK

1
NORWAY
34 CAIXA GERAL
DE DEPOSITOS
GERMANY PORTUGAL
35 UOB
SINGAPORE
36 OCBC BANK
SINGAPORE
CAISSE DES DÉPÔTS 37 CIBC

2
CANADA
38 NBK
KUWAIT
FRANCE 39 JP MORGAN
US
40 UBS
SWITZERLAND
BANK NEDERLANDSE GEMEENTEN 41 SOCIÉTÉ GÉNÉRALE

3
FRANCE
42 WELLS FARGO
US
NETHERLANDS 43 CREDIT SUISSE
GROUP
SWITZERLAND
44 BANQUE
RETENBANK FÉDÉRATIVE DU
CRÉDIT MUTUEL

4 FRANCE
45 CIC
FRANCE
GERMANY 46 NATIONWIDE
UK
47 US BANCORP
US
ZKB 48 SHIZUOKA BANK

5
JAPAN
49 NORTHERN TRUST
US
SWITZERLAND 50 NATIONAL BANK
OF ABU DHABI
UAE
 Find out more
7
www.accaglobal.com/economy

SWITZERLAND TOPS POLL

Switzerland is the most competitive economy in the world, according to the World Economic Forum’s
Global Competitiveness Report 2009–10. It took the top slot from the US, which fell to second place.
In third place was Singapore, which did well due to its world-class infrastructure of roads and ports.

1 CO
2 S UN
4
3 US WIT TRY
S 5 Z
E S
6
5 SWING .59 RLA CO
7 DE ED APO ND RE
8 F N E R 5.6
GE INLAMAR N 5 E 5
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9 0
10 JA RM N K .51 .55
IN

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12 1 NE ANA N 5 NY .43 6 2
NK

13 HO TH DA .37 5.3 1
RA

14 TA NG ER 5. 7 5
U IW L
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10

1
16 5 NO K 5. AN ON ND 3
–

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09

17
1 F S A 0 .22 .32 7
AU RAN TRA Y 5.
20

19 8 9
2 B S CE LI 17 1
21 0 KO ELG TRIA 5. A 5. 8 0
N R IU 5 13 15
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2 11
LU EW EA 5 M 5 .13
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23 2 17
IN

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25 4 UA ATA EMB AL 0 9 15 2
NK

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IR LA .9 .95 RG D 4 16 8
EL Y 2 4.9 .98 1
9

AN SIA 19 4
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08

4.8 87 2
4 2 4
20

26 5
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21 1
22
 8 DISPATCH
01 AUDIT
CONVERGENCE EASIER
A study published by the
European Commission
has concluded that global
NEWS ROUNDUP
convergence of auditing
standards would be less
problematic than the convergence
of accounting standards.
The Maastricht Accounting,
Auditing and Information
Management Research Center
compared International
Standards on Auditing and US
auditing standards, enabling
the European Commission to
improve its understanding of
the audits of US companies
listed in an EU jurisdiction
and to improve the ability of
European oversight bodies to
conduct inspections.
02 BOND SALE A SUCCESS
Hong Kong’s first government
bond sale in five years has
received an overwhelming
response from cashed-up
institutional investors who, in
the current climate, perceive
ACRA ISSUES RED CARD
TO FIRMS
The Singapore Accounting
and Corporate Regulatory
Authority (ACRA) has called
on accountancy firms to make
important improvements in
the quality of their auditing
to uphold the city state’s
reputation as an international
financial and business
centre. In its Annual Practice
Monitoring Programme Public
Report 2009, ACRA said
auditors needed to exhibit
‘greater rigour in the exercise
of professional scepticism
in the conduct of audits’.
While it found that most audit
procedures and work that
it reviewed met regulatory
expectations, ACRA also
identified ‘key performance
gaps and systemic threats
to audit quality, which the
profession needs to address, as
individual public accountants
and firms, and collectively
as a profession’. The review
separated auditors of public
interest entities (PIEs) and
non-public interest entities.
The quality of policies, controls
and auditing in the reviewed
PIE firms were found to be in
the ‘most part acceptable’.
sovereign bonds to be a safe
option. The HK$3.5bn in two-year
government bonds were 6.45
times oversubscribed, but the
average yield of 0.59% was lower
than the market expected.
03 PwC SHOWS
MODEST GROWTH
PricewaterhouseCoopers’ UK
practice has reported a marginal
increase in turnover for the year
ended June 2009 – up from
£2.24bn to £2.25bn. Profit for
distribution rose by £3m to
£667m. But with an extra 53
partners admitted during the
year, profit per partner fell 3% to
£777,000. The largest distribution
of profit – £3.3m – went to
chairman Ian Powell. Operating
costs as a percentage of turnover
fell from 15.4% to 14.5%. Turnover
in the advisory practice rose by
4.8% to £737m; it fell in assurance
by 0.5% and in tax by 3.7%.
04 CHINESE CITIES ON
ROAD TO RICHES
Twenty-five of the most
prosperous 100 cities in China
are expected to at least double
their consumption between 2008
and 2015. A report by McKinsey
& Co has found the momentum
of economic and social change
in China to be so great that
the global financial downturn
‘appears to have caused only a
temporary dip on an otherwise
long and steep road to growth’.
05 CHINA
BOURSES PUMPED
Companies are rushing to list
on the Shanghai and Shenzhen
exchanges after a long hiatus
when IPOs were suspended in
China. First on the list was China
State Construction Engineering
Group, the world’s largest stock
offering in 16 months, whose
shares soared nearly 60% on its
Shanghai debut.

06 BURSA SUQ
AL‑SILA’ OPENS
Trading has started on Bursa Suq
Al-Sila’, the world’s first end-to-end
Shariah-compliant international
commodity trading platform which
will facilitate commodity‑based
Islamic financing and investment
transactions under the Shariah
principles of Murabahah,
Tawarruq and Musawwamah. The
launch commodity is Malaysia’s
star product, crude palm oil.
Bursa Suq Al-Sila’ has been
spearheaded by the Malaysia
International Islamic Finance
Centre. The trading platform is
operated by Bursa Malaysia via its
fully Shariah-compliant subsidiary,
Bursa Malaysia Islamic Services
Sdn Bhd.
07 G20 CALL FOR
BANK BUFFERS
Larger capital buffers must be
held by banks to protect them
during adverse periods in the
economic cycle, G20 finance
ministers and central bank
governors have agreed. They
also decided that standards are
necessary to define high-quality
liquidity, with banks putting
aside a higher proportion of
profits to build capital. G20
leaders agreed that corporate
governance reform is necessary,
with greater independence
for board remuneration
committees and reform of
compensation packages.
08 IASB-ASBJ
AGREE STANDARDS
The International Accounting
Standards Board (IASB) and the
Accounting Standards Board of
Japan (ASBJ) are committed
to continuing their work on
the convergence of accounting
standards. Agreed priorities for
early action include the recent
IASB exposure draft on financial
instruments, financial statement
STUDENT ACCOUNTANT 10/2009
The latest on the global economy
9
www.accaglobal.com/economy
TOBIN OR
NOT TOBIN: presentations,
FACTS AND post-employment
FIGURES benefits, and
measurement of liabilities. An
0.005% agreed roadmap for convergence
Possible rate permits early adoption of IFRS
of a Tobin tax by Japanese listed companies
for fiscal years beginning 1 April
£18bn–£35bn 2009. It also proposes mandatory
Annual product adoption of IFRS from 2015
of a tax at or 2016.
this level
09 IASC PROPOSES
£700,000bn IASB CHANGES
Total annual Stronger governance
value of arrangements for the IASB have
financial been proposed by the trustees
transactions of the IASC – the International
(upper Accounting Standards Committee
estimate) Foundation – which oversees the
operations of the IASB. Proposals
Source: The Guardian are intended to increase
TOBIN OR NOT TOBIN? stakeholder engagement with the
The UK’s Financial Services IASB, representing a range of
Authority (FSA) chairman perspectives in the developed and
Lord Turner has suggested emerging markets. There is to be
the introduction of a ‘Tobin more consultation on the IASB’s
tax’ – a small percentage agenda-setting process, greater
surcharge on every financial liaison with organisations, greater
transaction – to reduce geographical diversification
the volume of transactions in trustee membership;
and encourage institutions and a change in name of
to focus on activities of the IASC Foundation to the
economic and social value. IFRS Foundation.
The British Bankers’
Association and individual 10 SEC REGRETS MADOFF
banks opposed the idea, The US Securities and Exchange
which the UK government Commission (SEC) has admitted
also rejected. In the same it failed in its regulatory
article in the left-wing responsibilities and should have
Prospect magazine, Turner discovered the Bernard Madoff
proposed forcing UK banks frauds much sooner. A report
to provide ‘living wills’ to from the SEC’s inspector general
enable their orderly closure was strongly critical of his own
if they become insolvent. agency. SEC chairwoman Mary
The FSA is moving ahead Schapiro said: ‘His report makes
with their introduction, which clear that the agency missed
the government is expected numerous opportunities to
to back with new legislation. discover the fraud. It is a failure
The aim is to ensure that that we continue to regret, and
if a bank collapses, it can one that has led us to reform
wind down within 60 days. in many ways how we regulate
markets and protect investors.’
 10 DISPATCH
01 MANAGERS DISMISS
STRESS WORRIES
The latest employment study
by specialist finance recruiters
Badenoch & Clark finance reveals
a growing stress problem in the
UK workplace. A high number
(91%) of employees are stressed
at work, with 71% workers
unable to raise their concerns
with management. With the
economy still suffering from the
global financial crisis, employees’
stress levels are being affected
predominately by increased
workloads, credit crunch worries
and reduced headcount in
their company.
Stark differences between how
men and women are reacting to
JOBS NEWS
considering moving. Nearly
a third of those surveyed
slated the way their
employers had treated
them during the
downturn, while a similar
proportion complained of the
lack of effective internal
communication about
how the financial
crisis was impacting
on the business.
‘Senior management here seem
to think that the best way to deal
with bad news is just to cover it
up,’ said one interviewee, while
another said that the response
of the board at her company
was similar to that of a ‘rabbit
in a car headlight’. Parkside’s

the situation were also unveiled; managing director, Jennie

31% of men are worried that
they will lose their job, compared
to 26% of women. Men are
also more stressed about the
general economic outlook –
36% compared with 28%. Neil
Wilson, managing director
of Badenoch & Clark, said,
‘Stress currently costs British
business billions of pounds a
year. While some stress is a
normal part of work, excessive
stress reduces productivity
and general wellbeing. Most
employers would agree that it
makes business sense to avoid
excessive stress levels building up
in the workplace.’
02 EMPLOYERS WARNED
OF ‘MASS EXODUS’ WHEN
UPTURN COMES AROUND
A new survey indicates that
thousands of UK finance
professionals are set to hand
in their notices as confidence
returns to the job market.
According to recruiters Parkside,
while many are still concerned
about job security, 26% of
accountants intend to move
as soon as the jobs market
picks up and a further 29% are
Emerson, said, ‘It looks as if
employee perception of how
companies managed their way
through the period of downturn
could mean a mass exodus of
people as soon as things start to
pick up.’
03 JOB MARKETS
IMPROVING AROUND
THE WORLD
A global survey of hiring and
firing trends in 34 countries
reveals that job prospects for
professionals are improving for
the first time since the autumn of
2008. International recruitment
firm, Antal, asked over 7,000
companies if they were currently
hiring at professional and
managerial level, as well as
whether they planned to do so
in the coming quarter and if
they were letting staff go (or
planning to do so) in the next
three months. Highest current
hiring levels were in China
(74%), Russia (62%), the Czech
Republic (60%), the US (55%),
France (54%), Poland (53%),
Bulgaria (54%), India (51%),
the UK (50%), Belgium (50%)
and Germany (46%). Lowest
CITY ACCOUNTANTS
FEELING MORE SECURE
A poll of over 5,000
accountants in the City of
London suggests confidence
in job security is returning.
The number of people
feeling their security would
improve increased to 45%
over the last quarter. GRS,
an executive search firm,
said stronger levels of
activity were being observed
across many front office
roles in banks – driving
the general sense of
security across back-office
functions, especially in
risk management. Ken
Brotherston, CEO of
GRS, said, ‘Confidence
is spreading as the City
continues on its path to
recovery. There’s been a lot
of talk about green shoots
in the economy, but the
confidence monitor is one
of the few sources able to
assess market conditions
– and shows us that City
workers feel the worst is
behind them.’
 STUDENT ACCOUNTANT 10/2009
11
Realise your career ambitions at ACCA Careers
www.accaglobal.com/careers/

levels were in Switzerland (35%), said Emma Charnock, regional means

reflecting the economy’s reliance
on the financial sector, as well
as Hungary (26%). ‘We would
be very brave, or possibly very
foolhardy, to assert that the
economic crisis that has assailed
the world is over,’ says Antal’s
CEO, Tony Goodwin. ‘But there is
little doubt that these results give
cause for some optimism. The
hiring and firing of staff is one
of the most effective measures
of business confidence and there
is no denying that, with a few
exceptions, the jobs market for
professionals and managers is
improving all around the world.’
04 COST REDUCTIONS
MEAN MORE JOBS
FOR MANAGEMENT
ACCOUNTANTS
The round of cost-cutting
measures being embarked
on by organisations in the
financial services sector have
impacted positively on demand
for finance professionals with
management accounting skills.
Recruiter Badenoch & Clark
said it had observed an upturn
in demand: ‘As investment
banks focus heavily on reducing
costs, a number have brought
in management accountants
to help,’ says Guy Emmerson,
associate director. ‘It’s those with
experience of costing large IT
projects in a banking environment
who are the most in demand.’
05 EXCITING TIMES
IN CHINA
Recruiter Hays Accountancy &
Finance says the Chinese jobs
market is starting to bounce
back from the rollercoaster ride
of the past year. ‘China has
undergone immense economic
and social development over
the past 25 years and is one
of the world’s largest and
fastest-growing economies,’
director for Hays in China and
Hong Kong. ‘The market still has
battles to face and it will take
time for improved sentiment
to translate into improved
vacancy activity. Employers are,
however, beginning to look more
positively towards recruitment
activity and it is therefore
important to prepare ourselves
for the imminent upturn.’ The
company is seeking additional
consultants for its recruitment
team in anticipation of demand
for staff, even looking further
than the local market to attract
Mandarin speakers living in
Australia, Singapore and Hong
Kong wishing to return home to
mainland China. Meanwhile, in
Hong Kong, while Hays suggests
the economy is seeing signs
of stabilisation, it says the
employment market still has
battles to face. ‘It takes time for
improved sentiment to translate
into improved vacancy activity,’
said Charnock. ‘But a slightly
more optimistic attitude to
general market conditions and
the gradual return of stability
FACTS AND RESURGENCE OF
FIGURES CONFIDENCE IN SINGAPORE
Specialist recruiter Hudson says
65% accountancy jobseekers can look
Employers forward to a more prosperous
in Singapore quarter, after its survey of
forecast employers discovered that hiring
increased expectations in Singapore are
hiring in the ‘significantly higher’, and in
next quarter fact are improving for the first
time for over two years. Gina
19% McLellan, the agency’s country
Banking and manager, said, ‘Employers are
financial increasingly optimistic about
services business prospects.’ Nearly four
firms in out of five respondents
Singapore predicted Asia’s economy to
plan to grow start recovering by the end of
headcount next year.
employers
are looking
more positively
towards recruitment activity
in the next year. They are again
thinking about future growth
plans; it seems vacancy activity
in 2010 will be higher than we’ve
seen this year.’
06 GHANAIAN
ACCOUNTANTS PRESSED TO
‘LIVE ABOVE REPROACH’
A government minister in Ghana
has emphasised the need for
taxpayers to have confidence
in auditors, accountants
and financial managers
working in the country’s public
sector. ‘Our public financial
management processes should
make it possible for the rest
of our population to have
faith that things are being
handled for the common good,
and not for personal gain,’
said Paul Evans Aidoo, western
regional minister, warning
of the dangers associated
with the ‘ills’ in public sector
financial management.
 12 LEARNING CENTRE
Student Accountant would
like to hear from you if
you have recently changed
jobs or been promoted.
Go to www.accaglobal.
com/changingjobs
and tell us about
your move.
MOVING ON
In the UK, ACCA
student Joseph
Anyaike has been
appointed as
financial team
leader at Newport
City Council. In
his new role, he will manage
the income and expenditure of
the leisure and learning centre,
monitor budget and grant
expenditures, organise and
implement financial transaction
processes, liaise with budget
holders, and manage the finance
team with a focus on achieving
overall objectives. Previously,
Joseph was an accounts
assistant at Utility Partnership
Ltd in Cardiff.
In Zambia ACCA student Larry
Kafuti joins Care International
as a programme support
assistant – finance. Based in
Kasama, Northern Province,
Larry will ensure that all financial
accounting transactions relating
to the Moyo wa Bana Capacity
Building Initiative are properly
prepared and accurately coded in
the financial accounting systems
to enable accurate and timely
preparation of cash books and
bank reconciliation statements.
He will also implement internal
controls in relation to CARE
Financial policies and provide
finance advice to the project.
Previously, he was an accounting
officer at the Ministry of Health,
Mansa General Hospital,
Luapula Province.
In Bangladesh, ACCA student
Abu Noyem Md Khasru has
become head of finance at Bank
Alfalah Ltd in Dhaka. His overall
responsibilities
include preparing
and checking
income expenses,
trial balances,
cash flow and
balance sheet as
per IAS, IFRS and
local regulations, preparing
budgets, calculation of month
end provisions, ensuring
that reconciliation of Nostro
Accounts are done on a daily
basis, assisting with internal and
external audits and inspections,
ensuring payment of VAT/
WHT, and arranging appropriate
training for finance staff. Prior
to this, he was a finance and
accounts manager at Commercial
Bank of Ceylon plc in Dhaka.
In Pakistan, ACCA student
Muhammad Banaris has been
appointed as an auditor at
BKR – Munif Zia Ud Din & Co
Chartered Accountants. Based
in Islamabad, Muhammad will
be responsible for auditing
the company’s clients. Prior
to this, he was a finance
manager at Fatima Group, also
in Islamabad. In Lahore, ACCA
student Muhammad Ahmar
Asghar has become an assistant
manager of accounts at Furniture
Pakistan. In this new role, he
will manage the preparation of
annual and interim budgets,
prepare monthly reports, final
accounts, and statements of
deduction of tax. He will also
be in charge of maintaining the
cash management system for
the placement of funds in banks,
and coordinate external audits.
Previously, he was a finance
programme officer at the Punjab
Rural Support Programme,
Lahore. In Karachi, ACCA student
Abdul Qadir has become an
audit trainee at M Yousuf Adil
Saleem & Co, Deloitte Touche
Tohmatsu. His duties include
verifying and approving expenses,
verifying purchase transactions,
and internal controls of the HR
department. In his previous role,
Abdul was an accountant at Tahir
Medical Center in Karachi.

In Nigeria, ACCA student
Oluseun Ibilola has become
a finance officer at Leasing
Company Nigeria Ltd in Lagos.
In his new role, he will be
responsible for the maintenance
of lease rental debtors and staff
debtors ledgers, conducting
monthly bank reconciliations,
recording incoming cheques,
preparing payment and petty
cash vouchers, and many other
ad hoc assignments. In his
previous role, Oluseun was an
account officer at Cibilog Ltd
in Lagos. Also in Lagos, ACCA
student Abimbola Odesanya
has been appointed as a loan
monitoring officer at Oceanic
Bank plc where she will be
in charge of monitoring the
bank’s risk asset portfolio.
Previously Abimbola was a credit
administration officer at Spring
Bank plc in Lagos.
In Uganda, ACCA student
Alfred Ndolo Musau joins Protea
Hotel Kampala as a night auditor
where he will be responsible
for revenue audits. Previously
he was a night auditor at
Alliance Hotels and Resorts in
Mombasa, Kenya.
In Kuwait, ACCA student
Khadija Shoukat has become
STUDENT ACCOUNTANT 10/2009
www.accaglobal.com/changingjobs
an internal auditor at Albazie
& Co in Maliya. In her new role,
Khadija will perform audits for
various clients, prepare reports,
and carry out risk assessments
and various other audit-related
projects. Previously, she was a
documentation assistant at Wajda
International in Dhajeej.
In Yemen, ACCA
student Muhammad
Saleem Ahmed has
been appointed as
finance manager
at Islamic Relief,
Yemen Office
in Sana’a. His
duties include reviewing and
analysing expenditure versus
budget reviews, monitoring and
reporting on all grant income
flows, preparing HQ reports
for reviewing and updating
(and quarterly/monthly
reporting etc), reviewing all
financial reports and proposals
for programme funding to
donors, preparing budgets,
managing contracts, liaising
with auditors, controlling and
signing bank reconciliations,
maintaining cash forecasts,
preparing financial plans,
preparing accounts for audits,
and supervising the finance and
13
Changing jobs?
accounting staff. Prior to this,
Muhammad was a financial
executive at Al-Tawila Trading
in Sana’a.
In Saudi Arabia, affiliate
Syed Kazim Ali Naqvi joins
KPMG as a trainee auditor.
Based in Jeddah, he will be
working in the audit department
to gain experience for a future
senior position.
In Botswana, CAT student
Raymond Thapelo has become
an administrator at Alexander
Forbes in Gaborone. He will be
responsible for administering
pension medium welfare funds
for government employees.
Prior to this, Raymond was a
soldier with the Botswana
Defence Force.
YOU NEVER SIT STILL
As dynamic finance professionals, we know
you are always on the move. Whether you have
changed your role, organisation, home address
or even country – don’t forget to tell us. Last
year over 100,000 students and members
continued to receive targeted, up-to-date
services and information from ACCA by changing
their details. Should you? Login to myACCA at
www.accaglobal.com to review and update
your details.
 14 LEARNING CENTRE
ONLINE
WEB
BROWSERS
In an intensely competitive
market, the standards
of free web browsing
software applications have
been soaring.
Dolphin 3D (www.
dolphin3d.com) has many
student-friendly features;
it’s built with 3D ‘layers’,
allowing you to switch
between layers of tabbed
pages, all in the same
window. It also offers a
‘bibliography builder’ (to
track sources – how often do
you print a page and forget
where it came from?), as well
as an integrated dictionary
and thesaurus.
Firefox (www.mozilla.
REVIEWS
com/firefox) has an amazing
capacity for extensions
(add-ons). So while it appears
simplistic, that’s actually
the point: you install it, then
choose from thousands
of new features (such as
bookmarks or customised
toolbars), or modify the
existing ones – you can get as
techie as you like.
Chrome (www.google.
com/chrome) is Google’s
foray into Microsoft territory.
Integration with your
computer allows you to
search your desktop in the
same way that you would
the internet. The navigation
buttons might look a bit odd
at first. But it’s super-fast
on most operating systems,
and you can customise
the theme of your home
page, including thumbnails
of all your recently visited
sites – handy.
BOOK
WORKING
ABROAD BY
JONATHAN
REUVID
If you’re working in the UK,
but tempted to look for work
abroad, the 30th edition of
Working Abroad is essential
reading. Impressively
up-to-date, it takes into
account the implications of
the current global recession,
relevant recent legislation and
political realities.
Detailed and balanced
information on all the
complexities is provided in a
thoughtful and readable way;
from making the initial decision
about whether working abroad
would suit you, to dealing
with reverse culture shock
if you choose to eventually
return home.
The book is divided into six
sections, all clearly laid out
and well signposted. The first
section deals with assessing
your suitability, family issues,
employer perspectives and how
to actually find work abroad.
The next section covers all
aspects of personal finance
including taxation, investments,
and pensions.
Part 3 returns to family
issues, with in depth analysis
of how emigration affects
partners and children. That
takes the reader to the point
of making the move and the
next section tackles all the
practicalities, from furniture
and pets to keeping your vote.
The final chapter in this
section is about doing it all in
reverse – coming home again.
Part 5 is a listing of useful
websites and the last section
contains country profiles.
There are just 10 in the
book but this is complemented
by a more comprehensive
offering on the publisher’s
website. Details of this
password-protected resource
are at the end of the
contents page.
Profiles cover each country’s
economy, taxation laws, and
working conditions as well as
providing an overview of health
and education.
Aimed at British workers,
it’s all very readable and while
strong on providing a reality
check, is not discouraging.
Anyone making a move after
working through this book can
feel reassured that they’ve
made an informed choice and
are well enough prepared to
make a success of it.
Irene Krechowiecka is a
careers coach and journalist
¤ Working Abroad,
Jonathan Reuvid, ISBN
9780749456481

APPROACH AN APPRAISAL
WITH EMPLOYERS KEEN TO GET THE MOST FROM EXISTING HEADCOUNT,
DEMONSTRATING HOW YOU ADD VALUE IN A PERFORMANCE APPRAISAL IS MORE
CRUCIAL THAN EVER.
If you have an appraisal coming
up, don’t leave anything to
chance – even if your employer
doesn’t have a formal appraisal
process and a proforma to
complete beforehand, behave as
if this were the case anyway –
you’ll then have a better idea of
how to get your message across,
as well as the issues your
manager may well bring up.
First, consider the period of
time since your last appraisal.
Write down what went well and
why, and what didn’t go well and
why. This will help you start to
get some perspective on the
strengths and weaknesses of
STUDENT ACCOUNTANT 10/2009
15
your performance. Think carefully List your tangible
FOR YOU TO COMPLETE ANY OF THEM PRIOR TO YOUR APPRAISAL?
THINK CAREFULLY ABOUT ANY SPECIFIC GOALS OR TARGETS THAT
about any specific goals or achievements and why you’re
YOU MAY HAVE BEEN SET AT YOUR LAST APPRAISAL – HAVE YOU
targets that you may have been proud of them – thinking, of
ACCOMPLISHED THESE? IF NOT, WHY NOT? IS THERE STILL TIME
set at your last appraisal – course, of how they’ve benefited
have you accomplished these? If your employer, not just your own
not, why not? Is there still time job satisfaction.
for you to complete any of them
prior to your appraisal – but Look ahead
without giving the impression Appraisals are also about
of a last-minute dash to the looking forward. It may well
finishing line? be that your manager will use
Consider what you have the appraisal to set you some
learned since your last appraisal, new goals for the coming six
particularly with regard to months or year – it does no
your personal and professional harm for you to make some
career goals. What new skills or suggestions yourself, considering
knowledge have you acquired the skills you’d like to develop
that makes you a more valued and how these will make you
contributor to the team? How a more valuable commodity in
much of that learning was the office. What support will
down to your own efforts? you need to achieve these? Can
In what ways might your you think of cost-effective ways
manager have helped to build these skills – such
you advance your as coaching, shadowing or
learning? Also take a secondment?
into account Given the current economic
aspects of your conditions, it may be your
ACCA studies manager will be grateful that you
that you were don’t march into the appraisal
able to put with a list of expensive or
into practice unnecessary training courses
in the – which could make you look
workplace unworldly or extravagant.
– especially However, should it be the
if your case that you’ve identified a
employer is genuine training gap that can’t
funding your be plugged internally, don’t feel
studies or has you can’t raise the issue – but be
been generous carefully to calculate the exact
with study and cost, and establish how your
exam leave. employer will ultimately benefit.
16 LEARNING CENTRE

BETTER THAN

PROBLEM SOLVED
3 THINGS YOU
SHOULD KNOW ABOUT
CLOUD COMPUTING
IN THE CLOUD
‘Cloud computing’ is the
term used to describe
accessing and running
software applications
over the internet using a
web browser.
Instead of running
programs from your
computer’s hard drive,
the application, and the
data you use, are securely
stored ‘in the cloud’, ie
in cyberspace.
CLEAR, NOT CLOUDY
You’re probably
cloud-computing yourself
already without realising;
sites like Facebook or
Hotmail store all your
data and settings on the
net. However, the concept
is really taking hold in
business; Googledocs,
for instance, lets you
run applications without
installing programs on
your machine.
ADVANTAGE CLOUDS
Sceptics question security – but
a growing body of thought sees
cloud computing as the future
(Microsoft recently introduced
‘cloud’ versions of Office).
Benefits include reduced cost,
generous scalability, increased
agility and accessibility by all.
Even better, many developers
now make prototypes available
in the cloud, for us all to play
around with in real time and
provide feedback.
THE BOSS
MY MANAGER STARTED WORK LESS
THAN A YEAR BEFORE ME – AND
HAPPENED TO BE IN THE RIGHT
PLACE AT THE RIGHT TIME WHEN HE
WAS PROMOTED. YET IT’S PLAIN TO
EVERYONE THAT I HAVE ALREADY
OVERTAKEN HIM. I FEEL HELD BACK
IN MY CAREER. SHOULD I APPEAL
OVER HIS HEAD?
This situation requires delicate handling. But first,
be absolutely certain that you are better at the job
than your manager. Who says? What feedback have
you had from people at your manager’s level, or
more senior? If it’s simply the case that your peers
(or admiring juniors) have made comments along
those lines, it’s important to be realistic.
People are less blinkered about the reality of
who pulls their weight in the office than many of
us realise. The chances are, if your boss is less
able than you, the powers-that-be will be aware,
to a degree. Your mission isn’t to discredit him
but rather to press on, discharging your own
responsibilities diligently and expertly. Find ways
in which you can ‘shine’ as visibly as possible
– for instance, copying key people in on emails
demonstrating you’ve, say, exceeded a performance
target, delivered a superbly executed project
ahead of deadline, or identified significant cost or
efficiency savings.
Similarly, look for opportunities to interact on a
one-to-one basis with other managers or directors –
being careful not to undermine your boss, verbally
or otherwise (people admire ability, not cunning).
Volunteer to represent your team at meetings
where you know senior people will be present – but
don’t just attend for appearance’s sake; ensure
you make a worthwhile contribution. Stick to what
you know best, and avoid ‘politicking’ – rewards
should come your way.
Problems at work? email
studentaccountant@accaglobal.com

PER: MYTHBUSTING
MEETING YOUR PRACTICAL EXPERIENCE REQUIREMENT (PER) SHOULD BE
STRAIGHTFORWARD – SO DON’T LET FALSE BELIEFS GET IN YOUR WAY.
We’ve put together responses
to some of the most common
misconceptions held by
students who talk to ACCA
Connect. As you prepare to
complete your annual return,
these will inform and perhaps
even surprise you…
‘All I need to do to achieve a
performance objective is to tick the
right box’
You must demonstrate
your competence with each
performance objective by
answering a series of three
challenge questions – to which
there is no prescribed right or
wrong answer (it depends entirely
on your individual experience).
These must be reviewed and, if
satisfactory, signed off by your
workplace mentor before counting
towards your PER. It is your
workplace mentor who decides
when you have achieved the
performance objective – not you.
‘I have to complete all my
performance objectives by the
annual return deadline’
The annual return is not a
deadline by which you must
complete your PER, but it helps
you (and ACCA) track the relevant
experience you gain as you
progress towards membership.
So even if you’ve only achieved
one performance objective (or
haven’t achieved any) by the
deadline, you’re still required to
complete the return.
‘Completing the annual return is all
I need to do to complete my PER’
Be careful to recognise the
distinction between completing
STUDENT ACCOUNTANT 10/2009
STUDYING, IT MAKES SENSE TO PLAN YOUR PER EARLY. EMPLOYERS VALUE THE ACCA
PER SUPPORT
ACCA has produced
an extensive range of
QUALIFICATION EXAMS, BUT WITHOUT RELEVANT PRACTICAL EXPERIENCE,
NOT ONLY MUST YOU COMPLETE YOUR ANNUAL RETURN EACH YEAR WHILE supporting documents and
resources, all available online for
you to read or download:
www.accaglobal.com/
students/acca/per/
your performance objectives
and completing the annual
return. The annual return allows
you to confirm to ACCA the
time you’ve spent in a relevant
role since your previous return
and sign a declaration agreeing
your commitment to your
development and to ACCA’s
Code of Ethics. Performance
objectives are goals which
are set for you by ACCA to
demonstrate achievement in the
workplace. The annual return is
an essential component – but
only one of four components
that make up your PER.
‘I don’t need to prove experience –
once I’ve passed all my exams, I’m
YOU’LL BE AT A DISADVANTAGE.
an ACCA member’
Exams are only half the story.
By completing your PER, you
demonstrate you’ve applied
the knowledge gained through
your studies in the workplace
– exercising your judgment
and identifying areas for future
improvement, all key factors in
your development as a rounded
professional. Don’t forget,
you’ll need to complete the
Professional Ethics module too.
Exams, experience and ethics
are all needed to attain ACCA
membership and use the letters
after your name.
17
‘I can only use permanent jobs to
count towards my 36 months of
work experience’
If your job includes only a small
amount of accountancy and
finance work, it can count, as
long as you pro rata the time
spent on these activities. Also,
the experience gained doesn’t
have to be in a single role or
in one continuous period –
experience can be gained in
part-time roles, secondments,
job rotations, project work or
undertaking new responsibilities.
‘Whoever I am working for can sign
off my performance objectives – even
if I achieved them in a previous job’
Whoever is your workplace
mentor at the time you undertake
the work must sign off the
performance objective you are
claiming for. So you may well
have more than one mentor
signing off as you progress
towards completion – for
instance, if you’re promoted,
switch teams or change employer,
or if you’re temping.
‘I don’t need to do my PER or annual
return until I finish all my exams’
Not only must you complete
your annual return each year
while studying, it actually makes
sense to plan your PER as
early as possible. Employers
value the ACCA Qualification
exams – but without relevant
practical experience, you’ll be at
a disadvantage compared with
those who have already done so.
If you’re working while studying,
start identifying or asking for
opportunities to achieve your
performance objectives right away.
18 LEARNING CENTRE
WORK–STUDY BALANCE
TOP 10: MAKING A COMMITMENT
JUSTIFY THE COST OF SPONSORING YOUR ACCA STUDIES
If you’re lucky enough to have
an employer sponsoring you
through your ACCA studies, that’s
a major financial and logistical
commitment. With training budgets
being slashed and managers
having to justify every penny of
expenditure, it’s important to bear
a few factors in mind:
1 It’s still down to you – even
big blue chip employers
with well-resourced HR and
training teams will place
ultimate responsibility for
passing exams firmly at
the foot of each individual
trainee personally.
2 Seek a mentor – you’ll need a
workplace mentor to complete
your practical experience
requirement (PER) and acquire
your ACCA membership, but
there’s no reason you can’t
try now to identify a relevant
individual (ideally another
professional accountant) to
bounce ideas off.
3 Don’t be afraid to ask – it’s
one thing to work things out
for yourself – but not at the
expense of wasting time
or resources when a quick
question to a colleague could
illuminate a syllabus area
that’s got you stumped.
4 Show your commitment – 7 Give advance warning of
ARE ALL-IMPORTANT TO YOU, THEY MAY NOT BE TOP PRIORITY FOR THOSE
work–life balance is important, exams – remember, while the
but think carefully about your exams are all-important to you,
initial few weeks of working they may not be top priority
YOU WORK ALONGSIDE; ENSURE RELEVANT PEOPLE KNOW IN PLENTY
GIVE ADVANCE WARNING OF EXAMS – REMEMBER, WHILE THE EXAMS
life and professional studies; it for those you work alongside;
might be an idea to defer any ensure relevant people know
plans for holidays or extended in plenty of time when you’re
time off (other than the odd going to be off revising (or, just
day) while you get to grips as crucial, when you might be
with the routines and until you a bit stressed).
have a better understanding 8 Your employer is on your
of how your studies and side – remember, it’s in your
exams will fit into the context firm’s interests for you to
of office life. pass your exams as swiftly
OF TIME WHEN YOU’RE GOING TO BE OFF REVISING.
5 Learn to be a good time as possible; the chances are
manager – time management your boss and more senior
is a skill you can learn; colleagues have been through
even better, you can teach professional accountancy
yourself; part of the personal exams themselves; what you
responsibility your employer might find daunting about
will require is getting yourself work and study is unlikely
to ACCA classes on time, to be unique to you; lean on
completing coursework when them for their experience.
your tutor expects – and 9 Opportunity cost – your
still getting into work in the firm may be paying for your
morning. There are websites course fees, exam fee and
aplenty that can help (in study materials – but also
fact, see the online review consider the cost of you not
in the August 2009 issue of being in the office because
Student Accountant). you’ve sloped off to college,
6 Turn your experience to or because you’ve been given
your advantage – seek out time off for revision. Unless
opportunities to apply what your employer hires a temp,
you learn in the syllabus at it’s your colleagues who will
work; this might mean asking shoulder the burden in your
for secondments, rotations, absence. Be appreciative.
work-shadowing or coaching; 10 Ask for feedback – your boss
but will be good practice for or supervisor should have a
when you come to complete good idea of how you’re coping
your PER – and will be with balancing your work and
another demonstration of study commitments; ensure
your commitment (vital if you open dialogue by checking in
need that extra afternoon off every now and then on whether
for revision or if you’re in a you’re pulling your weight, or
pay review). need more support.

TALKING TECHNOLOGY
FROM WEB 2.0 TO ENTERPRISE 2.0
THE INTERNET IS EVOLVING – WELCOME TO THE NEW WAVE
The internet is in a constant
state of evolution (some might
say, revolution), and over the
past couple of years this has
fundamentally changed the way
we use it. Whether we call this
trend by its ‘official’ term of
reference Web 2.0 (read the
Student Accountant article from
February 2008), or just take
advantage of what it has to offer,
we are all being affected – to
varying degrees.
The interactivity of the
internet and the power of
social networking tools are
now an integral part of the
way we live and work, and
the source of ever-more
interesting and exciting
possibilities. ACCA
tweets at twitter.com/
accanews, Student Engage
offers you the chance to
communucate directly with
ACCA via web broadcasts
at www.accaglobal.com/
studentengage, and ACCA
students share their experiences
at http://blogs.accaglobal.com/
But these offer just a glimpse
of what is possible. Outside
ACCA, there is a new wave of
Web 2.0 developments so large it
might be better called a Tsunami.
Employers, recruiters, tuition
providers, and myriad other
organisations, are using the
blogs, self-service software,
social networking sites, and
wikis, that characterise Web
2.0, to improve communications
and collaboration, share ideas
and information, build online
communities, organise events,
STUDENT ACCOUNTANT 10/2009
manage projects, and develop
online tools and services.
Web 2.0 has spawned
Enterprise 2.0. Knowing that this
is the term of reference used
to describe the business use of
social software and other Web 2.0
technologies is useful for student
accountants, but appreciating
the sigfnificance of this is even
more valuable. Because it is hard
to overestimate the importance
of Enterprise 2.0, as far as
information technology (IT) is
concerned: it’s epoch-defining,
and almost as significant as the
creation of the internet itself.
During the relatively brief
history of the IT industry, the
most significant developments
and tools have traditionally
started life as industrial or
military applications, and then
filtered down from professional
19
use to personal use. But with the
EPOCH-DEFINING, AND ALMOST AS SIGNIFICANT AS THE CREATION OF
technologies that typify Web 2.0,
IT IS HARD TO OVERESTIMATE THE IMPORTANCE OF ENTERPRISE 2.0, AS
the opposite occurred, and the
tools and trends you first became
familiar with in your personal life
are increasingly finding favour in
the world of business.
Starbucks is tweeting to
FAR AS INFORMATION TECHNOLOGY (IT) IS CONCERNED: IT’S
customers; Dresdner Kleinwort
Wasserstein is using wikis to
help build its self-service human
resources system; Deloitte
Digital (part of Deloitte Touche
Tohmatsu in Australia) has
held employee performance
reviews in World of Warcraft;
Volkswagen has used Flickr
for brand development;
BDO Stoy Hayward is
using the virtual world
Second Life as a venue for
meetings, presentations
and events for staff, clients
and alumni.
All of which is changing
the way organisations access,
use, and deliver software
and services, and the ways
in which they collaborate and
communicate internally and
externally – and this creates
challenges and opportunities for
THE INTERNET ITSELF.
student accountants.
On the downside, you need
to think about the potential
career and security implications
of all of your online activities
(www.accaglobal.com/
students/student_accountant/
archive/2008/84/3076073);
on the upside, using Web 2.0
technologies is second nature to
you, which gives you an edge over
less tech-savvy members of the
finance profession.
20 LEARNING CENTRE
SUSTAINABILITY BRIEFING PAPER 4
CORPORATE GOVERNANCE
STUDENT ACCOUNTANT PROVIDES A SUMMARY OF SUSTAINABILITY BRIEFING PAPER
4: CORPORATE GOVERNANCE, ISSUED IN JULY 2009. READ THIS, AND EARLIER PAPERS,
IN FULL ON THE ACCA WEBSITE AT WWW.ACCAGLOBAL.COM/UK/MEMBERS/
PUBLICATIONS/GBS/
Corporate governance is the
means by which a company
is directed, administered and
controlled, and a well-governed
company is accountable and
transparent to its shareholders
and other stakeholders.
Good corporate governance
creates value, and provides
accountability and control
systems commensurate with
the risks involved; it is key
to improving organisational
performance and sustainability,
as well as enhancing
stakeholder confidence.
To embed sustainable
development within corporate
governance, companies need to
identify and understand their
environmental and social impacts
and act accordingly. Governance
must then draw on both financial,
social and environmental
accounting, reporting, and audit
in order to understand the full
scope of company activities
and performance, and to
establish an integrated approach
to sustainability.
Corporate governance and the
current financial crisis
The 2008/09 financial crisis can
partly be attributed to failures by
corporate governance to protect
against excessive risk taking and
irresponsible behaviour, thereby
fundamentally recasting the
relationship between the state and
financial institutions. Dysfunctional focus. As a result, ‘softer’
GOOD CORPORATE GOVERNANCE CREATES VALUE, AND PROVIDES
boards did not fully understand governance issues – related to
the risks associated with their values and principles, rather than
strategies; implementation, legal, financial, or management
ACCOUNTABILITY AND CONTROL SYSTEMS COMMENSURATE
accounting, reporting, and audit issues – are gradually reshaping
was inadequately monitored; corporate governance models.
ORGANISATIONAL PERFORMANCE AND SUSTAINABILITY.
and there was a significant lack
of experienced and qualified The role of boards
non-executive directors. Boards now need to embrace
WITH THE RISKS INVOLVED; IT IS KEY TO IMPROVING
Powerful shareholders and the sustainable development by
investor community failed to involving a wider stakeholder
engage actively or push hard group, and by selecting
enough for meaningful reform. non-executive directors with
Remuneration and bonus sustainability related expertise
systems rewarded short-term who can advise, monitor and
thinking and unsustainable risk challenge effectively. Expert
taking, undermining longer-term advisory panels can bridge the
sustainability. It is now clear that gap between wider stakeholder
corporate governance models engagement and governance,
need changing. helping companies respond
to emerging social and
Corporate governance environmental issues in ways
and sustainability that are strategically aligned
As a result of the financial crisis, to business models. Crucially,
companies are under significant these panels must be credibly
scrutiny from activists, employees, integrated into traditional
and investors who want to see governance structures.
them behaving in a sustainable
manner, and taking into account Remuneration and incentives
social, environmental and ethical Remuneration and incentives
issues. Sustainability issues must can benefit from a sustainability
be embedded into governance perspective, which emphasises
systems, but they often fit badly the importance of longer-term
into governance frameworks which thinking. A trend for long-term
focus on financial indicators and incentive planning is already
control. Integration requires a emerging, with executive bonuses
realignment of strategic direction increasingly dependent on
with environmental and social non-financial performance metrics
goals, while ensuring governance such as customer satisfaction or
oversight mechanisms maintain employee engagement.

The role of investors
As institutional investors and fund
managers have a responsibility
to generate long-term value, they
should insist that the governance
of any company they invest in
shares this objective. Shareholders
should also consider governance
when making investment decisions.
The role of accountants
Accountants are crucial to
effective governance. They provide
transparency in reporting to
stakeholders by maintaining
an awareness of a company’s
general management, risk
management, operational and
STUDENT ACCOUNTANT 10/2009
reputational aspects, and by
presenting financial statements
in these contexts. Accountants
are also involved in governance
mechanisms such as nomination
and remuneration committees and,
in particular, in audit committees.
They thereby face increasing
expectations from groups including
shareholder and governance
activists, regulators, the media,
and fellow board members.
Accountants ‘decode’
regulation for a company and
support internal integration
and adherence. Using their
regulatory knowledge and
experience of industry standards,
21
they can drive through best
AWARENESS OF A COMPANY’S GENERAL MANAGEMENT, RISK MANAGEMENT,
practice. Accountants can use
the standards and procedures
of their profession to highlight
ACCOUNTANTS ARE CRUCIAL TO EFFECTIVE GOVERNANCE. THEY PROVIDE
concerns, and to provide an
independent challenge to any
TRANSPARENCY IN REPORTING TO STAKEHOLDERS BY MAINTAINING AN
practices which they consider
are not in the interest of
long-term sustainability.
Combining this thorough
approach to preparing financial
statements with a wider review
of governance, accountants can
provide a truer and more robust
commentary on the performance
of a company, and on its potential
wider social, environmental and
ethical impacts.
OPERATIONAL AND REPUTATIONAL ASPECTS.
22 LEARNING CENTRE
MEMBER IN 60 SECONDS
NICHOLAS LIM
NAME Much-travelled ACCA member
IT HAS OPENED UP A RANGE OF CAREER OPPORTUNITIES.’
NICHOLAS LIM Nicholas Lim has an impressive
‘QUALIFIED ACCOUNTANTS ARE KEY PLAYERS IN THE array of qualifications on his
PRESTIGIOUS GLOBAL PROFESSIONAL QUALIFICATIONS
JOB TITLE CV: a BA (Hons) degree in
SENIOR MANAGER, GLOBAL accounting and finance from
WORLD OF BUSINESS. ACCA IS ONE OF THE MOST
FINANCIAL SERVICES INDUSTRY London’s Middlesex University;
a Master of Professional Studies
EMPLOYER from the University of Southern
DELOITTE & TOUCHE, KUALA Queensland in Australia; and
LUMPUR, MALAYSIA certificates from Harvard
Business School Publishing in
Management and Leadership
Essentials. Nicholas is also a
member of the Securities &
Investment Institute (in the
UK) and the National Institute
of Accountants in Australia,
and a Chartered Accountant
the Malaysian Institute
of Accountants.
Nicholas’ professional
career – focused on financial
services – has seen him move
from Kuala Lumpur to New
Zealand, to London, and then
back to Malaysia. Nicholas has
worked for Deloitte (Malaysia and
New Zealand) and Ernst & Young
LLP (UK), and is now a senior
manager within the Deloitte
& Touche Global Financial
Services Industry group, based in
Kuala Lumpur.
At this stage in his career,
Nicholas’ extensive technical
skills match his considerable
international experience.
‘I am exposed to
all aspects of
assurance and
financial advisory
services,
including
financial
modelling,’
he comments. ‘I manage a
portfolio of organisations,
including companies listed
in a number of different stock
exchanges, and can prepare and
analyse financial statements.’
Underpinning all this experience
is Nicholas’ ACCA Qualification:
‘I chose ACCA because of its
international portability and
flexibility,’ he says, ‘especially
the fact that students can sit
their exams almost anywhere in
the world. I have moved many
times during my career, and this
international mobility has been
greatly enhanced by the fact that
I am ACCA qualified.’
And ACCA membership has
brought further benefits: ‘Qualified
accountants are key players in the
world of business,’ he comments.
‘They offer high levels of skill and
knowledge, as well as initiative and
a flair for problem solving. ACCA
is one of the most prestigious
professional qualifications in the
world, and it has opened up a
wide range of career opportunities
for me, both globally and locally.
My aim, in terms of career
progression, is first to be admitted
to partnership and then to
continue to raise my profile in the
financial services arena.’
Given that Nicholas has
risen so far, what advice does he
have for current ACCA students?
‘I would encourage students
to get professionally qualified
as soon as possible,’ he says.
‘ACCA is definitely a qualification
that can open doors for career
advancement and can lead to
unlimited opportunities.’

GIVING SOMETHING BACK
AMINATA JUNE ADAM-SAMURA
The life and career of ACCA
member Aminata June
Adam-Samura shows how,
with an ACCA Qualification,
you can travel the world and
develop a flourishing career. Her
inspirational commitment to
help some of the world’s most
disadvantaged communities,
also demonstrates the value
that accountants can bring to all
sections of society.
Born and educated in
Sierra Leone, and the UK,
Aminata is now based in North
Carolina, US, where she is a
senior financial analyst with
international pharmaceutical
giant GlaxoSmithKline plc
(GSK). Aminata still has strong
ties with Sierra Leone – not
only do her parents and many
relatives live there, but through
Boundless Hope, the registered
501C charitable organisation she
founded, she brings healthcare
and educational resources
directly to the people who need it.
Aminata took her AAT exams
in Sierra Leone before travelling
to the UK, at the age of 20, to
continue her education. ‘While
STUDENT ACCOUNTANT 10/2009
23
in the UK, I studied for my ACCA offer, and to improve their dental
AUDITOR IN AN ACCOUNTING AND AUDITING FIRM IN LONDON. MY ACCA
exams and pursued a degree health, again with sponsorship
in accounting at the University from GSK.
EVER MADE. JUST AFTER BECOMING A MEMBER, I SECURED A JOB AS AN
of Lincoln. As well as her personal drive,
‘I took one or two ACCA Aminata acknowledges the
‘MY ACCA QUALIFICATION WAS ONE OF THE BEST INVESTMENTS I HAVE
papers at a time, as the contribution her accounting skills
exams were tough and needed and financial understanding
QUALIFICATION DEFINITELY GAVE MY CAREER A COMPETITIVE EDGE.’
both technical and strategic have made to the realisation
knowledge. Three years after I of her dream. ‘Accountants
left Sierra Leone I had finished are well placed to understand
all my ACCA exams, and an aspiration for growth and
completed my degree.’ sustainability because they are
‘My ACCA Qualification was often concerned with maintaining
one of the best investments and improving the financial
I have ever made. Just after health of an organisation in
becoming a member, and gaining order to satisfy the various
my degree, I secured a job as stakeholders,’ she says.
an auditor in an accounting and ‘However, accountants
auditing firm in London, where also have a big responsibility
I was in charge of various audit to contribute towards
projects for companies and for socioeconomic development;
not-for-profit organisations. My the participation of accountants
ACCA Qualification definitely gave in charitable and humanitarian
my career a competitive edge,’ activities encourages the
she says. trust of major donors, helps
In 2000, Aminata decided to generate sustainable growth,
move to the US to join family and builds confidence in
members. ‘It is a country that an economy, especially if
offers unlimited opportunities to accountants fulfil their duty as
young professionals,’ she says. financial gatekeepers.’
While developing her career at At only 33, Aminata
GSK, Aminata began the process has achieved so much,
of founding the Boundless Hope and not without significant
charity. In December 2007, personal sacrifice.
Aminata’s dream became a And there is still much
reality when she transported that Aminata wants to do: ‘I
school supplies, bought with want to leverage my finance,
her own money and packed accounting, strategic business,
into school bags donated by auditing, negotiation, and project
GSK, to over 700 of the poorest management knowledge to work
children in the most deprived with organisations in creating
communities in Sierra Leone. sustainability in underdeveloped
Since then, she has helped nations,’ she says.
a further 3,000 children by For further information please
providing the basic essentials contact Boundless Hope
needed to make the most of the Organisation: www.
educational opportunities on boundlesshope.org
24 LEARNING CENTRE
WHAT IT’S LIKE TO WORK AT
DELOITTE, DUBAI, UAE
With a presence in the United
Arab Emirates (UAE) since
1964, and in the wider Middle
East since 1926, Deloitte’s
member firm in the UAE
now has offices in six cities
across the country, including
Dubai. As one of the world’s
biggest professional services
and accountancy firms,
Deloitte is keen to attract
the best accounting talent by
offering comprehensive career
progression programmes which
set a benchmark for training
and development.
Deloitte supports training
towards a number of
professional qualifications,
but found that ACCA was
particularly well suited to the
needs of the Dubai office:
‘We run a specific graduate
programme which focuses only
on the ACCA Qualification,’
explains Cynthia Corby, partner
responsible for the Professional
Development Programme.
‘This is because, here in Dubai,
we are expected to report under
IFRS, and projects currently under
way to converge US GAAP and
IFRS will make an understanding
of IFRS even more important. The
ACCA syllabus allows students
to study IFRS and, in addition,
our employees can take their
ACCA exams locally and are
supported by local training
providers.’ Currently 30 Deloitte
Dubai employees are taking
part in the programme.
Overall, Deloitte employs 60
ACCA students, affiliates
and members in its
Dubai office.
Beyond IFRS, Deloitte also grade, and meet the expectations
CURRENTLY 30 EMPLOYEES TAKING PART IN
welcomes the breadth of the of senior staff and clients,
DELOITTE EMPLOYS 60 ACCA STUDENTS, AFFILIATES AND
ACCA syllabus which equips before moving on. Professional
MEMBERS IN ITS DUBAI OFFICE. THERE ARE
junior employees with the development is monitored against
financial and management defined global competencies,
knowledge necessary for a with individual career plans
long term career in any of taking account of these
Deloitte’s service lines. ‘ACCA benchmarks as well as reflecting
THE ACCA TRAINING PROGRAMME.
is a means of investing in our personal career aspirations.
future,’ says Corby, ‘by helping Deloitte provides full financial
young graduates obtain both a support for ACCA students,
professional qualification and the allows generous study and exam
skills we require to sustain the leave, and gives successful staff
growth that we have experienced a bonus for passing their exams
both locally and nationally.’ first time. In addition, students
ACCA also attracts the can take part in ACCA events and
calibre of employee that courses, and can access a range
Deloitte wants to have: ‘ACCA of publications, case studies
membership is highly valued by and toolkits.
employers in every sector, and Approved Employer status
therefore much sought after by remains a valuable asset: ‘It
the top talent that we means that your graduate
want to attract programme is recognised as
in order to remain market-leading,’ concludes Corby.
one step ahead, ‘It is both a great compliment
both for our clients and shows that our programme is
and for our staff.’ effective by providing independent
Deloitte tailors assurance of Deloitte’s training
its professional strategy. By comparing
development our training, appraisal and
support to mentoring processes against
each level ACCA’s global best practice
of career standards, students can
progression, be reassured that they are
making sure receiving the best
students quality training,
can fulfil the and know that
responsibilities Deloitte will
of their remain totally
current committed
to their
development
both before
and after
they are
professionally
qualified.’
 STUDENT ACCOUNTANT 10/2009
25
ACCA STUDENTS AND AFFILIATES

PRACTISING PROFESSIONALS. AS ACCOUNTANTS AND AUDITORS BECOME

YOUR DEVELOPMENT, AND AS IT IS AN ACCA APPROVED EMPLOYER, I DON’T
SABIKA NAJAFI FAISAL AL-HARIRI
ACCA student, ACCA affiliate, senior auditor

HAVE TO WORRY ABOUT MANAGING THE WORK EXPERIENCE ELEMENT

audit assistant ‘The accountancy profession is

MORE INVOLVED IN BUSINESS, ACCA STUDIES HELP US PREPARE FOR –

‘ACCA IS DESIGNED TO BROADEN THE ACCOUNTING KNOWLEDGE OF
‘I chose changing rapidly,’ says Faisal

‘DELOITTE HAS AN EXCELLENT SYSTEM IN PLACE WHICH ENHANCES

accountancy as a Al-Hariri, explaining his career
career because I choice. ‘Accountancy offers a
liked the structure career which is
of accounting,’ says ACCA both exciting

AND RESPOND TO – OUR CHANGING ROLE.’ FAISAL AL-HARIRI

student Sabika Najafi. ‘I also and challenging,
like the fact that you can build with unlimited
on the basics to learn everything opportunities
else. Accountancy is constantly and rewards,
developing, so that also keeps and which will
it challenging.’ enable me to achieve a leadership
Sabika is in her second year position in business.’ Faisal,
as an assistant in Deloitte’s an ACCA affiliate, is currently a
audit department: ‘I enjoy audit senior auditor, a role to which he
because my work varies from was promoted in October 2008.
one client to another,’ she says. ‘ACCA members are more
‘My responsibilities depend on in demand here than ever
OF THE QUALIFICATION.’ SABIKA NAJAFI

which section of the financial before as organisations want

statement is assigned to me to use their knowledge and
by my senior. I have to ensure expertise.’ As well as improving
my sections are completed and career prospects, Faisal also
reviewed, that all queries have recognised the relevance of
been addressed, and that I the ACCA syllabus: ‘ACCA is
have raised any issues with my designed to broaden and deepen
seniors in the field.’ the accounting knowledge
AT DELOITTE

When considering her study of practising professionals.

options, Sabika considered ACCA As accountants and auditors
the most relevant accountancy become more involved in
qualification because of its global business, ACCA studies help us
recognition, and the syllabus prepare for – and respond to –
coverage given to IFRS. She our changing role.’
greatly appreciates the support And even though his exams may
she receives from Deloitte as she be over, Faisal still appreciated
progresses through her exams: the benefits of working for an
‘Deloitte has an excellent system ACCA Approved Employer: ‘I
in place which enhances your have to keep my knowledge up to
development both academically date in order to work to industry
and professionally, and as it is an standards. Working for an ACCA
ACCA Approved Employer, I don’t Employer gives me the opportunity
have to worry about managing to do this, and to develop
the work experience element of new skills through the practical
the qualification.’ experience that I can gain.’
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28 CAMBRIDGE ICFE
CAMBRIDGE ICFE:
WHAT DO USERS THINK?
I
n the September 2009 issue
of Student Accountant, we
reported on the growing interest
in Cambridge ICFE – the
International Certificate in Financial
English, developed jointly by ACCA and
Cambridge ESOL (English for Speakers
of Other Languages), part of the
University of Cambridge. Now it’s the
turn of students and tuition providers
to give their verdict.
Htet Naing U, an ACCA student and
business relationship manager from
Myanmar, speaks for many when stating
his reasons for studying Cambridge
ICFE. ‘First, the test is recognised by
the UK Border Agency – that was my
driving force,’ he comments. ‘The
qualification is internationally
recognised and gives me lifelong skills,
and it helps my career development.
In the current climate, companies
wanting to make redundancies
will not want to let go of staff who
have worked hard and who have
reputable professional qualifications.’
ACCA student Yana Burmistrova,
from Russia, studied at the London
School of Business and Finance
(LSBF): ‘The Cambridge ICFE course
gave me the stimulus to improve my
English further,’ she comments. ‘I
enriched my financial vocabulary,
communication and writing skills
by doing the exam, which will be
recognised around the world.’
For Uzbekistani ACCA student
Mokhira Mahmut Qizi, again from
LSBF, Cambridge ICFE was also a way
to boost her ACCA performance.
‘I decided to improve my English
skills in order to understand the
technical information contained within
ACCA textbooks, instead of spending
my study hours trying to understand
the words. English is a very complex
language and there are so many words
to learn. The tuition complemented
my studies so I didn’t have to read
extra books on different topics, which I
found most helpful.’

‘FOR ME, CAMBRIDGE ICFE IS THE BEST WAY TO
IMPROVE LANGUAGE SKILLS FOR ACCOUNTING OR
FINANCE STUDENTS WHO DON’T HAVE ENGLISH AS A
FIRST LANGUAGE.’ MOKHIRA MAHMUT QIZI,
ACCA STUDENT
The majority of Cambridge ICFE
students study with a tuition provider,
finding it the best and most efficient
preparation for the exams. Rita Ying,
who studied at Kaplan Language
Training – English and Test Preparation
in Hong Kong, comments: ‘The
Kaplan programme really helped my
preparation for the exam – the study
materials pinpointed the areas to focus
on, and lots of reading texts could
be found in the Kaplan library which
was a great help during my studies.
My teacher helped us a lot with my
reading by providing up to date news
articles, and I also had mock oral
exam practice.’
STUDENT ACCOUNTANT 10/2009
Improve your financial English language skills
www.financialenglish.org
Rita’s fellow student Ruby Yen adds:
‘The Kaplan programme gave me some
useful strategies and skills, especially
the oral classes.
‘This is not an easy exam for
students like me who do not use
English frequently in their working
environment, but Kaplan helped me
achieve a good result.’
Irakli Chogovadze, an ACCA and
LSBF student from Georgia, found
that small tuition classes ‘encouraged
interaction between colleagues’, and
appreciated the opportunity to practise
under exam conditions: ‘This helped
me become more confident because
I could familiarise myself with the
29
sequence and particular details of the
exam.’
Mokhira Mahmut Qizi, adds:
‘Many of us on the course were busy
studying for our ACCA exams so the
teachers really had to inspire and
challenge us so that we would get
good marks.’ The effort was worth it,
however – as Mokhira says: ‘For me,
Cambridge ICFE is the best way to
improve language skills for accounting
or finance students who don’t have
English as a first language.’
If you would like to learn
more about Cambridge ICFE
visit www.financialenglish.org for
more information.