THUTHUKA - SAICA
THUTHUKAThe most successfultransformation andskills developmentprogramme inSouth Africa
ABOUT SAICATABLE OF CONTENTSThe South African Institute of Chartered Accountants (SAICA) South Africa’spre-eminent accountancy body, is widely recognised as one of the world’sTHUTHUKA EDUCATIONUPLIFTMENT FUNDINITIATIVESSCHOOL PROJECTSUNVERSITY UNDERGRADUATE PROJECTSUNIVERSITY POSTGRADUATE PROJECTSACADEMIC SUPPORT PROJECTSThe Institute provides a wide range of support services to more than7 - 12THIS REMARKABLE PROJECT IS MAKINGGREAT STRIDES IN EDUCATIONTRANSFORMATIONTHUTHUKA: INSPIRINGSUCCESS5-6SOLUTIONS FOR THEYOUTH EMPLOYABILITYCRISIS MUST BEGINAT SCHOOL3-4leading accounting institutes.46 000 members and associates who are chartered accountants [CAs(SA)],as well as associate general accountants [AGAs(SA)] and accountingtechnicians [ATs(SA)].SAICA members hold positions as CEOs, MDs, board directors, business owners,THUTHUKA AND THE NDPTHUTHUKA AND THE SDGsTHUTHUKA’SIMPRESSIVE IMPACT19 - 20HOW THE TBF MODEL WORKSTHUTHUKA, THE NDPAND THE SDGS15 - 18THUTHUKA BURSARYFUND13 - 14chief financial officers, auditors and leaders in every sphere of commerce andINTRODUCTIONTO SAICA ANDTHUTHUKAindustry, and play a significant role in the nation’s highly dynamic businesssector and economic development.ABOUT THUTHUKAOne of SAICA’s primary goals is to contribute towards strengthening thecountry’s economy by playing a significant and leading role in transformationFUNDINGMAKE A DIFFERENCE WHILEEARNING B-BBEE POINTS21 - 22and skills development.The Thuthuka Education Upliftment Fund, a pioneering initiative to promotetransformation in the profession, was launched in the Eastern Cape in 2002and is, today, a well-established successful national transformation initiative.Thuthuka’s objective is to transform the demographics of the professionto reflect those of the country in terms of race and gender, and provideeducational support to African learners and students for the benefit of theprofession, while simultaneously helping to uplift communities. SAICA pridesitself in leading the chartered accountancy profession as a socially responsibledriver of business and skills development by supporting and encouragingeducation and other development initiatives.1 Thuthuka 2019 ReportThuthuka 2019 Report 2
01SOLUTIONSFOR THE YOUTHEMPLOYABILITYCRISIS MUSTBEGIN ATSCHOOLAt 54.7%, fewer than one intwo of the country’s workingage youths between the agesof 15 and 34 years is employed.SOLUTIONS FOR THE YOUTHEMPLOYABILITY CRISIS MUST BEGINAT SCHOOLYouth unemployment is a colossal problem in South Africa.This is a matter of national concern, as most of the scarceThe latest youth labour statistics show that, at 54.7%, fewer thanskills careers call for a solid background in pure maths.one in two of the country’s working-age youths between theIf this continues, it does not bode well for the country’sages of 15 and 34 years is employed. Small wonder ‘not beingunemployment rate. Bridging these shortcomings requires moreable to find a job’ is among the youth’s top three fears. Careerthan government intervention: it takes the cooperation andguidance experts and hiring trends also reveal that choosing asupport of all the role players in the broader national economy.career where skills are in short supply enhances the likelihood offinding employment.THIS REMARKABLE PROJECT IS MAKING GREAT STRIDES INTake chartered accountancy, for example. Not only is SouthEDUCATION TRANSFORMATION.Africa in desperate need of more chartered accountants withthe sought-after CA(SA) designation behind their names, butWidely-recognised as one of the world’s leading accountingemployment studies show that theirs are among the topinstitutes, SAICA is more than just a professional body; it is a10 vacancies that employers battle to fill.critical player in South Africa’s development journey.But why is there such a big disparity between youthSAICA believes a good system of education is fundamentalunemployment figures and the number of scarce skill careerto building any nation. It is the means by which young peopleopportunities available in the labour market? One of theaccept the responsibility for governing their country’s citizensunderlying problems is that learners are not taking the rightin the future and gives them the necessary skills that will makesubjects at school.them valuable members of the community.To study towards a scarce skills career, learners must takeSAICA realised in the early days of SA’s new democracypure maths at school and pass it with good marks. Yet, far toothat, as the leading accountancy professional body, it hadfew learners do that. Indeed, the 2018 matric results revealedto ensure that the profession transformed its own pipeline ofthat not only did significantly less matric learners write thenew members without sacrificing quality. Without programmesfinal national maths exam, but out of those who did, only 37%to address the imbalances between education levels andachieved more than the required 40% to pass. In addition,youth employment, imbalances in business ownership andstudies show that young black South Africans face greatermanagement will also continue.hurdles in their paths to success than their white peers do, dueto remaining shortcomings in our education system.3 Thuthuka 2019 ReportThuthuka 2019 Report 4
02THUTHUKA:INSPIRINGSUCCESSTHUTHUKA: INSPIRING SUCCESSMade up of a selection of critical education upliftmentTo drive the process of addressing imbalances and ensure properis a stepping-stone towards transforming the accountancygovernance, SAICA established Thuthuka in 2002. Its purpose is to sustainprofession. It addresses, among other key issues, the lack ofthe future of the chartered accountancy profession and transform itsliteracy and numeracy skills of African and coloured learnersdemographics by:entering higher education institutions.01advancing education;02empowering the youth; and03sustaining the future of the chartered accountancyprofession.Through Thuthuka, SAICA has undertaken the responsibility of ensuring thatthere is a consistent flow into the economy of adequately and suitablyqualified accounting professionals who are representative of the country’sracial demographics. This is done via various skills development initiatives atprimary, high school and tertiary education levels.Each TEUF programmeis a stepping-stonetowards transformingthe accountancyprofession.THUTHUKA IS STRATEGICALLYPOSITIONED AS PART OF ASOLUTION TO THE NATION’SSKILLS DEVELOPMENTTRANSFORMATION NEEDSComposed of two parts, the Thuthuka Education Upliftment Fund (TEUF)offers education-focused and community-based projects to learners andeducators from previously disadvantaged backgrounds. The aim is toencourage learners at high school to take mathematics as a subject, andto improve the pass rate of this gateway subject.Thuthuka also identifies the most gifted maths learners so that they canapply for a Thuthuka Bursary. The Thuthuka Bursary Fund (TBF) is strategicallypositioned as part of a solution to the nation’s skills developmenttransformation needs.5 Thuthuka 2019 Reportprogrammes implemented nationally, each TEUF programmeThuthuka is a Zulu verb meaning‘to develop’. It reflects the action-basedperspective with which transformationin the accounting profession is being driven.Thuthuka plays a crucial role in changing thedemographic landscape of the charteredaccountancy profession and helping South Africato achieve its transformation objectives. Whilethere are currently over 46 000 registered CAs(SA)in South Africa, fewer than 7 500 of them areAfrican and coloured.Thuthuka 2019 Report 6
03THUTHUKAEDUCATIONUPLIFTMENTFUND INITIATIVESTHUTHUKA EDUCATION UPLIFTMENT FUND INITIATIVESSCHOOL PROJECTSThe South African education system has led to an imbalance in pass rateoutcomes in mathematics, English, science and accounting, and consequentlyin the enrolment for scarce skills degree courses at higher education institutionsthat require specific numerical and literacy skills. Since inception as an initiativeproject in the Eastern Cape in 2002, Thuthuka now runs more than 40 projectsannually in all nine provinces. The programme has achieved a total learnerreach of over one million learners since its inception.Key initiatives at school level include:departments of education (DoEs). The participants receive assistance that helps them to achieve high quality matric passesand set them on the path to study towards professions of high demand. The week-long camps take place during the July andSeptember school holidays and provide learners with extra academic support targeting problematic topics in subjects such asmathematics, science, accounting and English to help them achieve higher marks and improve their chances of entering tertiaryeducation. The camps also offer life skills training and career information to help participants to make wise and appropriate careerchoices. SAICA and the provincial DoEs select learners from disadvantaged areas according to their academic performance(a minimum of 60% in mathematics and English).Business Development Gamesadequately equipped with the skills needed to start and run their own business. To help change this, SAICA runs the annualEMS Educator WorkshopsTargeting economic and management sciences (EMS) educators in the lowergrades, these workshops cover problematic topics and teach educatorsadditional skills that they can apply in their classrooms.The Junior Accounting Olympiad targets Grade 9 learners. It encourages them tochoose accounting when making their subject choices for grades 10 to 12.Career AwarenessActivities are conducted in all nine provinces through presentations, exhibitions,symposiums, career modelling fairs and the media. School visits focus on schoolsachieving 60% or more in mathematics for their matric results.Parental Support InitiativeThis initiative encourages parents to get involved in education by supportingschools and their children’s education. It also promotes the importance ofmathematics as a school subject.7 Thuthuka 2019 ReportThe provincial SAICA Development Camps are run annually in partnership with various stakeholders, including the provincialSouth Africa possesses below-average entrepreneurial activity levels among young people. The reason? They are notJunior Accounting OlympiadThuthuka runs more than40 projects annually in all9 provinces.SAICA Development CampsBusiness Development Games. Grade 10 and 11 learners from around the country discover how business works in the real worldby participating in the games. These games familiarise learners with key business practices, problem solving, planning, decisionmaking and more.School Books‘The All Stars’ series and the accompanying teachers’ lesson plans are designed to support the Grade 8 and Grade 9 lifeorientation curriculums. These books have been specifically written to assist in the teaching of the values that SAICA andThuthuka embrace. At the same time, the books support the concept of considered career choices.SAICA QuizThe SAICA Quiz gives Grade 7 learners the chance to put their numeracy and literacy skills to the test, while also driving home theimportance of doing mathematics at a primary school level.School Governing Body (SGB) ProgrammeIntended to help provincial SGBs improve their financial management and governance, according to the relevant legislation,regulations, policies and procedures for schools. Thuthuka’s SGB programme helps the bodies to manage their funds through afinancially-sound, efficient and effective management and governance system that complies with the South African Schools Act.Interns or unemployed youths with a Diploma in Financial Management are placed at the school to assist as finance offices wherenone exist and are mentored by CAs(SA) on a volunteer basis. These interns are funded by the various SETAs.Thuthuka 2019 Report 8
UNIVERSITY UNDERGRADUATE PROJECTSThrough the following projects, SAICA helps to maximise the throughput passes of students currently at undergraduate leveland create the necessary pipeline of graduates entering postgraduate studies.Thuthuka Bursary Fund (TBF) (see page 13 for more details)The TBF provides full financial support to learners selected for the programme. In addition, it also provides academicsupport, access to additional tutorials, life skills training, workplace readiness and study skills, as well as a supportiveStudent Leadership Summit (SLS)SAICA hosted its 10th annual Student Leadership Summit (SLS) in 2018. Every year, chartered accountancy-streamstudents at SAICA-accredited universities are invited to participate in a thought leadership essay competition.The writers of the best essays are then selected to attend the summit, where they attend a series of leadershipdevelopment workshops. The students are acknowledged at a networking event sponsored by the profession,where they interact with business leaders from various fields. All those business leaders hold the CA(SA) designation,thus reiterating the flexibility and opportunities opened up by the designation.study environment for TBF students. This has proven to be an extremely successful model. In 2018, over 900 studentswere supported by the TBF.Capacity Building ProgrammesThuthuka partners with universities to build additional capacity at historically disadvantaged institutions (HDIs) tooffer accredited qualifications leading to a career in chartered accountancy. The project focuses on building upthe BCom Accounting degree at these universities to a required level so that graduates from these universities donot have to complete bridging programmes before being eligible for a SAICA accredited Certificate in the Theoryof Accounting (honours year) or equivalent programme.The primary and most important benefit is to ensure that there is sustainable capacity in the rural communities ofSouth Africa to provide the same quality of education available in the rest of the country.Undergraduate Support Programme for Non-Thuthuka StudentsThis programme offers academic support and career development to 2nd and 3rd year non-Thuthuka studentswho are at risk of failing and provides them with additional academic and wrap-around support to increase theirchances of progressing to the next year of their studies.Career PromotionThe career awareness activities extend Thuthuka’s school projects to university level. SAICA continues to maintaina close relationship with students to maintain a presence at SAICA-accredited universities by participating inuniversity open days and graduate recruitment programmes, as well as by delivering presentations when there is aneed to communicate changes in the profession that are pertinent to students.9 Thuthuka 2019 ReportTHE TBF PROVIDES FULLFINANCIAL, ACADEMICAND WORK READINESSSUPPORT TO LEARNERSThuthuka 2019 Report 10
UNIVERSITY POSTGRADUATE PROJECTSFull time CTA ProgrammeThe full-time Certificate in the Theory of Accounting(CTA or honours year) programme, funded by theNational Research Foundation, is one of Thuthuka’skey projects. The CTA has traditionally been a largebarrier to transformation and skills development,and the full-time CTA programme removes thisbottleneck.Initial Test of Competence (ITC) andAssessment of Professional Competence(APC) Repeat Support ProgrammesThese programmes offer African and Colouredrepeat candidates intensive part-time academicand exam skills support for the two SAICAqualifying exams. The programmes are designedto address both academic and examinationtechnique deficiencies.ACADEMIC SUPPORT PROJECTSBuilding Capacity for African andColoured CAs(SA) in AcademiaThis is done through various Thuthuka initiatives,including two meetings a year that take placebetween SAICA and the heads of the accountingdepartments at the universities. These initiativesencourage constructive sharing and collaborationTHUTHUKA’S OBJECTIVE IS TOTRANSFORM THE DEMOGRAPHICSOF THE PROFESSION TO REFLECTTHOSE OF THE COUNTRY IN TERMSOF RACE AND GENDERto help solve issues specific to HDIs.11 Thuthuka 2019 ReportThuthuka 2019 Report 12
04THUTHUKABURSARYFUNDTHUTHUKA BURSARY FUNDThrough the Thuthuka Bursary Fund, the profession provides full Government matches every rand raised by donors in theand Coloured students who are studying to become CAs(SA) The profession pays for the administration of the programme.at selected SAICA-accredited universities. Once selected as This means that 100% of our investors’ contributions arefunding for academically and financially deserving Africanprivate sector.a bursary holder, students enter the Thuthuka programme atuniversity. The programme follows an integrated and holisticapproach to ensure success, and students are provided with nonfinancial ”wrap-around” support in the form, among others: allocated to the students.The fund’s strategic funding partner is the National StudentFinancial Aid Scheme (NSFAS). NSFAS funds approximately half thebursaries for all the students in the system.academic support, including various academic enrichmentEach TBF student enters into a separate bursary agreement withprogrammes such as additional tutorials, study skillsNSFAS and TBF and costs are split evenly for the full cost of study.workshops and moreTBF recipients do not need to pay the bursary back but are bound social and emotional supportto the terms and conditions outlined in their TBF contract. work-readiness and life skills training mentoring and counselling access to dedicated programme managers at every SAICA-WHO QUALIFIESFOR THE TBF?accredited universityTo date, TBF has supported over 3 000 business leaders.students and has achieved excellent results. Over 900 have been awarded BCom To apply, learners must meet the following minimum criteria, andmust: Be a South African citizenThat’s not all. Once TBF students have graduated, they are Be Black African or Colouredtheir honours degreeguaranteed employment and placed in positions at donor firms Come from a family that cannot financially support theirAmong the TBF beneficiaries, 791 haveto complete their training programme. This holistic model makesentered and are currently completingTBF students more successful than their counterparts. It is also this Be either in Grade 12, or out of school (with matric) for no morethe CA training programmeapproach that makes TBF students ready to face the challengesOver 1 020 have qualified andof the workplace, and it is the reason why companies find them Have obtained at least 60% (5 or above on the NSC scale ofdegrees and 600 have completed exposure to experienced chartered accountants andregistered as chartered accountants[CA(SA)] – an incredible achievement,considering that it takes a minimum ofseven years to qualifythan two yearsachievement) in mathematics in Grade 11 (maths literacyfar better equipped for their career than trainees who emergelearners are NOT considered)from a ‘regular’ funding-only programme. Have enough points to qualify for university entrance andHOW THE TBF MODEL WORKS Have applied (or are in the process of applying) for a BComintend to study a BCom Accounting (CA-stream) degree Accounting (CA-stream) degree at a SAICA-accreditedTBF is built on partnerships between government, the profession,commerce and industry, academia and private individuals.13 Thuthuka 2019 Reporttertiary educationuniversity offering the Thuthuka programme Write the National Benchmark Tests (NBT).Thuthuka 2019 Report 14
05THUTHUKA,THE NDP ANDTHE SDGsThuthuka has a variety ofprojects that contributetowards both South Africa’s NDPand the UN’s 17 SustainableDevelopment Goals.HOW THUTHUKA CONTRIBUTES TO THE NDPAND THE UN SDGsThuthuka has a variety of projects that contribute towards both South Africa’sNATIONAL DEVELOPMENT PROGRAMMETHE SOUTH AFRICAN INSTITUTE OF CHARTEREDACCOUNTANTSChapter 9: Improving Education, training and innovation.National Development Plan (NDP) and the UN’s 17 Sustainab
3 Thuthuka 2019 Report Thuthuka 2019 Report 4 01 SOLUTIONS FOR THE YOUTH EMPLOYABILITY CRISIS MUST BEGIN AT SCHOOL At 54.7%, fewer than one in two of the country’s working-age youths between the ages of 15 and 34 years is employed. SOLUTIONS FOR THE YOUTH EMPLOYABILITY CRISIS MUST BEGIN AT SCHOOL Youth unemployment is a colossal problem in South Africa.
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processes. Refer to the Procurement Policy and Framework and the Contract Management Policy and Framework. Conduct Statement 12: Employees shall not abuse their employment benefits. Conduct Statement 13: Employees must follow SAICA's dress code and other personal appearance guidelines. Refer to the Dress Code Policy and Procedure.
Auditing Notes for South African Students (Auditing Notes), chapter 2 (entire chapter) COMMENT We recommend that you study the CPC directly from the SAICA Student Handbook, as you may take this book into the venue with you when writing the test and/or examination according to the open book policy.
2.2. International Audit Standards (Volume 2A), SAICA and IRBA pronouncements (Volume 2B), as well as the King Code (Volume 2D) which are printed as a set. 2.3. The ICAZ Legislation handbook – containing the following acts: Companies Act Income Tax Act Capi
The remainder of this document explains the practical requirements in detail. PRACTICAL REQUIREMENTS The training period must be supervised by an Accounting Officer (a member of IAC, SAIPA, SAICA). The duration is a minimum of 3 years. 80% of the sections listed in the logbook
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GUIDE Revised May 2015 Version 2 - 26 June 2015 . CLOSE CORPORATIONS GUIDE . Finance leases 94 11. Operating leases 94 12. Taxation 95 13. Deferred tax 95 14. Provisions 96 . the accounting officer but also by t
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