The Chartered Secretary INSTITUTE OF BUSINESS AND

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The Chartered SecretaryOfficial magazine of the Institute of Chartered Secretaries and Administrators in ZimbabweRegistered at the G.P.O as a NewspaperIssue 1/2017Whole ofOrganisationGovernanceprovidesframework forachievingstrategicobjectivesInside this issue»Institute introduces Diploma in ForensicAccounting»ICSAZ and GZU collaborate over Master’s andBachelor’s degrees»Rush for relevance applies to all accountancy andcorporate governance bodies»Thorough preparation needed for challengingCorporate Financial Management exam

Contentsredartee ChThcialOffiDS AN )SINESASOF BU IES (IB ies andUTE G STUDtered Secretare)INSTITUNTINtuteof Char abwin ZimbHigherACCO of the Insti ratorsinenttheolmEnr ss forgre andPro7May201ber onsatiNovemminExaIssue 1/2017Institute News(A DivisteredRegisofinistAdmMinistrynce andby the on, Scie tmenredited catiis acc tiary Edu DevelopTerlogyandTechnoionat theteofgazinetheInstitudartereof ChyetarSecrrsistratoariesSecretandIssueas aG.P.OpaperNewsle ofWho nisationaOrg rnanceevGoridesprov work foefram vingachie gictestra tivescobje2Rush for relevance applies to all accountancyand corporate governance bodies3Institute introduces Diploma in ForensicAccounting4Members and students must live Institute’score values5ICSAZ and GZU collaborate over Master’sand Bachelor’s degrees7Corporate Secretaries Toolkit launched inZimbabweeis issue thInsid»ensicin Forlomas Dipr’s androduceMastete intoverInstitu tingorateandcollabAccountancyGZU saccounAZ ands degreeto allor’» ICSapplies iesgceBachelbodvanllenginreleancefor cha msh for governdedexaate» Run nee ementporatio nagcorprepar ial Marough FinancThoate» Corpor25Profile81/2017mar theconside tion.may qualificaInstitute ivalenterofthebettr equimum ngabove any othee C ora mingrad statedlementihaveies ores ats but are suppl pass irements s Studtionlevet orrequ in Busines(5) ‘O’ entryqualificaironmentefiveandenv basis.imumto the Certificaleastuageve min mercial case At addition ndationLangthe abo in a coma case-byEnglish In ional Fou yS ANDhavenceondingINESNatentrdo not k experie sideredBUSer incluedE INbettSpecial ts who t wor be congnisDIESorCAT CvanSTUea recoApplican s releect willgradCERTIFI TINGed bysubjyearieses atOUNtwo ‘O’ levelStudACCies issul passleveofs Studuntingtheir(5) ‘O’ unts and Acco Businesimum onfive or Accosa minredng orinessleasthave conside At hematic te in Bus in Accountis butbetionteMatificat willandCert CertificaqualificaironmentionOMA IBAS ionallificaDIPL S ANDenvimumNatnt quaDIATEve min mercial A itutionivaleRME IN BUSINESInstthe abo in a comr aequivaledo not experie Any cial entrOUNy quaies orwho t workectACCStud Spe licantsal entrvanle subj pletes.untingApps relethe normrds singire a comAccoyear case basitoawanttwo -bys and rse.requivales andinesFulla caseexam and do nottial,in Bus oma cou to be equies also needsresidenDiploma ional Dipl judgedStudncytime colleges.Fullpete IBAS vant Nat lificationuntingedSAcco ific comquay from accreditINES Rele otherstuds andforitsspecughes ofIN BUSituteBusinesents with AnymodDIESy throOMAthe InstDIPL TING STUInstitutefor studflexible ate studcontactughprives. The ificatesHIGHER OUNcanACCred thro tial and the officcertme.EScoursesANDramCATare offe -residen le fromprogor FBSrsesCERTIFInoninabIBAScouJECTtimeobtalytheir rammes The / Parthighe areLE SUBpletedous proges ittime of thesSINGmaknilsnot comthe variatioDetawhichhadt,lificDYwho ion intomenQuaentselopOF STUmissIBAS p.& Devthe Stud ial readMODEs ofof theneurshi SciencespeconeisBenefit entrepre cation,TSentDENrstep.ernmark into iary EduSTUr doo the GovINGs.to emb er & Terttion tion to you whichents.RETURNlificaofectsstudof Hightes.l qua qualifica missionblesificae subjcert ies ofMinistrythem enaessionacomon somonaliculu with thecopsre prof – bringinglic servicecurrrs.ptionsuirieeducati ifiedTheedited employe g to futu babwey exemies of with cert ne enq accrthe PubndinbyenjocopZimbyIt isther fee. Onliedifiedre inZ andd grougnised r cert form togelicationreco ides goo anywhe recognisdo ICSAion.of youApps toIt prov be studied l programcountry y qualifiessmentthe applicat t of the onaassemenIt can professi rs in thennymaticall af of payloyees upo accompaautoIt isempprooonese offic are to andtact:largest pletionzo Hou aphs ional IDse conDzidtogrNatOn compleaphoieste,fromtion Studsized certifica .zwinedrmaportobtahlyuntingz.coher infoAcco.icsaarets, Birtto App forms are wean passwwws and ay, Har Harare 00624scripFor furt.zwHowion Zimbabinessite:tranz.cosewtes,webof Bus172, Cau , Eastlea, Fax: 04-7www.icsaApplicat ifiedcert l certifica ugh thesite:596-9;InstituteBox CY y AvenueTwoonae throThePOhler44 124 .zw; Webeducati be don32 McC 241, 086 icsaz.coalsocan22 –, 702 keting@00553-5or mar04-7Tel: saz.co.zw@icil: ibasEmaIBASwebabin ZimAdminChartered Secretary profession requiresperiodic regeneration to remain aliveCorporate Governance10Whole of Organisation Governance providesframework for achieving strategic objectivesBoard Meetings13Board meetings require adequatepreparation for positive results10Student Supplement14Thorough preparation needed forchallenging Corporate FinancialManagement exam13The Chartered Secretary1

Institute NewsRush for relevance applies to all accounTfrom this level to another levelhemarketplaceisall zeroes-in on retaining thecrowded, with everyrelevance of the Institute to itsone of the competingmembers, students and otherprofessionalbodiesstakeholders.striving to be seen as the bestamong the many, the Institute“It is also clear that the rushof Chartered Secretaries andfor relevance is important to theAdministrators in Zimbabwemember and student. It is veryPresident, Mr George Mahembe,important to do the demandinghas pointed out.ICSAZ course.“In doing so we are all forced“Unfortunately you won’t beto try and prove that we are moreable to just take your seat andMr Mahemberelevant than the others,” Mrwait for things to happen for youMahembe said, when he addressedsimply because you did the ICSAZmembers and students during hiscourse,” he said.presidential visit to branches.“It is very important that you always prove your“The rush for relevance applies to all theworth by showing how relevant you are in theprofessionalaccountancyandcorporateorganisation or the environment you find yourselfgovernance bodies, ICSAZ included.in. Such positioning of your relevance will alwaysbenefit you,” he added.“If we do not address the issue of being relevantto the market then we will not be able to stay aTo be taken seriously as relevant, it is necessaryday longer in this market. This applies to both theto perform tasks to the satisfaction of one’sInstitute and its members and students.employer and colleagues, he pointed out. It iscritical, he said, to become particular about one’s“Our relevance as an Institute comes in the formcompetencies and be consistent in the tasks thatof what programmes we offer to the students,Chartered Secretaries profess to be the best at.members and stakeholders,” he said.“Networking provides members and students“If we as an Institute fail to provide thewith a platform to develop and maintain qualityprogrammes that will benefit our members andrelationships that enrich our lives and empowerstudents in terms of the skills and attitudes requiredus to achieve our goals. However, the networkin this rapidly changing commercial market, thenrelationship must always be a mutually beneficialwe may slowly die, as no new members will comeone to both parties,” he added.to the Institute if they think they will not be able toderive the perceived benefits,” he added.Mr Mahembe went on to say ICSAZ membersand students should be able to leverage on theMr Mahembe pointed out that in order to retainstrength that is in the ICSA brand.students’ and members’ interest, the Institute mustcontinually come up with programmes that deliver“We are fortunate that in Zimbabwe we are wellvalue to the clients.known for some good attributes. The marketrespects us for who we are.This is why the Institute strives to be innovativeand meet the particular needs of the market, he“We must shape how the market perceives thesaid. A number of new projects had been launchedmembers and students and their abilities. You andor would be launched by the Institute this year, soI know how good we are and can be. All we needas to achieve this goal.to do is work on it. We need to take note of ourareas of weakness and work to improve on these“The issue is all about relevance. To us, asareas.Council, the decision we take to move the Institute2The Chartered Secretary

ntancy and corporate governance bodies“There is a certain level ofperformance that the marketexpects of us. We must notfail them through lack ofconcentration on our tasks. Let’skeep focusing on the goal ofexcellence and we will achieve.Mr Mahembe added that someindependent research done a fewyears ago in Zimbabwe statedthat Chartered Secretaries wererated best in administrationand company secretaryshipand rated highly in finance andaccounting.He pointed out that one ofthe cornerstones of the Institute’s reputation is integrity.It encompasses, he said, highprofessional ethics and adherence by members to goodbusiness practices.“It was pleasing to note thatthe Institute obtains a veryhigh rating on this attribute.The Institute is still knownfor its strictness on issuesof integrity and ethics in thegovernance of organisations.“I again implore you, toguard against the temptation touse extra-legal means of doingbusiness. You must be seen todo business within the law andto guide your organisationsin pursuing standards of bestpractice in all facets of business.“In order to achieve our goals toconsolidate our market positionand to provide leadership ingood corporate governance, theInstitute realises that we canonly succeed if we all work as abody.“No one of us alone is aspowerful as all of us working intandem for our common goal,which is good governance. Thiscalls on us to have a commonvision,commonstandard,common identity and a commonmission. Even in the face ofadversity, together we can andwill overcome,” he said.Institute introduces Diplomain Forensic AccountingTheInstituteofChartered Secretariesand Administratorsin Zimbabwe hasintroduced a new qualification,the Diploma in ForensicAccounting(DFA).Thediploma is intended to impartthe knowledge and skillsrequired to carry out financialinvestigations.becominginvolvedinthe investigation of theseactivities and of economiclosses due to damage doneto businesses or property orpersonal injury.Fraud, money laundering,supplier kickbacks and otherexamples of “white collar”crime represent a serious threatto business competitiveness.The diploma is designed toprovide expert knowledgeabout fraud, income tax andthe law and rules of evidence,as well as to promote an investigative mentality, criticalscepticism, an understandingof psychology and motivation, and strong communication skills.Auditors, accountants, financeofficers and law enforcementpersonnelareincreasinglyThe Diploma in ForensicAccounting course consists oftwo levels with eight subjectseach, which will be taught over aperiod of one-and-a-half years ona block release basis or throughweekend classes.The first class will commencein May or June this year.The entry requirement isan Institute of Business andAccounting Studies (IBAS)IntermediateDiplomaorequivalent or an appropriateuniversity degree.The Institute can allow specialentry for those who do not meetthe normal entry requirementbut can prove that they workin relevant sectors. Specialentry is at the discretion of theInstitute.The Chartered Secretary3

Institute NewsMembers and students must liveInstitute’s core valuesTin corporate management.The mission is to sustainably promote and advancethe efficient administration of commerce, industryand the public sector using modern technology,achieving this through the study and practice ofsecretaryship, corporate governance, accountancyand management, guided by world class standards.“The mission clearly states what the Institute isthere to do. The Institute needs to do more, if it isto achieve the virtues and values that emanate fromthis mission.“We must excel in all the fields in ourmission, because our broad curriculumgives us the background to do so,” hesaid.He said members and studentsmust take into account the Institute’score values, which are CollectiveWisdom, Integrity, Transparency,Innovativeness and Excellence.The Institute has been working onnew ways, he said, to deliver serviceto its various stakeholders. It was stillconsidering the issue of e-learning,including e-examinations.“It is envisaged that in the near future,students will be able to write certainmodules of the ICSAZ programmeonline,” he said.He stressed the importance ofmembers and students ensuring theInstitute was kept updated on anychanges to their email addressesand cellphone numbers to facilitatecommunication. They could checkand amend their email address on theInstitute’s web portal (https://www.myicsaz.co.zw).Dr Musamba also appealed tomembers and working students tofacilitate or assist the exposure ofnon-working students to the real workenvironment through attachments attheir firms.PixlWrxhe Institute of Chartered Secretaries andAdministrators in Zimbabwe needs to domore to achieve the virtues and valuesthat emanate from its mission statement,the Institute’s Chief Executive and Secretary, DrFarai Musamba, told members and students recently.Speaking during this year’s presidential visit tobranches, he reminded them of the Institute’s vision,mission and core values.The vision, he said, is to be the professional bodyof choice in the development of leading practitioners4The Chartered Secretary

Institute NewsICSAZ and GZU collaborate overMaster’s and Bachelor’s degreesThe Institute of Chartered Secretaries andAdministrators in Zimbabwe and GreatZimbabwe University have entered intocollaborative arrangements in respect oftwo degree programmes, with the approval of theZimbabwe Council for Higher Education.The university is now offering a Master of Commerce(MCom) degree in Professional Accounting andCorporate Governance/Grad ICSA programme.The programme has 10 core courses that cover thebody of knowledge in the ICSAZ Qualifying Scheme.This enables the Institute to award Grad ICSA statusto students who successfully complete the programmewithout them needing to take any ICSAZ examinations.To attain the degree, it is necessary to pass all 10 corecourses, one out of five elective specialisation coursesand a dissertation of 15,000 to 20,000 words.The university is running the programme in Harare,with classes being conducted at the Institute’s DzidzoHouse under the block release mode for one-and-a-halfyears.The entry qualification is a relevant degree inaccounting. Other relevant qualifications are alsoconsidered. Students are registered with both theuniversity and the Institute. Those who successfullycomplete the degree programme are awarded the degreeand graduate status (Grad ICSA).The other degree that the Great Zimbabwe Universityand ICSAZ are collaborating over is a Bachelor ofCommerce (Special Honours) degree in Accounting. Entryto this degree programme is being offered to holders of theICSAZ Professional Programme 1 (Part C) certificate or arelevant business-related bachelor’s degree approved bythe university.To obtain the degree, candidates must successfullypass 12 subjects, including a research project over aperiod of one year. On successful completion, candidateswill be awarded the BCom (Special Honours) degree inAccounting by Great Zimbabwe Universtiy.The degree does not, however, entitle one to be awardedthe Grad ICSA status unless one has also passed all theICSAZ examinations.Given the nature of the subjects in this programme,students will be able to write the outstanding ICSAZsubjects concurrently with those for the degree.The university is also running this programme at DzidzoHouse under the block release mode.Jane Shoko Passes OnStudents Registrar Jane Shoko,ceremonies and presidential visits.who was one of the longestShe was well known for her articulatenessserving members of staff atwhen it came to students’ services. ManyICSAZ, passed away on 21members passed through her hands. SheMarch 2017.was friendly to all of them.Mrs Shoko was a familiar face at theMrs Shoko will also be remembered forInstitute’s Dzidzo House offices, whereher friendliness to her colleagues and hershe was a Cashier and a Receptionistfrankness on issues to do with her work.before being promoted to the StudentsShe was a source of practical advice andRegistrar position. The last time shea devoted Christian. Her contribution towas at work was in January 2017.Jane Shokothe Institute will forever remain in manyAlways respectful and friendly,stakeholders’ minds.whether when dealing with clients orShe will be sorely missed by the manyother members of staff, her work required her to be alertpeople she assisted. The Institute will cherish the manyand accurate, an art she had mastered over her manyhappy memories it has of her and will not forget heryears at the Institute.immense contribution to it and her dedication to duty.She will be remembered for the efficient way in whichMrs Shoko was 57 years old. She is survived by fourshe performed her duties, which included attendingchildren.to student needs at the reception and functions suchMay her soul rest in eternal peace.as the induction seminars, winter schools, graduationThe Chartered Secretary5

6The Chartered Secretary

Institute NewsCorporate Secretaries Toolkitlaunched in ZimbabweThe Corporate Secretaries Toolkit was launchedin Zimbabwe in early March 2017, as part ofthe Corporate Secretaries Toolkit launches thathave taken place in various countries aroundthe world.The toolkit, which is intended to improve or enhancethe corporate secretarial skills of those in the corporatesecretarial and governance profession, is a joint product ofthe International Finance Corporation’s Global CorporateGovernance Forum and the Corporate SecretariesInternational Association (CSIA).ICSAZ, which is a CSIA member, launched the toolkitthrough the Train the Trainer course which was conductedat its Dzidzo House offices.Mr Pious Manamike, who participated in coming upwith the Corporate Secretaries Toolkit, conducted thetraining programme.Nineteen delegates participated in the two-dayprogramme. The presenter took the trainees through asynopsis of the 22 modules of the Corporate Secretariestoolkit.Mr Manamike emphasised, during the training, theneed for the future trainers to take note of the levels ofthe people that are likely to be trained during trainingworkshops.“The launch of the Corporate Secretaries Toolkitis significant to the corporate governance fraternity,especially Company Secretaries, in that it provides fora contemporary approach to corporate secretaryshiptraining, while at the same time equipping CompanySecretaries with internationally accepted skillsapplicable to all jurisdictions.“The first batch of trainers ensures that we haveenough resource people to train Corporate Secretariesin the different sectors of our economy,” he said.At the close of the training programme, Mr RichardSummers, the then Corporate Secretaries InternationalAssociation President, who also attended the trainingprogramme, expressed his delight that the toolkit hadnow been launched in Zimbabwe.He said he now looked forward to trainingprogrammes being arranged for players in the industry.“The role of the Corporate Secretary,” he said, “ischanging as corporate governance standards and rulesbecome even more demanding and rigorous.“Today’s Corporate Secretary is no longer a mereservant but is now expected to provide professionalguidance to Boards, Directors and Management onstrategic decisions relating to the organisation’s planon the way forward.“As a result of the growing significance of this

The Chartered Secretary. Institute News. Rush for relevance applies to all accountancy and corporate governance bodies. T. he marketplace is crowded, with every . one of the competing professional bodies striving to be seen as the best among the many, the Institute of Chartered Secretaries and Administrators in Zimbabwe President, Mr George .

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