Kaplan Publishing study materials –
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28/02/2011 09:14
12
LEARNING CENTRE
MY WORKING LIFE
LARRY KAFUTI, ZAMBIA
NAME
LARRY KAFUTI
JOB TITLE
FINANCE OFFICER
EMPLOYER
PLAN INTERNATIONAL,
MANSA, ZAMBIA
On leaving school, limited finances
prevented ACCA student Larry
Kafuti from entering university, so
instead he decided to start a career
in accountancy, studying at local
colleges and gaining his accounting
technician’s qualification in 2005. ‘I
was then invited to enrol with a major
UK accountancy body, but it was once
again too expensive,’ says Larry: ‘By
2007, however, I had registered with
ACCA, as the ACCA Qualification
was much more affordable, offered
greater study flexibility, and was more
marketable internationally.’
Since leaving school, Larry has always
combined work and study: ‘After a
number of attachments while studying,
in stores and accounts departments,
my first full-time job (in 2006) was
as an assistant accountant at Mansa
General Hospital,’ he explains, ‘where
my responsibilities included acting as
financial advisor to the Luapula Province
Eye Care Program, funded by the
Christian Blind Mission, and overseeing
the financial management system for
Luapula Province.’
In 2009, Larry moved on to join aid
agency Care International, as Program
Support Assistant – Finance, and
then, in 2010, to his current post as
Finance Officer for Plan International,
an organisation working to improve
conditions for children across Zambia,
in areas such as health, food security,
and education. ‘My responsibilities
range from petty cash to preparing of
quarterly and annual reports,’ says
Larry, ‘and include activities such
as bank reconciliations, overseeing
cashflow, and reviewing outputs to
ensure they stay in line with budgets.’
Although Larry had amassed
considerable accounting experience
before enrolling with ACCA, he
acknowledges the boost that ACCA has
given his career: ‘Employers want quality
and qualified staff,’ he explains, ‘and even
though I am still a student, employers
recognise my progress through ACCA as
evidence of my skills and experience.’
Before joining Plan International,
Larry self-studied for his ACCA exams,
but is now attending additional lectures
to speed up his progress through
the Professional level, and is also
enjoying the support of his employer:
‘Plan International runs an excellent
professional development programme,’
he explains. ‘We receive a contribution
towards subscription and course
fees, time off for exams, and can work
flexibly if we need to attend daytime
tuition classes.’ As a result, Larry hopes
to complete his exams in 2011 and
become an ACCA member in 2012:
‘ACCA membership will then lead to
much greater things,’ he says: ‘My
qualification will be recognised all over
the world, and will enable me to achieve
my career ambitions, such as becoming
an audit partner.’
‘EMPLOYERS RECOGNISE MY PROGRESS THROUGH
ACCA AS EVIDENCE OF MY SKILLS AND EXPERIENCE.
MEMBERSHIP WILL LEAD TO EVEN GREATER THINGS.’
LARRY’S WORKING LIFE
I live in rented accommodation while
my new house is being built.
I travel to work on foot – my office
is only 15 minutes away.
At lunchtime I eat a packed lunch
prepared by my wife Charlotte.
Our dress code is formal, but jeans
and t-shirts on Fridays.
At the weekend I spend time with
my wife, and go to our local church.
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14
LEARNING CENTRE
MOVING ON
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
In the UK, ACCA student Stephen
Tolley has become a finance and
admin officer at BASF Group in
Alfreton, Derby. His main duties
include producing monthly
management accounts, liaising
with the European Service Centre,
cost reporting and analysis for
management, tax returns, and
National Statistic and audit
duties. He was previously a
finance analyst at Boots UK
in Nottingham.
In Pakistan, affiliate Ali Riaz
has become an audit, risk and
governance executive at Wateen
Telecom Ltd in Lahore. His
main responsibilities include
reporting to the audit committee,
update enterprise-wide risk
assessment, and manage working
papers. He was previously a
trainee at KPMG‑Taseer Hadi &
Co. In Karachi, ACCA student
Mohammad Rehan Yasin has
been promoted from a research
analyst to a finance officer at
Ovex Technologies Pvt Ltd.
He will produce budgets and
report variances, prepare
financial statements, manage
cash flows and the company’s
financing strategy.
In Tanzania, ACCA student
Mohamedabbas Dewji has
become an audit associate at
Deloitte & Touche Tanzania
in Dar‑es-Salaam. He will
be performing assurance
engagements of Deloitte clients
in line with current IFRSs and
ISAs. He was previously an audit
associate at Baker Tilly DGP &
Co Ltd.
In the UAE, ACCA student
Awais Jahangir has become an
accountant at Advanced Car
Rental in Abu Dhabi. His main
responsibilities include sorting,
verifying and posting of all petty
cash payment vouchers including
receipts. He was previously
an accounts officer at Hitachi
in Lahore.
In Nigeria, Adeola Adelakun has
joined SBA Financial Training as
an assistant manager. Based in
Lagos, Adeola will be responsible
for developing prospective client
training database and training
logistics. In Ibadan, Idadeniyi
Bolajoko Ibukun has become an
assistant manager at Teembol
Catering & Rental Services
Ibadan. She was previously a
catering assistant. In Lagos,
ACCA student Aodeji Ojo has
joined Alpari Trading W/A
Ltd as a finance manager. His
main responsibilities include
maintaining company accounting
records, liaising with statutory
authorities and external auditors,
setting up accounting systems,
payroll administration and other
matters assigned by the country
director. He was previously group
head – finance at Industrial
Development Comm Ltd.
In Zambia, ACCA student
Redson Nyirenda has joined
Zamnet Communications Systems
as an accounts officer. Based in
Lusaka, Redson will handle all
company expenditures, client
complains, client invoicing, and
accounts reconciliations. He
was previously an accounting
officer at the University of
Zambia. In Lusaka, affiliate
Hiwet Ghebrehiwet has become
a consultant at Abadi Import,
Export and Manufacturing
Company. He will be responsible
for reviewing the financial
statements, training the
employees and follow up the
budgeting and the system of
the company. He was previously
incharge auditor at Asmara Audit
Services Corporation in Eritrea.
In Cameroon, ACCA student
James Manyeki has been
promoted from a decision support
analyst to a BPM analyst – sales
STUDENT ACCOUNTANT ISSUE 05/2011
and revenue at Diageo plc. Based
in Douala, his new responsibilities
include sales forecasting/
budgeting, periodic sales
reporting and ad hoc analysis,
and top line R&O analysis,
outlook and strategic and annual
operating planning.
In Malawi, ACCA student
Deliwe Bina Chatupa has become
an audit assistant at MMK
International CPAs in Blantyre.
She was previously a bank clerk at
First Merchant Bank Ltd.
In Zimbabwe, ACCA student
Gamuchirai Lobo has joined
Aurifin Capital as a finance
manager. Based in Harare, he
will be advising on financial
issues, tax, capital structure and
financing, and will also offer
forensic audit services to clients.
He was previously an accountant
for the State Procurement Board.
YOU NEVER
SIT STILL
If any of your
personal details have
changed, don’t forget to
tell us. Login to
myACCA at www.
accaglobal.com
to review and update
YOUR FAVOURITE JOB-HUNTING
WEBSITES
NOUMAN ASIF, UNITED ARAB EMIRATES
www.monstergulf.com
www.naukri.com
PAULETTE LIGHTBOURNE, BAHAMAS
A good job-seeking website is www.monster.com.
This website also gives lots of interview tips,
questions, and also how to handle on the job issues.
CLAIRE HACKWOOD, UK
I work in a finance role in the charity sector and found
www.charityjob.co.uk very useful when looking for
my current job. I’d also like to recommend a couple
of recruitment consultants – SF Group and People
Unlimited. SF Group have various locations across the
UK and specialise in recruiting for the finance sector.
People Unlimited recruit for the not-for-profit sector
in London and the South East.
SALMAN OLUWAFUNKE SIMBIAT, NIGERIA
www.unilever.org
www.pg.com/en_US/careers/index.shtml
DO YOU HAVE A FAVOURITE CAREER OR
JOB-HUNTING WEBSITE?
If you have a favourite job-hunting, career tips or
employment website, email us at studentaccountant
@accaglobal.com and your websites could be used
in a future issue of Student Accountant.
15
16
LEARNING CENTRE
WORKPLACE MENTOR
BRENDA LUNGU
WE SPEAK TO BRENDA LUNGU TO FIND OUT WHY SHE BECAME A WORKPLACE
MENTOR (WPM), AND HOW SHE IS HELPING TRAINEE ACCOUNTANTS ACHIEVE THEIR
PRACTICAL EXPERIENCE REQUIREMENTS
NAME A HIGHLIGHT OF BEING A WPM
A highlight of being a workplace
mentor is that you are an important
contact for your mentee. You need to
be able to quickly identify the need
for growth, as well as being able to
identify opportunities which can benefit
your mentees.
WHY DID YOU
DECIDE TO BECOME
A WPM?
I am currently working as
Head of Treasury in the Finance unit of
the Catholic Relief Services – USCCB,
Zambia Program. I was admitted to ACCA
membership in 2009, after completing
my ACCA exams, and attaining the
required work experience, that I
developed over the years. I decided to
become a workplace mentor during 2009,
which was after completion of my ACCA
studies. I was motivated because of the
number of staff I was supervising who
were coming to me for career guidance.
HOW MANY ACCA STUDENTS ARE
YOU MENTORING?
I am currently mentoring three ACCA
students, who are at various levels
of study in the Fundamental and
Professional stages.
TRAINING FOR, AND BEING A
WORKPLACE MENTOR CAN COUNT
TOWARDS YOUR ANNUAL CPD UNITS
REQUIRED FOR ACCA MEMBERS.
HAVE YOU EVER USED YOUR WPM
STATUS TOWARDS YOUR ANNUAL
CPD UNITS?
I have used the time spent on my
WPM activities towards my annual CPD
units. Activities included attending
the workplace mentor meetings where
we share ideas and experiences.
HOW DO YOU THINK THAT BEING A
WPM HAS DEVELOPED YOUR COACHING
AND MENTORING SKILLS?
Being a WPM has enhanced my
coaching skills because I now have to
be on alert for opportunities that I feel
can support the career of the person
I am mentoring. It has also helped me
in an ongoing performance appraisal
with staff, as I do not have to wait to the
end of the year to be able to provide
coaching in the areas where I see
the need.
My coaching and training skills have
improved since becoming a mentor. I
have received useful guidance from the
ACCA website. The workplace mentor
advice section includes well-structured
guidance which one can follow to gain
insight of how the whole coaching
sessions may be done, as well at the
areas that constitute career growth in
a mentee.
WHAT BENEFITS DO YOU FEEL BEING A
WPM HAS ON YOUR CAREER PROSPECTS
AND DEVELOPMENT OPPORTUNITIES?
For me as a mentor, the benefits are
numerous, in that I am able to gain
experience in a number of areas where I
would want to see my staff venture in to.
I have also gained knowledge, as I have to
do some research in certain areas to be
able to be able to provide more updated
information to help my mentees.
HOW VALUABLE IS THE
WPM PROGRAMME TO MENTOR
AND MENTEE?
Being a WPM is valuable because you
have to be in a continuous learning
environment to be able to provide useful
information to your mentee. This has
helped me, as I always have to find
something new to learn.
If you have someone at work who you
think could be a workplace mentor,
show them this article so they can see
the benefits
FIND OUT MORE ABOUT GETTING OR BECOMING A
WORKPLACE MENTOR AT WWW.ACCAGLOBAL.
COM/STUDENTS/ACCA/PER
STUDENT ACCOUNTANT ISSUE 05/2011
17
PER
MOVING CLOSER TO MEMBERSHIP
The quickest and simplest way to
ensure a smooth transition from trainee
to member is to record your practical
experience requirement (PER) in the
trainee development matrix (TDM).
All you will be required to do once
you have met the membership
requirements is accept the invitation
to transfer to membership from
ACCA – a significantly faster way to
become an ACCA member than if
you submitted an online or manual
membership application.
Here’s an explanation of how the
process works and also some hints and
tips on how you can make it hassle-free.
ACCA will invite you to transfer to
membership once the TDM indicates
that you have:
¤ completed the ACCA
Qualification exams
¤ completed the Professional Ethics
module (where required)
¤ recorded 36 months’ in a relevant
role using the PER return
¤ and either answered the challenge
questions for 13 performance
objectives (all nine Essentials and
any four from Options) and had these
signed off by your workplace mentor
or are exempt from completing
the TDM as agreed by your gold or
platinum ACCA Approved Employer –
Trainee Development stream or
¤ you have ‘banked’ your complete
and signed-off Student Training
Record (STR).
If you have met the above criteria,
you will be sent an email and a letter
inviting you to transfer to membership.
To ensure that you receive your
invitation, please visit myACCA to check
that your contact details are up to date.
Additional information will also
be required if you fall into any of
the following categories:
THE QUICKEST WAY TO ENSURE A SMOOTH
TRANSITION FROM TRAINEE TO MEMBER IS TO RECORD
YOUR PER IN THE TRAINEE DEVELOPMENT MATRIX.
Lecturing experience
Lecturing experience can be used
towards the PER for membership up
to a maximum of 12 months. The
experience must be at a level at least
equivalent to the Fundamentals level
of the ACCA Qualification, covering
basic accounting, business studies
and finance related subjects. If you are
including lecturing experience towards
the PER, please ensure you provide
details on the subjects and level taught
together with your application form.
Part-time experience
Work experience gained on a part‑time
basis can only count towards the PER
for membership on a pro‑rata basis.
ACCA considers full-time work
experience to be 140 hours per
month. 1,540 hours of part-time work
equates to 12 months of full‑time
work experience – this discounts
annual leave. If you are including
For a host of useful information
about ACCA’s practical experience
requirement, visit www.accaglobal.
com/students/acca/per
part-time experience towards the
36-month requirement, please provide
a breakdown of any part-time hours
worked with your application.
Working in public practice
If you work in public practice and you
sign or produce any accounts or report
or certificate or tax return concerning
any person/organisations financial
affairs that may be relied upon by a
third party, you are required to include
a current job description together with
your application.
36 months’ experience
In order to be eligible to apply for
admission to membership, you are
required to demonstrate that you
have obtained at least 36 months of
acceptable, supervised, practical
experience in an accountancy role.
If you have not recorded a least
36 months’ experience within your
PER, you will be asked to either submit
a further PER return to update your
records. If this is not possible, you will
have to wait until you have attained the
further months required to complete
this component and submit a revised
PER return through myACCA.
If you have any queries about your PER
email students@accaglobal.com
18
LEARNING CENTRE
TALKING TECHNOLOGY
BEYOND THE SPREADSHEET
ACCOUNTANTS CAN BE CALLED ON TO USE A RANGE OF SPECIALIST SOFTWARE
AND SYSTEMS, AND IT’S IMPORTANT TO KNOW WHAT THEY ARE, EVEN IF
YOU DON’T – YET – KNOW HOW TO USE THEM
Being a 21st century finance
professional calls for all sorts of
information technology skills. How
far and wide yours range will, to
some extent, be determined by the
very particular sets of circumstances
in which each one of you will find
yourselves, at various stages in your
career. But within the vast range of
possibilities, some software and
systems will loom larger than others.
The spreadsheet is inescapable, and
proficiency is a must. Not all of you
will be need to be advanced enough to
build macros, or use pivot tables and
look-ups, but all of you will, at some
stage, need the basics such as creating
and setting out worksheets, and using
headers, formulas, and functions – if
only because so many other ‘financial’
applications utilise spreadsheets for
data input and manipulation.
Despite its ubiquity, the spreadsheet
is not the only specialist software in an
accountant’s toolkit; use of ‘accounting
software’ is almost as commonplace.
This term of reference describes the
systems that record and process
the basic financial transactions that
organisations undertake to manage
their business, but as businesses come
in lots of different shapes and sizes, so
do accounting systems.
They range from basic bookkeeping
up to the much more sophisticated
Enterprise Resource Planning (ERP)
systems. In between there are myriad
‘accounting and business’ systems:
some generic, some industry-specific;
some integrated, some not; some can
meet various business needs from
bookkeeping, through e-commerce, to
payroll; some can address just one or a
couple of these areas of functionality.
But this is just the tip of a huge
iceberg. Sitting on top of these systems
you will encounter applications for
analytics, budgeting and planning,
business intelligence, customer
relationship management, e-commerce,
financial reporting, and payroll. Sitting
alongside them you will encounter tools
that address all sorts of areas from
ALMOST ANY ACCOUNTING SOFTWARE EXPERIENCE
YOU GAIN HAS THE POTENTIAL TO BE USEFUL...
PROFICIENCY IN SPREADSHEETS IS A MUST.
compliance (such as money laundering
legislation and Sarbanes–Oxley) to
myriad industry-specific regulations –
and needs.
In your career you will encounter
many of the systems listed above, plus
a collection of even more specialised
software and systems.
Almost any software experience you
gain has the potential to be useful – if
only because it increases your comfort
factor with all other systems. But while
some of your skills will be transferable,
some will not: as systems become
more sophisticated and specialised the
associated skills tend to become more
‘product specific’. So think about where
you focus your efforts, because having
the right software skills isn’t just about
where you are today, it’s about where
you want to be tomorrow.
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