Change today is constant and continuous, and futurists must update their predictions more frequently. Technology is driving this fast-paced change, transforming industries and professions—including auditing and accounting. However, auditors and accountants must look beneath the surface to understand the real challenges and opportunities implicit in new technologies and what they enable.
Automation is a case in point. It is estimated that robotics and artificial intelligence will replace up to 5 percent of all jobs globally by 2020, even disrupting professions, like journalism and law,that previously seemed immune to this type of change. There is no doubt that automation is already changing the face of auditing and accounting. Intelligent software brings the intellectual capital and best practice that used to be reserved for the Big Four within the grasp of even the smallest firms, and it can streamline complex processes to improve profitability while enabling the delivery of better value to clients.
It’s no exaggeration to say that technology has provided finance professionals with an unprecedented set of opportunities, and levelled the playing fields for financial services firms. For most accounting and auditing firms, the decision to automate has probably already been taken. But, as always, to achieve the real benefits, they need to spend a lot of time understanding what the real opportunities are.
The first decision to make is whether the firm should develop its own solution or not. We should remember here the trouble that many companies got into by deciding to develop their own enterprise resource planning systems, or to customise packaged solutions like SAP or Oracle extensively. They found themselves with increasingly unwieldy and poorly documented pieces of software, which proved to be a nightmare to keep updated in line with new developments in: technology; industry standards, and regulation.
Adopting the “build your own” approach also invariably means that companies simply digitise their existing processes, rather than taking the opportunity to transform the way they do things in line with industry best practice. To make a substandard process more efficient is to miss out on the real potential of automating, which is transformation.
All of this makes a cogent argument for auditors and accountants rather to tap into the benefits of using existing global solutions that have been developed by leading experts, and that are in line with global regulations and best practice. Of course, it is also critical to choose a solution that has been localised to take account of regional standards and regulations.
By following this route, a firm will not only gain the benefits of efficiency from automation, it will immediately be placed on a par with the best the globe has to offer. Generally speaking, such packages should enable a trial balance from any accounting system to be integrated and allocated to compliance-reporting categories. From there, it should be able to produce a set of financial statements instantly. It can also be set up to consolidate company data with true aggregation and elimination capabilities. This information can be furnished easily as frequently as required.
Additional reporting requirements can be added to the automation template as needed. In short, purchasing a software package is a way to marry improved productivity with enhanced quality—thus creating new opportunity for the accounting or auditing firm. For its clients, the ability to access up-to-date, accurate financial information in specified and useful formats easily adds considerable value beyond the audit; it provides the basis for informed decision-making about the future of the business.
About CaseWare Africa
CaseWare Africa, a division of Adapt IT, is the global leader in auditing and financial reporting software and is used in over 130 countries worldwide. Our 20 000 users across Africa, consist of audit and accounting firms, government entities, municipalities as well as large blue chip companies.
CaseWare is the undisputed leader when it comes to compliance. Our leading content providers ensure you are always compliant with the latest disclosure requirements on ISAs, IFRS, IFRS-SME, GRAP and IPSAS. Our world-class products are not only designed to deliver on our compliance promise, but ensure quality results, increased effectiveness and improved profitability.
Theuns Holtshousen is Business Leader, CaseWare Africa
In a significant stride towards inclusivity, Botswana’s National Assembly has ratified the groundbreaking Persons with Disability Act. This legislation is a cornerstone in protecting the rights and promoting the economic well-being of individuals with disabilities
At the heart of this act is the creation of two pivotal bodies: the National Disability Coordinating Office and the National Disability Council. These institutions are set to revolutionize the integration of disability affairs into the national fabric, as outlined by the Minister for State President, Kabo Morwaeng. Morwaeng highlighted the alignment of this act with the global Convention on the Rights of Persons with Disabilities (CRPD), underlining Botswana’s commitment to international standards in disability rights.
During his address to Parliament, Morwaeng disclosed Botswana’s inaugural CRPD report submission to the UN, underscoring the nation’s dedication to global dialogue on disability rights. Furthermore, he unveiled plans for a comprehensive assessment to understand the socio-economic realities of disabled individuals and their families. This initiative, complemented by the strengthening of existing programs, aims to empower this community, ensuring their integration and prosperity in society
Morwaeng’s call to action was clear. He urged a collective shift in developmental agendas to accommodate and prioritize disability issues, advocating for an inclusive societal framework.
An ambitious budget of P35,631,600 has been allocated to bridge gaps in Disability Economic Empowerment, alongside critical studies and the establishment of the National Emergency Operations Centre. Concluding his presentation, Morwaeng appealed to fellow governmental departments to allocate funds diligently to fulfill CRPD and Persons with Disabilities obligations, marking a new chapter in Botswana’s legislative history towards inclusive development.
Kabo Matlho, a luminary whose fame once graced the grand finale of My Star, is poised to enchant the music realm once more with an upcoming solo venture—an RnB and Hip-Hop Extended Play (EP)—heralding his grand resurgence after a hiatus that spoke volumes.
During a telephonic confab with our editors, the virtuoso, navigating the world from the confines of his wheelchair, confided that while the exact launch date of the EP remains shrouded in mystery, he is fervently working towards a mid-2024 reveal. Matlho shared the trials of his odyssey, especially the cold shoulder he received from the industry ambushes, crediting the harsh exclusion to his physical predicament.
“The scene calls me once more, for the absence has been both a sabbatical and a shadow. The road for an artist, enveloped in the embrace of wheels, is strewn with fewer welcomes and scarce stages. Yet, herein I forge my return, with the precise hour of my EP’s birth still nestled in the coming chapters, assuredly within this year’s embrace,” Matlho unveiled with a determination that shone bright.
Probed on his choice for a solo EP, the melody weaver expressed a desire to not only rekindle his essence but to stand solitary under the spotlight, nurturing his brand to vigor before possibly blending it with the talents of others—once his career phoenix rises anew from its ashes.
Elaborating on his Extended Play, Matlho shared visions of its essence, where the soul of RnB intertwines with the spirited rhythm of Hip-Hop, crafting an audial tapestry that not only returns to his roots but also ventures into previously uncharted territories of his musical domain. With resilience, Matlho faces the crossroads of his artistry, embracing the whisperings of Hip-Hop that tease the boundaries of his comfort, embarking on this path with a heart both apprehensive and ablaze.
The Botswana DanceSport Association (BODANSA) has been graced with a financial boon of P45,000 courtesy of Turnstar Holdings. This generous endowment is earmarked for the illustrious Botswana International Dance Sport Grand Prix Championships, which are scheduled to animate Gaborone from Friday to Saturday.
At a media engagement held early today, BODANSA’s Marketing Maestro, Tiro Ntwayagae, shared that Turnstar Holdings Limited has bestowed a gift of P45,000 towards the grand spectacle.
“We are thrilled to announce that this backing will enable us to orchestrate a cultural soirée at the Game City Marque locale, a night brimming with cultural fervor set for March 1, 2024, from 6pm to the stroke of midnight.
This enchanting space will also serve as the battleground for the preliminaries of traditional dance ensembles—spanning the rhythmically rich Setapa to the euphoric beats of Sebirwa, the spirited Seperu, the heavenly Hosana, and more—in a competition folded into the Traditional Dance Groups Category. The ensemble that dances into the judges’ hearts will clinch a grand prize of P10,000,” elaborated Ntwayagae.
He further illuminated that the cultural eve would not only celebrate traditional melodies but also the fresh beats of contemporary dance variants including Hip Hop, Sbujwa, Amapiano, among others, in a dazzling display of modern dance mastery.
Moreover, these championships carry the prestigious recognition by the World DanceSport Federation as a qualifying round for the Breakdance category for the Paris 2024 Olympics. “This is a monumental opportunity for athletes to leap towards their Olympic dreams during one of the penultimate qualifiers,” underscored Ntwayagae.
Looking ahead to March 2, 2024, the festivities will propel into the University of Botswana Indoor Sports Arena for the championship’s climactic showdowns encompassing Breakdance, Latin, and Ballroom Dancing.