Connect with us
Advertisement

Getting the value proposition right

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

Continue Reading

News

Gov’t shy to shame failing ministers

22nd February 2021
Morwaeng

Minister of Presidential Affairs, Governance and Public Administration, Kabo Morwaeng together with Permanent Secretary to the President (PSP) Elias Magosi, this week refused to name and shame the worst performing Ministries and to disclose the best performing Ministries since beginning of 12th parliament including the main reasons for underperformance.

Of late there have been a litany of complaints from both ends of the aisle with cabinet members accused of providing parliament with unsatisfactory responses to the questions posed. In fact for some Botswana Democratic Party (BDP) backbenchers a meeting with the ministers and party leadership is overdue to address their complaints. Jwaneng-Mabutsane MP, Mephato Reatile is also not happy with ministers’ performance.

This content is locked

Login To Unlock The Content!

Continue Reading

News

Bokamoso, Gov’t in P10M womb removal suit

22nd February 2021
Bokamoso

Bokamoso Private Hospital is battling a P10 million legal suit for a botched fibroids operation which resulted in a woman losing an entire womb and her prospects of bearing children left at zero.

The same suit has also befallen the Attorney General of Botswana who is representing the Ministry of Health and Wellness for their contributory negligence of having the unlawful removal of a patient, Goitsemang Magetse’s womb.

According to the court papers, Magetse says that sometimes in November 2019, she was diagnosed with fibroids at Marina Hospital where upon she was referred to Bokamoso Private Hospital to schedule an appointment for an operation to remove the fibroids, which she did.

Magetse continues that at the instance of one Dr Li Wang, the surgeon who performed the operation, and unknown to her, an operation to remove her whole womb was conducted instead.
According to Magetse, it was only through a Marina Hospital regular check-up that she got to learn that her whole womb has been removed.

“At the while she was under the belief that only her fibroids have been removed. By doing so, the hospital has subjected itself to some serious delictual liability in that it performed a serious and life changing operation on patient who was under the belief that she was doing a completely different operation altogether. It thus came as a shock when our client learnt that her womb had been removed, without her consent,” said Magetse’s legal representatives, Kanjabanga and Associates in their summons.

The letter further says, “this is an infringement of our client‘s rights and this infringement has dire consequences on her to the extent that she can never bear children again”. ‘It is our instruction therefore, to claim as we hereby do, damages in the sum of BWP 10,000,000 (ten million Pula) for unlawful removal of client’s womb,” reads Kanjabanga Attorneys’ papers. The defendants are yet to respond to the plaintiff’s papers.

What are fibroids?

Fibroids are tumors made of smooth muscle cells and fibrous connective tissue. They develop in the uterus. It is estimated that 70 to 80 percent of women will develop fibroids in their lifetime — however, not everyone will develop symptoms or require treatment.

The most important characteristic of fibroids is that they’re almost always benign, or noncancerous. That said, some fibroids begin as cancer — but benign fibroids can’t become cancer. Cancerous fibroids are very rare. Because of this fact, it’s reasonable for women without symptoms to opt for observation rather than treatment.

Studies show that fibroids grow at different rates, even when a woman has more than one. They can range from the size of a pea to (occasionally) the size of a watermelon. Even if fibroids grow that large, we offer timely and effective treatment to provide relief.

Continue Reading

News

Masisi warned against a sinking Botswana

22nd February 2021
Ndaba GAolatlhe

The Alliance for Progressives (AP) President Ndaba Gaolathe has said that despite major accolades that Botswana continues to receive internationally with regard to the state of economy, the prospects for the future are imperilled.

Delivering his party Annual Policy Statement on Thursday, Gaolathe indicated that Botswana is in a state of do or die, and that the country’s economy is on a sick bed. With a major concern for poverty, Gaolathe pointed out that almost half of Botswana’s people are ravaged by or are about to sink into poverty.  “Our young people have lost the fire to dream about what they could become,” he said.

This content is locked

Login To Unlock The Content!

Continue Reading
Do NOT follow this link or you will be banned from the site!