Accounting can be door to professional class

Ernst and Young HQ in Munich, Germany

Image via Wikipedia

WASHINGTON, Oct 16 (Reuters) – When Gemma Urquiza interviewed for her job at True Partners, a Chicago tax and consulting firm, she remembers talking about her university honors, her ambitions and her dad’s restaurant.

Urquiza, 25, is the eldest of four children of Mexican immigrants and, like many first-generation Americans, she’s found accounting to be a perfect fit.

Her employer likes her work ethic and multicultural upbringing, as well as her technical mastery and spreadsheet savvy. She likes the variety of the job and its stability.

Accounting has long provided a path for first-generation Americans into the professional classes. Good pay and a focus on numbers makes it an attractive career choice.

Still, recruiting the children of immigrants is complex, say some Certified Public Accountants (CPAs). Parents’ opinions are influential and they often don’t know the field, a problem that alternatives like medicine or the law don’t face.

Once on the job, first-generation CPAs can face new challenges like decoding the relationship-driven, sometimes self-promotional American business culture.

As accounting firms rev up recruiting efforts on college campuses this fall, there is rising demand for multicultural candidates like Urquiza to match an increasingly global focus.

“It’s important to have talented accountants that reflect the demographic of a global economy.” Ken Bouyer, Ernst & Young Americas director of inclusiveness recruiting, told Reuters.

Specific figures on first-generation CPAs are hard to come by, but the biggest firms are spending millions of dollars on a diversification push that’s trying to reach minorities in college, high school and even as early as grammar school.

At a time when it is tough for many new graduates to find work, the Big Four accounting firms — PwC, Deloitte, Ernst & YoungKPMG– report they expect to hire more than 30,000 graduates this year.

via Accounting can be door to U.S. professional class | Reuters

Register your "trading as" name now

That does not pose a problem now, but we need to consider what will happen when Schedule 2 section 5 (3) of the Consumer Protection Act is implemented. It deals with the enforcement of business names and is likely to have an impact on those who need to use a trading name of some sort while awaiting their company name’s approval.

Those who are awaiting approval of company names before April 2012, and who are using a business name in the interim, will be exempted from registering their “trading as” business name. However, those companies using a trading name less than a year before the implementation of this schedule will be in a tight spot should both the company name and business name be refused by the CIPC.

For companies which do not engage in marketing or deal largely with consumers, this registration process could work, as a commercially friendly name is not necessary. However, for those who need to use a consumer-friendly trading name that is more inspiring than the equivalent of a 10 digit combination lock, the process of obtaining a company name is likely to turn into a long-term headache.

via The problems with trading without a registered name – Soapbox | Moneyweb

Register your “trading as” name now

SABS

The South African Bureau of Standards (SABS) is a statutory body that was established in terms of the Standards Act, 1945 (Act No. 24 of 1945) and continues to operate in terms of the latest edition of the Standards Act, 2008 (Act No. 29 of 2008) as the national institution for the promotion and maintenance of standardisation and quality in connection with commodities and the rendering of services.

As the national standardisation authority, the SABS is responsible for maintaining South Africa’s database of more than 6,500 national standards, as well as developing new standards and revising, amending or withdrawing existing standards as required.

Internationally, SABS experts represent South Africa’s interests in the development of international standards, through their engagement with bodies such as the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC). South Africa has a long and proud history of involvement with these bodies and was a founder member of ISO. On a regional level, the SABS currently holds the Secretariat for SADCSTAN, the standardisation body for the Southern African Development Community of 14 nations.

SABS Commercial (Pty) Ltd, a self-financing division within the SABS, offers certification, testing, consignment inspection and other services, mostly to industry. Apart from offering systems certification and product testing against the requirements of South African National Standards (SANS), SABS Commercial also operates its proprietary product certification scheme – the SABS Mark of Approval – a universally recognised icon in South Africa, assuring buyers that products are safe, fit for purpose and offer redress.

via South African Bureau of Standards – Wikipedia

Noeleen Maholwana-Sangqu

Born and raised in Umtata, Noeleen is a journalist by training and has spent a number of years in news handling both Radio and TV for Radio Transkei and Radio 702 respectively.

Having spent a period of six years at Radio Transkei, Noeleen has had the opportunity to develop in-depth knowledge of journalism as well as Public Relations both in its theory and in its application.

In pursuit of better prospects, Noeleen moved to Johannesburg in 1994 to join Radio 702 as junior reporter before landing a co-hosting job. She worked her way up and in the space of four years became the station’s news editor.

From 2001, she was on the Primedia Board and hosted her own daily show before leaving the company at the end of 2002.

Noeleen registered for a Management Advancement Programme (MAP) with Wits Business School and duly completed the programme in 1999.

In October 2002 Noeleen was awarded the Population Institute’s Global Award for Radio Programme excellence. The award ceremony took place in Havana, Cuba in December 2002.

In 2004 and 2005 Noeleen won the Crystal Award for Best Talk Show Host for 3Talk.

via Noeleen Maholwana-Sangqu

Financial Services Board

The Directorate of Market Abuse is a committee of the Financial Services Board with the statutory mandate to investigate cases of Market abuse and to enforce the prohibitions against market abuse in the Securities Services Act, 36 of 2004 (SSA).

Market abuse consists of insider trading (prohibited in section 73 of the SSA), market manipulation (prohibited in section 75 of the SSA), and false reporting (prohibited in section 76 of the SSA).

If the DMA is of the opinion that the SSA has been contravened, it will take enforcement action against the offender. Such cases could be referred to the Enforcement Committee of the FSB, or handed over to the prosecuting Authorities.

The prohibitions against market abuse, the penalties and the DMA’s powers to investigate are set out in Chapter VIII (sections 72 to 87) of the SSA.

The DMA makes a media release after every meeting to update the public on its current investigations. every enforcement action is published once it is completed.

The Johannesburg Stock Exchange, in consultation with the DMA, published a booklet on insider Trading and Other Market Abuse, including the effective management of price sensitive information An electronic version of the booklet is available on this page.

Financial Services Board Internet Site

New Companies Act and email signatures

The provisions of section 32 (4) of the new Companies Act, 2008 (new Act), which addresses the use and publication of a company’s name, provide for similar obligations to those imposed under the previous Companies Act, 1978 (previous Act), with the notable exception of the requirements for including directors’ names and nationalities in business letters and business emails.    

Both new and previous Acts require that a company’s name and registration number be mentioned in legible characters in all notices and other official publications of the company, including notices or other official publications in electronic format. The requirement extends to all bills of exchange, promissory notes, endorsements, cheques, and orders for money and goods purporting to be signed by or on behalf of the company in all letters, delivery notes, invoices, receipts, and letters of credit of the company.  

However, the new Act does not include the requirement contained in section 171(1) of the previous Act, which obliged companies to incorporate and display the full names and nationalities of each of its directors on trade catalogues, trade circulars and business letters of the company.

The provisions of the previous Act meant that companies were required to include the names of its directors (or a link to its website on which these names were listed) on all business email correspondence, which in general practice are included in a corporate email signature.

While this requirement is not provided for under the new Act, our view is that the exclusion was an oversight that could be corrected in an amendment to the new Act. We, therefore, would advise companies still to display the initials and surnames of all directors and the nationalities of any non-South African directors on all business letters, trade catalogues and trade circulars, including those in electronic format wherein a link to the company website containing this information would suffice.

By failing to comply with this requirement, should the relevant section in the new Act be amended, companies may be faced with compliance issues.

via New Companies Act and email signatures – Lexology

SARS employees might abuse their position

COLIN WOLFSOHN: Look, their whole principle of separating and making our ordinary Tax Act simpler, without these administrative provisions, is very good, no question about it. We understand where SARS is coming from in terms of cases of genuine crooks or people, as we say, like an Enron kind of case. We are concerned on a practical basis though, whether all these provisions…because this Act is written in the basis where everything is perfect and we’ve seen, unfortunately, cases in the past where you might have SARS employees who don’t interpret these legislations pieces totally accurately and, if I can use the wrong wording, might abuse their position. That kind of situation concerns us but hopefully with proper training of SARS officials that things will improve. 

via What the new Tax Administration Bill covers – Tax | Moneyweb

We have had instances where SARS employees have abused their position and unfairly interpreted the VAT Act to the total and unnecessary disadvantage of the taxpayer. Arrogant and unprofessional behaviour like that should never have been allowed to take place. It echoes the harshness and intolerance of Apartheid racism.