AUDITING IN NEED OF TRANSFORMATION

Wow! It seems that there is a very real shortage of skilled financial people out there and a very real shortage of youngsters getting this kind of skill.

It's a no brainer people - you need to meet the challenge.

Auditing in need of transformation
14 May 2007 at 04h00

The Independent Regulatory Board for Auditors (IRBA) has raised the alarm over a shortage of coloured auditors in South Africa, as only 38 are registered to sign audit opinions. Kariem Hoosain, chief executive of the IRBA, says the figure is "worrying". He wants to encourage more coloured people to pursue the registered auditor qualification. "It's a particularly auspicious time to follow this career path as financial skills are very much in demand in South Africa, with salaries and job prospects rapidly growing, not just in auditing firms but in private and listed companies as well as the government sector." Hoosain says in November's Public Practice Exam, the final test to qualify as a registered auditor or chartered accountant, only 115, or 4,7 percent, of successful candidates were coloured, out of 2 451. Of those that passed, 15.7 percent were black, 12 percent Indians and 67 percent white."We hope many of those who passed the exam will register to become RAs now they are eligible."

He says since 2000 there has been a 66 percent increase in coloured candidates passing the exam, compared to a 272 percent increase in blacks. "Although numbers are increasing and progress is being made, it's not happening fast enough." He says the IRBA plans to increase awareness of the qualification in coloured communities. "We plan to raise funds for bursary schemes so more people have access to the qualification, as well as making visits to several key campuses. The IRBA will also raise the issue through targeted media." Hoosain says candidates who have to repeat the exam should take advantage of the IRBA's programme designed to assist such candidates to pass.