From regulations to technology, globalisation and the need to adapt to emerging business practices and challenges … William Heyneman sheds light on the dynamic world of the CA(SA). His insights offer a roadmap to embracing change and seizing opportunities to thrive in a changing profession.
William Heyneman CA(SA) is Head of Assurance at PKF South Africa, part of PKF International, a global network of independent accounting firms and business advisors. His expertise lies in assurance and accounting, and he provides vital technical support to PKF’s network member firms. He speaks to Accountancy SA about how the profession is evolving and the challenges, opportunities for CAs(SA) in South Africa, as well as their responsibilities.
Heyneman says excelling in the accounting profession requires a blend of technical expertise, adaptability, ethical conduct, and an unwavering commitment to lifelong learning. CAs(SA) today face challenges, he adds, but also have opportunities to shape the future of accounting in a rapidly changing landscape.
‘Technical accounting knowledge is the foundation of the profession,’ Heyneman says. ‘It’s essential to have a solid grasp of the intricate accounting and auditing requirements outlined by the International Financial Reporting Standards (IFRS) and the International Standards on Auditing (ISA).’ He continues: ‘Many Many of these requirements can be open to interpretation, underscoring the importance of understanding the underlying intentions behind them. It’s important to familiarise yourself with updates from the IFRS Interpretations Committee, stay informed about developments from the International Accounting Standards Board (IASB), and, in the context of IFRS for SMEs, explore available training modules.’
From an assurance perspective, he adds that staying closely attuned to the International Auditing and Assurance Standards Board (IAASB) and its updates, as well as reviewing publications from the Independent Regulatory Board for Auditors (IRBA), is critical. (For those who wish to delve into technical details, the IAASB broadcasts its meetings, including sessions with the Consultative Advisory Group.)
‘When seeking specialised knowledge on specialised topics, audit firms provide a wealth of publications, some of which shed light on the impact on specific industries,’ Heyneman says. ‘It can be overwhelming to keep up with the constant stream of developments. That’s why I subscribe to numerous sources, such as the IFRS Foundation, which sends daily newsletters. Falling behind, even briefly, can feel like missing a crucial piece of the puzzle. Given these challenges, maintaining discipline and making time in a busy schedule becomes crucial for investing in the necessary knowledge to excel in our profession. This is easier said than done, but it’s an essential requirement.’
LEARNING TO EMBRACE TECHNOLOGY
Today, being tech-savvy is non-negotiable. Businesses are collecting and storing more financial data than ever before. This can make it difficult for CAs(SA) to keep track of all the data and to identify trends and patterns. Auditors have always had to consider IT risks, but now it’s more than ever an integral part of the audit approach in today’s world.
‘We need to be able to use data analytics tools to effectively manage and analyse financial data,’ Heyneman says. ‘Increasingly, we rely on technology, and understanding a client’s IT environment is essential, as emphasised by the revised International Standard on Auditing (ISA) 315, which introduced major changes in the approach to risk identification and assessment. As a profession, we need to stay current on these developments by taking courses, obtaining certifications, and exploring data science programmes at universities. Online resources and courses on platforms like LinkedIn provide valuable insights into the technological transformation of the profession.’
THE DEVIL IN THE DETAIL
Fundamental to the role of CAs(SA) is paying attention to detail and honing analytical skills to ensure accuracy and provide sound financial guidance to clients.
‘Being thorough and meticulous is paramount when analysing financial statements, reports, and data,’ he says. ‘Developing these skills requires investing time and effort. It’s important to seek out courses and resources in data analysis to refine your analytical capabilities.’
Heyneman adds that it’s essential to be adaptable and to welcome changes in regulations, technology, and accounting standards. ‘That’s why we need to encourage a continuous learning mindset. To develop problem-solving and critical thinking skills, it’s helpful to seek guidance from experienced peers.’
He advises those who enter the profession to develop their business acumen. ‘Gain a deep understanding of your organisation’s industry, strategy and goals to provide valuable financial insights, and build a network of professionals that you can learn from their experiences and expand your business knowledge. Organisational and time management skills are crucial to ensure you meet deadlines, manage multiple tasks, and prioritise work efficiently.’
Effective communication and presentation skills are required for conveying complex financial information clearly to non-financial stakeholders, building client relationships, offering advisory services, and collaborating within teams.
‘As CAs(SA) we must be proficient at translating intricate financial data and regulatory requirements into understandable terms for clients, colleagues, and stakeholders,’ he says. ‘Clear communication is essential for preparing accurate financial reports, and strong presentation skills are required to deliver compelling presentations, negotiate effectively, and engage in business development activities. These skills enhance our ability to provide valuable financial insights and guidance.’
CHALLENGES AND OPPORTUNITIES
Heyneman notes that the profession is confronting several challenges today. Retaining skilled professionals and finding resources, especially at middle and senior levels, is increasingly difficult. CAs(SA) are renowned for their skillsets and exceptional work ethic, making them highly desirable in the global recruitment market.
‘It’s no secret that some major incidents in the last couple of years may have affected the CA(SA) brand and reputation,’ he says. ‘Much has been done to respond and restore the view of CAs(SA) by institutions like SAICA and the IRBA, but it’s our responsibility to adhere to the ethical requirements applicable to us and to be exemplary.’
Work/life balance is an ongoing issue. The profession can be pressurised and stressful at times. With resources decreasing and workloads increasing, having good organisational and time management skills is important. ‘Organisations should also make a concerted effort to promote greater work/life balance, which will also help to attract and retain talent.’
Where there is disruption, there is also opportunity for those ahead of the curve. ‘Embracing technology and data analytics creates opportunities for CAs(SA) to provide valuable insights, improve decision-making processes, and enhance the efficiency of financial reporting and auditing. With the increasing focus on environmental and social responsibility (ESR), CAs(SA) can play a pivotal role in advising businesses on ESR reporting, compliance, and sustainable financial practices.’
Given the interconnectedness between the South African and global economy, CAs(SA) have the opportunity to work with multinational companies, provide international financial advisory services, and navigate international regulations. CAs(SA) often have the opportunity to take on leadership roles within organisations, serving as CFOs, CEOs, or board members, where they can influence strategic decision-making.
‘Beyond traditional accounting roles, CAs(SA) can offer strategic financial and business advisory services to clients. This includes helping businesses optimise their financial performance, manage risk, and make informed decisions,’ he adds.
LIVING UP TO RESPONSIBILITIES
Upholding the highest ethical standards is a fundamental responsibility for CAs(SA), Heyneman stresses. ‘We must adhere to the Code of Professional Conduct and ensure that our actions promote trust and integrity in the profession.’
‘Those in positions of influence have a duty to make a positive impact on the people they interact with. It’s our responsibility to share our knowledge and mentor junior professionals to help nurture talent in the field,’ Heyneman says. ‘As the profession grapples with challenges and changes, there are many opportunities for CAs(SA) to leverage our expertise in leadership roles, strategic financial advisory services, and international financial markets. We have an exciting role to play in shaping the future, and that’s what makes my work truly fulfilling.’
Author
Monique Verduyn
