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THE ROLE OF

AUDIT COMMITTEE

IN RISK MANAGEMENT

How to be the World’s

MOST Inspiring Accountant Step by step with Steve Pipe

Lead A guide to powerful motivational reads

INSPIRED

TO INSPIRE

Nothing will change if you change nothing.

It all starts with you

Beng ’ i Mazana Issa

Applied Financial

KNOWLEDGE

EXECUTIVE SECRETARY OF THE NATIONAL ECONOMIC EMPOWERMENT COUNCIL (NEEC)

NBAA

39th graduation ceremony

2017

Inside

Employment and Income Opportunities for Youth in Africa Inspiration

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Inspired to inspire

Read to lead

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Mrs Beng’i Mazana Issa

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Audit committee in risk management

CONTENTS The articles in the magazine do not necessarily reflect the official views of the National Board of Accounts and Auditors, or any other particular institute or organisation

PUBLISHERS National Board of Accountantss and Auditors Mhasibu House, Bibi Titi Mohamed Street P.O. Box 5128, Dar es Salaam, Tanzania Tel: +255 22 22 111890/9 Fax: +255 22 2151746 Email: info@nbaa.go.tz The Editorial Board welcomes contributions in the form of articles, adverts, news etc. for the Accountant Magazine. The Board reserves the right to reject, edit or shorten any article presented for publication.

Although every effort will be made to return unused manuscripts and photographs, these are submitted at the owner’s risk.

Reproduction of contents in the whole or part without prior written permission of the Editorial Board is prohibited ART DIRECTION / LAYOUT Arnold Njuki DESIGN & PRINTING

Imaging Africa Communication Limited Hotline: +255 718 549 518 /+255 784 657 031 E-mail: marketing@imagingafricaltd.com Website: www.imagingafricaltd.com Mikocheni B, Bima Road, Plot 147, Block B, Dar es Salaam, Tanzania

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Inspired to Inspire

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Read to read

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Income opportunities for African youth Through enterprise development

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Personal perspectives series

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Interview with Mrs Beng’i Mazana Issa

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Applied financial knowledge

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The role of audit committee in risk management

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How to be one of the world’s most inspiring accountants

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2017 NBAA annual seminar

INSPIRED TO INSPIRE>>

Nothing will change if you change nothing.

It all starts with you.

Written by: Ms Liz Wachuka Trainer, Speaker, and Writer Email: liz@liz-wachuka.com, Social: @wachukaliz on Facebook, Instagram and Twitter.

T

here was a man who had worked at a factory for twenty years. Every night when he left the plant, he would push a wheelbarrow full of straw to the guard at the gate.

The guard would look through the straw, and find nothing and pass the man through.

On the day of his retirement the man came to the guard as usual but without the wheelbarrow.

Having become friends over the years, the guard asked him, “Charlie, I’ve seen you walk out of here every night for twenty years.

I know you’ve been stealing something but I can’t quite figure out what. Now that you’re retired, tell me what it is. It’s driving me crazy.”

Charlie simply smiled and replied, “Okay, wheelbarrows!”

If you’ve never read this story before I know that’s not the answer you were expecting. Neither did I the first time I read it.

Just like the guard, I had a feeling Charlie was up to some mischief but I couldn’t really tell what it was. 20 years of wheelbarrow theft; that’s some serious pushing he did every day.

He must have grown some muscles just from pushing the wheelbarrows because as we all know, a wheel barrow will never move an inch unless it is pushed, unless it was a motorized wheelbarrow, which doesn’t really matter

because motorized or not, a wheelbarrow is a wheelbarrow and it still needs someone to guide it.

The advantage of a wheelbarrow is that it can carry a lot of stuff for you, but the disadvantage is that you have to push it. You need strength in your hands and sometimes stamina in your legs depending on what is on the wheelbarrow.

And that thought right there forms the basis of my message for this edition of The Accountant.

Every single day we walk the streets of this earth we come face to face with people suffering what I call the “Wheelbarrow Syndrome”. Some of these people surprisingly hold very prestigious positions in the organizations they work for, others have their own business and are entrepreneurs in their own right, but regardless of their stature and position in the food chain, they all have one thing in common: The Wheelbarrow

Syndrome.

So, what is this Wheelbarrow Syndrome, you may be asking?

Well, this is a condition that causes normal, strong and sober human beings to not do what is expected of them unless they are pushed, just like a Wheelbarrow! As I already mentioned, though a wheelbarrow can carry a lot of stuff, it cannot move an inch unless it is pushed by someone.

We work and live with these Wheelbarrows every day; in fact if you were to take some time and look around your office when you go to work tomorrow, or even your own house, I am 100% sure you will not lack a classic example of someone who is a wheelbarrow. Such people are very annoying because sometimes you not only have to do your work, but you are also forced to do what they were supposed to do in order to achieve your own goals.

For instance, whenever you go the

The advantage of a wheelbarrow is that it can carry a lot of stuff for you, but the disadvantage is that you have to push it. You need strength in your hands and sometimes stamina in your legs depending on what is on the wheelbarrow.

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<<INSPIRED TO INSPIRE

Nothing will change if you change nothing. It all starts with you.

supermarkets, how often do you feel like you could slap some cashier at the till, because instead of serving you, she is busy chatting with the cashier on the next isle, or sometimes talking on their mobile phone, while the line of buyers who want to pay keeps becoming longer? Of course they know they are not doing the right thing, but they could care less and besides, they think it’s not easy for the boss to get good help, so they lie to themselves by doing only so much, while in essence, they can do a lot more.

This example can be replicated in very many other areas of our lives, starting from our personal lives, professional lives, spiritual lives, etc. As human beings, all of us have

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Many people who have the wheelbarrow syndrome suffer this condition because they lack certain vital vitamins in their systems. These vitamins, also known as characteristics, include discipline, dedication, focus, proper goals, initiative, being self-driven, among many more. Clearly, the deficiency in those vitamins means they walk around with some serious deficiencies

a lot of potential but unfortunately, some people are still operating like wheelbarrows, because they cannot push themselves. They have to wait for someone to push them in the right direction. What if the person pushing them does not know the right direction to push the “wheelbarrow” to? What if they were pushed into a ditch? Who would they blame?

What if the person got tired and left them in the middle of the highway with fast moving vehicles coming from different directions?

In the office for example, how many of you have delayed some report or some proposal, or some email response that was meant to be done within a stipulated time, but because your priorities are misplaced, you

INSPIRED TO INSPIRE

end up not doing what you were supposed to do on time? I see it happening every day.

Someone is supposed to be doing something but because they were bitten by the social media bug, they end up doing the work hurriedly and haphazardly so that they can go back to Facebooking and Instagramming.

Sometimes, they become so engrossed in doing the wrong thing that they end up not doing what they were supposed to do, leading them to miss the set deadline.

The only way to make sure they do what is expected of them is by breathing down their back and pushing them all the time, just like a wheelbarrow. If you can’t do what you are expected to do, and do it correctly, why are you where you are anyway? Don’t you think you should leave that position to someone who is really ready to apply themselves wholesomely?

Many people who have the wheelbarrow syndrome suffer this condition because they lack certain vital vitamins in their systems.

These vitamins, also known as characteristics, include discipline, dedication, focus, proper goals, initiative, being self-driven, among many more. Clearly, the deficiency in those vitamins means they walk around with some serious deficiencies. In the same way the body becomes weak when it lacks the necessary vitamins and minerals it needs in order to operate at optimum, not having the characteristics mentioned above weakens somebody’s which leads them to perform below par.

People with the Wheelbarrow Syndrome will never be found on the extra mile. They are happy and readily willing to stay on the crowded lanes of mediocrity, not knowing that by avoiding the extra mile lane, they are actually short-changing themselves. I am reminded of a story I recently read in a book

by Napoleon Hill called The Master-Key To Riches.

The story goes like this....

Many years ago, an elderly lady was strolling through a Pittsburgh Department Store, obviously killing time. She passed counter after counter without anyone paying any

Whatever you do, do it with your whole heart, with all your strength and to the best of your abilities. Always go an extra mile whenever and wherever possible because you just never know what you will find on the extra mile.

attention to her. All the clerks had spotted her as an idle “looker” who had no intention of buying. They made it a point of looking in another direction when she stopped at their counters.

He received an order for several thousand dollars worth of household furnishings, and with it a partnership in the store. He later became the owner of a half interest in the store.”

Finally the lady came to a counter that was attended by a young clerk who politely asked if he might serve her. “No,” she replied. “I am just killing time, waiting for the rain to stop so I can go home.”

“Very well, madam,” the young man said with a smile. “May I bring out a chair for you?” And he brought it without waiting for her answer.

So what’s the moral of this (true) story?

Whatever you do, do it with your whole heart, with all your strength and to the best of your abilities. Always go an extra mile whenever and wherever possible because you just never know what you will find on the extra mile.

That’s why it is called extra mile, because whatever you get there is over and beyond what your expectations would have been.

As I come to the conclusion of this article I would like to ask you to take some time to look at yourself in the mirror, and while you are looking at yourself ask the person you see in the mirror this question: “do you suffer from the wheelbarrow syndrome?”

I believe you do not need an ultra sound, or an x-ray, or even a doctor to give you an answer to that question. You have the answer within you, and the more candid you are with yourself with regards to its response, the better it will be for you so that you can stop being a wheelbarrow. Concentrate on becoming a high achiever, one who is often operating on the extra mile lane.

I leave you with the words of Jack Herbet, who said: “Some people are like wheelbarrows - only useful when pushed, and very easily upset” Remember, nothing will change if you change nothing. It all starts with you.

Be Ignited. Be Inspired. Be Influenced.

Become the best version of yourself you can ever be.

After the rain slacked, the young man took the old lady by the arm, escorted her to the street, and bade her goodbye. As she left, she asked him for his card.

Several months later the owner of the store received a letter, asking that this young man be sent to Scotland to take an order for the furnishings of a home.

The owner of the store wrote back that he was sorry, the young man did not work in the house furnishings department. But he explained that he would be glad to send an “experienced man” to do the job.

Back came a reply that no one would do except this particular young man. The letters were signed by Andrew Carnegie, and the “house” he wanted furnished was Skibo Castle in Scotland.

You see, the elderly lady who had been idling in the shop was Mr Carnegie’s mother! And the shop belonged to the Carnegie family!

Needless to say, the young man was sent to Scotland.

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<<READ TO LEAD

Reading many books makes you a better communicater

AND MORE INFORMED ON VARIOUS AREAS OF LIFE

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n this era of new age and cutting edge technology, why is it still very important and necessary to read books? We did a little research and came up with the following 31 reasons (one for each day of the month):

positive effects on the brain. By staying mentally stimulated, you can prevent dementia and Alzheimerâ&#x20AC;&#x2122;s disease. This is because keeping your brain active prevents it from losing power.

GIVES KNOWLEDGE

EXERCISES YOUR BRAIN

Reading books on varied subjects imparts information and increases the depth about the subject as well. Whenever you read a book, you learn new information that otherwise you would not have known.

The brain is a muscle and like other muscles in the body, exercise keeps it strong and healthy. Similar to solving puzzles, reading books is a great way to exercise your brain and keep it healthy.

IMPROVES YOUR BRAIN

REDUCES STRESS

Studies have shown that reading has strong

Reading a book can relieve stress better than

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taking a walk or listening to music. According to studies, most people who read consistently tend to have lower stress levels.

IMPROVES MEMORY Every time you read a book, you have to remember the setting of the book, the characters, their backgrounds, their history, their personalities, the sub-plots and so much more. As your brain learns to remember all this, your memory becomes better.

IMPROVES IMAGINATION The more you read, the more imaginative you become. Whenever you read a fiction book,

READ TO LEAD>>

The brain is a muscle and like other muscles in the body, exercise keeps it strong and healthy. Similar to solving puzzles, reading books is a great way to exercise your brain and keep it healthy.

it takes you to another world where your imagination works at its best to see things in your own mind.

DEVELOPS CRITICAL THINKING SKILLS

books are quite cheap. You can buy yourself a book and be entertained for many hours plus you can re-read the same book or share it with friends and/or family at no extra cost!

Critical thinking skills are crucial when it comes to making important day to day decisions. Reading requires an individual to think and process information in a way that watching television can’t. The more you read, the deeper your understanding becomes about what you’re reading and its application.

MOTIVATION

BUILDS VOCABULARY

IMPROVES HEALTH People with severe depression can benefit

Reading improves your vocabulary and command on the language. As you read, you come across new words, idioms, new words, phrases and writing styles.

IMPROVES WRITING SKILLS Just like artists influence others, so do writers. Many successful authors gained their expertise by reading the works of others. If you want to become a better writer, start by learning from previous masters.

IMPROVES COMMUNICATION SKILLS Improving your vocabulary and writing skills goes hand in hand with developing your communication skills. The more you read and write, the better you communicate, thus improving your relationships.

IMPROVES FOCUS AND CONCENTRATION In our busy lifestyles, our attention is drawn in different directions each day as we try to multi-task through each day. When you read a physical book, all your attention is focused on what you’re reading, your eyes and thoughts immersed in the details of the story.

This improves your concentration and focus.

A FRUITFUL HOBBY Reading books not only helps us get rid of worries, but also diverts our mind from monotony. A reader can never get bored, because books take you to another different world, thus helping you relax and rejuvenate.

CHEAP ENTERTAINMENT Compared to other forms of entertainment,

Life is full of challenges. Reading inspirational books about life experiences can change our lives. Reading a good book, such as an autobiography keeps you encouraged and you also learn tips to help you achieve your personal goals.

from reading self-help books. Apart from this, such books offer important tips on exercising, dieting and other healthy lifestyle tips. If applied, they lead to improved mental and physical health.

MAKES YOU MORE EMPATHETIC By reading a book, you become part of the story and feel the pain and other emotions of the characters. This in turn allows your mind to become more aware of how different things affect other people. Eventually, this improves your ability to empathize with other people.

IMPROVES SKILLS

WE ALL WANT TO LEAD A LIFE OF OUR OWN CHOOSING. BUT IN TODAY’S ACCELERATED WORLD OF COMPETING PRIORITIES, CONFOUNDING OPTIONS, AND INFORMATION OVERLOAD, WE CAN FIND OURSELVES STEERED BY IMPULSE, STRESS, OR EXPEDIENCE.

Reading is a fundamental skill builder.

For every good course on earth, there is a matching book to go with it. Books provide important information on various subjects and topics.

BUILD SELF-ESTEEM By reading many books, you communicate better and become more informed on various areas of life, thus building a higher selfesteem. This makes you more productive and overall a much better person.

PORTABLE ENTERTAINMENT Books are portable and light in weight. They are not like bulky computers and games that take too much space and need recharging.

You can read anywhere even in the forest.

HELPS YOU SLEEP BETTER Reading a book is one of the best ways to calm yourself before you go to bed. Instead of watching television or spending too much time on your smartphone while in bed, take some time to read a hardcopy book.

LEARN ABOUT OTHER WORLDS By reading books, you get a glimpse of other cultures and places. Books expand your horizons, letting you see other countries, other people and so many other things you have never seen or imagined.

SOCIALIZATION Humans are social beings but ironically, in a world of smartphones and social media,

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These are our recommended books for this all-female authors segment. One thing you can rest assured is that these books will keep you glued to their pages as they give you the ride of a lifetime we are losing our ability to socialize. We can always share whatever we have read with our family, friends and colleagues. This increases our ability to socialize, through formation of book clubs and other forums where we get a chance to share and interact with others.

IMPROVES CREATIVITY The more you read, the more you learn new things. New thoughts always stretch our minds to rediscover life in new and better ways. We start to see the world in a different way and this way we find new creative solutions.

LEARN AT YOUR OWN PACE Since you have the book all the time, you can always go back to a section you feel you don’t understand. You can re-read a chapter as many times as you wish, without worry that you will miss out a section. If it’s a self-help book, you can tackle one issue at a time, at your own pace.

LOTS OF CHOICES TO CHOOSE FROM There are so many great books to read that you will never finish them all in a lifetime.

Books have been written for centuries, right now, someone is writing a book, and in the future, books will still be written.

health in the long run. On the other hand, no one has ever gone blind from reading too many books.

MAKES YOU SMARTER With so much to learn from books, people who read regularly tend to be smarter than those who don’t. You can tell someone who reads by how they address issues, their reasoning ability and how they communicate.

BOOKS ARE BETTER THAN MOVIES So many movies have been adapted from books. But, if you read a book and then watch its movie, you will agree that the book is 100 times better than the movie.

Now that you have those 31 reasons why you should read books, here are our recommended reads for this edition of The Accountant.

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LEAN IN; WOMEN, WORK AND THE WILL TO LEAD – Sheryl Sandberg

IMPROVES MORALS Books help us discern good ideas from bad ideas. They allow us to learn about different approaches to life and the problems we face.

Through books we make better decisions in life.

History plays an important role is who we are today. By reading books, we get a better understanding of the past and how it continues to affect us.

SAVE MONEY

NO SIDE EFFECTS OF THE DIGITAL WORLD Spending too much time watching television or playing video games can affect your eye 8

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women can do to help themselves, and make the small changes in their life that can effect change on a more universal scale

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WHY MEN LOVE BITCHES: FROM DOORMAT TO DREAM GIRL - A WOMAN’S GUIDE TO HOLDING HER OWN IN A RELATIONSHIP

by Sherry Argov

LEARN ABOUT YOUR HISTORY

When you read a book on a certain skill, e.g. cooking, woodwork, or simple DIY tasks, you save yourself the money you would have used to hire a contractor. You not only learn new skills, but also save yourself a lot of expenses.

In Lean In, Sheryl Sandberg – Facebook COO and one of Fortune Magazine’s most Powerful Women in Business – draws on her own experience of working in some of the world’s most successful businesses and looks at what

Sheryl Sandberg’s Lean In is a massive cultural phenomenon and its title has become an instant catchphrase for empowering women.

“I’m not recommending that a woman have an abrasive disposition,” Argov writes, “The woman I’m describing is kind yet strong. She doesn’t give up her life, and she won’t chase a man.”

Her sassy book is filled with scenarios and advice aimed at making women subtly stronger and self-empowered. Argov’s principles, which range from the farfetched to the downright absurd, include “If you give him a feeling of power, he’ll want to protect you and he’ll want to give you the world” and “A little distance combined with the appearance of self-control makes him nervous that he may be losing you.”

The book, which has already been featured on The View and The O’Reilly Factor, should make waves with its controversial view of relationships.

READ TO LEAD>>

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YOUR 5-MINUTE PERSONAL COACH; ASK THE RIGHT QUESTIONS, GET THE RIGHT ANSWERS

by Valorie Burton

Disclaimer: Don’t get carried away by the title of the book.

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10-10-10: A FAST AND POWERFUL WAY TO GET UNSTUCK IN LOVE, AT WORK, AND WITH FAMILY

by Suzy Welch We all want to lead a life of our own choosing. But in today’s accelerated world of competing priorities, confounding options, and information overload, we can find ourselves steered by impulse, stress, or expedience. Are our decisions the right ones? Or are we being governed, time and again, and against our best intentions, by the demands of the moment? With 10-1010, Welch proposes a transformative solution to this pressure, helping us tease apart our deepest goals and values, candidly face our fears and dreams, and rid ourselves of frustration and regret. 10-10-10 has shown its effectiveness in decisions large and small, routine and radical, getting us out of neutral at home, in love, and at work. Across the board, this immensely useful and revelatory idea provides us with the tools to regain control of our choices—and ultimately reclaim our lives.

Everyone talks about letting their dreams take flight and living their life with purpose… but who has time for something like that? In popular author and speaker Valorie Burton’s latest book, readers will learn that change happens one action at a time, one day at a time.

Based on Valorie’s inspirational e-newsletter column “The Coaching Session,” Your 5-Minute Personal Coach will spur readers on to real transformation in the five key areas of their lives―professional, financial, relational, physical, and spiritual.

It will help readers find harmony, eliminate distractions, fulfill their purpose, clarify their vision, and begin taking steps to fulfill that vision.

Readers will learn: · the surprising truths about money and happiness · how to say no in a sticky situation · how to love and be loved · how to give God control over their worries

· how to stay focused on solutions, not problems Intended as a personal companion for the waiting room, on the airplane, or in bed at night, Your 5-Minute Personal Coach challenges readers with coaching questions and specific, doable action steps they can take immediately.

There you have it. These are our recommended books for this all-female authors segment. One thing you can rest assured is that these books will keep you glued to their pages as they give you the ride of a lifetime.

In the words of Dr. Seuss, “The more that you read, the more things you will know. The more that you learn, the more places you’ll go.”.

Everyone talks about letting their dreams take flight and living their life with purpose…but who has time for something like that? In popular author and speaker Valorie Burton’s latest book, readers will learn that change happens one action at a time, one day at a time.

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SPECIALREPORT

Enhancing Employment and Income Opportunities for Youth in AFRICA THROUGH ENTERPRISE DEVELOPMENT ABSTRACT

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By Balozi Morwa (PhD) Economist and Public Policy Analyst © 2018

The rationale for initiatives to promote youth employability is simple: create businesses that can strategically source, manage, and produce needed products and services both to local and consumers abroad.

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n this article, I identified three key barriers to youth employability, namely (i) lack of information, networks, and connections, (ii) lack of relevant job-market skills, and (iii) lack of experience credentials. In building an advanced economy and sustainable development in Africa, literacy (being able to read in English and Swahili) and numeracy skills (being able to solve a basic problem in mathematics) will not lead to “required job skills” and workers with “human capital” that can move out of the current booming youth unemployment circles. Enabling the youth to create solutions to their own challenges could be the most effective strategy in dealing with the issue of youth unemployment in today’s entrepreneurial world.

The rationale for initiatives to promote youth employability is simple: create businesses that can strategically source, manage, and produce needed products and services both to local and consumers abroad. Individuals who are given access to learning opportunities and who can cultivate the right skills will thrive in the labor market and contribute to the organizations that employ them.

Employers, both in public and private sectors, are interested in making investments that will improve young people’s ability to succeed in the world of work. These investments can take many forms. These include volunteering in schools and implementing more socially inclusive policies (SIPs) by targeting specific groups of people due to age, sex, ethnicity, localities or disability status–within a restless Business Development Service (BDS) support programmes to youths’ projects.

SPECIALREPORT>>

INTRODUCTION Africa has the fastest growing and most youth dominated population in the world (World Bank, 2006; Valle, 2012; Brenthurst Foundation, 2011). Of the 25 fastest growing economies in the World between 2004 and 2016, ten are in Africa. On average, nearly 30 million young Africans were unemployed between 2015 and 2016. The fastest growing African economies have not created enough jobs for the youth. Yet, expectations are that, between 2016 and 2050, the number of Africa’s youths will almost double, from 230 to 452 million. Currently, over 20% of Africa’s population is between 15 to 24 years old and, since over 40% of Africa’s population is below 15 years, the number is expected to increase significantly in the coming years.

Most Sub-Saharan African [SSA] countries’ population constitutes more than 60% of people. These are less than 25 years old (World Bank, 2009). On average, the typical African youth is 20 years old, living in the village without formal education. According to the International Labour Organization (ILO, 2014), the youth make up 36% of the total working-age population, and three in five of Africa’s unemployed are youths.

Over the past 10 years, the employment distribution of Sub-Saharan Africa’s youth has changed a lot. In both 2006 and 2016, about half of Africa’s youths were either unemployed or “inactive,” as defined by the International Labour Organization (ILO). Defining terminology1 can give a clearer picture of Africa’s employment situation. “Unemployed” refers to those in the workforce who do not have a job, but they are actively seeking work. “Inactive” refers to those who do not have a job and are not seeking work. Inactive youths may be attending secondary or higher education, but they may also be discouraged workers who are not seeking work because they feel they lack qualifications for a job, do not know where or how to look for work, or feel that there is no suitable work available. In much of Africa, few or no formal 1 Unemployment occurs when people are without work and are actively seeking work. The well-known ILO definition is people above a specified age who, during the reference period (for example, the past week), are without work, currently available for work, and seeking work.

employment opportunities for young people exist. Those out of the labour force may be underemployed or wish to work, but have no means to find stable employment.

Developing economies are characterised by high levels of self-employment, up to 36.8% (47% in Africa), and high level of “others” (workers not classifiable by status, members of producers’ cooperatives and contributing family workers) up to 17% (23.2% in Africa)2. The small number of employers and employees and the high level of self-employed are clear indicators of the malfunctioning of the labour market.

It is undeniable that many unemployed youths out there possess a lot of potential. However, with the high level of unemployment being experienced in the nation, their potential has lain dormant for a long time. This has led to frustrations, an error which we believe should be fixed. Policy choices that have been tried in some African countries in addressing unemployment problems include the following: ·

Targeted intervention programmes such as the youth development fund,

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Public investments that create complementarity with private investment, hence lowering transaction costs of doing business,

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Regional integration initiatives that are likely to lead to movement of youth to countries both high potential of providing employment and investment opportunities

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Putting in place strong institutions to protect the markets (enforcement of contracts and property rights)

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Promote public works and skill-building programmes. There is evidence that, when properly designed, these programmes would address the employment and underemployment problems identified in the respective countries. Examples could be borrowed from a country such as Cameroon which contributed to youth employment by engaging them in construction of all-weather roads. In Kenya, there is “Kazi kwa Vijana (Work

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for Youth)” project, in which short-term jobs such as environmental conservation projects are generated for the youth.

Equally, in Tanzania- a contribution to youth employment can be derived from mobilization of environmental cleaning projects in cities such as Dar es salaam where environmental pollution is steadily increasing.

Despite all these efforts, youth unemployment in the continent has been consistently on the rise-leading youths into, not only on some social ramification, but also on running away their country to search for jobs in far continents. Innovation, not trade, is the future of Africa’s unemployment. The solution to poverty and prosperity lies in nurturing market-creating innovations. Simply put, innovation is the ability to create solutions to the problems that arise in society. Such innovations should be so reasonably priced that millions of youths are actually compelled to pull them into their lives. Once innovation is at work, trade will happen. Consequently, employment and prosperity in life will be achieved.

THE PROBLEM OR GAP ANALYSIS Despite the annual economic growth rate of 6% or more in sub-Saharan Africa in recent years, there has not been a sufficient increase in stable employment opportunities for the young people. In East African countries, for example, the percentage of youths in gainful employment, compared to those actively seeking employment, has been estimated at an average of 40 percent.

The World Bank reported that of the 800,000 Tanzanian youths (aged 15–35) that join the labour market every year, only 50,000 secure jobs. Some 70 percent of them are unemployed. Beyond economic costs, high rates of youth unemployment, and underemployment have social ramifications. Some youths with few job prospects and little hope of future advancement may see no alternative but to join criminal activities or armed conflicts as a means to express their frustration due to lack of progress in life. Thus, unemployed and underemployed youths are more exposed to conflicts and illegal activities-many of them

African Economic Research Consortium,

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<< SPECIALREPORT

Enhancing Employment and Income Opportunities for YOUTH IN AFRICA THROUGH ENTERPRISE DEVELOPMENT fall prey to armed and rebel groups. They can thus engage in anti-social criminal activities that undermine the stability of society. In 2015, four African countries, namely Nigeria, Somalia, Egypt, and Libya, featured in the global top ten countries with the highest tourism levels due to this regard. An unstable society increases the risk of the market and scares away investors. The combination of population growth associated with high fertility rates and the slow pace of job creation in Africa presents challenges to its youth, as Prof. William Lyakurwa (2013)3 said, “Young Africans have tried to seek better opportunities in urban areas, but too often find themselves stuck in slums with little or no way to earn a survival salary.

Many of them end up being paid as thugs by political parties or joining militias – not because of an ideological compatibility, but because they need to eat. Criminal enterprises also recruit from this pool of unemployed, hopeless 3

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AERC Senior Policy Seminar XV Kigali, Rwanda March 21–22, 2013

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The large and laborintensive industries with high employment potentials are no longer the mainstay of the world economies; Government jobs alone are far from making a dent on the unemployment crisis given their limited numbers against the fast bulging youth population.

youth. This large, desperate and restive population poses a great danger for many African countries”The majority of unemployed youths are college graduates.

While some go abroad, many are stuck without the funds to do so. They are dissatisfied with what their governments have not done for them and connect with others to channel their discontent into action illegally.

Generally, youth unemployment in Africa remains a major threat to political stability.

THE POTENTIAL PROJECTS AND /OR PROGRAMMES Following the conviction that poverty can only be reduced if people have decent and productive jobs (MDG, 2006)4, there is an 4 After all, The UNDP Youth Strategy 20142017 recognizes youth as an active force in building the nation and that states should seek to provide the necessary conditions for developing the capacities of youth and realizing their potential, supports them to assume responsibility and strives to extend and generalize their participation in social, economic, cultural and political development. According to the UNDP Strategic Plan 2014-2017, UNDP’s development activities will place emphasis on specific population groups. These groups

SPECIALREPORT

urgent need to keep all, including vulnerable girls, women and young people, busy and utilize their vast resources of energy towards nation building and development. Unemployment does not affect only youths but it also their parents. There is a need to create requisite projects and programmes that put youth unemployment under the microscope that will not only reduce unemployment but will seek to create youth employers as well.

Such projects and programmes include the following:

PROGRAMMES ·

A review of our country’s poverty reduction programmes to evaluate how effective they are in addressing the problem of unemployment

·

Implementing “Attitude Programme” for youth towards work or sensitizing the youth that the government can do a lot for them: However, their role is to be responsible citizens. Youths often prefer white-collar jobs. Accordingly, they need to be mentored in changing such an attitude; they should be networked with successful entrepreneurs for mentoring.

·

A need to have a National Youth Policy (NYP) that should be reorganised to identify areas to focus on by considering the available resources (integrating youth activities in national programmes as a way of addressing youth problems): A good example is introducing policy on public institutions offering contracts to local firms run by youths and women.

PROJECTS The following two projects could largely contribute to training the youth to become a job creator rather than a job seeker. These are the Restless Development Business Development Service (BDS) support programme. This is expected to catalyse an ecosystem that fosters innovation, social entrepreneurship and excellence among the youth population to be able to thrive and excel in this era of globalization, competition, scarcity of resources, creativity and Information Technology. They are that are those that are experiencing the greatest inequalities and exclusion in terms of access to opportunities and achievement of outcomes, especially women, female-headed households and youth

expected to take charge of the youth’s destiny through a paradigm shift, such as meaningful engagement in the form of entrepreneurship.

The following are the projects: (i) Implementing more socially inclusive policies (SIPs) targeting specific groups of people based on age, sex, ethnicity, localities or disability status. These are tailored-made actions designed to suit particular circumstances of the society concerned. Good examples are formation of talent academies to train youths in utilising their talents for gainful employment, introduction of district technical institutes and village polytechnics for basic vocational and life skills such as carpentry, masonry, tailoring, handcrafting, and agro-processing. These projects should target the currently undeveloped aspects of the agricultural value chain such as input supply, processing, storage, marketing and distribution to cater for all those who could not proceed to formal or higher education. Within this programme framework, the focus should be on entrepreneurship, that is, training the young people in relevant skills, encouraging them to form cooperatives in line with providing them with small business support loans. (i) Developing business innovation and incubation centers and industrial parks: Youths can be encouraged to come up with innovative ideas and the best ideas can be incubated for a fixed time period (say between one and two years). Within this time, business ideas would start generating income generate jobs. Within the incubation period, the innovator’s idea would be patented. In addition, training in entrepreneurship, financial management, and any others will be provided.

When the business idea grows to some level, that it is out of danger of collapsing at infancy, it could be graduated and temporarily transferred to an industrial park. On maturity, the innovator would exit the industrial park and source for financial support, either from the youth fund or from microfinance institutions. In addition, they could be given opportunities to compete for government contracts. Friendly established private companies would be encouraged to

mentor or give business to the young entrepreneurs.

Both (i) and (ii) above are more likely to transform agriculture and informal work into high productivity activities. For this to be sustainable after donor support, there is a need to introduce special taxes on working population that could be used to generate jobs instead of continuously depending on donor support. This initiative could be symbolic of a homegrown solution to youth unemployment.

CONCLUSION In building an advanced economy and sustainable development in Africa, LITERACY and NUMERACY skills will not lead to “required job skills” and workers with “human capital” that can move out of the current booming youth unemployment circles. Enabling the youth to create their own solutions to their challenges could be the most effective strategy in dealing with the issue of youth unemployment in today’s entrepreneurial world. The large and labor-intensive industries with high employment potentials are no longer the mainstay of the world economies; Government jobs alone are far from making a dent on the unemployment crisis given their limited numbers against the fast bulging youth population. However, there is a strong wave of entrepreneurial dynamism sweeping across economies and especially among the youth, courtesy of diminishing third-party-created economic opportunities.

This therefore calls on all stakeholders on the plight of the youth to refine their approaches for the most appropriate and sustainable gains of their effort. Moreover, promoting and supporting the youth in their entrepreneurial activities so as to enhance their growth and sustainability prospects shall in fact not only be helping them to create their own jobs but also enabling them to be key social and economic players in their respective societies.

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INTERVIEW

A Chat with

MAZANA ISSA

O

n this issue of The Accountant, we are privileged to have Mrs Beng’i Mazana Issa as our cover story.

Mrs. BENG’I MAZANA ISSA is the current Executive Secretary of the National Economic Empowerment Council (NEEC). NEEC is a public institution established under the Prime Minister’s Office in 2004. NEEC is responsible for coordination, provision of strategic leadership and monitoring and evaluation of economic empowerment in Tanzania.

She is also the Chairperson of the Board of Tanzania Entrepreneurship Competitiveness Center (TECC), the Chairperson of the Board of Tanzania Women’s Bank (TWB), and the Vice Chairperson of Petroleum Upstream Regulatory Authority (PURA).

In the past, she was the Director of Finance, Administration and Resource Mobilization of the Tanzania Commission for AIDS (TACAIDS) for 12 years. Prior to her tenure with TACAIDS, she was the Financial Controller of CARE International in Tanzania for 3 years, and prior to that a Lecturer in accounting and finance at Mzumbe University for 8 years.

Mrs. Issa is currently a part time lecturer at Mzumbe University, a member of the National Board of Accountants and Auditors (NBAA), a member of Tanzania Association of Women Certified Accountants (TAWCA) and a member of Tanzania Association of Accountants and Auditors (TAA).

Our correspondent, Ms. Liz Wachuka, had the opportunity to have a one-on-one interview with Mrs Issa and has shared their conversation as well as lessons derived from Mrs. Issa’s inspiring life in the next few pages.

Who is Mrs Beng’i Mazana Issa?

As you have correctly said, my name is Beng’i Mazana Issa. I was born and brought up in Kigoma region and went to a normal government primary, secondary and high school.

After high school I joined the Institute of Management Development (now Mzumbe University) where I took an advanced diploma in certified accountancy. The course was a three year program of which I am honored to have been the best student in accounts in my year (1992) overall. As a result, I was requested by the institute to remain as a lecturer in Finance and Accounting, where I taught for about eight years. I later on went for further studies in the UK where I got my Masters in Financial management, and when I came back to Tanzania, I continued with my CPA studies which I completed in 1999.

Along my career path, I have been an accountant, a lecturer in accounting, teaching

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INTERVIEW >>

both management and financial accounting as well as a little bit of financial management for masters students. I left Mzumbe in 2000 and went to join the corporate world.

What are some of the challenges you encountered along the way?

When I left Mzumbe to join the corporate world, my first employer was CARE International. I joined the International Non Governmental Organization at a time when the position of Financial Controller (FC) in the organization was mostly reserved for international staff. I think this is because the person who originally held that position presented Tanzanians as being unable handle the position

CURRENTLY A PART TIME LECTURER AT MZUMBE UNIVERSITY, A MEMBER OF THE NATIONAL BOARD OF ACCOUNTANTS AND AUDITORS (NBAA), A MEMBER OF TANZANIA ASSOCIATION OF WOMEN CERTIFIED ACCOUNTANTS (TAWCA) AND A MEMBER OF TANZANIA ASSOCIATION OF ACCOUNTANTS AND AUDITORS (TAA).

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A word with Mrs. Beng’i Mazana Issa effectively. Actually when I joined the organization, I got to find out that there were three of my predecessors who had tried to fill in the same position but they could not do it maybe because of the wrong perception fronted by the then FC who was from Philippines, or the frustrations they (my predecessors) experienced while working under him. So when I joined the organization, I made it my mission to make sure I proved everyone wrong who thought Tanzanians were incapable of performing in such a position.

So what made you persist even after you found out that three of your predecessors who were male had opted to leave that position?

Those days CPA holders were not as many as they are now and because of their scarcity, they never really needed to look for jobs but instead, jobs used to look for them. I therefore believe that the reason why my predecessors left CARE was because they didn’t see why they should remain in a frustrating position when so many other opportunities were seeking them out.

However for me, I don’t like to fail. So when I joined CARE and heard those stories, I chose to focus on my work and in so doing, I realized that the then Financial Controller who was from the Philippines had a very bad attitude and the reason he was frustrating people is because he wanted to create an environment that made him indispensable.

He never used to delegate any work and so whenever the head office needed any information, he was the only person who could give the details.

Fortunately for me, the Country Director at the time who was from Kenya was very supportive in my journey. He gave me opportunities to go for a study tour in CARE Kenya, South Sudan and in the USA so that I could be properly oriented to understand the organization in depth. When I came back from the tours, I realized that my immediate boss was not giving me the opportunity to apply what I had learned. Instead of giving up and leaving the organization like my predecessors had done, I chose to confront him asking him why he was not giving me

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any opportunity to work and learn.

Of course he did not take this hands down and so we had lots of (non-physical) fights, and from there things went from bad to worse. I still would not give up and so I told the management that instead of asking me to understudy the financial controller, they needed to give me a clear job description with clear deliverables which I would be responsible for directly, whether I had the support of the financial controller or not. This worked and I was able to stay there for three years.

By the time I was leaving a lot of changes were happening in the government with lots of new and exciting opportunities coming up.

Tanzania Commission for AIDS (TACAIDS) was one such opportunity and so when I heard

they were advertising for some key positions, I applied to join them and I was successful. So at the age of 35 years old, I joined TACAIDS as the Director of Finance, Administration and Resource Mobilization.

What really triggered you into joining the Accounting Profession?

I have to admit that initially I didn’t want

to be an accountant since I was very good in mathematics and economics. In my advanced secondary education I did Economics, Commerce and Accountancy, and I was very good in economics and mathematics. At that point I thought I could do economics, but I didn’t see any future in economics and I really didn’t know where I would go next if I chose to focus on economics.

Fortunately those days, when you finish

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financial accounting is very difficult because there are so many difficult technical things to study but when I came to do the actual application, I realized that practice was very different from theory, and that the practical part of finance was actually very enjoyable and easy.

What did your parents have in mind for you? Did they have a specific career path they wanted you to follow?

My parents were business people and so

secondary education you were required to join the national service and while I was at the national service, I acted as an accountant at the finance unit of the camp. The role entailed paying for supplies, allowances and also collect revenue for the camp. I joined the unit as a trainee in the national service for six months where I worked with a lady who was a revenue accountant. My job was to help her sell things on behalf of the camp, prepare the summary of sales made, deposit the received revenue in the bank, etc. While applying to

join university, I had something else in mind but our boss at that unit advised me to take accounting. When I thought about it that time, I figured it was good advice because for some reason while we were there doing those jobs, we were very liquid.

So, did you opt to join the profession for the money?

Actually no. I enjoyed the job and while we were working at the camp, I thought it was a very easy job. When you are in school,

Going back to the issue of my parents, as I grew up they insisted that I had to study and they sent me to live with my uncle who was a big shot in one of the public institutions.

was my grandfather who I used to live with.

I started helping him out with his business when I was eight years old and so when I was young, I didn’t want to waste my time developing another career. I just wanted to be a big business person like my grandfather and my parents. Being a big business person was my ambition and even now it still is. I actually envy successful business people.

Going back to the issue of my parents, as I grew up they insisted that I had to study and they sent me to live with my uncle who was a big shot in one of the public institutions. He was a very strict person and all he wanted me to do was to study. I was the only child in his house and so every day when he came back home he would go through all my books to see how I was doing. I was afraid of him but I was also lucky because he used to encourage me a lot.

He would tell me things like, “I want you to study. I don’t want you to stop your education at secondary level but I want you go up to university”. So I had a lot of encouragement from him. I remember one day he told me that if I ever happened to fail, he would take me to a private secondary school so that I could repeat and get better grades that would take me to high school and later university.

When he said that, I determined that I would not fail because I didn’t want them to pay fees for me and later on they come back to tell me that they struggled for me and I disappointed them.

What would you tell young girls who are at crossroads wondering whether Accounting is a profession they should go for?

Accounting is a very good profession,

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A word with Mrs. Beng’i Mazana Issa but you need to have lots of discipline. Even when you are studying, you need to have the discipline of realizing that you need to study hard and do lots of exercises in order to pass your exams. I can assure you that if you choose to be an accountant you will be a very smart person and you will never struggle in life. Accountants are organized, they know how to handle their personal finances, they know how to organize their lives, especially women. I would like to encourage more girls to join the profession. As long as you are able to add and subtract, the rest of the accounting principles you will learn along the way. However, discipline is paramount in the life of an accountant because the profession requires that you work hard, sometimes very late into the night. Discipline is required so that you can be able to work with efficiency through organizing your work. You need to know where you keep what, you have to be deadline conscious and meticulous in your operations. Actually, the accounting profession is known for transforming people from being very disorganized to being highly organized and efficient people, not just in the office but also in their personal lives.

There has always been this myth that the accounting profession is too mechanical are very boring. Do you agree with this?

I have to admit that it is true. Most accountants are not outgoing people, maybe possibly because of the principles of accounting.

Motivational speakers will tell you to be optimistic all the time but the principles of accounting have this tendency of converting you into a pessimist. Ethics of accounting and the principles of accounting gradually transform the people in the profession into being conservative and very principled. I think it is important for non-accounting people to understand why accountants are the way they are, and to work around that. To the accountants, I would advice them to find a way of being balanced; be flexible when flexibility is called for.

Most accountants stick to their profession and are not interested in finding out what the other departments in the organization are all about. However, if an accountant can determine to understand the rest of the organization besides what concerns just his department, he or she would be a very valuable employee because

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he is highly advantaged.

How then would an extrovert fit into the accounting profession, seeing that the profession has a way of making people “boring”?

I HAVE ALWAYS BELIEVED IN MYSELF AND MY ABILITIES, AND THAT IS WHY LIKE I ALREADY NARRATED TO YOU, I WAS ABLE TO OVERCOME THE MANY OBSTACLES THAT WERE SET ALONG MY PATH

BY MY BOSS AT CARE. WHAT I DID NOT MENTION TO YOU EARLIER IS THAT BY STANDING MY GROUND, I EVENTUALLY REPLACED HIM AND BECAME THE FINANCIAL CONTROLLER, A POSITION THAT HAD NEVER BEEN HELD

BY A TANZANIAN AND A WOMAN BEFORE IN THAT ORGANIZATION.

It is true an extrovert might perceive the accounting profession as being restrictive and therefore conclude that it is not a profession they would like to venture into. However, there are many advantages to be gained by being an accountant such as the ability to be cautious, the increased sense of discipline that comes with the profession, and of course the never ending opportunities that the profession unfolds for them. All they need to do is know the difference and strike a balance between being extroverted and being principled.

How did you manage to break through a male dominated field and to excel to the level where you are today?

It was not easy. Fortunately, I am a very confident person and I have to admit this has been my secret weapon. I have always believed in myself and my abilities, and that is why like I already narrated to you, I was able to overcome the many obstacles that were set along my path by my boss at CARE. What I did not mention to you earlier is that by standing my ground, I eventually replaced him and became the Financial Controller, a position that had never been held by a Tanzanian and a woman before in that organization. When I replaced him, antagonism between myself and other Filipinos in the global organization ensued and since the accounts department was being managed from the Philippines, everyone of them concluded that if it had not been for me, their brother would still be in Tanzania.

One of the things I did when I replaced him was to reorganize the department completely.

I created a manual and proposed a full house department with about ten people whose responsibility was to help in the various projects.

At the time we had about twenty-five projects across the country, and so with this new manual, I made sure that each project had an accountant.

I personally trained them and made sure they delivered. I did this to prove to people that contrary to what they had been told, Tanzanians were very capable of doing their jobs well. I made

COVERSTORY

sure that I created continuity at work so that even when I was not there, the departmental

operations would still run without grinding to a halt.

What would you advice those in positions of power to do in order to create opportunities for those who are upcoming?

For anybody who is in an influential position, it doesn’t cost you anything to train somebody else. Train others, build teams and one day, even after you have retired, you will be satisfied to see the many lives that have become enriched because you set them on the path to success. Work towards making sure you see the fruits of your input, so that by the time you are leaving you should be able to see people holding different positions because you made it possible for them to through training, mentoring and guidance.

You do not have to hoard information and experience from other people because nobody will ever take what you know from you. In fact, the more you share and the more you train others, the better you become in that area yourself. So it is very key to train others and help lift them up to higher positions.

Besides, it feels really nice to see those you trained assuming higher positions.

Taking my case as an example, by virtue of having been a lecturer, I know people who are currently in executive positions such as Chief Executive Officers of very reputable organizations, who were once my students.

At TACAIDS for example, I worked with four different people whom I supervised directly and they are all now Directors in different Government Institutions. This makes me feel very good and fulfilled because I know I had something to do with that success.

In short, it doesn’t take anything out of you to help other people make it in life. This is the attitude that every leader should have.

How do you balance your many responsibilities in the corporate and professional world, with family?

I have to say it wasn’t always easy. I find it easier now because I don’t have any small children at home but when I still had young children, it was very difficult. Now it is just

my husband and I at home so during the day we both immerse ourselves in our work but when we go back home we make sure we have time for each other. Having small children while at the same time having huge career responsibilities can stretch you a lot.

Time was of essence because there never seemed to be enough of it, hence the reason why I said earlier that discipline and being organized are crucial to this profession.

To create a balance, I work very hard during the day so that I can go back home early. Secondly, I do not work on weekends unless it is necessary and organized by my bosses, but when I have a lot of work, I carry it home but I make sure that I do not let the work take over my personal life. One of my bosses taught me to have a work-life balance. She told me that I can work as hard as I want but I must always have time for my family. She told me that in order for me to be a complete person, I should make sure that I have a social life as well. Unless you have time for recreation, you will not be efficient.

So I try as much as possible to spend my weekends away from work.

in relation to my job. Some of the books are reports from researches that are currently being done, some are documentaries and issues relating to the economy, others are experiences from other countries, etc. I read all these materials so that I can be able to make informed decisions and also give proven solutions to whatever challenges we encounter.

Speaking of weekends, what do you do for fun?

Have you ever failed in life?

So many things. First of all, my husband and I like going to movies. A few times we go out for swimming but at home I enjoy watching TV, of course not all the time but at least one or two hours when I have time.

I also have livestock at home so taking care of them is very therapeutic for me. So this is what I do for fun.

They say a good leader is a great reader. Do you read?

Oh yes! A lot. In the past, probably over fifteen years ago, I used to read a lot of novels. Now I have stopped reading novels but I read more materials related to my work than anything else. For anyone who prepares a report in this organization, I have to read it from cover to cover, make the necessary corrections where necessary so that I can own the report.

I read factual books as opposed to the novels I used to read. I read them so as to understand the trends in the world especially

I have heard my people saying that the majority of Tanzanians don’t like reading books. Is it true or is it just another baseless myth?

Sadly, it is true. Yaani kabisa.

What I would like to say and tell people is that you have to change that because you will never succeed if you don’t read. Regardless of what age you are, books can help you change, and they help you cultivate new (good) habits. You cannot grow career-wise if you don’t read. If you don’t read you will never understand things and whenever you talk, it will be based on obsolete information.

It is key for people to know that reading is something that will make you successful.

Yes I have. When I was doing my CPA, I thought I could do it without going to class. As I told you before, I am a very confident person but I guess in this case I was overconfident. During our time when I was doing my CPA, we had four levels. So I self-studied the first two levels and passed the exams without a problem. This made me think that I didn’t have to go to class to study the other two levels but what I didn’t know at the time was that when you don’t study with other people, you will never know what you don’t know. When I sat for the exams, I failed.

It was such a terrible blow for me because prior to that I had never experienced such as situation.

Fortunately my husband was very supportive and he encouraged me to attend classes. We used to live in Morogoro then but the classes were in Dar Es Salaam, worse still, we had a small child at the time but thanks to my husband, I was able to attend the classes for three months while he took care of things at home. His reasoning was that I will never

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A word with Mrs. Beng’i Mazana Issa know what I don’t know unless I interact with others. And he was right.

When I started attending classes, that’s when I realized that there was so much I did not know.

What was your take out of that experience from a scholars view?

The first thing I discovered is that the world is different for different people.

Whatever my experience is in a certain situation could be very different for someone else. You might think you know something based on your past, but the higher you go in your academic ladder, you realize that things become harder. You have to have different mechanisms of reading so that you can gain different approaches of tackling the challenges presented to you. You can only gain those approaches by thinking outside the box. Learn to get different views from others too.

When you failed what did that do to you as a person? Was your selfesteem affected in any way?

Yes I was affected initially but that feeling didn’t last. Fortunately I am a very positive person so when I accepted that I had failed, I was able to agree to the idea of re-sitting the exams but after proper preparations. My agreeing to leave my small child in Morogoro to attend classes for 3 months was as a result of accepting that I had failed, and that I needed to use a different strategy to avoid failing again. I accepted that failure is indeed a part of life and I moved on.

When failure happens you feel bad but as days go on you find mechanisms of surviving and moving forward.

What is your secret for success?

What has made you the person you are today.

Working hard. This is my number one secret. I am also open to advice and input from other people, and like I said, I also read a lot. I strive to achieve excellence in whatever I do. I don’t relax once I achieve a goal but I always look for higher goals to achieve all the time.

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What is the formula for failure?

If you don’t work hard, if you are not open to learning you will always fail.

What would you do for young girls that are coming up in order to motivate them to take over from your generation in this profession?

The younger generation has a better opportunity than we had during our times.

They have technology that makes their studies, researches and work easier as compared to our time. My word to them is to take advantage of all the available tools and also to work really hard. An accountant has to work hard. There is no shortcut in accounting.

You have to go through the necessary steps in order to achieve what you want to achieve. Being a young person, you have the energy and the brain to excel beyond where my generation has reached. The younger generation should not underestimate themselves but they should know they have a very high capacity and they just need to activate it.

Would you consider being a mentor to young girls?

Oh yes I would love to. I can teach them many things since I have seen a lot of things. Being a woman in this profession or any other for that matter is not easy. Finding your way in this career needs someone to hold your hand.

I would be glad to share my experiences and hold any girl’s hand that seeks my help to ensure that she achieves her goals.

What is your hobby?

My work is my hobby. I enjoy working, I don’t endure working. I enjoy succeeding and so whatever I do, it has to be something that enriches my career. For instance when I told you I love watching TV, I don’t just watch anything, I only watch those things that add value to my career. I read materials that are associated with my career and when I watch movies, they also have to be associated with my career.

Speaking of movies, I would recommend to you the movie, “Hidden Figures”. The movie is based on a true story of how three black “unknown” women served as the brains

behind one of the greatest operations in NASA’s history. This movie depicts how much women can do for the society and the world in general if given the chance, but because preference has always been given to men, women have to work harder and within very tough conditions to prove that they are capable of doing anything they put their minds into.

If you were given your life to live again, would you still make the same choices you have made, especially in your profession?

Hmmm...... interesting question.

You see, I left academics very early in my life.

I was a lecturer for eight years and did not really focus on advancing in my academics.

If I was to turn the hands of time, I would go back and stay in academics a little longer so that I can get my PhD.

But what is stopping you from getting your PhD now?

I don’t think I can do it now because I feel I am tired. If I had stayed longer in academics, I would have taken my PhD that time. I really regret why I didn’t pursue my PhD then. So many years have passed since that time and I don’t think I can do it any more.

I am really tempted to ask you how old you are for you to be feeling that it is too late for you to pursue your PhD. I can actually tell you my age. I am 51 years of age.

But you are still very young! Why would you say you are too old to pursue your PhD? There are people who have pursued their PhD at on older age than you are. For instance, Michael Cobb, the 91-year-old war veteran who collected his PhD from Cambridge university in 2008. You know, you can actually do it if you really put your mind to it. Michael Cobb says he went for his PhD because he had always wanted to do it and besides, he loved it. Similarly, because it is something that you really desire to have, why would you regret not having pursued your PhD when you still have time to do

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so? You said it yourself, you don’t have any children at home, so you can have time to do this.

Tell you what, why not make it one of your bucket list items?

Why not make this your new goal?

You know, human beings were created to have goals. Goals make our lives exciting and meaningful.

When you have a goal as daunting as pursing your PhD, there is an adrenaline rush that you get by virtue of just thinking about the challenge ahead. If it takes about 5 years to get your PhD, it means that by the time you are retiring you would have achieved your goal and you will be Dr. Issa.

Don’t regret when you could still do something about it. Don’t look at the time that has elapsed, look at today as being the beginning of the rest of your life. You are still alive so it means you still have an opportunity to pursue this dream. Besides, you don’t know what might happen when you go back to academia. There could be a whole world of opportunities waiting for you on the other side of your fear. So don’t give up.

Thank you very much Liz for your advice and for your encouragement. I will truly consider taking this up.

Any last words to the young people out there?

Oh yes I do. Tanzanian youth don’t like to work, and that is a fact. That is why we have these challenges in our families many depend on the few who are working in the family. We cannot proceed that way. People have to work. If you are a youth and you start working at your age, with time you will see the difference in your life. This is the main challenge that I see with the Tanzanian youth.

They think they can get quick deals. Focus on working hard and you will have a good foundation. Work hard and you will see your

results.

Thank you very much Mrs Issa for your

time. Indeed it has been a great honor talking to you and getting to know your inspiring story.

TAKEOUTS A personal word from the correspondent After talking to Mrs Issa, on my way from her office I was left with a lot to think about and I think it is only fair for me to bring into perspective the lessons we can derive from her journey.

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Winners never quit and quitters never win. If she had given up the “fight” with her Filipino boss, she would probably not be where she is today. whatever you are going through today, grow throw it but don’t give up.

. Your candle will never go out by lighting up other candles. In fact the more candles you light, the brighter the light you get. When she replaced her boss, she decided to create opportunities for others. May this inspire you to be a leader who is willing to create other leaders, not just followers.

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All work and no play makes Jane a dull girl. Regardless of how busy you are, always make time for yourself. I intend to watch Hidden Figures as she has recommended to me; maybe you should too.

Reading (relevant material) gives you new information every day. It keeps you updated thus making you a resourceful person. If you want to be a good leader, reading is not an option, it is the main option. That is why I encourage people to join in my ongoing #1Book1Week challenge where I have been reading a book every week since the beginning of this year. For more details you can visit www. liz-wachuka.com

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Learn from your failures. Many people treat failure as a final destination instead of looking at it as just an obstacle on the road to your destiny. Whenever you fail, treat your failures as lessons and move on to the next episode of failure. Fail fast, learn fast.

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Mrs Issa has over 20 years in employment and in all those years, she has only worked in four organizations. Like the saying goes, a rolling stone gathers no moss. A person who does not settle in one place will not accumulate wealth, status, responsibilities or commitments. Her journey is a clear evidence that indeed consistency does pay.

When you are young, earn to learn. Like she correctly said, today’s youth don’t want to work hard. They want to leave school today and start earning big bucks immediately. Success is a journey that has no shortcuts. Follow the process like she did and you will get to where you want to go.

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Life is 10% what happens to you and 90% how you react to it. Nobody is immune to failure, or challenges, or disappointments in life. How we handle those disappointments is what determines what happens after that.

Fear is temporary but regret lasts forever. Stop regretting what could have been and start thinking of what could actually be. Remember, a journey of 1000 miles starts with the first step.

Discouragement can happen to anyone, regardless of how high up they are in their professional ladder. That is why motivation and inspiration should be part and parcel of our daily lives. Zig Ziglar said it best when he said, “People often say that motivation doesn’t last. Well, neither does bathing. That’s why we recommend it daily”.

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FEATURE

APPLIED FINANCIAL

KNOWLEDGE A sound financial plan includes a balanced portfolio of investments, with shares, bonds, cash and property, invested in both local and international markets.

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BY JAMES TAPERA

hen we were much younger, we were addicted to the saying “knowledge is power”. Practical experience has taught us that this was an intellectual decoy which kept us engaged but not moving forward.

Knowledge is not power, applied knowledge is power.

This instalment is an attempt to stimulate a desire to increase financial literacy which I hope then translate in increased applied financial knowledge. It is a call to action.

For animals like cattle, grazing, chewing cud and sleeping on its own manure while waiting for the appointment at the abattoir is a decent existence.

As part of the human family, we are called not just to exist but to live and financial planning from one horizon to the next is part of that life.

If you understand the concept of time, and value of money, then you need to establish your own moving financial planning horizon which takes into account your goals, current financial position, and risk profile. A planning horizon is the length of time an investor projects into the future and it affects your asset mix.

Having a planning horizon provides direction, measurement, and meaning to your financial decisions. It allows you to understand how each financial decision you make affects other areas of your finances, and it allows you to take control of your future.

A planning horizon is the period covered by that particular plan within a planning cycle.

Generally, the length is dictated by the degree of uncertainty in the external environment with higher uncertainty giving rise to a shorter planning horizon.

For most people, five years is a sufficient horizon. Each five-year horizon should produce a significant milestone which in reality is the summation of your annual outputs.

Choosing the right planning horizon is the key

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A PLANNING HORIZON IS THE PERIOD COVERED BY THAT PARTICULAR PLAN WITHIN A PLANNING CYCLE. GENERALLY, THE LENGTH IS DICTATED

BY THE DEGREE OF UNCERTAINTY IN THE EXTERNAL ENVIRONMENT WITH HIGHER UNCERTAINTY GIVING RISE TO A SHORTER PLANNING HORIZON.

to any solid investment strategy. Each decision and action you take will have a significant impact on your future financial circumstances. A good financial blueprint will lay out what you need to do today to achieve your goals tomorrow.

A sound financial plan includes a balanced portfolio of investments, with shares, bonds, cash and property, invested in both local and international markets. This diversification ensures that you do not have too many eggs in one basket.

The result is a lower level of overall risk, while still enjoying exposure to potentially inflation-beating returns.

Our financial plan should take care of self, spouse, and heirs but we must aim for social impact which goes beyond our immediate families.

Many people will say they want to retire comfortably or that they want their children to attend good schools, without quantifying what “comfortable” and “good” mean so as to determine when the goals have been reached and what is required to get there.

The planning process involves gathering relevant financial information, setting goals, examining your current financial position, and coming up with a plan for how you can meet your goals given your current situation and resources.

A financial plan formulated to fit your lifestyle is often about prioritising and compromising.

It is also about making the best use of income, expenses, and resources. The planning process can unravel more efficient uses of cash flow, thereby generating more for spending or saving.

Planning is an ongoing process and is also about proper asset allocation and tax efficiency.

Your planning horizon addresses your concerns, eliminating the unknowns, and helping you to achieve your life’s goals. In many cases, an investor’s largest asset, excluding their home, is their retirement plan.

Where are you today? What is your current financial situation? What is your financial future

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and goals? Will you be able to get there and when?

How do you plan to achieve this? How flexible is each goal? What is the planning horizon for each goal? What is your general tolerance to investment risk?

Risk profiling can help you make decisions that are suitable to you. You have individual experiences and unique hopes and dreams. Your core values become the basis for defining your financial philosophy and this serves as a guide in developing your planning horizon.

If you are aware of your attitudes and preferences concerning your money, then you can clarify and connect your vision, values and goals into the planning process.

Planning integrates your risk profile and planned financial goals with your current investments and liabilities. It rebalances your portfolio according to your resources. You quantify in money terms what resources you need to meet those goals, and the timeframe during which you want to achieve these goals. Asset allocation projects your cash flow and net worth over your planning horizon.

A comprehensive financial plan serves as a framework for managing your finances. You are better placed to focus on your goals and understand what it will take to reach them. One of the main benefits of having a financial plan is that it can help you balance competing financial priorities.

A financial plan will clearly show you how your financial goals are related and help to prioritize financial goals, time frames for achieving these goals, implement specific strategies, and choose suitable services. You can then implement strategies that address your current financial weaknesses and build on your financial strengths, monitor your plan, making adjustments as your goals, time frames, or circumstances change.

The key is not to procrastinate and to start exactly where you are. If you are temporarily resident in United Kingdom, or instance, make investment decisions relevant to where you are. In any case, an investment can always be disposed of when you decide to go back to your home country.

Managing your financial planning horizon should bring contentment, preparedness, happiness, stability and an excellent standard of life.

Financial planning can help you reach your goals by evaluating your whole financial picture, then outlining strategies that are tailored to your individual needs and available resources.

James Tapera is a Director of Skilled Bioz (www. skilledbioz.com), a platform that offers opportunity leads to job seekers, professionals and consulting firms.

The Role of Audit Committee

IN RISK MANAGEMENT

BY STRATON MAKUNDI, Managing Partner, Auditax International

INTRODUCTION

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ver the past few years, management of risks has emerged as an important good corporate governance practice. The Institute of Internal Auditors defines risk as “the uncertainty/ possibility of an event occurring that will have an impact on the achievement of objectives.

Risk is measured in terms of impact and likelihood”. ISO defines risk as “effect of uncertainty on objectives. Note that an effect may be positive negative, or a deviation from the expected.

Also, risk is often described by an event, a change in circumstances or a consequence.” Activities conducted in the management of risks are considered to be playing an essential role in ensuring a sound system of internal control.

Risk management relies on established principles and international standards. Common standards and models for risk management proposed by different institutions are ISO 31000:2009 Risk Management – Practice and Guidelines; BS 31000:2008 Code of Practice for Risk ManagementBritish Code; COSO: 2004 Enterprise Risk Management – Integrated Framework; FERMA: 2002 A Risk Management Standard-Federation of European Risk Management Association; Solvency II: 2012 Risk Management for the Insurance Industry; Basel I, II and III Guidelines for financial institutions.

COSO ENTERPRISE RISK MANAGEMENT FRAMEWORK For the public sector in Tanzania, the Government of Tanzania through the Internal Auditor General’s Office has mandated all public sector organizations to adopt and implement risk management practices. Treasury Circular No. 12 of 2013 requires all Accounting Officers to establish and implement risk management processes in their organizations. The Public Finances Act (2001) amended in 2010 established the Internal Auditor General’s Unit under the Ministry of Finance. The Unit is responsible with issuing of guidelines and conducting reviews and assessments of the quality and effectiveness of risk management practices across MDAs and LGAs. In December 2012, the Internal Auditor General issued the Guidelines for Developing and Implementing Institutional Risk Management Framework in the Public Sector. This document provides step-by-step guidelines on how to implement risk management.

In 2010 the Bank of Tanzania issued Risk Management Guidelines for Banks and Financial Institutions. Its risk management framework for instance requires banks and financial institutions to have active board and senior management oversight; adequate policies, procedures and limits; risk measurement, monitoring and management information systems; adequate internal controls; independent review etc. The guidelines also prescribe credit, liquidity, market and operational risks, strategic and compliance management guidelines. The guidelines were updated to include some risks such as strategic and compliance risks and merge some risks into market risks.

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<<FEATURE

The role of audit committee in risk management

THE ROLE OF AUDIT COMMITTEE The role of the audit committee is to assist the board of directors and management by providing oversight of the entity’s governance, risk management and internal control practices. The audit committee should assist the board and management in providing advice and guidance regarding the adequacy of measures undertaken on the following:

systems, whether it is adequate to assist the board in confirming that they are operating effectively.

VALUES AND ETHICS, • Governance structure, • Risk management processes • Internal control framework, • Oversight of the internal audit activity, external auditors and other providers of assurance • Financial statements and public accountability reporting.

· Ask questions and review the organization’s risk profile annually;

The Audit Committee should receive reports, ask questions and more information from management on the effectiveness of the systems established and the conclusions of tests performed by the internal or external auditors. The audit committee has a role to consider the level of assurance obtained on the risk management and internal control

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THE ROLE OF AUDIT COMMITTEE ON RISK MANAGEMENT As per the Institute of Internal Auditors, the audit committee should obtain reasonable assurance regarding the entity’s risk management practices. To achieve this, the committee must undertake the following:

· Obtain from the Chief Internal Auditor the annual report on how management has implemented and maintained an appropriate enterprise risk management process; · Conduct a review and provide advice on the entity’s risk management processes in place established by management and the procedures put in place to ensure that the processes are operating as intended; · Provide oversight on significant risk exposures and control matters such as fraud risks, governance issues, budgetary compliance and procurement processes and procedures and other matters as

requested by the Board.

Thus although the responsibility for identifying and managing risks belongs to management, the Board has the ultimate responsibility for an organization’s risk management and internal control systems.

This function may be delegated to the audit committee.

HOW SHOULD THE AUDIT COMMITTEE OBTAIN ASSURANCES ON RISK MANAGEMENT? The comfort required by the audit committee can be obtained through risk based auditing conducted by the internal and external auditors.

RISK BASED INTERNAL AUDITING Risk based internal auditing refers to “a methodology that links internal auditing to an organization’s overall risk management framework. It allows internal audit to provide assurance to the board that risk management processes are managing risks effectively, in relation to the risk appetite” (Institute of Internal Auditors). Risk based internal auditing aims at reinforcing the responsibility of management and the board for managing risk. Risk Based Internal Auditing does not mean auditing risks rather it is auditing the management of risks. It is about auditing the process used by management on

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identification of risks, the mechanism used to assess risks, making a decision on responses, monitoring the responses and reporting to the Board.

The Audit Committee should ensure that the internal audit function conducts risk based audits. Implementation of risk based internal auditing should follow three stages which are:I) ASSESSING RISK MATURITY The internal audit function should obtain an overview of the degree to which the management determine, assess, manage and monitor risks. This will confirm on the reliability of the risk register and assist in audit planning. This involves discussion of the understanding of risk maturity with the board and senior managers on what has been done to improve risk maturity?

E.g. training, risks workshops, institution of questionnaire etc.; Are managers comfortable that the risk register is comprehensive?, do managers see that they are responsible for identifying, assessing, mitigating risks as well as monitoring the framework and responses to risks?. It also involves a reliance on the information and documents collected to assess the entity’s risk maturity using the stages: risk enabled, risk managed, risk defined, risk aware and risk naïve. It also covers reporting of the conclusion on risk maturity to management and audit committee. This will provide high level assurance regarding risk management process, how key risks are managed as well as recording and reporting of risks. Finally, the internal audit function should work with management to identify measures to be taken by them as a result of the assessment e.g. consulting assignment to improve the risk management process.

II) PERIODIC AUDIT PLANNING This involves identification of the assurance and consulting assignments for a particular period through giving priority to areas in which objective assurance is required by the Board regarding the risk management processes, how key risks are being managed as well as the

recording and reporting of risks. Thus there is a need for the internal audit function to obtain from the audit committee a guidance on the nature of assurance they require from the internal audit activity. This will enable them to review the register and determine whether appropriate responses are available. Examples of assurances the audit committee may require include: internal control over financial reporting; high risk areas e.g. fraud, third party risks, compliance with budget, procurement; regulatory compliance; process improvement and operational efficiency; proactive strategic advice e.g. on a proposed strategic plan etc.

Detailed examples of some assurances the audit committee may require and risk areas of focus: A) INTERNAL CONTROL OVER FINANCIAL

REPORTING The audit committee should ensure that there is a robust risk management process on the following areas:- the status of management reporting process; disclosure controls and procedures e.g. on revenue and financial instruments; the financial reporting closing process e.g. manual adjustments made leading to errors or fraud; major estimates and complex accounting areas e.g. on revenue recognition, impairment, accounting for income taxes; materiality; responses to audit findings; current development in the business and alignment with the financial statements etc.

B) THIRD PARTY RISKS This include areas such as bribery, the

environment, software piracy, health and safety, labor laws, tax etc. which may not be properly covered by the normal internal controls or entity risk assessment processes. For instance, is there an inventory of third party relationships?

Are there policies and procedures for developing and monitoring third-party relationships? Has prioritization done for those which are most significant? Have risks rating been assigned to each type of risk and is there an overall risk rating for each third party risk? Is there a person assigned to manage the risk? What is the frequency of reporting to the Audit Committee/Board on the management of each third party relationship risk?

C) FRAUD DETERRENCE Economic fraud may include bribery, corruption, money laundering, insider trading, financial reporting fraud etc. For instance, are there written response plan to deal with allegations?

What management is doing to raise awareness to employees regarding their rights and responsibilities for reporting allegations e.g. money laundering trainings; Whistle blowing policy?

Does management undertake annual review of the organization’s compliance programs and reporting systems? Periodic reports to audit committee on reported allegations and actions taken; ensuring that appropriate action is taken against perpetrators etc.

NOTE: It is important for the areas of focus to be aligned with the organization’s strategy and risks identified through the risk management framework.

Risk Based Internal Auditing does not mean auditing risks rather it is auditing the management of risks. It is about auditing the process used by management on identification of risks, the mechanism used to assess risks, making a decision on responses, monitoring the responses and reporting to the Board.

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The role of audit committee in risk management III) INDIVIDUAL AUDIT ASSIGNMENTS This involves conducting the actual individual risk based audits to give assurance on the entityâ&#x20AC;&#x2122;s risk management framework and how individual or group risks are mitigated. For instance, the audit committee should understand and approve the annual audit plan and ensure implementation of audit recommendations. It should also ensure regular reporting and discussion of findings.

Overall risk based internal auditing enables the audit committee to conclude that management has identified, assessed and responded to risks above and below the risk appetite; the response to risks are effective and not excessive; risks management processes are monitored by management so as to ensure their effective operation and there is proper classification and reporting of risks, responses and actions.

However the audit committee should ensure that the internal audit function is empowered, the team has a right structure and skills, and support their findings as well as assess their performance so as to enhance talent development.

RISK BASED EXTERNAL AUDITING One of the key responsibility of the audit committee is to oversee the integrity of the financial statements. This is because of increased expectations from various parties including the government, investors, regulators etc. Thus the audit committee, management and external auditors must work together to promote public interest by ensuring that the company issues reliable financial statements.

The audit committee must oversee the external auditors by ensuring that they conduct a risk based audit among other matters. Risk based external auditing refers to directing audit resources towards areas of the financial statements containing misstatements (errors or fraud) resulting from business risks.

The auditor makes risk assessments of material misstatements at the financial statements and assertion levels on the basis of proper understanding of the organisation and its environment including internal controls. Risk based audits ensure

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the integrity of the financial statements as well as promoting efficiency by minimizing resources (time and fees). Thus, the audit committee should ensure that the audit methodology included in the audit plan is risk based. It should review external auditorâ&#x20AC;&#x2122;s audit scope and approach and coordination with internal audit. The audit committee should conduct discussion with the external auditors on more risk and judgmental areas in the financial statements for instance on matters related to modification of auditorâ&#x20AC;&#x2122;s report, key audit matters, areas of judgment etc. Engage in deeper probing and discussion of specific examples, audit areas, facts and circumstances in important areas of the financial statements; review management letter and follow up on implementation of recommendations. This can be implemented in a number of ways including through regular meetings, and private sessions with external auditors, nurturing a good relationship between the audit committee chair and the lead audit partner etc.

CHALLENGES FACING AUDIT COMMITTEE ON RISK MANAGEMENT IN TANZANIA There are several challenges facing audit committee regarding their role in risk management in Tanzania. Recent reports of the Controller and Auditor General (CAG) for instance indicate several weaknesses facing audit committees in the public sector. These include audit committees not reviewing risk management policies; audit committees not reviewing financial statements before

being submitted to CAG; audit committees not addressing internal control matters identified in audits; audit committees not preparing their annual reports; lack of training on their roles; some entities found lacking risk management policy etc. audit committees members lacking financial skills or background; lack/not updated risk register etc. Some of these weaknesses exist in private sector entities.

CONCLUSION The focus of the audit committee on risk management will ensure that it fulfils its entire mandate in providing comfort to the Board regarding management of risks in the organisation so as to achieve the organization objectives. The adoption of risk based methodology contributes valuably to the organisation risk management framework through its objective assurance (by both internal and external auditors) thus enabling the audit committee to fulfill one of its major mandate i.e. to ensure that risk management and internal control systems are robust.

Overall Risk Based Audit provide assurance to the audit committee on three key areas: risk management processes (both design and operational effectiveness); Management of the risks (both effectiveness of controls and responses); Assurance on completeness, accuracy, proper reporting and risks classifications.

FEATURE

How to Be One of the World’s

Most Inspiring Accountants

by Steve Pipe, Founder and Head of Research, AVN

What is the primary message for accountants in your book, The World’s Most Inspiring Accountants?

Quite simply that, as accountants, we can use our skill with numbers to change the world.

This great profession of ours can do great things. Some of them are obvious things, like helping businesses become more successful and profitable, saving them from failure, and creating jobs and wealth; so that one business at a time, our economies get stronger and life gets better for everyone.

And some are less obvious. For example, some accountants are finding powerful new ways to make a difference by: · Helping businesses measure and reduce their carbon footprint; · Making life better for people in need by using sites like Buy1Give1 to connect their business with causes that resonate with them; and · Making a public commitment to change the world, for instance via my website, Accountants Changing the World.

What encouraged you to write The World’s Most Inspiring Accountants? What previous factors came together to make you want to pursue this topic?

I have always believed that the accounting profession can change the world. In fact, it’s why I became an accountant in the first place. And it’s also why I have spent the last 17 years researching what makes accountants great.

Much of that research has been into how some accountants get much better results than others—which resulted in my writing several books and launching the free Improve Your Practice initiative.

But in this new book I want to broaden my research to specifically look at how some accountants are having a much bigger impact on the world around them. So, following on from my previous book UK’s Best Accountancy Practices, it will feature dozens of case studies revealing in precise detail how individual accountants are using their skill with numbers to make a real difference to the businesses, finances, and lives of their clients. It will also show how accountants are making an equally profound difference to their communities, their local economies, and the lives of those in need.

And it will be specifically designed to inspire accountants around the world to serve their clients better, make more of a difference, and help to restore the reputation of the profession.

What are the key findings of your research?

So far I have identified over 70 detailed case studies of how accountants are making a real difference. But I still need more!

As was perhaps to be expected, many of these stories involve

accountants helping to improve their clients’ profits, cash flow, business value, tax bills, and personal wealth.

What is perhaps more surprising is the fact that in many of these cases, relatively simple input from the accountant has had a disproportionately positive impact. For example, some of the things that have had a profound impact have included helping clients: · Properly understand their costs; · Change their prices; · Get better management information, often by switching to cloud accounting; · Improve their financial controls; · Tighten up their credit control procedures; and · Raise finance Encouragingly, therefore, the evidence suggests that accountants don’t have to retrain as business consultants in order to make a real difference. Our core skills still have much to offer.

Excitingly, the case studies also reveal how profound the human impact of our work can be. For example, I have gathered heartwarming stories of how accountants have helped their clients cope with Alzheimer’s, save their marriages, and even adopt a child.

But, as I said, I am still looking for more case studies because I know there are lots more firms out there doing great things.

So is there still time for accountants to get their firms featured in the book?

There certainly is. And the invitation to feature in the book is open to ANY accountancy practice, anywhere in the world. It doesn’t cost anything. And they will be able to describe their practices as “officially one of the world’s most inspiring accountants.”

What’s more, the process is very straightforward: · Practices can nominate themselves by submitting a case study of how they have made a significant difference and completing the entry form by August 31, 2015 (see details on LinkedIn here). · We will then select the most inspiring case studies to appear in the book.

And, by telling the story of how practices have made a real difference, the book will prove beyond any doubt how special those practices AND our profession are.

Steve Pipe is a Chartered Accountant. In 2012 he was named “The world’s most highly rated advisor to accountants” in recognition of the fact that he has more recommendations (now over 480) on LinkedIn than any other adviser. Those recommendations also make him the most highly rated accountant in the world.

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NBAA Annual Conference

2017