Plan to boost number of black accountants
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Johannesburg - The Auditor General on Thursday said it will provide R3.8 million financial aid to help the University of Fort Hare produce future chartered accountants for South Africa.
This was part of a long-term partnership in which the university would receive financial support on a yearly basis to ensure it remains accredited to train post- graduate students studying towards the Certificate in Theory of Accounting (CTA), the Auditor General said.
The support would come in the form of a subsidy for hiring additional lecturers to train students and help them the South African Institute of Chartered Accountants' (Saica) accreditation requirements.
According to Saica, the university has a commendable undergraduate programme, but to get full accreditation from the organisation to produce CTA-level students, it also needs to establish a strong CTA programme.
Auditor-General Terence Nombembe said "this investment will have a significant benefit of sustaining the transformation of the profile of accountants in South Africa".
South Africa has an acute shortage of black Chartered Accountants (CAs). As at 31 October 2006, there were 25 346 chartered accountants in South Africa, of whom only 2 887 are black, a mere 11 percent. This is made up of 735 African, 431 coloured and 1 721 Indian accountants.
Of the 5 827 female CAs, only 990 are black - 250 African, 185 coloured and 555 Indian.
The Auditor-General trains 650 accountants every year. About 90 percent of these trainee accountants are black.
The Auditor-General invests heavily on various bursary programmes that support students who study both part- and full-time towards an accounting qualification. As part of Thuthuka - a Saica initiative aimed at training black students as accountants - it also contributes financially to help support learners who want to be CAs after matriculating. - I-Net Bridge