ANNUAL INTEGRATED REPORT
2022
Institute of
Chartered
Accountants
of Namibia
ICAN is the Institute that promotes the interests of its members and the Accounting Profession as a whole.
Membership of ICAN is a requirement to use the designation CA(NAM).
Though ICAN is not a regulator, it has the power to sanction members for non-compliance with the IESBA Code of Ethics for Professional Accountants. This power is subject to the investigation and disciplinary role of the Public Accountants’ and Auditors’ Board (“PAAB”) where the relevant ICAN member is also registered with the PAAB.
HIGHLIGHTS FROM
2022
Intended purpose and users of this report
The 2022 Annual Integrated Report of the Institute of Chartered Accountants of Namibia has been prepared in accordance with the International Integrated Reporting Framework and is unaudited.
The Abridged Financial Statements for the year ended 31 December 2022 presented in this report are extracted from the audited financial statements of ICAN that are prepared in accordance with IFRS for SMEs.
The purpose of the Annual Integrated Report is to reflect the Institute’s effort in driving the objectives of the strategic plan, using the 6 capitals as defined in the International Integrated Reporting Framework.
ICAN is a non-profit organisation that is governed through a Council elected by the members.
An overview of
ICAN and CA(NAM)
The Institute of Chartered Accountants of Namibia is a non-profit membership organisation that operates in terms of its constitution. The constitution is available on our website ican.com.na. The Institute was incorporated in 1990. Its principal office is 24 Orban Street, Windhoek, Namibia. ICAN’s membership is comprised of more than 800 active members as at 31 December 2022.
ICAN is the Institute that promotes the interests of its members and the accounting profession as a whole.
Membership of ICAN is a requirement to use the designation CA(NAM). ICAN does not have regulatory powers, however, it has the power to sanction members for non-compliance with the IESBA Code of Ethics for Professional Accountants. This power is subject to the investigation and disciplinary role of the Public Accountants’ and Auditors’ Board (“PAAB”), the regulator of the accounting and auditing profession in Namibia.
VISION
To be and be seen to be the leading Namibian professional accounting body by reputation, expertise, and capacity.
VALUES
Unrelenting integrity, the pursuit of excellence, respect for diversity, and quality.
MISSION
-
Developing & upholding professional competence,
standards & integrity. -
Development of the profession to reflect the
demographics of the Namibian Society. -
Enabling the accounting profession to speak
with one voice on matters of national importance
affecting the profession. -
Informing the general public & stakeholders of
the accountancy profession to achieve a proper
appreciation of its value & challenges.
ICAN is a member of the following international accountancy bodies:
-
International Federation of Accountants (IFAC)
-
Pan African Federation of Accountants (PAFA)
MUTUAL RECOGNITION AGREEMENTS:
A mutual recognition agreement specifies that there are no additional requirements for members of the respective parties to register as members of each other’s institutes. This allows for ease of movement between the relevant countries. ICAN has a mutual recognition tripartite agreement with the following professional accountancy bodies:
-
Institute of Chartered Accountants of Zimbabwe
-
South African Institute of Chartered Accountants
How does one become a CA(NAM)?
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Step 1: Grade 12 subjects required
-
Mathematics & English
-
Accountancy (recommended but not required)
Step 2: Undergraduate degree
-
Accredited CA degree, or
-
Non-accredited degree plus a bridging degree
Step 3: Postgraduate
-
Accredited CA postgraduate degree
Step 4: Practical experience
-
3 to 5 years of practical training at an accredited
training office
Step 5: Two Professional examinations
-
Initial Test of Competence
Assessment of Professional Competence
Step 6:
-
Successful application for membership to ICAN
= CA(NAM)
Message from
the President
“to be and be
seen to be the
leading Namibian
professional
accounting body
by reputation,
expertise &
capacity”
Samuel Ndahangwapo.
ICAN President
It gives me great pleasure to present the integrated report for my first year as ICAN President. I was elected as the President of the Institute at the Annual General Meeting on the 27th of April 2022, but I have enjoyed a long history with the Institute in various capacities. One of my biggest priorities as the incoming President has been to promote our strategy and the strategic activities which lie at the heart of it.
Business
model
The International Integrated Reporting Framework defines six capitals – financial, intellectual, manufactured, human, social and relationships and natural capital. The Institute’s business model in the context of integrated reporting is our system of transforming inputs, through our organisational structure, into outputs that aim to fulfil the Institute’s strategic purpose and to create value over the short, medium, and long term for its members and stakeholders.
This section illustrates the 6 distinct but interrelated capitals that ICAN consumes in its business model to create value.
Governance
structure
The Council
ICAN is governed by a Council of members elected by ICAN members at the annual AGM. The Council sets the strategy and oversees the effective management of the Institute. Council delegates certain powers to relevant committees. The President and Vice President are elected by the Council and serve on the Council for a term of 2 years.
Council composition as at 31 December 2022:
VR Headsets
SAMUEL
NDAHANGWAPO
President
Smart Home Devices
CAMERON
KOTZE
Vice-President
Smart Helmets
HARTMUTH
VAN ALPHEN
Council Member,
Tax Committee Chair
Smartwatches
MARTIN
SHAANIKA
Council Member,
Public Sector Committee
Chair
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VENERANDA
MAHINDI
Council Member
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SAMANTHA
SCHWARTZ
Council Member,
Youth Committee Chair
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HANNES
VAN DEN BERG
Council Member
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ANNETTE
VAN COLLER
Co-opted Council Member,
Accounting & Auditing
Standards Committee
Chairperson
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GAVIN
FREY
Co-opted Council Member,
Examination and Education
Committee Chair
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JOHAN
LOURENS
Co-opted Council Member,
Training and Development
Committee Chair
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JURGEN
SANDER
Co-opted Council Member,
Coastal Committee Chair
THE EXECUTIVE COMMITTEE (EXCO)
The ICAN Executive Committee is comprised of the President, Vice President, and the Secretariat EXCO.
Council delegates certain powers to the Executive Committee on such terms and conditions as the Council
may prescribe.
2022 CHAIRPERSON: Mr Samuel Ndahangwapo (ICAN President)
THE SECRETARIAT
The Secretariat is made up of 5 members as of 31 December 2022. The Secretariat executes the strategy of
the Institute and reports to Council.
Committees
Due to limited resources and capacity, the Council appoints committees to assist it in the performance of its functions and duties. These committees are constituted of volunteer members and co-opted non-members who provide knowledge, expertise, and skills to the Secretariat.
Accounting & Auditing Standards Committee
Purpose: To create a forum for discussion of technical matters relating to accounting and auditing faced by
ICAN members and other relevant accounting bodies.
2022 CHAIRPERSON: Ms Annette van Collar
Tax Committee
Purpose: To be influential on decisions made by stakeholders on Namibian tax matters, particularly in respect of decisions made by the Ministry of Finance, the NamRA, and Parliament, to improve outcomes for the Namibian public and ICAN’s members.
2022 CHAIRPERSON: Mr Hartmuth van Alphen
Youth Committee
Purpose: Promote Chartered Accountancy as a career choice in Namibia and drive projects and initiatives that
impact the pipeline of the CA profession, including the promotion of the CA(NAM) brand amongst the youth.
2022 CHAIRPERSON: Ms Samantha Schwartz
Education and Examinations Committee
Purpose: The Education and Examinations Committee is established to assist ICAN in discharging its duty to ensure that students who are on their journey to be registered as Chartered Accountants in Namibia obtain the right quality of educational resources and fair examination opportunities.
2022 CHAIRPERSON: Mr Gavin Frey
Training and Development Committee
Purpose: The Training and Development Committee is established to assist ICAN in discharging its duty to ensure that persons who qualify to be registered as Chartered Accountants in Namibia, possess the necessary levels of training, professional development, and professional acumen.
2022 CHAIRPERSON: Mr Johan Lourens
Public Sector Committee
Purpose: The Public Sector Committee is established to influence and assist stakeholders with, and advise on, critical issues relating to the setting of standards, guidance, and practices relating to the public sector.
To promote high-quality standards, guidance, practices, and legislation for public financial reporting by the public sector.
2022 CHAIRPERSON: Mr Martin Shaanika
Special Concessions Committee
Purpose: The Special Concessions Committee is established to assess the applications for special concessions for candidates writing the professional examinations.
2022 CHAIRPERSON: Ms W van Tonder
Professional Conduct Advisory Committee
Purpose: To consider credible complaints received and where appropriate, lodge a formal complaint with
the Disciplinary Committee.
2022 CHAIRPERSON: Mr Tom Newton
Disciplinary Committee
Purpose: To consider credible complaints received from the Professional Conduct Advisory Committee as well as the Secretariat and hold Disciplinary Hearings as appropriate. The Disciplinary Committee has the power to sanction any members found guilty of a punishable offense.
2022 CHAIRPERSON: Mr Sven von Blottnitz
The monetary value applied to the hours volunteered by committee members in 2022, assuming 80% attendance rate and an hourly rate
of N$ 2 675: N$ 3,600,000
External
environment
SOCIETAL
Namibia’s historical societal challenges are wellknown and documented. ICAN’s strategies are focused on addressing societal challenges as they affect the institute and the accounting profession.
Some key societal challenges that are affecting ICAN and the accounting profession at the moment are:
ICAN would like to thank the Accounting and Auditing Standards Committee and the Tax Committee for their tireless
efforts in providing feedback on the amended legislation and the impressive impact they have had on the draft bills.
ICAN is committed to strengthening stakeholder consultations with key stakeholders in the public sector by addressing amendments in relevant
legislation and administrative regulations.
ICAN is represented on the NIPDB Investment Policy Reform Committee and continues to build and maintain its relationship with the Ministry of Finance
Tax Policy Unit.
Sustainability
ICAN is an organisation that doesn’t manufacture anything, employs only 5 people, and does all its work within a 10 km radius. Therefore, it is very tempting to claim that sustainability does not apply to us.
How do we promote sustainable thinking and reporting if we don’t apply it ourselves?
Since 2020 ICAN has included a “Sustainability” section in the Integrated Report.
Sustainability standards:
The following sustainability standards are promoted by IFAC:
-
International Sustainability Standards
Board (ISSB) standards – Financial-related sustainability disclosures. These standards are still in the exposure draft phase.
-
Sustainability Accounting Standards Board (“SASB”) standards:
SASB Standards enable organisations to provide industry-based sustainability disclosures about risks and opportunities that affect enterprise value
The use of the SASB Standards is voluntary. As CAs, we are in a position of influencing the Namibian business community when it comes to promoting transparency, sustainable thinking, and sustainability reporting. ICAN, therefore,
encourages its members to promote the use of the SASB standards in their organisations.
As ICAN does not fit into any of the industries listed in the SASB standards, we selected the industry most closely related to ICAN and its members, being “Professional & Commercial Services”.
The SASB standards set out recommended disclosure topics. ICAN has based its disclosure on the SASB standards to the extent that we have
the information available.
1. Data Security
ICAN holds membership data including contact details.
2. WORKFORCE DIVERSITY & ENGAGEMENT
3. PROFESSIONAL INTEGRITY
Each employee signs a Terms of Employment. The Terms of Employment sets out ICAN’s Code of Conduct and ICAN’s disciplinary procedures.
ICANs Code of Conduct is adopted and agreed to by all staff members is the IFAC Code of Ethics.
The Disciplinary process sets out what is considered misconduct or unacceptable behaviour and the process to follow.
In practice, each Committee, Council, and Exco begin all meetings with a declaration of any conflicts of interest. Any person who declares a conflict is then recused from the meetings for the discussion of the relevant agenda item.
ICAN amended its by-laws in 2021 to include a procedure that addresses cases where the member accused of misconduct is also a member of the Council or ICAN’s Secretariat to ensure any conflicts of interest are addressed and safeguards implemented.
ICAN’s sustainability goals linked to UN SDGs | Progress to date |
|---|---|
Develop strong partnerships for achieving shared goals UN SDG #17 Partnerships for goals | See the details of the risks strategies and performance of ICAN for strategic objective 4: “Through stakeholder engagement contribute and support national development.” |
Promote improved local service delivery and legislation UN SDG #16 Peace, Justice, and strong institutions | See the details of the risks strategies and performance of ICAN for strategic objective 4: “Through stakeholder engagement contribute and support national development.” |
Driving more responsible consumption by ICAN UN SDG #12 – Responsible consumption and production | Reduced paper usage and increased use of Cloud storage. |
Driving diversity in ICAN’s membership base UN SDG # 10 Reduced inequalities | See the details of the risks strategies and performance of ICAN for strategic objectives 1 and 7: “Growing a membership base representative of national demographics” and “Improve throughput of previously disadvantaged students for CTA, ITC, and APC.” |
Promoting ICAN and the Brand to ensure good work opportunities for CAs. UN SDG #8 Decent work and economic growth | See the details of the risks strategies and performance of ICAN for strategic objective 2: “Raise the profile of ICAN and CA(NAM) brand”. |
Driving quality local tertiary education for future CAs. UN SDG #4 – Quality education | See the details of the risks strategies and performance of ICAN for strategic objective 4: “Through stakeholder engagement contribute and support national development.” |
Corporations and organisations
cannot afford to turn a blind eye
to their impact on sustainability
and their social responsibility to
take action.
Risk, Strategy
and Performance
in 2022
The rapid pace of global evolution and disruptive technologies have led to a notable change in expectations from the accountancy profession. In response, and to ensure that ICAN and the profession are more responsive, agile and relevant with regard to member needs, the Institute performs annual risk assessments, annual member surveys, SWOT analysis, PESTLE analysis, and information gathering from ICAN’s committees. ICAN has taken significant steps in achieving its strategic objectives in 2022.
The 2020-2024 ICAN strategy lists the following 7 strategic objectives:
