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ANNUAL INTEGRATED REPORT

2021

Intended purpose and users of this report

This report has been prepared in accordance with the International Integrated Reporting Framework and is unaudited.


The Abridged Financial Statements presented in this report are extracted from the audited financial statements of ICAN which are prepared in accordance with IFRS for SMEs.


The purpose of this report is to explain to stakeholders how ICAN creates value over time. This report is expected to benefit all stakeholders interested in ICAN’s ability to create value over time.

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HIGHLIGHTS FROM

2021

 
 
Message from

the President

It is my pleasure to present the 2021 Integrated Report for the Institute of Chartered Accountants of Namibia. I was elected as president of the Institute
in June 2020 with Samuel Ndahangwapo as my Vice President. Samuel will take over as President of the Institute from April 2022. 

An overview of

ICAN and CA(NAM)

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”) where the relevant ICAN member is also registered with the PAAB.

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VISION

ICAN’s vision is to be, and be seen to be, the leading Namibian professional accounting body by reputation, expertise, and capacity.

ICAN’s values include unrelenting integrity, the pursuit of excellence, respect for diversity and quality.

MISSION

 

  1. Developing & upholding professional competence, standards & integrity.

  2. Development of the profession to reflect the demographics of the Namibian Society.

  3. Enabling the accounting profession to
    speak with one voice on matters of nationalimportance affecting the Profession.

  4. Informing the general public & stakeholders
    of the accountancy profession to achieve
    a proper appreciation of its value & challenges.

A Young Man Writing

How does one become a CA(NAM)?

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Business
model

Every organisation has a business model that involves consuming or using one or more of the 6 capitals to create value for its stakeholders through its business process.
The purpose of this section is to illustrate the business model that ICAN uses to create value out of the 6 capitals.

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Corporations and organisations cannot afford to turn a blind eye to their impact on sustainability and their social responsibility to take action. ICAN increased its focus on sustainability in 2021, The following actions have been taken in 2021:

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Sustainability
Natural sustainability

Governance
Council and Secretariat

ICAN is a non-profit organisation and is governed through a Council of members elected by ICAN members at the
AGM. Council sets the strategy; the Secretariat Exco, Education Consultant and committees execute the strategy and
report to Council.
Council is led by a President and Vice president who serve a 2-year term each.

Committees
 

With limited resources, Council and the secretariat are heavily reliant on the activities of the committees that have been established. These committees, in turn, are dependent on members and non-members who volunteer their time and in many cases the time of their employees to participate and drive the committee projects.

Accounting & Auditing

Standards Committee

The purpose of this committee is to create a forum for discussion of technical issues and matters relating to accounting and auditing faced by ICAN members and other relevant accounting bodies.

 

2021 Chairman: J Cronjé (resigned April 2021); C Penderis from 20 May

2021# members: 19 plus 7 observers

# meetings in 2021: 10

 

Tax Committee

The purpose of this committee is to be influential on decisions made by stakeholders on Namibian tax matters, particularly in respect of decisions made by the Ministry of Finance, NamRA and Parliament and, to improve outcomes for the Namibian public and ICAN’s members.

 

2021 Chairman: H van Alphen

# members: 16

# meetings in 2021: 10

Youth Committee

The purpose of this committee is to 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 brand amongst the youth.

 

2021 Chairman: S Schwartz

# members: 15

# meetings in 2021: 5

Education and Examinations Committee

The Education and Examinations Committee was constituted in July 2021 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.

 

2021 Chairman: F Nghikevali

# members: 12

# meetings in 2021: 5

Training and Development Committee

The purpose of this committee is 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.

 

2021 Chairman: S Ndahangwapo

# members: 8

# meetings in 2021: 8

Public Sector Committee

The purpose of this committee is 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, practices and legislation for public financial reporting.

 

2021 Chairman: M Shaanika

# members: 12

# meetings in 2021: 4

Special Concessions Committee

The purpose of this committee is to assess the applications for special concessions for candidates writing the professional examinations.

 

2021 Chairman: Ms F Nghikevali

Members: 8

# meetings in 2021: 2

Professional Conduct Advisory Committee

On receipt of a complaint, if the member is also registered with the PAAB, the committee must refer the matter to the PAAB. If the member is not registered with the PAAB, it establishes the credibility of the offense and if the complaint is credible, lodges a formal complaint with the Disciplinary Committee. The Professional Conduct Advisory Committee then takes the roll of the complainant in the remainder of the disciplinary process.

 

2021 Chairman: Mr T Newton

Members: MsT Horn, Mr S Hugo, Mr L Kauta, Ms A van Coller.

# meetings in 2021: 0

Disciplinary Committee

Upon receipt of a complaint, the committee must call a disciplinary hearing and if the member is found guilty of an offense, sanction the member ranging from a fine to removal from the role of members of ICAN.

 

2021 Chairman: Mr S von Blottnitz

Members: Mr W Mertens, Mr R van Rooyen, Ms Z Stellmacher.

# meetings in 2021: 0

The monetary value applied to the hours volunteered by committee members in 2021, assuming 80% attendance rate and an hourly rate of N$ 2 500: N$ 3 100 000.

High Fives

How can you get involved?

Tutors

NUST and UNAM is in need of volunteer tutors each year around February. To get involved, please send an email to Fenni Nghikevali at fenni@ca-nam.com.

Attendance of career fairs

ICAN attends approximately 6 career fairs each year. Volunteers are required to man the stall and discuss the profession with students and answer any questions they may have. To get involved, please send an email to Wilna van Tonder at wilna@ca-nam.com.

CA Leadership Masterclass:

The online CA Leadership Masterclass invites guest speakers to provide valuable and insightful experiences to masterclass participants. To get involved as a guest speaker, please send an email to Fenni Nghikevali at fenni@ca-nam.com.

Mentorship Programme

The mentorship programme for CA students in Namibia was launched in October 2021. The purpose of the mentorship programme is to provide emotional and mental support to Namibian students on their journey to become Chartered Accountants. To get involved as a mentor, please send an email to Fenni Nghikevali at fenni@ca-nam.com.

CPD events

Do you have a passion for facilitating presentations or offering training? Do you have specific topics that you believe are insightful and relevant for CA members? If you are interested, please contact Fenni Nghikevali at fenni@ca-nam.com.

Committees

The AASC, Tax, TDE and EEC meet once a month for 1 to 1.5 hours. Membership is voluntary and unpaid. The YC meets every second month for 2 hours. Membership is voluntary and unpaid. The PSC meets every quarter for 2 hours. Membership is voluntary and unpaid. The PCAC and DC meet as and when required (not expected to be more than 3 times per year). Membership is voluntary and unpaid. To get involved on committees, please send an email with information about your relevant experience and expertise to secretariat@ca-nam.com

To get involved in the following, contact Fenni Nghikevali at fenni@ca-nam.com:
 

  • Review of academic case studies.

  • ​Localisation of the APC:  Localisation of Professional Programmes

  • Marking of assessments and examination scripts

ICAN tax course for trainees

To get involved in the following, contact Fenni Nghikevali at fenni@ca-nam.com

  • Preparing assessments and case studies for the tax course,

  • Reviewing tax assessments and case studies for the tax course,

  • Presenting the tax course to trainees,

  • Creating the tax course assessments

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External Environment
 

Societal

In Namibia, societal challenges have historically included high levels of unemployment, lack of low-cost housing, and income disparity.

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RISK 
STRATEGY 
PERFORMANCE
 

Risk assessment at ICAN involves annual member surveys, SWOT analysis, PESTLE analysis and intelligence gathering from ICAN’s committees.


In 2020, the Council evaluated the performance of ICAN concerning the current strategy (2016-
2020) and drafted a new strategy for 2020-2024.

Stakeholder Engagement in
 
2021 
 

NUST Accounting Charade

NUST Accounting Charade

ICAN was invited by the NUST Accounting Society (NUSTAS) to be one of the judges of their first ever Accounting Charade. The picture shows all the participants and judges of the Accounting Charade.

Stakeholder meeting with ICAN, NCHE and NUST Vice Chancellor:

Stakeholder meeting with ICAN, NCHE and NUST Vice Chancellor:

Meeting with the NUST Vice Chancellor, Dr Erold Naomab, to discuss the future of accreditation of the NUST Bachelor of Accounting degree (CA stream).

First meeting between NamRA, ICAN and NIPA

First meeting between NamRA, ICAN and NIPA

From left: ldi ltope (NamRA), Melanie Tjijenda (NamRA), back 3rd from left: Mr Arne Stier, front 3rd from left: lpawa Mwaetako (NamRA), Sirkka Masilo (NamRA ITAS), Sam Shivute (CEO NamRA), Carmen Penderis (ICAN), Mr Hartmuth Van Alphen (ICAN), Mr Cameron Kotze (ICAN), Mr Milton Eiseb (NIPA), Nadine du Preez (NamRA)

Stakeholder meeting with University of Namibia Accounting Society

Stakeholder meeting with University of Namibia Accounting Society

Meeting with the University of Namibia Accounting Society (UNAS) to discuss relevant 2021 accounting projects and initiatives.

UNAM National Accounting Talent Search Sponsorship

UNAM National Accounting Talent Search Sponsorship

The Institute was the co-sponsor of the UNAM National Accounting Talent Search. The Institute sponsored N$50,000 towards this initiative. This picture reflects the hand-over cheque ceremony at the University of Namibia

 
 

ABRIDGED ANNUAL
FINANCIAL STATEMENTS

This summarised report is extracted from audited information but is not itself audited.
The Council takes full responsibility for the preparation of the abridged report and that the financial information has been correctly extracted from the underlying financial statements.

GLOSSARY

ABBREVIATIONS / ACRONYMS/ TERMS USED IN THIS REPORT

AASC
AGM
APC
APT
BIPA
BON
CA(NAM)
CA(SA)
CA programme
CPD
EEC
ESAAG
ESAMLAG
EU
FATF
FIA
FIC
ICAN
ICAZ
IFAC
IFRS
IRBA

Accounting and Auditing Standards Committee
Annual General Meeting
Assessment of Professional Competence
Accounting Professional Training
Business and Intellectual Property Authority
Bank of Namibia
Chartered Accountant of Namibia
Chartered Accountant of South Africa
Postgraduate Chartered Accountancy Degree or equivalent
Continuous Professional Development
Education and Examinations Committee
East and Southern African Association of Accountant-General
Eastern and Southern Africa Anti-Money Laundering Group
European Union
Financial Action Task Force
Financial Intelligence Act
Financial Intelligence Centre
Institute of Chartered Accountants of Namibia
Institute of Chartered Accountants of Zimbabwe
International Federation of Accountants
International Financial Reporting Standards
Independent Regulatory Board for Auditors (South Africa)

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Outlook and priorities for
2022