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Bankseta moves to bolster University of Venda’s accounting sciences capacity

31st July 2015

By: Anine Kilian

Contributing Editor Online

  

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The statutory body responsible for skills development and support in the banking sector was investing R68-million in a capacity building project of the University of Venda (UniVen), Bankseta company secretary Caroline King announced at a media event in Thohoyandou, Limpopo, earlier this month.

The investment will be made over four years and aims to ensure that UniVen receives the South African Institute of Chartered Accountants (Saica) accreditation.

The partnership project, which involves Bankseta, UniVen, the University of Johannesburg (UJ) and Saica will enable UniVen to offer the BCom degree in accounting sciences while maintaining teaching and learning standards that are in line with the demands of the chartered accountancy profession.

“The capacity-building project further positions the country’s workforce capacity strategy with the ever-changing demands in the job market for skilled individuals. We are committed to the transformation of the key professions that support our sector, namely accounting and actuarial science,” King said at the event.

The accreditation means that there will be monitoring and oversight of quality and exit standards on programmes accredited by Saica, which ultimately means the maintenance of a high-quality chartered accounting brand.

These standards are aligned with the expectations of employers, which will make the institution more attractive for prospective students, enable students to have a better chance of securing a Saica training contract, provide a wider pool of students for Saica to choose from and result in people having the relevant professional skills.

“We are honoured to have partnered and invested in the UniVen project and look forward to the project attaining its objectives and making a profound impact.”

King further noted that UJ was a critical partner in this project and provided strategic support and guidance for UniVen staff. The project started in January last year with a group of 50 first-year students.

She explained that most of the students came from Limpopo, and a few from other provinces. Students would study to obtain a four-year BCom Accounting Sciences degree at UniVen and their Certificate in Theory of Accounting at UJ.

“Through this project, 350 learners will gain access to a high-quality undergraduate degree programme with international recognition. We are hoping to produce a new breed of chartered accountants who are willing to plough back into their communities to make a difference,” said Saica advisory council member Sizwe Nxasana.

He noted at the event that Saica wanted to build a new team of responsible leaders who were successful and added value to society.

“It is hoped that, by 2018, UniVen would have developed the necessary capacity is required to seek Saica accreditation for its BCom Accounting Sciences degree. Once this is achieved, UniVen will join other Saica-accredited institutions from historically disadvantaged universities, such as the University of Limpopo, in Limpopo, and the University of Fort Hare, in the Eastern Cape,” he said.

The accreditation at Fort Hare is producing financial markets analysts, brokers, economists and traders on the stock exchange.

“We fund 30 students a year on a full bursary and stipend and we also paid for the fully functional trading laboratory and computer centre. We started this in 2009 and, to date, have spent R32-million,” Nxasana said.

UniVen vice chancellor Professor Peter Mbati stated at the event that he was committed to ensuring that the project was successfully implemented, adding that he was grateful that the project had started.

“The ultimate aim of the qualification is for UniVen to play a significant role and contribute towards transformation by producing world-class chartered accountants, who are desperately needed in South Africa – particularly in the Limpopo province and the Southern African Development Community region.”

He noted that there was currently a shortage of and strong demand for skilled accounting professionals in the public and private sectors.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

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