Minutes of the CIMA Malawi AGM held on 20 June 2014 at Sunbird Mount Soche Hotel, Blantyre

Transcription

1 Minutes of the CIMA Malawi AGM held on 20 June 2014 at Sunbird Mount Soche Hotel, Blantyre 1.0 Present See attached Attendance List as annex A. 2.0 Opening Remarks The branch chairman opened the meeting at 18:40 PM after a word of prayer offered by Edward Mtulutsa. He welcomed members and apologized for the late start. 3.0 Apologies Apologies were received from Nancy Lozani Munthali, Charity Mseka, Nicholas Nachawe, Ndaona Muyaya, Sanderson Khonje, Elizabeth Nyanja, Victoria Zigowa and Sungani Kalizang oma. 4.0 Minutes of the last meeting Moved Charles Chimpeni and seconded Jordan Chipatala that the minutes from the previous meeting held on 5 July 2013, be accepted with one amendment on minute 5 where the word plague was misspelled for plaque as noted by Atwimisye Kamwambe. 5.0 Presentation by the CIMA African Region Finance and Operations Manager Brigitte Holtz Brigitte presented a report on CIMA s presence on the African region noting that the region records a 14% membership compared to 80% in the UK. Student numbers are however higher at 47%. This was also evidenced by the higher proportion of students present in the meeting. She updated the members that Golden Mbowa is the new CIMA Zambia s country manager, replacing Kennedy Msusa. Of particular importance, she highlighted two major changes in the 2015 syllabus which will become effective 1 st January The 2015 syllabus will be competency-based whilst retaining the 2010 syllabus structure with its pillars and levels but strengthening themes on risk, costing and cost management through all levels. Secondly, all exams will be computer based as such each subject will be assessed by an objective test. Additionally, an integrated case study which combines the knowledge and learning at each level of the qualification has been introduced. The aim of the changes is to ensure 1

2 that the syllabus remains relevant and the learning experience of candidates matches the real world of business. Members present however, expressed fears especially on the phasing out of paper based exams and introduction of the all-computer-based exams in Malawi s current environment. The challenges sited included lack of availability of computer facilities with adequate internet connection. James Mhura, a member, wondered how the CIMA Malawi branch will strategise in bringing awareness and confidence to students in preparation for these changes. Angella Masikini Phiri, another member, also asked whether CIMA will make available the computer exam centers to which Brigitte Holtz responded that tuition providers can apply to CIMA for accreditation of their centers. Currently, there is no active CBE centers in Malawi. Charles Ulaya commended the new syllabus for the relevance it brings to businesses. Brigitte Holtz further, briefly made an introduction of the management accounting principles which will be launched in September These, she said, are meant to provide organizations with a forward-looking focus which when combined with financial reporting which focuses on past activity and therefore no longer sufficient, will create a comprehensive system fit for our era of uncertainty. She also reported that the 2014 Global Business Challenge finals will be held in Mumbai in August Participating teams on the African continent have come from Ghana, Zambia and South Africa. 6.0 Meritorious Award Presentation As was reported in the last AGM, CIMA awarded Andrew Chioko for meritorious service to the CIMA brand and profession. The award was presented to him by Brigitte Holtz. In his acceptance of the award, Andrew Chioko thanked Samantha Louis through Brigitte Holtz for the nomination and support of his involvement in a number of CIMA forums making mention in particular, his involvement in the set up of the audit committee at the CIMA regional office all the while actively leaving a mark locally through his participation as SOCAM council member of the accounting and standards committee. 2

3 7.0 Branch Chairman s Report In his report, Charles Ulaya made special recognition of the hope of continuity of the CIMA brand reflected in the higher number of students present. He highlighted a few challenges experienced in the 2013/2014 year which included the lack of support from the CIMA Zambia branch country manager due to Kennedy Msusa s leaving the branch. As such, no CPD sessions were conducted during the year as planned except for the provision of a resource person, the CIMA president, Malcom Furber, at the SOCAM annual conference. The branch however did manage to hold exam cool-off events in both Blantyre and Lilongwe after the November 2013 exam sitting. Commenting on the CIMA membership numbers in Malawi, he encouraged the passedfinalists to process their membership application quickly to up the number. To the students, he promised to make efforts to support them by exploring ways to make study resources easily available to them. He promised to circulate the written report after the AGM. With no further deliberations, the same was adopted by members present. 7.0 Audited Financial Statement Tiya Somba Banda apologized to the members for the late circulation of the financial statements. He further drew the attention of the members to the audit qualification of the same to which he called on the BDO representative to explain the basis for qualification. Mr. Kudawashe Chima read out the basis and qualification as was written in the extract below: Basis for Qualified Opinion Other income The organization derives a substantial portion of its other income from subscriptions by local members, which cannot be fully controlled until they are recorded in the accounting records. Accordingly, our examination did not extend beyond receipts recorded but we are not aware of any circumstances which would indicate that any income has not been brought into account. Qualified opinion In our opinion, except for the possible effects of the matters described in the Basis for Qualified Opinion paragraph above, the financial statements fairly present in all material respects the financial position of CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS LIMITED at 31 December 2013, and of its financial performance and its cash flows for the year the ended in accordance with International Financial Reporting Standards. Andrew Chioko together with other members argued that this was a misrepresentation of facts as local subscriptions had already been scrapped off prior to the year under review and the other income in question of K30,000 could have been from members that were 3

4 not aware of the cessation of this local fee. They asked for the revision of the qualification as completeness of other income cannot be verified. The branch chairman affirmed to this that the amendment will surely be done as already discussed and agreed with the auditor prior to the meeting. Charles Chimpeni, the branch treasurer, went through the presentation of the figures and reported improvements in all aspects of the financial statements. Proposed James Mhura and seconded Mphatso Kasalika that the financials be adopted subject to BDO s amendment of the qualification. 8.0 Re-appointment of Auditors BDO Chartered Accountants located in Blantyre were reappointed as the auditors for the ensuing year. 9.0 Elections to the Branch Committee Charles Ulaya the branch chairman proposed that the current committee should be reelected to serve the branch for continuity purposes. With no objections received, the motion was seconded by Andrew Chioko and Paidson Banda. For the record, the committee is as follows: Branch Chairman Vice Chairman Secretary Treasurer Membership Officer Education Officer Branch Committee Members Charity Charles Ulaya Tiya Somba Banda Grace Dzoole Charles Chimpeni Christopher Tsonga Nancy Lozani Munthali Mseka Jacinta Kaponda Charles Mwenda Alfred Kalumbi Tiya Somba Banda proposed to have an additional student representative based in Blantyre to take care of the needs of students in the region. The meeting approved the suggestion and Angad S. Mehta (an ex-student rep) offered himself for the position and was accepted unopposed. Atwimisye Kamwambe, a member, asked what plans the committee has for the year. She further proposed that the committee could do a survey and anticipate what other members expectations are on branch activities. She noted that there are members that would love to be involved in the branch activities. Jordan Chipatala subsequently asked the Chairman if he could allow the members present to make their contributions to the branch activities. Tiya Somba Banda responded that the 2014 activity budget was 4

5 already done and that at this point there is no room to make amendments. Nevertheless, members contributions will be incorporated in the 2015 budget. One member lamented on the poor communication between the branch committee and the students to which Tiya Somba Banda responded that this is due to the centralized way of communication adopted by the regional office which prohibits the branch to communicate directly with the students. The branch is still exploring ways however to have active informal contact with both the students and the members and one way to do that is by having two student representatives. Paidson Banda, a student, asked members to consider cost effective ways of organizing and sharing study resources. This was noted by the committee for consideration. Another student noted that the attendance register did not provide for level of study for students which would give the branch committee a guide to planning for their support. This was noted and will be amended in the next AGM. The chairman further requested the regional office through Brigitte to provide the branch with the student and member database for this purpose Any other business There being no other business, the Branch Chairman thanked all members for coming and after a prayer by Ethel Chogawana, he invited all to a cocktail. Charles Ulaya Branch Chairman Tiya Somba Banda Vice Branch Chairman 5