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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.

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HIGHLIGHTS FROM

2022

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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.

About ICAN
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.

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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

 

  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 national importance
    affecting the profession.

  4. 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

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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

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= CA(NAM)

Intro
Message from

the President

Samuel Ndahangwapo
“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

Council

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:

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Samuel Ndahangwapo

SAMUEL
NDAHANGWAPO

President

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Cameron Kotze

CAMERON
KOTZE

Vice-President

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Hartmuth van Alphen

HARTMUTH
VAN ALPHEN

Council Member,
Tax Committee Chair

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Martin Shaanika

MARTIN
SHAANIKA

Council Member,
Public Sector Committee
Chair

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Veneranda Mahindi

VENERANDA
MAHINDI

Council Member

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Samantha Schwartz

SAMANTHA
SCHWARTZ

Council Member,
Youth Committee Chair

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Hannes van den Berg

HANNES
VAN DEN BERG

Council Member

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Annette van Coller

ANNETTE
VAN COLLER

Co-opted Council Member,
Accounting & Auditing
Standards Committee
Chairperson

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Gavin Frey

GAVIN
FREY

Co-opted Council Member,
Examination and Education
Committee Chair

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Johan Lourens

JOHAN
LOURENS

Co-opted Council Member,
Training and Development
Committee Chair

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J Sander

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)

# members: 5

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.

COMMITTEES

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

# members: plus 7 observers # meetings in 2022: Frequency of meetings: 19 10 monthly

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

# members: # meetings in 2022: Frequency of meetings: 15 9 monthly

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

# members: # meetings in 2022: Frequency of meetings: 16 5 bimonthly

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

# members: # meetings in 2022: Frequency of meetings: 11 8 monthly

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

# members: # meetings in 2022: Frequency of meetings: 8 8 monthly

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

# members: # meetings in 2022: Frequency of meetings: 15 4 quarterly

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

# members: # meetings in 2022: Frequency of meetings: 8 2 Ad-hoc

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

# members: # meetings in 2022: Frequency of meetings: 4 0 Ad-hoc

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

# members: # meetings in 2022: Frequency of meetings: 3 0 Ad-hoc

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

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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:

EXTERNAL ENVIRONMENT

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.

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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.

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1.  Data Security

ICAN holds membership data including contact details.

2.  WORKFORCE DIVERSITY & ENGAGEMENT

2.  WORKFORCE DIVERSITY & ENGAGEMENT
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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.”
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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.

RISK STRATEGY PERFORMACE
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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:

Stakeholder Engagement
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144 553 121 Members in Public Practice Members not in Public Practice Absentee and non-resident members

1.
 

Strategic Objective 1:

Growing a membership base representative of national demographics

Risk: The profession is not representative of national demographics which impacts the quality, relevance,
and sustainability of the profession in Namibia.


Roadblocks to achieving the objective:
• The Council and Committees are not representative of national demographics.
• Members outside of public practice are less engaged in ICANs committees and activities.

2.
 

Strategic Objective 2:

Raise the profile of ICAN and CA(NAM) brand

Risk: CA (NAM)s not benefitting from local and international employment or other professional opportunities because of a lack of awareness about the qualification locally and internationally.
Roadblocks to achieving the objective:

  • CA (NAM) brand is not as internationally recognised.

  • ICAN has limited operational resources and capacity.

  • ICAN has limited marketing experience and exposure.

  • The corporate sponsorship agreement with Capricorn Group came to an end in 2022.

3.
 

Strategic Objective 3:

Service and support members to deliver quality/ethical service

Risk: There is a risk of losing members to other professions, or other countries’ institutes if members believe they do not receive sufficient value or support from ICAN.
Roadblocks Members have different communication preferences.

  • Logging CPD is a cumbersome and inconvenient process.

  • Committees are constituted mainly of members in public practice meaning the Institute’s activities are focused more on members in public practice.

  • Members want more affordable and relevant CPD.

4.
 

Strategic Objective 4:

Through stakeholder engagement contribute and support national development