compass
JUNE 2014 ISSUE TWENTY SEVEN
Learning and Development holds strategic benefit
Business Rescue: A viable solution
Setting achievable financial goals
Cybersecurity is BIG business
Implications for Real Estate Investment Trusts (REITS)
IFRS 10: To consolidate or not to consolidate…?
Kimberley consolidates Mazars’ Northern Cape footprint
registered auditor
– a firm of chartered accountants(sa)
AUDIT • TAX • ADVISORY
LEARNING AND DEVELOPMENT
HOLDS STRATEGIC BENEFIT
The key challenges faced by Learning and Development professionals today are in the
strategic domain and yet the real value of Learning and Development departments lie in
their strategic contribution to business.
David Ulrih and Wayne Brockbank from the
University of Michigan found that where Human
Resource (HR) and Learning professionals
understand their business and make strategic
contributions, business can show up to a 250%
increase in business performance compared to
companies with a more transactional focus.
Perspectives Conference 2014 and, the Mazars
brand was recognise as a growing learning
organisation setting trends in a global learning
domain. We look forward to leveraging the global
contacts to share best and next practice in the
learning world to further enhance our competitive
advantage as an employee developer of choice.
“A game-changing impact on business
performance can be achieved when talent
development has a strategic view.”
(Effective Learning with 70:20:10, Charles
Jennings and Jerome Wargnier)
It was with this focus in mind that Mazars National
Learning and Development team developed the
award winning THRIVE – Executive Thought
Leadership programme aimed at the Mazars
South African Board. This case study was presented
at the Global Skillsoft Perspective Conference in
Las Vegas in April this year by Judy Robison,
Director of Mazars Learning and Development.
The programme was piloted as a blended
learning opportunity to drive thought leadership
and strategic conversations contributing to
organisational sustainable growth, improved
productivity and transformation for the executive
leadership team.
The THRIVE programme’s design and, its ability to
cascade throughout linked leadership and
management programmes, won the recognition of
a strategic learning intervention and enabled the
international case study presentation, where it
was very well received. Many wonderful networking
opportunities were created at the Skillsoft
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MAZARS
New blended learning programmes underway,
under development or ready for launch in 2014
include Professional Practice Management,
Administration Professional, Ignite Accelerated
Development and Audit Trainee IT and Pervasive
Skills programmes.
Should you have any queries about the THRIVE
programme or the custom design of learning
programmes for your work environment please
contact Judy Robison.
JUDY ROBISON
Director: Mazars Academy
[email protected]
BUSINESS RESCUE:
A VIABLE SOLUTION
Business Rescue proceedings were introduced to South Africa as an alternative to liquidation on
1 May 2011 and, since then the process has developed significantly to a point where it is being
accepted by leading institutions as a viable and cost effective method of finding the best solution
for a business considered to be ailing and/or failing.
The latest South African Companies and Intellectual
Property Commission (CIPC) statistics reveal that
from 1 May 2011, 1526 companies initiated Business
Rescue proceedings as a way to save, salvage or
resurrect the business. These figures include legal
applications made in court. Since inception there
has been a steady increase in the number of
companies filing for Business Rescue and, is
testament to the pressure placed on businesses
during the current global economic crisis.
Chapter 6 of the Act 2008 introduced principles
relating to corporate rescues which bring us in line
with international principles of turnaround and
corporate rescue as they exist in foreign jurisdictions.
Business Rescue was a fairly new concept to the
local market and, initially the success rate of the
process was disappointing.
With time and the emergence of trained practitioners,
there has been a distinct change in attitude to and
acceptance of Business Rescue as an alternative
solution that considers the best interests of all
parties involved. The latest CIPC statistics show how
liquidations have decreased from 5001 in 2010 to
3456 in 2013. This change can be attributed to a
number of reasons; the most significant though is
the change in mind-set towards accepting business
rescue as a credible process to find the best
outcomes for all concerned:
§§Banks, the South African Revenue Service
(SARS) and other major national creditors
have familiarised themselves with the process
and can see the benefit of it compared to
liquidation proceedings
§§Post Commencement Finance is more readily
available due to a shift in perception and
increased credibililty of the process
§§The handful of practitioners, attending to the
majority of assignments in South Africa, are
more experienced and have learned how to
implement the Business Rescue processes,
first introduced in Europe, to the local market
The statistics reveal that the majority of companies
entering business rescue have been trading for
between 5 to 10 years. The process is favoured by
private (Pty) companies, followed by Closed
Corporations (CC). Since 1 January 2013, almost
70% of all the assignments in South Africa have
emanated from Gauteng whilst 82% of companies
are entering the process via resolution.
BUSINESS RESCUE AIMS TO:
§§Rescue financially distressed businesses
(not natural persons or trusts)
§§Support government’s objective to
create and maintain sustainable and
productive work opportunities
§§Avoid liquidations (where possible)
From statistics at hand on 18 February 2014 the
assignments commencing during 2011 and 2013
ended as follows:
2011
§§5% – Set aside Business Rescue proceedings
§§20% – Substantial implementation of a
Business Rescue plan
§§30% – Liquidation
§§45% – Conclusion of Business Rescue
proceedings
2013
§§9% – Liquidation
§§41% – Substantial
implementation of
a Business Rescue plan
§§50% – Conclusion of
Business Rescue
proceedings
DANIËL TERBLANCHE
Director: Business Rescue Services
[email protected]
COMPASS JUNE 2014
3
SETTING ACHIEVABLE
FINANCIAL GOALS
When setting achievable financial goals there is only one place to start. You have to look at your
personal budget. Determine how much you can afford and how much you need to put away.
The next step is to split your goals into three pockets;
short, medium and long term. Short-term could be
saving up for a holiday, medium term buying a house,
and long term is for retirement.
To establish how much funds will be required to
provide a specific monthly income, a simple
calculation can be used. For basic planning you can
assume that for every R10 000 you need per month
today, you need approximately R2.4 million to provide
a sufficient income until you die. But if you are going
to retire sometime in the future you still need to
consider inflation going forward.
Every ten years, the amount of money you would
need per month should double in your calculation to
make provision for inflation at around 7% per year. If
you have 20 years until retirement, you’ll need
R40 000 per month (equal to R10 000 today) and
retirement in 30 years will mean R80 000 per month
in retirement which ultimately means you’ll need
R9.6 million to earn the equivalent of R 10 000 per
month in today’s value. If your income requirement
is R20 000 today the capital figure doubles to
R19.2 million in 30 years’ time.
These figures are scary, but starting early makes
them possible to reach. If you’re in your 20’s, it could
mean saving R1 000 per month, but if you start in
your 40’s, you’d have to save in excess of R10 000
per month to reach the same goal. Both figures
assume a long term return of 14% per year and
increasing your investment by 10% every year.
Remember that your retirement income requirement
should be less than income needed leading up to
retirement. By the time retirement arrives, lifestyle
expenses have changed and generally retirement
income is planned at around 75% of your last
earnings. In other words, if your projected salary
earnings prior to retirement amounts to say
R 50 000 then retirement income earnings generally
are around R 37 500 per month. This can be justified
by expenses that should cease at retirement (or
prior) like bond payments, education costs
(hopefully!) and contributions towards pension
funding. Just be mindful of the escalation of medical
costs as you get older, this may mean upgrading
your medical plan gradually as you get older. This
obviously implies that your future budget will
continuously be tilted more towards medical
expenses as you get older.
Mazars Financial Services is an independent Financial Services Provider providing our clients with
solutions that add value to them and their investments. Building portfolios and managing the risk
associated with investing is a responsibility we are adequately equipped to handle. Speak to one of our
expert financial advisers to assist with your financial planning.
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MAZARS
If you’re planning to buy a house as the bulk of your
retirement savings, think again. Don’t tie all your
capital in a property or anticipate that the profit
when downsizing will be sufficient to live off. Extra
money should be halved – 50% into your home loan
and 50% in to savings.
lose the real value of your investment over time.
Historically there are very few periods where the
after tax returns of cash beat inflation. If you cannot
beat inflation, then you might as well spend your
money because you will not be able to afford the
items in the future that you are supposedly saving for.
Furthermore, downsizing often means moving into a
security estate and because of the security aspect
these options typically cost more per square metre
than a free standing house. The selling and buying
costs of property will erode your anticipated profits
substantially. We too often see individuals with a
substantial residence and too little retirement capital
as a result of the old folk lore of paying all additional
funds into your bond. The long term returns of the
stock market are substantially higher that mortgage
bond rates over any meaningful period. This only
magnifies the longer the investment is made and the
power of compound growth comes into play.
Cash is only best if you plan to use your savings
within six to twelve months. Between 6 months and
two years consider investing in specialist income
funds, a year to three is good for stable-type fund
investments with limited equity exposure, three
years plus for balanced funds with more equity
exposure and four years or more should mean a
high exposure to equities. You must decide where to
invest and for what term based on your risk adversity
and risk profile. Most importantly – do not change
your objectives and investment terms. This usually
leads to capital losses.
It is vital to support all your goals, be they for
emergency purposes or to build sufficient reserves.
If you’re not disciplined, use a retirement annuity
(RA) for your retirement rather than a discretionary
portfolio of unit trusts (though there are RAs that
allow you to invest into unit trusts through the RA).
The liquidity constraints within an RA will prevent
you from ‘dipping in’ to your savings. This is one of
the main culprits currently causing under-funding at
retirement. Do not discount the tax benefits of RA’s,
both on the contributions as well as returns within
the RA. RA’s also provide substantial estate planning
benefits. More about all these benefits later…
If you are averse to investment risk/volatility, you
need to realise it may take longer to save enough for
your goal as a result of conservatism. The more time
you have, the more aggressive your savings can be
with exposure to riskier (more volatile) asset classes
such as equities.
The problem is that we focus too much on shortterm goals, and market volatility is confused with
capital risk. It’s really important, however, to avoid
losing money if you’re sitting with cash. Cash is the
one asset class that you are almost guaranteed to
KILL BAD DEBT
Anything that is charging interest of prime plus 2%
or more must go (especially where depreciating
assets were financed). Overdrafts and credit cards
are often also culprits charging excessive interest.
One place where debt can work in your favour is a
bond on rental property. Do not reduce the bond on
rental property aggressively, take advantage of the
tax benefits for as long as you can.
If you can, accumulate an emergency fund of 3 times
your monthly salary. But if your access to credit is
reasonable and cost-effective you should rather put
your saveable income towards reducing debt and
boosting your longer-term savings.
MARIUS FENWICK
COO, Mazars Financial Services(Pty)Ltd
[email protected]
COMPASS JUNE 2014
5
CYBERSECURITY IS
BIG BUSINESS!
Cybersecurity is the body of technologies (new and old), knowledge basis, processes and
practices designed to protect networks, computers (everything from laptops to mainframes,
iPads to cell phones etc.), programs and data from attack, damage or unauthorised access.
The term security covers all dimensions within the computing context, and is collectively
referred to as cybersecurity.
At its 24th Annual World Congress, the Information
Security Forum (ISF) declared that Cyber Crime,
Data Privacy and Reputational Damage are among
the top six Information Technology (IT) security
threats for 2014.
This is driven mainly by greed, as people want to
gain a competitive advantage through unscrupulous
means, enrich themselves through illegal and
nefarious means, gain greater market share, steal
intellectual property (IP) and gain access to funds
that do not belong to them. On the other hand it may
be to prove they can gain access to confidential and
non-disclosed information or even negate the
integrity of data.
Employees and other insiders, who by virtue of their
position have access to companies’ confidential
information, remain the greatest threat to the
security of intellectual property. According to Jacob
Olcott (Principal at Good Harbor Security
Management), “The insider threat is hard to predict,
hard to stop, hard to even detect, and can have
major consequences. Access controls and privilege
restrictions are an important part of the solution
and should be revisited periodically.”
THE RISKS
Consider the consequences of:
§§Gaining access to your competitors price list,
when he is launching a special or submitting
a tender
§§Getting hold of someone’s cell phone, that is not
password protected and contains their banking
details – or is protected, but you have the free
software to crack the code
§§Accessing personal health or travel information
§§Being able to intercept an email whenever you
need to, so the recipient is either deprived of
the content of the communication, or
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MAZARS
misinformation that will be considered 100%
correct by the recipient is added
Herein lies deviant sources to wealth, violation of
personal privacy, the ability to control, contrive and
determine the future and, is the essence of
manipulation in the grey world of questionable
ethics between individuals and businesses – and
YES, some business and their executives are
involved in this cyber squalor.
WHY IS THIS IMPORTANT?
Consider three major breaches in the past
five months:
§§The credit card and client details of
approximately 40 million Target
supermarket (USA) users were stolen.
Target publicly proclaimed they would
settle client accounts if clients could
prove ‘it was not them who made
the purchase’
§§The Heartbleed virus, which got its name
because it is a flaw in the Transport
Layer Security (TLS) and Device TLS
protocols, is a vulnerability in some
implementations of OpenSSL (open
source program code) which allows an
attacker to read up to 64 kilobytes of
internet memory per attack (roughly
30-32 pages)
§§A school project, run by two fourth-year
Israeli students at the Israel Institute of
Technology, hacked the incredibly
popular Waze GPS map, an Israeli-made
smartphone app that provides directions
and alerts drivers to traffic and
accidents. The students created a virtual
traffic jam to show how malicious
hackers might create a real one!
WHAT IS BEING DONE ABOUT IT?
On 26 March 2014, the American Securities and
Exchange Commission (SEC) held a roundtable
‘to discuss cyber security and the issues and
challenges it raises for market participants and
public companies, and how they are addressing
those concerns’.
This Alert was issued because the SEC thought it
would be helpful to summarise the responsibilities
of the independent external auditor with respect to
cybersecurity as it relates to the audit of the financial
statements and, when applicable, the audit of
Internal Control over Financial Reporting (ICFR).
The financial reporting-related Information
Technology (IT) systems and data that may be in
scope for the external audit are usually a subset of
the aggregate systems and data used by companies
to support their overall business operations and
may be separately managed or controlled.
Accordingly, the financial statement and ICFR audit
responsibilities do not encompass an evaluation of
cyber security risks across a company’s entire IT
platform and would need to be discussed
and addressed.
This exercise is still underway and is making good
progress towards the national asset and
infrastructure protection.
WHAT CAN YOU DO?
At this stage all we can do is be as secure as possible.
We need to educate our users about the use of sound
IT security policies, processes and best ‘fit-forpurpose’ practices and, implement, as well as
comply with good cyber hygiene. That means,
making sure we are protecting and maintaining
systems and devices appropriately, in relation to the
organisations in which we operate.
An IT audit can assist align the IT unit with
common business and operational strategies
and, help identify and resolve deficiencies
and vulnerabilities in IT systems, so as to
enhance competitive advantage.
We are aware of the importance of the integrity of IT
infrastructure and systems, and offer services
testing, assessing and providing advice on how to
improve and protect these IT systems in a rapidly
changing and constantly shifting environment.
WHAT IS SOUTH AFRICA DOING ABOUT IT?
Last year our government tabled the National Cyber
Security Policy Framework for South Africa which
recognises ‘that cybersecurity threats and the
combating thereof have a national as well as an
international context’, ‘thus a cyber strategy must
appraise the vulnerability of a country’s critical
infrastructure, devise a system of preventative
measures against cyber attacks, and decide upon
the allocation of tasks relating to cybersecurity
management at the national level’ and ‘ improve the
legal framework against cyber attacks’.
FAIZAL DOCRAT
Director: ICTA
[email protected]
COMPASS JUNE 2014
7
IMPLICATIONS FOR
REAL ESTATE INVESTMENT
TRUSTS (REITS)
A Real Estate Investment Trust (REIT) is defined in Section 1 of the South African Income Tax Act
No. 58 of 1962 (the Income Tax Act) as, a company that is a resident and the shares are listed on
the Johannesburg Stock Exchange (JSE) as defined in the JSE Listings Requirements.
The REIT regime affords certain tax advantages to
qualifying entities. Despite the name referring to
trusts, REITs are classified as companies. However,
despite the tax advantages, there still remains other
tax implications should other adjusting items exist
on the tax computation of the company concerned.
In accordance with the JSE Listings
Requirements, a REIT will be
required to distribute 75% of its
‘distributable profits’.
‘Distributable profits’ is defined in the JSE Listings
Requirements as gross income, as defined in the
Income Tax Act, less deductions and allowances that
are permitted to be deducted by a REIT in terms of
the Income Tax Act, other than the qualifying
distribution as defined in section 25BB of the
same act. Property companies will often become
REITS whilst carrying assessed losses derived from
‘pre-production interest’, property allowances or the
interest costs associated with high gearing.
TAXATION OF A REIT
REITS are entitled to deduct the amount of any
‘qualifying distribution’ incurred during that year
of assessment by the REIT from its income. A
‘Qualifying distribution’ is defined to include, any
dividend declared or interest incurred in respect of
a debenture forming part of a property linked unit
by a REIT or a controlled property company (CPC),
during a year of assessment, if more than 75% of the
gross income received by or accrued to such REIT or
CPC, consists of rental income. This qualifying
distribution may not exceed the taxable income
calculated for the REIT or CPC, and should consist of
at least 75% of the ‘distributable profits’ as required
by the JSE.
A CPC is defined as a company that is a
subsidiary of a REIT. International
Financial Reporting defines ‘subsidiary’
as ‘an entity that is controlled by
another entity’.
Section 25BB(4) of the Income Tax Act prohibits
REITs and CPCs from deducting immovable property
related allowances in terms of sections 11(g), 13,
13bis, 13ter, 13quat, 13quin or 13sex. As a result, the
ability to create assessed losses is severely
restricted. Section 25BB does not however, prevent
REITs from deducting section 11(e) wear and tear
allowances on qualifying assets owned and used by
them, such as fitted carpets, generators, advertising
boards, escalators, security systems, carports, lifts,
demountable partitions, fire detection systems and
air-conditioners.
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The most noteworthy benefit afforded to
companies that qualify to be listed as a
REIT is that in determining the capital
gain or capital loss of a REIT, any capital
gain or loss in respect of the disposal
of immovable property or a share
in a CPC must be disregarded.
It should be noted however that REITs and CPCs are
not specifically exempt from the recoupment of past
wear and tear allowances deducted on immovable
property. This is reflected in the resultant deferred
tax liabilities being maintained by reporting REITs
and CPCs, in terms of IAS 12. The qualifying
distribution deduction formula, as it is currently
contained in section 25BB(2) of the Income Tax Act,
effectively requires REITs and CPCs to limit the
deduction of qualifying distributions to the taxable
income of a REIT or CPC, which is by definition
determined before the deduction of any assessed
loss. By preventing the erosion of assessed losses
resulting from qualifying distribution deductions
REITs will be able to maintain assessed losses until
they can be utilised against taxable recoupments.
IAS 12. The exemption from capital gains tax under
section 25BB, only refers to the immovable property
of the REIT. Examples of such other assets or
liabilities are staff provisions, lease straight lining
adjustments or movable property where allowances
can be claimed under section 11(e) of the Income
Tax Act.
These other assets or liabilities will affect the
calculation of taxable income for the REIT or CPC
and, as a result, they affect the amount which the
‘qualifying distribution’ is limited to. Therefore, when
setting up a REIT, the above factors should be taken
into consideration.
This article explains REITs and CPCs at a high level,
as well as the IAS 12 implications. Companies are
advised to seek tax advice should they consider
becoming a REIT or CPC so as to gain a detailed and
complete view of the tax implications.
DEFERRED TAX
As mentioned, there is a possibility of
companies recouping tax allowances
claimed on immovable property prior to
the company becoming a REIT. In terms of
IAS 12, deferred tax should be raised on
this future tax consequence.
It should also be noted that should a REIT have other
assets or liabilities, which would ordinarily result in
a timing difference in terms of IAS 12, those assets
or liabilities will still fall into the requirements of
TRACY DE ABREU
Tax Consultant
[email protected]
COMPASS JUNE 2014
9
IFRS 10: TO CONSOLIDATE OR
NOT TO CONSOLIDATE…?
IFRS 10 CONSOLIDATED FINANCIAL STATEMENTS REPLACES PART OF IAS 27 CONSOLIDATED AND
SEPARATE FINANCIAL STATEMENTS AND SIC-12 CONSOLIDATION – SPECIAL PURPOSE ENTITIES
IFRS 10 is effective for financial years beginning on or after 1 January 2013. This new standard
on consolidation replaces those sections of IAS 27 and SIC-12 that used to address how an entity
determined whether its investments in other entities (investees) were subsidiaries, and should
be consolidated.
IAS 27 focused on voting rights. The standard
presumed that when an entity owned more than half
the voting rights in another entity, it controlled that
entity and should therefore consolidate that entity
(other than in exceptional circumstances). SIC-12
specifically addressed the consolidation of ‘SpecialPurpose Entities’ (SPE’s). SPE’s are entities designed
in such a manner that they are not controlled by
voting rights. For SIC-12, the focus was on benefits
and risks; the entity carrying the majority of the
benefits and risks of the SPE typically controlled
the SPE.
Control is still the fundamental concept when
considering the level of investments, but IFRS 10
has introduced a new concept, ‘power’. The standard
puts greater focus on which investor has power over
the investee, the rights to returns generated by the
investee, and the ability to use its power over the
investee to affect the amount of those returns. The
majority of voting rights, risks or rewards are no
longer considered the only determining factors
for control.
In most cases the conversion from IAS 27 to IFRS 10
is expected to have little to no effect but, all
investments must be assessed for control in
accordance with this new standard.
When considering IFRS 10 in the light of a typical
company group structure (refer diagram 1 following),
it may be clear that an investee (B) is controlled by
means of equity instruments that give the holder the
majority voting rights. In such a case, the investor (A)
has power over B as a result of its majority voting
rights, as it has power through those voting rights to
affect the returns which it will receive.
DIAGRAM 1
A
80%
C
B
20%
In more complex cases, the party holding the
majority voting rights will not be the dominant factor
in determining who controls the investee. Additional
factors will need to be considered, for example,
when the following circumstances exist (inter alia):
§§A’s rights to appoint or remove B’s key
management personnel (such as directors) are
not directly in proportion to its voting rights
(e.g. C can appoint 80% of the board)
§§B’s key management personnel is dominated
by related parties of C
§§Management agreements are in place over B’s
‘relevant activities’ (which are the activities of
B that significantly affect B’s returns)
§§C has rights to appoint another entity that
directs B’s relevant activities
§§Put and/or call options exist over the
shares in B
§§There is a possibility of ‘de facto’ control
(discussed further later)
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In each of these circumstances A will need to assess
whether it continues to have power over B and the
ability to use its power to affect the amount of the
returns that it is exposed to from its involvement
with B. The assessment may result in a conclusion
that C, or neither A nor C, now has power over C.
De facto control can exist where an investor holds
less than the majority of the voting rights in the
investee, but practically still controls the voting
process as it is the dominant investor in the entity
while the remaining votes are held by widelydispersed shareholders. For example, say A holds
40 shares in B, while the other shareholders each
own a maximum of 5 shares each (refer diagram 2).
There are a total of 100 shares in issue, and each
share carries one vote. Past voting patterns at
annual general meetings indicates that B has
historically controlled the voting process by casting
40 out of a total of 50 votes cast (even if another 50
votable shares were absent from the meeting) (refer
diagram 3). As a result, A has “de facto” control and
consolidates the investee until voting patterns
change to indicate that A no longer controls the
voting process.
SHAREHOLDING (EACH SHARE CARRIES ONE VOTE)
DIAGRAM 2
A
other
shareholders
Max. of
5 shares
each;
total of
60 shares
40
shares
PAST VOTING PATTERNS AT ANNUAL
GENERAL MEETINGS
DIAGRAM 3
A
other
shareholders
40 votes
(i.e. 80%
of total
votes
10 votes
(i.e. 20%
of total
votes
B
While IFRS 10 is unlikely to have much effect in most
cases, its application should be thoroughly
considered in more complex cases where the
investor’s rights are affected by agreements that
alter voting rights, rights to appoint key management
personnel (such as directors), rights to practically
manage the operations of the entity, and the like. It is
of paramount importance to know what an investee’s
relevant activities and influencing factors are. These
should be monitored and management should be
alerted in the event of a change, when a reassessment
of control in terms of IFRS 10 should be performed
in order to determine whether control is still
appropriate to the investee, or whether control has
become applicable to an investee that was not
consolidated previously.
B
SUZANNA DE JAGER
Director: Risk Management
[email protected]
COMPASS JUNE 2014
11
MEET THE KIMBERLEY TEAM
Rapid economic growth and a burgeoning client base in the Northern Cape has prompted Mazars
to firmly establish the firm’s presence in the region by putting down roots and opening a bigger
office in Kimberley. With offices in Kathu and Bloemfontein already providing services to the
region, the Kimberley office is further investment in the city and completes Mazars footprint in
the Northern Cape.
Mazars Kimberley is proudly local, yet can call on
the collective intelligence of an international
organisation backed by more than 13 800
professionals in 72 countries. The office is staffed by
a dedicated multi-disciplined team that can provide
superior audit, tax and advisory services across a
wide range of public and private sectors.
The Kimberley team is headed by the vastly
experienced Latief Kimmie, who was born and
raised in the city. He has extensive public
sector experience having served as Deputy
Provincial Secretary of the Northern Cape
Provincial Legislature: Finance and Management
Services. Thereafter he spent 12 years as Business
Executive of the Office of the Auditor General in the
Northern Cape, responsible for the audits of all three
tiers of government in the Northern Cape i.e.
National Departments, Provincial Departments and
Local Government.
Working alongside Latief are Brian Loudon and
Carla Hugo.
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Another local, Brian is a private sector expert, with
vast experience working in the Agricultural, Medical,
Small and Medium Enterprise (SME) and
Technology sectors.
Carla has experience spanning a wide variety of
public, private and non-governmental (NGO) sectors.
She is an outstanding performer and one of the
regions brightest young stars.
Come meet the team at our new offices at
76 - 78 Quinn Road, Kimberley. Contact us on
053 831 5490 or [email protected].
LATIEF KIMMIE
CARLA HUGO
BRIAN LOUDON
Please send your comments/ideas to the editor
[email protected]
In South Africa, Mazars employs over
900 professionals in thirteen offices
nationally. With the skills of 13 800
professionals operating in 72 countries,
we’re big enough to service international
listed clients, yet small enough to help
small companies grow and prosper in
their own environments. Mazars is
represented in 22 African countries.
level: evil
The information in this publication should not be used
as a basis for action without further professional advice.
Detailed information available on www.mazars.co.za
Contact your nearest Mazars office on 0861 MAZARS