Luasa is the professional body for. - A tribute to Julius Feinstein

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                                                                        Feinstein has witnessed many dramatic changes in the profession
Highlights
                                                                        and the firm, the main one being the advent of computerisation.
                                                                        The firm has established many important divisions, including
1 A tribute to Julius Feinstein
                                                                        financial planning, corporate finance, and internal audit and
                                                                        forensic services.
2 From the Chairman’s desk
                                                                        Feinstein’s management style has always been focused on two
4 Cost cutting - at what price?
                                                                        key factors: professionalism and flexibility. He encourages these
                                                                        values in all who work for him. Not only has flexibility in
5 The work/life balance                                                 handling people been an essential part of his success in
                                                                        management, but also the ability to listen with patience.
7 Get a line on...forensic auditing
                                                                        Feinstein was well known for his mentoring skills, and business
                                                                        leaders that include Liberty Life founder and chairman Donald
A tribute to Julius Feinstein                                           Gordon, Sage Chairman Louis Shill and former Hudaco chairman
                                                                        Bruce McInnes were articled with the firm. Former Finance
Julius Feinstein, one of the giants of the accounting and auditing      Minister Derek Keyes also worked for the firm and was in close
profession in South Africa, decided to stand down as a partner of       contact with Feinstein.
the firm at the end of February this year. His time at Grant
Thornton Kessel Feinstein spans 67 years, 60 of which have been         In 1999 the Hebrew University of Jerusalem acknowledged
as a partner. His career began in Johannesburg in early 1935            Feinstein’s philanthropy and professional achievement with the
when he joined Benjamin Kessel and Alder Isaacs at the firm of          establishment of the Julius Feinstein Chair of Accounting, a tribute
Isaacs and Kessel. When he started as an articled clerk earning         to Feinstein’s dedication to his profession.
four pounds a month, little did his employers know that he was
destined to make an enormous contribution to his profession.            Feinstein acted as a member of the Special Court For Hearing
                                                                        Income Appeals for a period of five
When Kessel became seriously ill in 1952, Feinstein became the          years. He was also appointed by
de facto senior partner of the firm. He formally became senior          former President Nelson
partner when Kessel passed away in 1964 and is now considered           Mandela as a member of
one of the elder statesmen of the Johannesburg business                 the 1997 Diamond
community and father of the Grant Thornton Kessel Feinstein             Commission, which was
firm.                                                                   unfortunately aborted
                                                                        owing to the death of
“I have never known another job. Leaving the profession never           the chairman prior to
interested me. Being part of the firm’s growth to about 65              bringing out its final
partners, principals and directors in six offices, has given me great   report.
satisfaction. The firm’s family culture of loyalty, respect, support
and concern is unique. This has enabled us to keep staff and
retain clients, in many instances now into the third generation.
There is something in our culture that enables partners,
principals, staff and clients to remain close,” Feinstein says.


 CIRCULATE TO:


                                                                             Julius Feinstein
 Please advise us should any of your contact details change.
2     Volume 1. April 2002




                                                                     From the Chairman’s desk...
                                                                     What’s in store for us in
                                                                     the next 12 months

Ernest Mazansky, National Chairman of Grant Thornton Kessel          By: Ernest Mazansky,
Feinstein, pays tribute to the master:                               National Chairman - Grant Thornton Kessel Feinstein
“JF’s legacy of professional skill, his grooming of South Africa’s
finest and best entrepreneurs, of philanthropy and art               Every year at this time I prepare an annual message outlining
appreciation will always be a part of this firm. His kindness,       what is in store for us for the forthcoming year. The first thing I
humility, warmth, modesty and friendship have already proven         do is read the previous year’s message and I was quite interested
indelible to the firm and can never be forgotten. We will strive     to see what I stated in my message last year. (see Bottom Line,
to do him proud by continuing his philosophy of personal client      April 2001)
service, excellent professional services skills and sound business
advice.”                                                             “It’s hard to pinpoint what went wrong and why.

                                                                     Of course, so much that happens in this country’s economy is driven
                                                                     by what happens internationally, and in particular in the USA.

                                                                     And when there are upheavals there, how can we possibly
                                                                     withstand them? But it certainly does not help when business
 Entrepreneurial spirit is everywhere                                people, both here and abroad, who seek to see the worst, are given
                                                                     ample ammunition by the debacle in Zimbabwe and the
                                                                     mishandling of the HIV/AIDS crisis.And if that was not enough, our
 Joe, a city boy, moved to the country and bought a                  woes were added to by a currency crash against the US dollar, ....”
 donkey from an old farmer for R100. The farmer
                                                                     It’s uncanny how appropriate that paragraph would be to the
 agreed to deliver the mule the following day.
                                                                     situation today. All it would need to round off the pessimism would
                                                                     be a reference to the recent performances of our cricket and rugby
 The next day, the farmer drove up and said,                         teams! In fact, the two depressing evils in our lives at this point in
                                                                     time could be expressed in terms of the two Cs - cricket and
 “Sorry, but I have some bad news. The donkey died.”                 currency - or maybe the two Rs - rugby and rand!
 “Well, then, just give me my money back.”
                                                                     It is really easy to find the negative aspects, but the interesting
 “Can’t do that. I went and spent it already.”
                                                                     thing is that it is not too difficult to find the positive, if only we
 “OK, then. Just unload the donkey.”                                 think about it for a moment. What is the current dinner party talk
                                                                     about? Unquestionably it’s the rand and the cricket/rugby. Think
 “What are you going to do with him?”
                                                                     back a few years when the main topic of dinner party conversation
 “I’m going to raffle him off.”                                      was crime, yet that seems to happen less and less these days. Part
 “You can’t raffle off a dead donkey!”                               of the reason is that we have become inured to it, but at the same
                                                                     time I believe that part of the reason is that crime has stabilised. We
 “Sure I can. Watch me.”                                             all still know those who have been the victims of crime but, let’s
                                                                     face it, it’s happening less and less to people that we know and
                                                                     associate with.
 A month later the farmer met the city boy and asked,
 “Whatever happened with that dead donkey ?”                         And look at how our tourism is booming at the moment. Airline
 “I raffled him off. I sold 500 hundred tickets at R2                frequencies have been cut internationally since September 11, but
                                                                     flights to South Africa have increased. The fact is that South Africa
 each and made a profit of nearly R1000.”                            is now a very attractive tourist destination. Yes, the rand has played
 “Didn’t anyone complain?”                                           its part, but the flight frequencies and the tourism bookings had
                                                                     picked up before the major crash in November/December, and one
 “Just the guy who won. So I gave him his R2 back.”
                                                                     of the major reasons is that for international tourists, fearful of
                                                                                                           Volume 1. April 2002       3




further terrorist attacks, South Africa is regarded as a safe         Our economic fundamentals remain in good shape with inflation
destination. Surely this must mean something.                         - despite this recent hiccup - under reasonable control (and
                                                                      hopefully the rand will stabilise to a point where its depreciation
The performance of our economy is also heartening. Although, the      effect will not be that harsh), the budget deficit is under 2% and
international recession began before September 11, the events on      we had further tax cuts (which will boost demand).
that date exacerbated it. Yet South Africa seems to have been
cushioned from its effect and we are having a much softer landing.    Despite what has happened to the rand, interest rates may not be
Granted, our boom was not as widespread and deep as enjoyed           headed for yet a further increase, and government borrowing as a
                  by our trading partners overseas, but neither has   percentage of GDP continues to fall meaning that less of the
                                      the let down been as harsh.     budget goes towards servicing debt and more towards productive
                                                                      uses. All in all, not a bad position to be in.

                                                                      If this is the scenario for the country, it will have positive
                                                                      spin-offs for you, our clients. Yes, things could be looking a
                                                                      lot rosier, but they are also a lot better than we give credit for.

                                                                      I wish you and your families all the best for a healthy, happy and
                                                                      prosperous year.


                                                                       The Five Point Plan

                                                                       Grant Thornton in the United States has released a five
                                                                       point plan to restore public trust in accounting and
                                                                       auditing firms after the Enron debacle, which is
                                                                       summarised below. This five point plan offers the
                                                                       following five recommendations to send a strong message
                                                                       to the global financial community that the accounting
                                                                       profession is serious about the integrity of the audit
                                                                       process and restoring public trust. The five points are:

                                                                       1. The actions of the management of the major firms must
                                                                          make it clear that nothing is more important than their
                                                                          professional responsibility.
                                                                       2. Audit committees must do a better job of protecting
                                                                          shareholder interests.
                                                                       3. The SEC must amend its rules for proxy disclosures of
                                                                          auditors’ fees to require separate disclosure of fees for
                                                                          (1) assurance and advisory services, i.e., those services
                                                                          that meet the definition for assurance services, (2) tax
                                                                          services and (3) all other services.
                                                                       4. The use of a principles based approach for all standards
                                                                          setting areas is urged: accounting, auditing and
                                     Ernest Mazansky
                                                                          independence. In addition, the auditing standards
                                     National Chairman and
                                                                          should be expanded to incorporate a forensic
                                     Senior Tax Partner
                                                                          approach.
                                                                       5. Grant Thornton has an excellent auditing methodology
                                                                          and the firm is willing to share its best practices with
                                                                          others. It is assumed that others feel the same about
                                                                          their methodology.
4     Volume 1. April 2002




Business advice...
Cutting costs - at what price?


By David Reuben,                                                        The focus on cost-cutting should really take place in the good
Partner - Grant Thornton Kessel Feinstein                               times. Management of a well run operation, with costs being
                                                                        monitored regularly, is less likely to wake up suddenly to the need
A farmer, concerned about the rising costs of feeding his horse, hit    for an urgent cost-cutting exercise. Management’s simple maxim
on the idea of cutting down on the horse’s food intake...               should be that anything coming into the business and anything
                                                                        leaving the business must only occur with their consent. This
He decided to feed him on alternate days only. The experiment           applies right across the board - from telephone calls, efficient
worked well because the horse, with decreased food intake, was          utilisation of time, obtaining the best price, paying only for the
still working as well as before the cost-cutting exercise. The farmer   goods received and services authorised, to getting the best out of
decided that he could reduce the food intake even more and so,          all the resources of the business. The list is endless, but the
the horse got to consume hay only twice a week. Everything was          mindset is fixed.
working quite well until suddenly, the horse simply dropped dead
from hunger. The farmer lamented: “Just as my horse was getting         Implement and tighten up on controls. Get everyone to
used to not eating, he goes and dies on me!”                            support this initiative.

The logic used makes us smile, but the inherent message is:                       People generally love to give advice - especially when
• How far can you cut into the flesh before you strike the                           it’s not their problem they are giving advice about!
   bone?                                                                                Some of the greatest ideas have been formulated
• Can you afford to                                                                        from listening to people’s advice. Therefore, it
   experiment with cost                                                                       may be a good idea to ask your employees
   cutting without                                                                                  and colleagues what they think. What
   assessing the                                                                                               would they would do in the
   effects, short                                                                                       circumstances? Besides canvassing
   and longer                                                                                               their advice, you also put them
   term?                                                                                                          in the picture and if done
• Should you                                                                                                        sensitively, you may get
   cut down or                                                                                                               their buy-in and
   re-deploy your                                                                                                      support. It also gives
   resources?                                                                                                         you an opportunity to
• Are you cutting                                                                                                          set standards and
   costs too late?                                                                                                  expectations. Monitoring
                                                                                                           adherence to these on a regular
There is no completely successful cost-cutting                                                          basis lessens the need for sudden
programme because even in the best and most                                                                              and drastic actions.
well thought out plans, some element or other,
which makes the existing business tick, will be                                         When people know what is expected of
forgotten. Besides, any change, especially a radical one,                            them, they are more likely to perform
brings trauma and stress. However, what has proven to be a                        consistently. Don’t tolerate your resources
good recipe for planning a cost-cutting exercise is readily                    operating at less than the optimum you have set for
available, accurate and up-to-date information about the business.          them.
You need all data on financial, sales, operational, labour,
administrative and legislative aspects that affect your business. All   When you embark on a cost-cutting programme, you need clarity
too often, one comes across the situation where draconian steps         of thought to assess what you are trying to achieve.
are taken to cut costs after the horse has bolted.
                                                                        • What is your objective?
Your information must be current. You need to know which                • Under the economic circumstances prevailing, is it wise to
aspects of your business make it a success. Ensure that you               cut costs?
have all the reports you deem necessary.                                • Indiscriminately?
                                                                                                                        Volume 1. April 2002       5

                                                                           The work / life balance...
                                                                           Developing an Employee
                                                                           Assistance Programme

• Should you perhaps look at accepting a lower profitability?              From the guest seat: Dr Brad Beira
• Should you personally take a drop in earnings?                           www.destress.co.za
• At what level of profitability will the business still be
  successful?                                                              I would like you to read and answer the following questions
                                                                           before I discuss the importance of creating a balance
Alongside these considerations is also the power of positive               between the amounts of time, energy and effort dedicated to
thought. Don’t talk your business down and don’t project                   your wealth creation as opposed to your family.
impending gloom. You need to face reality but do so with the
resolve to give the challenge your best shot. Embarking on a cost-         • Are you tired?
cutting exercise is invariably accompanied by exaggerated and              • Do you get headaches?
sometimes malicious rumours. The effect of these can, however,             • Is it difficult to wake up in the mornings?
be softened, by your honesty and optimism. Set achievable and              • Do you suffer from sinusitis, post-nasal drip, chest infections,
realistic goals. This is a time for firing up enthusiasm.                    colds and flu?
                                                                           • Can you say that you are feeling physically your best?
Should you be looking only at cost-cutting as a means to returning
to or maintaining profitability? An economic slowdown is                   If you have answered yes to more than one of the questions above
sometimes a business opportunity. It’s no time for companies to            you are most likely suffering from a condition known as
hibernate. What are the other avenues? Along with a careful watch          “repetitive stress and strain injuries and illnesses”. These
over costs or even a tailored cost-cutting programme, what about           conditions are the biggest precipitator of lowered productivity and
spreading your wings - being a little more flamboyant than you             staff turnover in white-collar work environments.
would normally be? If there are opportunities out there, why
shouldn’t you get a fair slice? Ask for the opportunity to put in a        There is a propensity in companies to attempt to retain their staff
proposal. Set out with the intention to network. Muster the                by offering reward incentives for good behaviour - mostly linked
courage and call on your contacts. Brush-up your act. Make sure            to elevated productivity levels. I want to present to you a different
you have correctly identified the extent of your market or whether         slant on offering work/life balance opportunities in the workplace
in fact you should be in another market altogether. What has been          while remaining financially competitive. There is a way to make
your recipe for success to date? A client recently closed his firm’s       these programmes performance based and profit generating while
elegant and high cost showroom and relocated back to the factory.          maintaining the self-motivating focus directed towards educational
That certainly cut the costs, but the shabbiness of the factory            upliftment of any individual. We offer these programs as a way of
dampened sales.                                                            developing loyalty within a company. Three companies in similar
                                                                           industries will differentiate themselves from their competitors by
Focus on all fronts. Explore opportunities for expanding                   the perks and opportunities they offer their key staff. This is an
your revenues.                                                             intellectual investment that traditionally has been very difficult to
                                                                           qualify. As a consequence, soft skills development and training
An interesting thought to employ in a cost-cutting exercise is             has become a lower priority strategic development tool.
whether, despite the cut in costs, you are still able to maintain a
level of quality and service both in and outside the business. For         These initiatives are grouped into the drawer labelled ‘global
example, can you get better or the same staff-related benefits at a        competitiveness’ in the folder titled ‘BEST practices’. What are the
lower cost to the business? Can you re-deploy resources to achieve         obstacles to developing, implementing and promoting a
a better result? Will it be feasible to offer real rewards for achieving   programme of this nature? There are several reasons not to embark
certain milestones? Will your suppliers be prepared to support you         on these types of initiatives. Most of these reasons are linked to
by granting longer or more favourable terms or prices? Have you            the burden associated with financial contributions and time lost to
asked your customer what will persuade him to bring more                   the company. The real reason for hesitation is participation, staff
business your way?                                                         penetration and sustainability.

Do your maximum. While your assets are sweating, make                      It is a sad reality that the burden of keeping people healthy and
sure you are squeezing every last drop of initiative out of                happy does not fall on the individual. This is the key to the
yourself.                                                                  success of the medical profession. People would rather pay for
6     Volume 1. April 2002




advice from a medical practitioner than spontaneously alter their    Every job profile should include ongoing high levels of health as
lifestyles.                                                          a critical competency where the onus is on the employee to
                                                                     maintain this level. This situation would place a new emphasis on
Here are four stepping-stones to developing a work/life balance      the term ‘Wellness at Work’. Do you have this simple cost-saving
that is mutually beneficial to the organisation, your family and     performance management tool in place? If not, you can only
yourself. The first relates to the labour-related Acts that govern   suggest to people that they should be endeavour to be healthy at
employment. Any organisation employing more that 20 people is        work. This is where steps two; three and four come into play.
legislatively obliged to have a health and safety policy outlining
the manner in which health, safety and environmental                 Step two is learning how to manage time as a stress management
management issues are addressed. This policy should form part of     tool. We have all learned to plan, delegate, organise and control
an ‘employment equity strategic plan’ focused on facilitating a      our environments in an attempt to time-manage with greater
cost-contained work environment that can remain resilient to         efficiency. We also know it does not work. Learn how long a
medical inflation. The Occupational Health and Safety Act places     minute is by closing your eyes for one minute of every hour. This
the onus of the responsibility of creating a safe, equitable work    will not be a positive exercise if you are driving or speaking to a
environment, free from personal risk, on the shoulders of the        client at the time. Most people feel the 60 seconds are up after
employer.                                                            only 30 to 45 seconds. Practising the length of a minute will
                                                                     provide you with up to 50% more time based on your anxiety
We forget to read further to where the same Act places an equal      response to the perceived passage of time.
responsibility on every employee to maintain and sustain his/her
own levels of health so as to perform the functions that they          The third step relates to the biggest cause of depression: back
have been employed to perform to the best of their ability.           pain. Stiffness of your neck or shoulder muscles can precipitate
                                                                     headaches - even migraine headaches. Up to eight percent of all
This is the newness of the employee assistance programme                     headaches fall into a category referred to as cervicogenic
approach that failed during the ‘managed care’ initiatives of the       headaches (coming from the neck). Because of our increased
past.                                                                                         utilisation of computers, telephones, cell
                                                                                                 phones and longer working hours we
                                                                                                          suffer from increased neck and
                                                                                                      shoulder muscle tension. While at
                                                                                                    work, you should try to stretch four
                                                                                                   to five times a day. This may sound
                                                                                                              unfeasible but it is less time
                                                                                                      consuming than leaving the office
                                                                                                        for a medical consultation and it
                                                                                                             is certainly less damaging to
                                                                                                           productivity than a headache.

                                                                                                               Lastly, begin to greet the
                                                                                                          people with whom you work.
                                                                                                                It has always come as a
                                                                                                        surprise to me how few people
                                                                                                           smile at each other and greet
                                                                                                          each other in the work place.
                                                                                                       Taking the time to be polite and
                                                                                                            cheerful slowly transforms a
                                                                                                    working environment into a place in
                                                                                                         which people wish to co-exist.

                                                                                        Taking a coffee (or tea) break, from left to right:
                                                                                        Paidamoyo Mbanje, Bhasker Patel, Mandi
                                                                                        Fleiser and Clifford Amoils.
                                                                                                                     Volume 1. April 2002         7

Get a line on...
Forensic auditing: A pioneering new direction for
traditional auditing and accounting firms.

By: Advocate Dion Hucker, Management Assurance Services                     the person(s) responsible and determining liability for criminal, civil or
Grant Thornton Kessel Feinstein, Eastern Cape                               internal disciplinary proceedings. Ultimately, this should be the end
                                                                            result of a true forensic investigation: the client should know how they
Being a member of the legal profession and fairly recently assimilated      have been defrauded, who was responsible and have properly
into the private professional consulting services environment, I am still   obtained, admissible evidence to prosecute or dismiss the guilty
trying to come to terms with standard industry jargon. Similarly,           party and to recover their losses, if possible.
“legalese” phrases tend to sow discord and consternation among
mainstream accounting practitioners, so I will try and avoid any such       The adoption of a multi-disciplinary, wholistic approach towards client
terminology here.                                                           service is vital in our present business climate. The long-established
                                                                            divisions between professions and services offered are blurring, as
The sudden call for forensic or investigative components to be added        more and more clients want to go to one source for their business
to traditional accounting and audit services is a result of many factors.   needs.
The National Director of Public Prosecutions, Mr B Ngcuka, said
during a fraud prevention conference in 2000 that a crime threat            Frequently, audit trainees, partners and managers are responsible for
analysis conducted the previous year had indicated the biggest threat       ensuring that clients comply with G.A.A.P and various other statutory
to South Africa’s economic viability and stability was organised            provisions, and that their systems and procedures are not open to
commercial crime.                                                           abuse. However, they are not versed in the law of evidence, criminal
                                                                            law or the law of delict which makes the process of interpretation of
On a more basic level, I also noticed a marked increase in fraud, theft,    any irregularities found, and the extrapolation thereof to determine
corruption and other so-called “white collar” crimes while employed         liability, difficult. This is where the combination of legal and audit
by the prosecuting authorities in the Eastern Cape. While the economy       expertise becomes vital in servicing the needs of the client.
is languishing, unfortunately, the growth in this “industry” is
experiencing a marked upward trend.                                         Theft or fraud committed by employees of business entities is a
                                                                            common scenario encountered by auditors. This is by no means
The proliferation of investigating bodies such as the Special               the only manner in which fraud or corruption is perpetrated,
Investigation Unit (formerly the Heath Commission), the Auditor-            but certainly the most prevalent.
Generals’ Special Investigation component as well as several firms
concentrating on the provision of forensic services, is also a clear        Figures made available by the Association of Certified Fraud
indication that commercial crime is on the increase. Unlike high profile    Examiners, based on studies carried out in the United States, reveal
crimes such as murder, robbery and rape, which seem to take up most         that fraud and abuse is typically perpetrated by males with tertiary
of the media’s attention and are overloading the resources of our           education. The statistics revealed that 58% of reported fraud and abuse
already embattled police force and the criminal justice system,             cases were perpetrated by employees as opposed to 30% by
commercial crimes are generally harder to detect. They are frequently       management and 12 % by businesses’ owners. The statistics quoted by
not brought to court for fear of the negative publicity it brings to the    the Association also revealed that companies with 100 or fewer
“victim” organisation and they carry the stigma of being difficult cases    employees were the most vulnerable to fraud and abuse.
to litigate on.
                                                                            Experience has shown in South Africa that a large proportion of fraud
The marriage of audit and legal functions is long overdue in this           is perpetrated by persons in positions of trust (usually in book-
regard. Many fraud cases are brought to the attention of the authorities    keeping/administrative positions) - with access to the funds or assets
by whistle blowers. Frequently, the investigation of these complaints       (stock etc.) of smaller to medium sized business entities. These
involves obtaining the financial statements of the victim organisation      persons are often ineffectually supervised. The use of extra cash
after which it becomes clear that the auditors have alluded to or           receipt books, false invoices, altered bank reconciliations, inflated or
identified several problem areas which indicated the possibility of         false journal transactions and the misuse of business credit cards are
fraud or abuse a long time before the alleged offences were actually        more common forms of fraud encountered locally. Ineffective stock
reported. These indications were not identified or acted upon as            control measures also provide an avenue of opportunity for the
potential risks of fraud or theft at the time.                              average South African fraudster.

Many victims of fraud rely heavily on their auditors to be the              Do any of these situations or scenarios sound familiar? Many of
watchdogs of their businesses. While auditing procedures often              our clients are small to medium-sized businesses, which are
highlight irregularities, weaknesses in systems and similar issues, they    exposed to the most risk of fraud and deserve to enjoy the
do not, and are not intended to, take the next step, which is identifying   benefit of wholistic Management Assurance Service.
                                                                          You are always welcome to contact us...
                                                                          Cape Town
                                                                          4th Floor, Alexander Forbes Building,
                                                                          14 Long Street, Cape Town 8001
The chat line...                                                          PO Box 1550, Cape Town 8000
                                                                          Tel: (021) 418-3162 Fax: (021) 425-1276
                                                                          mail@gt-capetown.co.za

                                                                          Durban
Durban Office launches new Financial Planning                             3rd Floor, Fedsure House, 320 Smith Street
venture                                                                   Durban 4001
The Durban Office of Grant Thornton Kessel Feinstein launched its
                                                                          PO Box 752, Durban 4000
Financial Planning and Employee Benefits venture in February this
                                                                          Tel: (031) 304-2411 Fax: (031) 304-1937
year, based on a successful formula created within the Grant Thornton
                                                                          gtkf@gtdbn.co.za
Kessel Feinstein Johannesburg office some nine years ago.

                                                                          East London
The Johannesburg initiative has become one of the most highly rated
and fastest growing operations of its kind in the country. Among its
                                                                          26 Vincent Rd, Vincent 5247
strengths are an innovative array of investment solutions which are not   PO Box 313, East London 5200
dependent upon off-the-shelf retail products.                             Tel: (043) 726-9898 Fax: (043) 726-9899
                                                                          gtel@gtec.co.za
Says Stephen Perling, managing partner of Grant Thornton Kessel
Feinstein Durban, “We plan to take advantage of the depth of              Johannesburg
experience acquired by the Johannesburg team and their standing in        137 Daisy Street, cnr Grayston Drive, Sandown 2196
the industry and build on this to create our own brand in Durban.” Eric   Private Bag X28, Benmore 2010
Jones, who has 11 years of experience in the industry, will head the      Tel: (011) 322-4500 Fax: (011) 322-4545
Durban venture.                                                           webster@gt.co.za

Congratulations                                                           Port Elizabeth
Jenny Hall, Director of Financial Planning in Cape Town, has been         165 Cape Road, Port Elizabeth 6001
elected as Chairperson of Luasa (Life Underwriters Association South      PO Box 35133, Newton Park, 6055
Africa) for the Western Cape Region. Luasa is the professional body for   Tel: (041) 373-4200 Fax: (041) 373-4201
intermediaries and the only body in South Africa which can access         gtpe@gtec.co.za
million dollar Round Table, which is the international recognition of
top achievers.                                                            Pretoria
                                                                          121 Boshoff Street, New Muckleneuk 0181
Frank Timmins, Partner in charge of the Johannesburg office, has          PO Box 1470, Pretoria 0001
been appointed Chairman of the Public Accountants and Auditors            Tel: (012) 346-1430
Board Practice Review Committee. He has accepted this appointment         Fax: (012) 346-2502 or (012) 346-4191
for a period of one year.                                                 gtpta@gtpta.co.za

Pamela Grayman, National Marketing Principal, has been appointed
for a 2-year term as the chairman of the IMM Financial Services Special
Interest Group.                                                           Association with Ukhozi Administrators (Pty) Ltd

New Appointments
Rudi Scholtz, B Com (Hons), CA (SA) has been appointed as the
                                                                          Editorial Panel:
partner in charge of the Port Elizabeth office. He joined the firm in     Ernest Mazansky, national chairman; Pamela Grayman, national marketing principal; Clifford
2001, after leaving BOE Bank where he consulted as a member of the        Amoils, partner in charge of audit, Johannesburg; Frank Timmins, professional standards
corporate turnaround team. Rudi has worked with both private and          partner; Angela Graham, corporate communications executive.

listed companies. He currently provides consulting, audit and             Disclaimer
accounting services to clients.                                           The Bottom Line is published as a service to our clients and other interested parties. It is
                                                                          intended to provide practical and technical information which is of use to you in your business.
                                                                          Please be advised that the information contained herein is for general guidance only. Any reader
Norman Minnaar, B Com, H.Dip.Acc., CA (SA) has been appointed             intending to base a decision on information contained in this publication is advised to consult a
as an audit partner in the East London office. He joined the firm in      Grant Thornton Kessel Feinstein partner before proceeding.
1998, after working for a transport corporation. During his career,
Norman has built up substantial experience consulting to the Eastern
Cape Provincial Government Departments. He has a wide range of
                              auditing and accounting experience as
                                     well as commercial experience.

                 Rudi
                 Scholtz
                                                                             Auditors, Accountants & Business Advisers
                                                                             South African member of Grant Thornton


                                                                             Visit our website on www.gt.co.za
                                               Norman Minnaar
                                                                             We take your business personally.

				
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