Accountancy Futures Symposium – Critical Issues For Tomorrow’s Profession
Posted on October 11, 2010 by admin
– ACCA Pakistan organized Accountancy Futures Symposium at a local hotel. The two-day event aimed to surface the challenges facing businesses and in particular the accountancy profession through an exciting mix of four discussions on The Value of Audit in the Modern World, Demonstrating Responsibility: Reporting Futures, Accountants: SME’s Best Friend and Generation Y: Realising the Potential. These innovative discussions were moderated by prominent industry experts, Mr Junaid Iqbal, CEO, BMA Financial, Ms Mahreen Khan, Barrister and Ms Rahila Narejo, CEO and Lead consultant NHR. Ms Rabia Garib, editor in chief of CIO Pakistan was the master of ceremony of the event.
Mr Vince Harris, CEO, HUBCO opened the discussion on Value of Audit in the modern World, “it’s vital that the accountancy profession re-examines the role of audit and considers whether a sufficiently strong case is being put forward of the benefits audit can provide to businesses, the economy and society. The value of audit to society needs to be evidence-based and constantly tested against the demands and needs of users and beneficiaries of audit and assurance”
Generation Y: Realising the Potential, a novel discussion, was introduced by Mr Tahir Jawaid, vice president, human resource and public affairs, Engro Corporation Ltd., “The young finance professional of the 21st century has a confident and clear vision of their career progression, demands job security and is motivated by money. Finance professionals need to seek innovative human talent management practices that would satisfy the ambitions and aspirations of a generation of young finance professionals seeking dynamic career paths, both inside and outside traditional mainstream finance careers.”
Commencing the discussion, Demonstrating Responsibility: Reporting Futures, Dr Afra Sajjad, head of education and policy development, ACCA Pakistan said “In the last few years, even though the volume of narrative reporting in annual reports has increased manifold, the value of narrative reports in terms of their decision-usefulness, reliability, comparability and relevance to the users of annual reports is contentious. Today, as policy makers and stakeholders are urging more transparency and timeliness in annual reports, preparers need to explore the true potential of narrative reporting by using it to communicate transparency and provide timely information by leveraging technology and exploring the option of digital narrative reporting.”
While setting the scene for the discussion, Accountants: SME’s Best Friend, Ms Saeeda Sabah Rashid, financial management specialist, The World Bank commented “For accountants acting as trusted business advisors, understanding and devising routes to access finance is one of the most valuable services they can provide. Not only must they ‘keep the books’ and maintain control over cashflow but, like doctors, accountants must increasingly be able to assess when they should refer effectively to the right specialists.”
The two day event featured high caliber delegates and industry experts including, Mr Abrar Hasan, CEO, National Foods Ltd, Dr Afra Sajjad, Head of Education and Policy Development, ACCA Pakistan, Mr Ahmed D Patel, Chairman Executive Board, Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants, Mr Arif Masud Mirza, Head of ACCA Pakistan, Mr Asir Manzur, Group Head Human Resource Management, KESC, Mr Feroz Rizvi, CFO, ICI Pakistan Ltd, Mr Giuseppe Bonanno, Head of Finance & Control, Nestle Pakistan Ltd, Mr Hammad Naqi Khan, Director Programmes, WWF Pakistan, Mr Haroon A Jan, Head of Business Development, ACCA Pakistan, Mr Haroon Waheed, Director HR, Unilever Pakistan Ltd, Mr Moin M. Fudda, Country Director, Centre for International Private Enterprise (CIPE), Mr Monis Rahman, CEO, Rozee.pk (Naseeb Networks), Mr Nadeem Yousuf Adil, Partner, M. Yousuf Adil Saleem & Co. Chartered Accountants, Ms Neelofar Hameed, Former Head of Corporate Governance, National Investment Trust, Ms Saeeda Sabah Rashid, Financial Management Specialist, The World Bank, Mr Salim Chinoy, Country Leader Assurance, Ernst & Young Ford Rhodes Sidat Hyder & Co. Chartered Accountants, Mr Syed Shabbar Zaidi, Partner, A. F. Ferguson & Co. Chartered Accountants, Mr Tahir Jawaid, Vice President, Human Resource and Public Affairs, Engro Corporation Ltd, Mr Tajammal Hussain, Partner, Fakharuddin Yousafali & Co. Chartered Accountants, Mr Vince Harris, CEO, Hub Power Company Ltd (HUBCO).
The symposium concluded with a vote of thanks by Ms Ayla Majid, vice chairman ACCA Pakistan, Members Network Panel, “ACCA Pakistan accountancy futures agenda at its heart; the current global economic situation, while posing undoubted threats to businesses here in Pakistan, also provides a great many opportunities for future growth and I am grateful to all today for effectively contributing towards determining the road map to do so.”
“We believe that the key to sustainability and growth will be the work undertaken by finance professionals and I am delighted that ACCA Pakistan has developed this Accountancy Futures Symposium which sets out the look at the longer term issues we will be facing”, said Mr Arif Masud Mirza, Head of ACCA Pakistan. Mr Mirza also appreciated the sponsors of the event namely ICI Pakistan, United Bank Ltd, Central Depository Company and Centre for Financial Training and Research.