WORLD ACADEMY OF INFORMATICS AND MANAGEMENT SCIENCES
ISSN : 2278-1315
find new ways to cure cancer and make our cars safer.
ways to create and present value for decision making and
Unfortunately, as our AI capabilities expand we will also
reporting.
see it being used for dangerous or malicious purposes. Since
Structure to be a business partner throughout the organization.
AI technology is advancing so rapidly, it is vital for us to
Talent and skills to support new roles, innovation in decision
start to debate the best ways for AI to develop positively
support, and improved communication.
while minimizing its destructive potential.
Professionalism – ethics and integrity – and the high standard
Written by:
of professional values must evolve for a changing future.
Bernard Marr
A clear vision and roadmap for the development of finance
Contributor of Forbes (UK)
functions will also provide a guide to those areas that a Board
Nov 19, 2018, 12:20am
of Directors and Management can use in assessing,
evaluating, and enhancing the value creating role of their
Bernard Marr is a bestselling author, keynote speaker, and
finance function.
advisor to companies and governments. He has worked with
Data Analytics – The committee explored the state of
and advised many of the world's best-known organizations.
implementation of data analytics to deliver insights from
LinkedIn has recently ranked Bernard as one of the top 10
financial and non-financial data to improve decision making
Business Influencers in the world (in fact, No 5 - just behind
critical to an organization’s success. Use of improved data
Bill Gates and Richard Branson). He writes on the topics of
analytics allows accountants to help organizations uncover
intelligent business performance for various publications
valuable insights to improve strategic and operational
including Forbes, HuffPost, and LinkedIn Pulse. His blogs
decisions for revenue growth and cost reduction, as well as, in
and SlideShare presentation have millions of readers.
financial reporting processes to better manage risk.
Data Modeling Beyond Financial Accounting and Reporting –
The committee is concerned that finance functions over rely
SIGNS ON THE ROAD TO CHANGE FOR
on data and processes designed to support financial reporting
ACCOUNTANTS IN BUSINESS IN A DIGITAL AGE
systems. The consequence is outdated financial-centric
By Larry White
performance and costing models that do not deliver the
IFAC (International Federation of Accountants)
actionable information that their operational colleagues
December 11, 2018
Professional accountants working in business and the public
require. Improving data analytics, the analysis of non-
sector constitute the overwhelming majority of the
financial capitals, and how they contribute to value creation
profession working within and beyond finance teams. The
call for accountants to develop new, more relevant models of
future attractiveness of the profession is very much
organizational value and performance both inside the
dependent on the value these accountants create to secure
organization and for external reporting.
interesting and expanding job opportunities and career
pathways inside organizations.
Effective Audit Committees and their Relationship with CFOs
and the Finance Function – Effective audit committees are a
A golden opportunity to create new value is presented by the
critical part of delivering trust and confidence in reporting and
automation and digitalization of finance and accounting.
risk management. The committee has been considering audit
The rapid reduction of manual processes particularly at the
committee practices across countries, and it is clear that their
transaction and reporting levels is allowing a more
remits and practices vary considerably. Differing views
significant focus on contributing directly to business
existed on the role of the audit committee in supporting the
decisions. Grasping this opportunity is essential if
finance function. Many felt the finance function needed to
accountancy is going to remain an exciting and value-added
push for it be reviewed and clearly understood by the entire
profession in the business world and in the public sector.
board because the finance function needs to become much
more broadly focused than external financial reporting to be
Consequently, the IFAC PAIB Committee is aggressively
successful in a digital economy. However, the committee had
pursuing an agenda to redefine and elevate the role of
some good reports of situations where the audit committee
accountants in business. The most recent meeting of the
had taken a lead advocacy role for developing the finance
PAIB Committee clearly shows many “Signs” on the road to
function. A close relationship between an audit committee
changing their image. The report of the September 2018
and finance function will continue to be important. The
meeting, Perspectives on the Finance Function Journey, is
committee will continue to explore and share experiences on
now available providing a summary of the key areas being
audit committee and board best practices for supporting the
discussed by the committee, including:
finance function.
Trust and Professionalism – Exploring the issue of trust and
A Vision and Roadmap for the Finance Function – This is a
professionalism, the committee considered the root causes of
major project looking at the accountant and finance’s role in
declining trust in the profession with a view to address the
a digital age. The prerequisites for delivering such a vision
question: “How might we maintain and enhance trust in
include: Being customer-led and responsive to customer
professional accountants in business and the public sector?”.
needs throughout the organization.
Trust is based on accountants displaying ethical and
Commercial, business, or organizational awareness and
professional behavior, as well as, contributing greater value to
understanding well beyond just the financials.Technology
the organization and society. Each of these areas - behavior,
and digitally enabled.
the perceived ability to deliver value to the organization, and
Values and culture to explore strategic and future oriented
the contribution to society - will be examined further. The
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