New IFAC Report Details Value-Enabler Role of Professional Accountants
The 17-page report, titled “Professional Accountants as Business Leaders and Value Enablers,” was published on November 10 and developed following the Fall 2017 webinar meeting of IFAC’s Professional Accountants in Business (PAIB) Committee. The report shares the collective knowledge, ideas, and experience of the Committee’s 18 members around the following key topic areas:
- Enterprise Performance Management (EPM)
- The role of finance leaders and business partners in technology
- Effective accountant involvement in risk management
- Creating and communicating value through Integrated Reporting
- Professional accountancy organization (PAO) support tools
- Audit quality and audit committee effectiveness
- Professional skepticism
Representing IMA® (Institute of Management Accountants) on the PAIB Committee was Larry R. White, CMA, CFM, CSCA, CPA, former IMA Chair and long-time IMA volunteer leader. Commenting on the role of the PAIB Committee and the report, White noted: “IMA is unique among accounting organizations internationally because it is the only one focused exclusively on management accountants. The IFAC Professional Accountants in Business Committee has the same focus and works to ensure the management accounting skill set is recognized as a critical, distinctive, and respected component of the accounting profession – after all, it is the largest part it.”
White continued: “This report contains useful insights that can help guide management accountants as they provide value within their organizations. Of particular note is the discussion about how professional accountants are the ‘first line of defense’ in safeguarding the reputation of an organization, as well as their critical role of providing the insights necessary for effective decision making.”
Also available on the IFAC website are reports following the PAIB’s March 2016, September 2016, and March 2017 meetings.
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of over 175 members and associates in more than 130 countries and jurisdictions, representing almost three million accountants in public practice, education, government service, industry, and commerce. For more information, please visit www.ifac.org.