PAIB Advisory Group Explores How to Navigate Transformation
A new summary of the recent IFAC’s PAIB (Professional Accountants in Business) Advisory Group meeting last fall outlines how professional accountants are transforming organizations, including leading and driving sustainability and digital transformation agendas.
Currently, IMA® (Institute of Management Accountants) has one representative on the PAIB Advisory Group: Maria del Dado Alonso Sanchez, CMA, from Spain, who was appointed in January 2023. She has served on the IMA Global Board of Directors and also has been a member of the ICMA Board of Regents. Later this month, Ruth Forbes, CMA, CPA, from Turks and Caicos, will also join the advisory group as IMA’s second representative.
The summary, written by PAIG Advisory Group Chair Sanjay Rughani and titled Navigating Transformation: The Impactful Leadership of Accounting, describes the key takeaways that emerged from the two-day meeting. It underscores the global accountancy profession’s efforts to elevate the contribution of PAIBs to organizational performance and success; it also provides links to all of the recent PAIB Advisory Group’s reports issued on the various topics discussed. The three takeaways are:
- The accountancy profession is driving higher-quality, decision-useful sustainability-related information. Indeed, to advance the global transition to a sustainable economy, companies and the financial markets need decision-useful sustainability information. Increasing the quality of, and trust in, this information is crucial, and the accountancy profession is stepping up its role.
- Finance leaders are harnessing artificial intelligence (AI) and intelligent automation (IA) to disrupt business and change the future work of accounting and finance professionals for good. As such, finance leaders who embrace AI and IA are transforming businesses and the nature of work, which impacts the roles and responsibilities of accounting and finance professionals. PAIBs are harnessing the power of AI and automation to optimize processes and workflows and provide meaningful data for decision making.
- Organizations are seeking forward-thinking leadership. There is strong demand for professional accountants, alongside a global shortage, intense competition for talent, and challenges in retaining talented professionals. In response, the accountancy profession needs to address the commonly narrow perception of what accountants do, better promote the opportunities, diverse career pathways, and leadership opportunities for accountants in business, as well as adapt education and training to meet the evolving needs of employers. This concerted effort is essential to nurture a new generation of accountants who can confidently step into leadership roles, steering organizations towards success in a rapidly changing landscape.
Said Rughani in the summary, “In the dynamic landscape of today's global business environment, professional accountants in business are not only sought after but are actively leading and transforming organizations across industries and regions. The demand for these professionals has surged, driven by the recognition that individuals with a comprehensive grasp of both business operations and a robust finance and accounting foundation play pivotal roles in steering organizations through challenges and opportunities.”
For more information, please visit IFAC’s PAIB Advisory Group webpage.