Role of the Professional Accountant in Nation Building
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Transcript of Role of the Professional Accountant in Nation Building
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The Role of a
Professional Accountantin Nation Building
September 2013
www.pwc.com/gh
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PwC
Content
The Professional Accountant
Nation Building
Traditional role of Professional Accountants Emerging role of professional Accountants
Where you find Professional Accountants andtheir impact
Conclusion
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The Professional: Who is he/she
A person
who has been educated and trained to high standards in aparticular line of work
Who holds a reputable qualification in respect of that lineof work
Who is motivated to provide a high standard of clientservice
Who is answerable to the body which has issued hisqualification for the quality of his work
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Accountant
Possesses the requisite skill and experience:
In establishing and maintaining accurate financial recordsfor an individual or a business
Including designing and controlling systems of records,auditing books, and preparing financial statements. Anaccountant may give tax advice and prepare tax returns.
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Nation Building
Refers to:
the process of constructing or structuring a nationalidentity using the power of the state.
The process aims at the unification of the people within thestate so that it remains politically stable and viable inthe long run.
Nation-building can involve the use of propaganda or major
infrastructure development to foster social harmonyand economic growth.
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Traditional Role of Professional Accountants
Business and tax advice, including planning
Preparation and audit of annual accounts
Preparation of personal and business tax returns
The setting up of bookkeeping and business systems
Providing bookkeeping services
Payroll work
Assistance with management accounting Helping with raising finance
Advice on budgeting and cash flow
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Emerging role of accountants
Establishing a common performance language'throughout the organization so that everyones activitiesare aligned with the vision and goals of leadership
Upholding business integrity
Creating, implementing and improving managementinformation systems to bolster strategy, planning, decision-
making, execution and controls activities
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Emerging role of accountants (Contd)
Managing risk and handling business assurance
Measuring and managing performance
Communicating financial and other performanceinformation to internal and external stakeholders, includingregulatory authorities, lenders, bankers and investors in a
manner that foster trust.
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Where to you find Professional Accountant
1. Professional Accountants in Business
2. Professional Accountants in Government
3. Professional Accountants in Public Practice
All have a critical role in nation building, because we hold afiduciary position
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Management and Financial
AccountancyEnterprise
Governance
Business
Accounts
Internal
Control
Corporat
eFinance
IT
Project
Managemen
tTreasury
Information
Risk
Managemen
t
Internal
Audit
Strategy
Support Business Strategy
Information
StrategyCFOFinanceStrateg
y
CEO, Independent
Directors
Advisors
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Professional Accountants in Business
Post-Enron, the importance of the control function has increased, Butour role has also changed. We are much more related to businessmanagement and strategic development.
Joao Batista, Regional Controller- Philips Latin America
The added value is note just giving the reassurance but providing newinsights at Uneliver executive and Board level and makingrecommendations which will improve the performance of the business.
James Duckworth, Chief Auditor, Unilever, based in Londo
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Professional Accountants in Government
The reality is that my accounting background underpins everything. Itbridges the best of the private sector management and skills togovernment.
Grant Ashley, Executive Assistant Director of the FBI.
No institution, be it in private enterprise or in public service, can
operate properly without the assistance of accountants. Accountants filla variety of management needs that are essential at all enterprises
Ellsworth H Morse Jr, Assistant Comptroller General of the US
In government, Professional accountants play an important role, whenthey participate in regulatory process by developing, prescribing andauditing financial and other data from private organizations subject toregulation.
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Professional Accountants in Public Practice
External Auditors
Consultants
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Professional Accountants in Public Practice
we have a duty of care in ensuring;
accounting framework used in preparing financial information isacceptable
greater transparency in reporting to stakeholders and investors
improved corporate governance
financial reporting meet all compliance requirements as set by theregulatory bodies.
In doing so we protect the interest of all stakeholders of the
organisation and by so doing develop our nation
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How accountants have faired innation building in recent times...?
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Global scandals in recent times
Slide 16
http://images.google.com/imgres?imgurl=http://www.insidesocal.com/scauzillo/enron%20logo.jpg&imgrefurl=http://www.insidesocal.com/scauzillo/2009/06/enron_movie_worth_seeing_again.html&usg=__6RfYMF-2X_ArO0cEbGqSRGgjKz0=&h=480&w=494&sz=92&hl=en&start=1&sig2=FOpRAG4IB58bYH_rQyxNQw&zoom=1&itbs=1&tbnid=t3ugOmwYP7xF5M:&tbnh=126&tbnw=130&prev=/search?q=enron+logo&hl=en&biw=1259&bih=604&gbv=2&tbm=isch&ei=fZsuTr-3AcOy8gOasOBt -
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Conclusion
Accountants can see the trend of how the organization is doing and canwarn against.
David Li, Chairman and CEO of the Bank of East Asia
How can you run a business if you do not really know how it is doing?
The way you contribute is by being flexible and thinking strategicallyand stepping our of the box of accounting.
Bob Henn, Global Reporting and Analysis Leader, GE Kansas City
Ongoing development is critical. If you stop learning you stopContributing.
Helen Short, Vice-president, Investor Relations of Johnson andJohnson.
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As auditors we owe a duty of care to all ourstakeholders...
This publication has been prepared for general guidance on matters of interest only, and does
not constitute professional advice. You should not act upon the information contained in this
publication without obtaining specific professional advice. No representation or warranty
(express or implied) is given as to the accuracy or completeness of the information containedin this publication, and, to the extent permitted by law, PricewaterhouseCoopers (Gh) Ltd, its
members, employees and agents do not accept or assume any liability, responsibility or duty of
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information contained in this publication or for any decision based on it.
2011 PricewaterhouseCoopers (Gh) Ltd. All rights reserved. In this document, PwC refers
to PricewaterhouseCoopers (Gh) Ltd, which is a member firm of PricewaterhouseCoopersInternational Limited, each of which is a separate legal entity.