As MIA member Christopher Cardona reaches an important juncture in his career, The Accountant asks him for his views on the future of the profession.
You started the year as a newly appointed Assurance Partner with PwC. How has the experience been so far?
Becoming a Partner is a defining moment in the career of some accountants. I am certainly proud of the achievement; however, I look at the appointment as a major milestone in the professional journey that has many miles left. It is not an end to itself, but an important step to accomplish more.
Apart from my personal journey, I hope that this new role helps to demonstrate that a professional career in Malta can be enriching and inspires young people to pursue accountancy. As a young graduate, over a decade ago, someone told me that it was an exciting time to join the profession. That advice still holds true today.
What are the main challenges in your new role?
As an Assurance Partner, my role involves leading engagements and providing assurance to others. I believe that trust and quality are central to the profession in general and this demands that accountants and auditors keep raising their game by, for instance, remaining up to date with new requirements, standards and regulations.
In our profession, academic preparation is complemented with on-the-job training that allows you to develop your own skillset. I feel it is my professional responsibility to lead by example thereby impacting the learning and professional growth of the members of my team.
How does it impact your work on the MIA Financial Services Committee?
Through collaboration, teams have the ability to change things and MIA Committees bring different experts together to form a broad perspective on important issues. I have been a member of the Financial Services Committee for many years and I do not see my contribution changing. If anything, as a Partner, I have increased appreciation towards the value of sharing of insights and contributions to the bigger picture.
All warrant-holders play a part in the development of the profession and joining one of the several MIA Committees and Groups is an effective way of shaping the future of accountancy in Malta.
What are the priorities of the MIA FS Committee?
Our top priorities are the continued liaison with MFSA, the development of guidance and technical releases, and the organisation of CPE events. We are a very active committee with a wide range of expertise and experience covering multiple sectors.
Financial Services is a dynamic and highly regulated space with direct impacts on many market players, so there are always issues that call the MIA’s attention. I am also pleased with the dialogue that the Committee is fostering between accountants, auditors and the regulator, which is central to the profession’s success.
And what is the Committee’s longer-term vision?
The Committee has an expansive agenda covering Insurance, Banking, and Asset Management. In terms of vision, we want to elevate quality and prepare the profession for a future that holds further changes to financial reporting standards, amendments to current regulations, and an increased focus on emerging trends, such as the impact of ESG reporting on financial services.
How do you see accountancy evolving in the next decade?
There is no shortage of exciting challenges and opportunities ahead. Changes to the landscape are taking place at all levels, from increased regulatory and legislative demands to technological transformations to accounting change, but change is an inherent part of our profession and accountants are not immune to the need to transform.
In my view, some or most of what we consider traditional in the accountancy domain today will likely give way to newer services and ways of working. Nevertheless, quality and integrity will remain fundamental to the profession.
You were awarded the Kevin Mahoney Prize in 2019. How did it feel when it was announced?
It was totally unexpected. I had no idea that I had been nominated, but accepting the award was a humbling experience. In general, we probably tend to associate the profession with numbers, reporting, or taxation, but there is much more to being an accountant. The Kevin Mahoney Award sheds a light on the human side of accountants and on the sense of altruism that often goes unnoticed.
Every time I reflect on this award, it reminds me to be sensitive to what every person may be going through, whether colleague, family, friend, or client.
How do you balance your work life with your other commitments?
Work is only one aspect of life. It is an important part, but besides my career and my involvement in the MIA Committee, I also dedicate some time to lecturing at university and have a young family with two children.
An insightful concept I once came across advocates for work-life choices, as opposed to work-life balance. That makes more sense to me because choices are centred around our personal priorities. Priorities, of course, change with time and circumstances, but we must have the awareness to identify them before we can make the right work-life choices.
What do you do to take your mind off work?
I like to spend time with my family; we love to travel and enjoy the sea.
I am also quite a hands-on type and I do a lot of DIY projects around the house. We recently renovated some rooms, with some help from the children too.
