Title: The Professional Accountants in Business Conference: What’s Next?
Location: Online Webinar (Zoom)
Date: 12th & 13th May 2021
Time: 15:30 – 17:00
2 Day Event PricingMIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
*Group bookings for 3 or more participants available.
Day 1 (1.5 Hours Professional)
15:35: Intelligent automation considerations in the finance function
15:50: The future accountant in business, followed by a panel discussion
17:00: End of session
Day 2 (1.5 Hours Core)
15:30: MIA’s work on the Due Diligence Charter of Best Practice for PAIBs
15:50: How effective Good Governance and ethics, benefit your business, followed by a panel discussion
17:00: End of session
The Professional Accountants in Business (PAIB) Conference is back after a lengthy break. The local and international scenario presents added challenges for CEOs and CFOs who must not only retain their current business but grow it, too. The Malta Institute of Accountants is pleased to collaborate with the International Federation of Accountants (IFAC) to create this unique space where senior executives can exchange perspectives and opportunities.
Day 1: Mr. Gordon Micallef – Chair of MIA Digital Committee, Mr. Sanjay Rughani – IFAC Representative, Mr. Jamie Lyon – ACCA Representative, Mr. Larry White – IFAC Representative, Mr. Daniel Monehin – IFAC Representative
Day 2: Mr. Charles Xuereb – MIA PAIB Committee Member, Mr. Stephen L Muscat – Chair of MIA PAIB Committee & CFO of Liquigas Malta Ltd, Dr. Mariosa Vella Cardona – Legal Officer at MIA, , Mr. David Xuereb – Consultant & Past President of The Malta Chamber of Commerce , Mr. David Valencia – Partner at PwC, Mr. Marcel Cassar – CEO of APS Bank, Mr. Louis Farrugia - Chairman of Simonds Farsons Cisk plc, Trident Estates plc, Multigas Ltd and Liquigas Ltd.
Topics on the Agenda
1. Intelligent automation considerations in the finance function
Speaker - Mr Gordon Micallef, Chair of MIA Digital Committee
Data analytics practices and Automation has evolved the role of the professional accountant in practice together with other related digital technologies. They are practices that will boost and empower further the role of the profession if embraced effectively but can also push the profession towards irrelevance if not at the centre of the professions drive to support business organisations. A brief outlook on key developments in the data analytics and automation practices for accountants will be shared together with key steps to further embrace such practices.
2. The future Accountant in Business: Upskilling challenges in the workforce and change in business with automation.
Keynote speaker: Mr. Sanjay Rughani – IFAC Representative
- The skills required in the 21st century
- Whether upskilling is an option?
- How the future accountant will change from what it does today
Panel Discussion: The panel will discuss the vision of the future, the skills required for the Accountant in the future and the impact of climate change.
Moderator: Mr. Jamie Lyon – ACCA Representative
Panelist: Mr. Larry White – IFAC Representative
Panelist: Mr. Sanjay Rughani – IFAC RepresentativePanelist: Mr. Daniel Monehin – IFAC Representative
1) A Vision for the CFO and Finance Function
The Financial Function of the Future
Shifting from Accounting for the Balance Sheet to Accounting for the business and value creation - At a time when most of the value of companies is not reflected on balance sheets, and digital, data-driven business is critical to future success, finance and accounting professionals need to transition from insular roles to being at the heart of decision making. This requires aligning what the finance function does with the overall purpose and objectives of the organization in a changing external environment.
This emphasises the shift of the value of a business being derived from intangible assets rather than the historical determination from tangible assets. An increasing number of companies are considering and communicating how they contribute to the 2030 Agenda for Sustainable Development and the 17 Sustainable Development Goals that address critical global issues like climate change, poverty and education. Being part of the solution to these challenges matters to an organization’s reputation and long-term profitability.
- A shift in the professional skills and competencies, mindsets, and behaviours required to influence decisions. A key role for the CFO and finance function is to establish clear links between financial and non-financial metrics, such as identifying the activities and initiatives needed across human, social, relationship and other relevant capitals and resources to drive financial value linked to revenue and operating margins.
- Digitalisation of Finance & Accounting momentum - Digital transformation of business models is a key driver of competitiveness and long-term success. To remain competitive, business leaders strive to implement digital strategies that enhance customer experience, improve the ability to respond to uncertainty, and enable agile and effective operations. Digitalization of finance and accounting through technology and tools, such as robotic process automation, cloud-based systems, artificial intelligence (AI), application programming interfaces (APIs), distributed ledgers (blockchain) and data analytics and visualization, are fundamentally challenging the finance function agenda. Exploiting such technologies requires a new mindset and skills focused on extracting the value digital and data can bring to decision making, particularly in terms of insight and foresight to guide the organization. The journey involves understanding the opportunities, embracing new ways of working, using new models to create useful information, and developing new skills and mindsets.
- Developing the vision and enabling transformation - A finance function vision helps to drive positive action and momentum to ensure investment in the key change enablers, and to aid in the learning and capacity of finance and accounting professionals. Above all, a vision reflects a desirable future state and the growth mindset needed to evolve.
- The implications for professional accountancy organisations - The importance of thinking beyond the financials cannot be overstated. Consequently, accountancy education needs to evolve, and the services provided to members of the profession throughout their careers needs to be relevant and practical. To remain relevant in a digital and mulitcapitals age, professional accountants increasingly need to demonstrate skills beyond today’s typically-recognized accountancy competencies. Continuing professional development requirements help to ensure members of the profession maintain the relevant knowledge and skills for their role.
2) Future-Fit Accountants: Roles for the Next Decade
In creating a vision for how CFOs and finance functions need to evolve in a changing world, IFAC identified the finance and accounting roles needed to remain integral to organizations in the coming decade.
Using the Adaptive Cycle, IFAC has identified seven key roles for finance and accounting professionals to retain relevance and enhance their contribution to strong, sustainable organizations, financial markets, and economies. Some roles will be more relevant to specific leadership roles, such as the CFO or controller, while others are more relevant to other roles in the finance function, accountants working in commercial-facing and operational roles, or in internal audit. The roles are not necessarily mutually exclusive, and professional accountants in smaller organizations might perform multiple roles.
1. MIA’s work on the Due Diligence Charter of Best Practice for PAIBs.
Speaker – Mr. Charles Xuereb, MIA PAIB Committee Member
The MIA’s PAIB Committee has worked on the creation of a Charter of Best Practice for PAIBs to follow in relation to good governance where Supplier/Customer due diligence is concerned. The purpose of such Charter, which will be promoted as a best practice, would be to provide guidance to those organisations which currently do not have similar procedures in place. The Charter will promote the use of KYC checks and balances in relation to suppliers/customers or potential suppliers/customers and provide guidance as to what ought to trigger such procedures. The recommended use of such procedures will be applicable across all industries, hence even to those entities which fall outside the purview of the AML legislative framework and as such do not need to apply due diligence processes. This will serve to safeguard business reputation on all fronts.
2. How effective good governance and ethics, benefit your business.
Moderator: Mr. Stephen L Muscat, Chair of MIA PAIB Committee & CFO of Liquigas Malta Ltd
Panelist: Dr. Mariosa Vella Cardona – Legal Officer at MIA
Panelist: Mr. David Xuereb – Consultant & Past President of The Malta Chamber of Commerce
Panelist: Mr. David Valencia – Partner at PwC
Panelist: Mr. Marcel Cassar – CEO of APS Bank
Panelist: Mr. Louis Farrugia - Chairman of Simonds Farsons Cisk plc, Trident Estates plc, Multigas Ltd and Liquigas Ltd.
Panelist: Mr. Charles Xuereb, MIA PAIB Committee Member
The panel will discuss the following: