Following up the meeting with Minister of Finance Clyde Caruana, the Malta Institute of Accountants has met with Shadow Minister for Finance, MP Jerome Caruana Cilia in another opportunity through which the MIA shared its proposals for the Budget ahead and its vision for the country’s economic future. The Institute also took the opportunity to bring forward a number of issues and challenges faced by the profession at the present time.

MIA President David Delicata, Chief Executive Officer Maria Cauchi Delia, MIA Officers and representatives of the Direct Taxation Committee highlighted the key policy proposals, focusing on competitiveness, tax-related matters and sustainability.

Environmental, Social and Governance concerns remain a priority for the MIA as more businesses are recognising ESG as a path to innovation across goods, services, and even business models. In this context, the MIA, which in recent year has taken leadership on the matter, has put forward a number of proposals, particularly of a fiscal nature, to support the national objectives in this area.

Other matters raised during the meeting concerned tax, pensions and the shortage of human resources.

From his end, the Shadow Minister for Finance expressed his support and commitment towards the MIA’s efforts, particularly with regards to sustainability, simplification measures and in addressing the challenges relating to human resources at the present time.

As the business environment becomes more challenging and uncertain, it is very likely that this translates in heightened conflict at the workplace. The ability to deal with conflict therefore takes on increasing importance. Workplace conflict can trigger negative consequences affecting relationships, which will lead to a serious loss of time and energy, when not addressed in a competent manner.

In essence, unmanaged conflict will ultimately result in costs to the individual and costs to the organisation. Accountancy and financial services professionals would be better off by investing in improved skills which will help them understand conflict, consider the possible management styles and options concerning the matter, evaluate how to prevent conflict and ultimately resolve it.

This session will enable participants to reduce anxiety and frustration about conflict amongst co-workers and avoiding conflict whilst not allowing tension and resentment to fester. In order to do so, participants will be encouraged to use differences of opinion and conflicts constructively, leading to growth and creativity, while using proven strategies and powerful communication skills to prevent and manage conflict.

While several theories on the subject matter exist, ultimately every person will adopt his or her personal conflict management style. It is therefore imperative to understand ourselves and our approach to the issue before seeking to take action. This will in turn improve our reaction to issues and guide our approach to conflict resolution conversations.

Furthermore, the session will help participants learn how to get to the root cause of conflicts and prevent conflicts from re-occurring.

Interested in the session? Register here.

Budget 2023 should focus on initiatives which enhance Malta’s competitiveness and sustainability, the Malta Institute of Accountants said in its pre-budget proposals and other tax related matters.

These proposals were presented by MIA President David Delicata, Chief Executive Officer Maria Cauchi Delia, MIA Officers and representatives of the Direct Tax Committee to the Minister of Finance and Employment Clyde Caruana during a meeting held at the MIA’s Head Office on Thursday. The various policy recommendations and specific initiatives were collated by the Institute after extensive internal consultation with the MIA’s committees and groups.

The accountants’ body has identified a number of initiatives intended to enhance the economy’s competitiveness, including through the simplification, clarification and consolidation of legislation, the facilitation of family business succession and the reduction of burdens on private operators.

The MIA has also called on the government to identify and implement the necessary measures that will contribute towards the country reaching sustainability targets. These include fiscal benefits that further incentivise the use of environmentally-friendly vehicles and energy-efficient goods as well as in support of lifestyle choices which reduce the dependence on the personal vehicle. Support towards employers who invest in greening their facilities is also encouraged.

In view of Malta’s challenges associated with an ageing population and growing debt levels, the MIA has also put forward recommendations related to supporting the improved uptake of private pension plans in order to enhance the sustainability of Malta’s social security system.

The meeting with the Minister of Finance also served for the Institute to address the constant challenge faced by the profession related to the lack of human resources which is a significant risk to the industry’s competitiveness at the present time. The Institute is working on a number of proposals aimed at facilitating the recruitment of third country nationals and strengthening their retention.

The presence of the members of the Direct Tax Committee also facilitated a discussion on various proposed fiscal amendments, intended to streamline the Maltese tax system in order to enhance fairness and justice while strengthening the competitiveness of Maltese enterprise. The Institute has already engaged in discussions on the matter with the Commissioner for Revenue which will continue following the meeting with Minister.

The Institute appreciates the feedback provided by the Minister of Finance throughout the meeting and looks forward to a positive consideration of its proposals in the upcoming budgetary exercise.

The Malta Institute of Accountants held its 58th Annual General Meeting on 30th September 2022, at the MIA’s Head Office, during which seven of its members were elected to its Council. The members are Fabio Axisa, David Delicata, Jonathan Dingli, Shawn Falzon, Ivan Grixti, Christopher Portelli and Annabelle Zammit Pace.

They join Charmaine Baldacchino, Edmond Brincat, Mark Bugeja, Noel Mizzi, Lucienne Pace Ross and William Spiteri Bailey on the council.

Fellows of the Institute participated at this year’s AGM physically for the first time in three years, during which they were also called to vote on a series of statutory changes proposed by the Council to improve and strengthen the operations of the same organisation.

Addressing his first AGM as Council President, David Delicata gave a run-through of the past twelve months during which the Institute was increasingly involved at a national level, supporting authorities on matters of national policy, through recommendations, feedback and advice particularly on proposals for new legislation and regulations emanating from international institutions.

Mr Delicata highlighted the MIA’s central role in supporting the National Coordinating Committee during the authorities’ year-long effort to secure a timely exit from the FATF’s grey-listing. “As a result of this contribution, the MIA is becoming every day an even more respected and trusted partner at a national level, strengthening the role of the profession in the process”, he added.

Mr Delicata expressed particular thanks to the Institute’s members, particularly to the over 100 fellows who take an active role in the MIA’s committees and groups to painstakingly go through extensive regulatory proposals, debating and providing feedback which the Institute then relays to the authorities. The President explained how, in this context, the MIA seeks to find the right balance with pushing for the necessary regulatory developments while ensuring that this is not unduly prescriptive on the profession.

The President referred to other areas in which the MIA is focusing its efforts, including the implementation of ESG standards and the constant challenge relating to the availability of resources. On the latter, he highlighted the MIA’s two-pronged approach, proposing short-term solutions to facilitate the recruitment and retention of third country nationals while investing long-term through the recently-launched second edition of the #AccountsforYou campaign.

During the first meeting of the same Council held shortly after, the four Officers of the Council were elected. David Delicata was re-elected as the Institute’s President, while Mr Mark Bugeja was elected as Vice President, Ms Lucienne Pace Ross as Secretary and Dr Jonathan Dingli as Treasurer.

Supply Chain Issues and Inflation - the Role of the Accountant

It’s the fourth quarter of 2022, and the supply chain crisis continues to buckle under the strain of the pandemic, geopolitical conflict, and economic uncertainty. It is safe to say that shortages have defined the struggles of businesses during the last two years with no clear end in sight. Over more recent months, high inflation rates have put further pressure on firms, worsening an already dire situation. Although several factors are contributing towards higher-than-normal inflation rates, a significant amount is derived directly from supply chain issues.

In such a context, one way to start tackling inflation is to directly address supply chain problems, such as cost of container shipping and logistical issues by bringing factories closer to the end consumers. Yet, many companies have had their resources depleted during the pandemic and hence require a degree of funding to undertake such an investment. However, earlier this year, the European Central Bank (ECB) announced an unexpectedly large interest rate rise, its first in 11 years.

The rationale behind the ECB’s move is that higher interest rates help to fight inflation by raising the cost of borrowing, encouraging people and businesses to borrow less and spend less. In theory that is meant to lead to lower demand and slow price rises, but it also means less economic activity. Due to this, companies that are looking to tackle supply chain issues by investing more will likely find it more expensive to do so and hence their projects might not be financially viable. This will also put an additional strain on the cashflow of businesses, something that accountants need to keep a close eye on.

In this context, this session will look into how accountants can understand supply chain and inflation and how these impact the performance of businesses. The first part of the session will focus on a detailed analysis of past inflation data and on recent developments within the global environment that are impacting both the supply chain and inflation, today and in the future. Also, conclusions will be derived on the inflation in the Maltese economy in recent years and a clearer vision of where inflation is heading in the coming months and years will be presented. We will also look at what policy makers are doing to mitigate against supply chain and inflation issues.

The second and main part of the session will focus on the role of the accountant in present times and how the accountant can prepare for what’s to come in the near future. We will look at strategies that leading organisations around the world are rapidly deploying to help build resilience and agility, and how accountants and business consultants in companies of all sizes can implement strategies to help them deal with supply chain issues and battle inflation.

Interested in the topic? The MIA is organising a session on 6th October. Read more here.

Supporting the profession in the digital transition

A rapid digital transformation is having an impact on every business in every industry. The finance function of any organisation is certainly no exception. In this context, the MIA Digital Committee has been actively working on identifying and addressing responses for the digital era of the finance function.

The overarching role of the Committee is to keep the profession abreast with all things digital including cloud, cyber security, technology assurance, data analytics/automation and other technological developments, whilst ensuring that the new skillsets are identified to ensure relevance of our profession.

The Committee’s work revolves primarily around three areas.

The first stream is the agenda of cloud accounting. The Committee has been engaged on developing an open framework for the finance profession to better embrace the technology deployment of cloud computing in the accounting world. The framework identifies core elements for consideration and evaluation when deploying cloud accounting technologies. The open framework will deliver a core set of information that is technology/vendor agnostic, and caters for contributions provided by professionals from time to time.

The second stream relates to the new skill sets and competencies for the digital era of the profession at large to be embraced and invested in to ensure the profession remains relevant. Aspects of big data, digital technologies, such as robotic process automation, artificial intelligence and predictive analytics drive the agenda in creating business value. The technology enabled skill sets focus on the six principles of strategy and risk, analytics and reporting, technology deployment, business operations, digital leadership, and ethics and values. The development of this framework will lead to the possibility for members to benchmark the competencies and identify paths to enhance the skillsets for the digital era.

The third stream involves a direct and active participation in discussions held with the Office of the Commissioner for Revenue (OCfR) on the point-of-sale exemption/certification processes in order to reflect the digital platform realities and operating models that businesses operate today and tomorrow. Recently, the Committee also held discussions with the OCfR to ensure a consistent application of VAT rules on the soon to be introduced Beverage Container Refund Scheme (BCRS) across retailers, restaurants and so forth.

The Committee has also been actively involved and supporting the Institute through the organisation of events for members revolving around the agendas of cyber security, digital skill sets, data and automation, and to provide awareness of digital technology trends and assessment on how they affect members. The Committee also backs other committees on digital agenda aspects such as ESEF reporting, participates in webinars and conferences organised by the MIA and supports students in addressing queries in relation to the digital topic in their dissertations.

Written by Chairperson of the MIA Digital Committee, Gordon Micallef.

Furthermore, the Committee, led by Mr Gordon Micallef, is organising a session dealing with matters impacting the work of accountancy professionals. Don't miss this opportunity. Register here.

“ESG should be about tangible action towards a fair and better society” - Accountants.

The Malta Institute of Accountants’ Young Members Focus Group tackles regulatory and practical implications of ESG

ESG is not simply a trend which enhances a company’s CSR offering. It is a central element of an organisation’s operations, backed by wider social and consumer awareness and increasing regulatory expectations. ESG is also a means through which entities can give back to the community that sustains their success.  

In such a context, accountancy professionals have a strategic role to play in ensuring that organisations are complying with the applicable legal obligations and pushing ESG as a basis for further growth. This key message came across strongly during a Young Members event hosted by the Malta Institute of Accountants which focused on the latest developments concerning ESG.

Addressing the event, MIA President David Delicata remarked that ESG has brought about a culture shock within firms, given the rapid pace of the transformation. “Greenwashing will not cut it. Without proper formal disclosures, there is no accountability”, the President added, highlighting the centrality of the accountancy professional role in this sense. “As accountants we have a big role to play, not only in educating but also in ensuring that our clients and employers are complying with their obligations”.  Mr Delicata also focused on the need for upskilling within organisations to be able to respond to these developments, adding that the MIA is contributing to this through a wide programme aimed at educating members and other professionals in the field.

MIA CEO Maria Cauchi Delia referred to the increasing public awareness on the matter, pushing businesses to up their game and change their mindsets. “While environmental, social and governance matters might not be considered as financial elements within an organisation’s activity, they will have a significant impact on its bottom line.” She added that accountants are therefore responsible to ensure that the entities they operate in remain competitive. Through their roles on boards, in management and when acting as advisors, professional accountants need to lead the corporate sustainability agenda.

The event included panel discussions and breakout tables which addressed practical and regulatory elements emanating from upcoming ESG requirements, including new standards developed by the relevant European bodies. The MIA itself has been an important contributor in this sense, providing detailed feedback to the European Financial Reporting Advisory Group on the first draft set of European Sustainability Reporting Standards.

A number of speakers called for a proactive philosophy rather than one of compliance, with regulation and directives being there to support and facilitate the change. Accountants were encouraged to clarify not only the costs associated with ESG implementation but also highlight the benefits, particularly as more investors are revisiting their priorities and favouring companies that truly champion the ESG agenda. ESG also calls for wider collaboration between members of the profession as well as other professionals and experts, given that the variety of the subject matter requires different areas of expertise.

Concluding the event, the Chairperson of the Young Members Group Dean Micallef stated that the profession is now dealing with metrics which are more qualitative. He called on participants to convey the key messages resulting from the event to their fellow management team: “ESG is something which society demands from us”.

The Malta Institute of Accountants has launched the second edition of the #AccountsForYou Awareness Campaign, as it seeks to encourage young students to discover more about the exciting and varied career opportunities that this profession provides. It will also address the need for wider financial literacy starting at a young age, a key tool in the development of the citizens of tomorrow.

The campaign was launched by MIA President David Delicata and CEO Maria Cauchi Delia in the presence of the Minister for Education, Sport, Youth, Research and Innovation Hon. Dr Clifton Grima.

Addressing a press briefing at the Institute’s Head Office, MIA President David Delicata noted that despite the turbulent economic times of recent years, the Maltese economy has continued to grow and attract higher-quality jobs particularly in the services-based industry, creating the need for an increasing cohort of accountancy and auditing professionals. Quoting a recent survey commissioned by the MIA, the Institute of Taxation and the Institute of Financial Services Practitioners, the Export-Oriented Foreign Direct Investment services sector employs more than 28,000 persons, excluding many more thousands who provide ancillary services to such industry. While hundreds of students yearly qualify to act as accountants through University of Malta and the MIA-ACCA Joint Scheme, demand continues to outstrip supply.

“Accountancy is synonymous with a profession which highlights the importance of ethics, professionalism and good governance. It is a profession which has demonstrated resilience throughout times, and offers professionals engaged in it the opportunity to make a difference, for accountants play a key role in every organisation, irrespective of its industry or size. Our aim is to encourage young people to be aware of these opportunities,” Delicata added.

MIA CEO Maria Cauchi Delia explained that the campaign will be targeted towards students in Year 8 and Year 11 in state, church, and independent schools as well as post-secondary institutions, these being important junctures on their study path. The campaign will feature live sessions in schools supported through a digital campaign on the social and media platforms which are frequently used by the younger community.

Cauchi Delia said that the first edition of the campaign, despite the limitations of the pandemic, reached more than 1,000 children from 40 schools, with the Institute targeting to sustain and possibly improve on these numbers.

Minister for Education, Sport, Youth, Research and Innovation Dr Clifton Grima said: “In a constantly evolving world, the labour market is coming up with new requirements. In this context, we need to provide guidance to our country's students at the delicate phase of their life when they make important choices that will impact their future. For this reason, we should promote subjects that help them achieve these goals, including those related to accountancy, so that the market requirements are met.” The Minister recalled that decisions on their future career need to be ultimately taken by the children themselves, and it is for this reason that the Guidance and Counselling Unit within the Education Ministry provides guidance to students so that their choice is made according to their aspirations and abilities, while also focusing on the wider socio-economic development.

The Malta Institute of Accountants would like to thank the Ministry of Education, the Department of Accounts within the Directorate for Learning and Assessment Programmes (DLAP) which is supporting this campaign, as well as MIA officials, members and staff, together with other contributors and sponsors for their contribution and support towards this campaign.

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Il-Malta Institute of Accountants jniedi t-tieni edizzjoni tal-Kampanja ta’ Għarfien #AccountsForYou

Il-Malta Institute of Accountants nieda t-tieni edizzjoni tal-Kampanja ta’ Għarfien #AccountsForYou bl-għan li jinkoraġġixxi lill-istudenti jiskopru aktar dwar l-opportunitajiet differenti u eċitanti li l-professjoni toffri. Se tindirizza wkoll il-bżonn ta’ għarfien finanzjarju akbar minn età żgħira, li hija għodda importanti ħafna fl-iżvilupp ta’ ċittadini ta’ għada.

Il-kampanja tnediet mill-President tal-MIA David Delicata u l-Kap Eżekuttiv Maria Cauchi Delia fil-preżenza tal-Ministru tal-Edukazzjoni, Sport, Żgħażagħ, Riċerka u Innovazzjoni l-Onor. Dr Clifton Grima.

F’diskors waqt konferenza tal-aħbarijiet fl-Uffiċċju Ewlieni tal-Institute, il-President tal-MIA David Delicata nnota li minkejja l-isfidi ekonomiċi tal-aħħar snin, l-ekonomija Maltija kompliet tikber u tattira impjiegi ta’ kwalità speċjalment fl-industrija tas-servizzi, fatt li ħoloq bżonn ta’ numru akbar ta’ professjonisti fl-accounting u l-awditjar. Huwa kwota studju riċenti li sar mill-MIA, l-Institute of Taxation u l-Institute of Financial Services Practitioners, li aktar minn 28,000 persuni jaħdmu fis-settur tas-servizzi marbut mal-investiment barrani dirett, flimkien ma’ eluf oħra li jipprovdu servizzi anċillari lil din l-industrija. Filwaqt li mijiet ta’ studenti jikkwalifikaw kull sena biex jaħdmu ta’ accountants permezz tal-Università ta’ Malta u bl-iskema konġunta li l-MIA għandu mal-ACCA, id-domanda għadha ferm akbar mill-provvista.

“L-accountancy huwa sinomimu ma’ professjoni li tirrifletti valuri importanti bħall-etika, il-professjonalità u governanza tajba. Hija professjoni li baqgħat reżiljenti matul iż-żminijiet u toffri l-opportunità lill-professjonisti li jaħdmu fiha biex jagħmlu differenza. Dan għaliex l-accountants jilagħbu rwol importanti f’kull organizzazzjoni, irrispettivament mill-industrija jew id-daqs tagħha. L-għan tagħna hu li nħajru lit-tfal u żgħażagħ biex ikunu konxji ta’ dawn l-opportunitajiet,” żied jgħid is-Sur Delicata.

Il-Kap Eżekuttiv tal-MIA Maria Cauchi Delia spjegat li l-kampanja se tkun immirata lejn studenti fit-tmien u l-11-il sena fl-iskejjel tal-istat, tal-knisja u dawk indipendenti, kif ukoll f’istituzzjonijiet post-seondarji, li huma kollha punti importanti tul il-kors tal-istudju. Il-kampanja se tinkludi sessjonijiet fl-iskejjel kif ukoll kampanja diġitali fuq il-mezzi soċjali u pjattaformi li jintużaw l-aktar minn udjenza żagħżugħa.

Cauchi Delia qalet li fl-ewwel edizzjoni  tal-kampanja, minkejja l-limitazzjonijiet tal-pandemija, intlaħqu aktar minn 1,000 tifel u tifla minn 40 skejjel differenti. L-għan tal-MIA huwa li jsostni u possibbilment itejjeb dawn in-numri.

Il-Ministru għall-Edukazzjoni, l-Isport, iż-Żgħażagħ, ir-Ricerka u l-Innovazzjoni Clifton Grima qal li, “f’dinja li dejjem qed tevolvi, qed joħorġu aktar bżonnijiet tas-Suq tax-Xogħol u huwa għalhekk irridu nkunu ta’ gwida għall-istudenti tal-pajjiż f’mument delikat ta’ ħajjithom li fih ikunu qed jagħmlu l-għażliet li se jaffettwaw il-futur tagħhom. Għalhekk għandna nagħtu promozzjoni għas-suġġetti li jwasslu għal dan il-għan, fosthom dawk relatati mal-accounting biex jimtlew il-bżonnijiet u l-esiġenzi tas-suq.” Il-Ministru fakkar li huma t-tfal infushom li jagħmlu l-għażliet tal-karriera tagħhom, u għalhekk it-Taqsima tal-Gwida għall-Karriera u l-Edukazzjoni fi ħdan il-Ministeru tagħti gwida lill-istudenti biex filwaqt li l-għażla tagħhom tkun skont l-aspirazzjoni u l-abbiltà tagħhom, tkun tiffoka wkoll fuq l-iżvilupp soċjo-ekonomiku globali.

Il-Malta Institute of Accountants jixtieq jirringrazzja lill-Ministeru tal-Edukazzjoni, id-Dipartiment tal-Accountancy fi ħdan id-Direttorat għall-Programmi ta' Tagħlim u Assessjar (DLAP) li qed jissapportja din il-kampanja, kif ukoll uffiċjali, membri u staff tal-MIA, kif ukoll kontributuri u sponsors oħra għall-kontribuzzjoni u appoġġ tagħhom lejn din il-kampanja.

The growth of the service-based industry and the increase in the cost of property have driven many companies and individuals to seek rental options when considering their next property move. Over the past years, Malta has witnessed a significant transformation in this regard. According to local authorities, a total of 37,976 leases were registered in 2021, a staggering increase of 49% over the previous year.

This study shows that the property rental market is a growing one and is going through a rapid transformation. This context requires finance and real estate professionals to be familiar with the elements which are driving pricing in the market, and how lease terms and rental values have an impact on the real estate lifecycle.

There are three major factors which impact the rental valuation. Firstly, the overarching economic situation, which generally reflects the profitability of the businesses that occupy and /or lease out various types of premises. Changes in rents also reflect developments in the health of the economy because such changes influence supply and demand. Being able to anticipate upcoming economic trends, understand forecasts but also economic policy direction is a key requirement to plan effectively ahead in the property sector.

Secondly, one needs to keep in mind the performance of a property investment, as the objectives of property investors are to benefit from both the rental income which is paid by the occupier, and any capital growth which they anticipate from their ownership.

The third element relates to the valuation of a property, especially investment and commercial properties, as the income approach (which is the main approach to value these types of properties) assesses Market Value by capitalising the future income obtainable from the property.

During a three-hour session held on 27th September, the speaker went through the key concepts, principles and terminology related to leases and rental value. Primarily, the course focused on long-lets for commercial properties, though the key concepts do not really differ significantly for residential properties.

In fact, participants were guided through the economics of rent and the determinants of rental value, while also pointed towards key sources of local data which will support them in their market research. The session also addressed the basics of preparing cash flows for valuations and investment appraisals, thus helped participants to decipher the contents and terms of a lease and provide advice on how to review lease terms.

Humanity is continuously faced with the dilemma of the correlation between behaving ethically and being successful. We seem to be living in a society where success depends on freedom to do as you like and ignoring ethical principles. We are living through a culture which promotes liberalism while shifting away from conformism. Yet many others are subject to stiff regulation with penalisation continuously hanging on their heads. Is this a two-speed society with different classes or will the ethical and conformist prevail in the long run?

Corporations pride themselves on their brand of culture. Companies build their own culture which plays an important part in business, employee retention, customer relations, shareholder relations, competition, and society at large.

The ethical stance of executive management and leaders of a corporation define the culture of a corporation. On the other hand, the culture influences the moral values practiced within the company. Presumably Corporate Culture and Ethical Behaviour are intertwined, and one shapes the other.

Corporate Culture is known to change over time. Many companies which started purely as a service to society and human needs have turned into profiteering behemoths dominating markets, minds, and economic well-being of consumers. Companies which humbly emerged from an invention have over years muscled out other entrants and killing choice in the process. Success of companies or individuals is known to have rendered companies and people insensitive to other people’s needs and changed the culture of their environment clearly creating a divide between providers or producers and consumers. An uncontrolled corporate culture which sidelines society is harmful and many such situations have led to the much wrongdoing prevailing over doing the right thing.

One also observes the phenomenon that in times of apparent affluence cultures and ethics may take the sidelines, while during a recession, when more and more people are suffering, societies resort to the comfort of ethical practice. One would therefore wonder whether ethical behaviour and corporate culture are cyclical concepts. Do these concepts change with phases or do phases depend on how these concepts are observed?

These issues are very pertinent to us accountants. Corporate culture should be one of the cardinal elements to consider as early as the onboarding stage. With regards to client continuation, evolving corporate culture of the client remains of significant importance.

Whether we are Practicing Accountants in Business or auditors the subject remains extremely relevant. In the former role we purport to influence the culture, while in the latter role it becomes a matter of risk management to our practice as well as somewhat exerting influence. As practitioners we may have less freedom to adopt the culture that we want because we are regulated and therefore subject to rules as prescribed for example in the Code of Ethics and other pronouncements.

The subject of ethical behaviour is not a matter of choice to anyone let alone to accountants in any activity that they engage in. It follows that whilst, in line with the argument above, ethical behaviour influences corporate culture, in the case of accountants in practice the culture in the firm is rather defined by regulation and not so much by the ethical stance of the partners or management of the firm albeit that the latter’s’ ethical standards determine the ease with which compliance is attained.

These aspects will be the addressed in detail during this three-hour session, putting forward considerations which are increasingly relevant in the corporate world of today.

If you are interested in learning more on this topic, there is a session to take place on 4th October 2022. Register here.