Hello! The global body for professional accountants

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2 Hello!

3 AGENDA The profession a pulse check IFRS IAASB EU activity Future trends

4 The Profession.

5 PUBLIC VALUE Independent research Global markets The Public and the Profession Trustworthy? Blame for the financial crisis? Work in the public interest? Recommendations

6 The Public: What do they think? Sceptical, not enough trust, but overall belief and value Accountants are trustworthy 55 Accountants make a valued contribution 76 High ethical standards 61 Accountants act responsibly 63 Accountants make a valuable contribution to the running of business 76 Professional bodies help to ensure that accountants act responsibly 73 Accountants bear some responsibility for the financial crisis 50

7 The Professionals: What do they think? Difficult priorities, client pressures, value in professionalism and ethics Accountants deliver public value 73 Accountants think the public thinks they are trustworthy 73 General high standards of ethics and professionalism 87 Accountants are responsible for the financial crisis 70 Accountants contribute to better business behaviour 82 Professional bodies important 77 I do not compromise on Integrity 74

8 Engage with people Take the initiative Build trust Talk about audit! Discuss ethics

9 IFRS.

10 US INVESTOR VIEWS Source: ACCA Survey November 2012

11 FINDINGS: BUSINESS BENEFITS Spread of IFRS has helped cross-border trade

12 FINDINGS: BUSINESS BENEFITS Spread of IFRS has improved access to capital

13 IAASB.

14 Brendan Murtagh Audit partner MSI member firm SME appointment criteria SMPC liaison Task forces Our strategy

15 IAASB ISA 720 (Other information) Audit quality Disclosures ISAE 3000 (Assurance) ISA implementation monitoring Auditor reporting

16 EU activities.

17 CECILE BONINO.. OUR SECRET WEAPON

18 THE FUTURE OF AUDIT: TOWARDS MORE TRANSPARENCY, QUALITY AND INDEPENDENCE

19 DATES FOR YOUR DIARY Unleashing entrepreneurial potential in Europe 22 January 2013 Non Financial Reporting 5 March 2013 alternative access to finance for SMEs April/May

20 Future trends?

21 100 DRIVERS OF CHANGE

22 FORCES SHAPING THE PROFESSION 1. Trust and reporting 2. Regulatory expectations 3. Standards and practices 4. Intelligent systems and big data 5. Organisational remit

23 5 IMPERATIVES FOR THE GLOBAL ACCOUNTANCY PROFESSION 1. Embrace an enlarged strategic and commercial role 2. Establish trust and ethical leadership 3. Focus on a holistic view of complexity, risk and performance 4. Develop a global orientation 5. Reinvent the talent pool

24 SCENARIOS FOR THE FUTURE OF THE PROFESSION Guardians of integrity Safehands Changemaker Narrow compliance focus Broad organisational remit Survivor Buccaneer Part of the problem

25 CHANGING ROLE OF THE CFO

26 DRIVERS SHAPING THE CFO ROLE 1. regulation 2. globalisation 3. technology 4. risk 5. transformation 6. stakeholders 7. strategy 8. talent and capability 9. reporting

27 INTEGRATED REPORTING

28 TOWARDS INTEGRATED REPORTING Discussion paper April 2011 Prototype Framework Pilot programme (2 phases) South Africa King III Impact on governance structure

29 INTEGRATED ASSURANCE On what? Who by? Timetable impact? Standards?

30 OTHER ASSURANCE ON Narrative reporting Risk Internal controls XBRL Intellectual Property Bribery & Corruption Human Rights

31 Standards for the future.

32 STANDARDS FOR BUSINESS Corporate governance INVESTOR CONFIDENCE Corporate reporting Assurance

33 VALUE TO BUSINESS CREATING VALUE DELIVERING VALUE SUSTAINING VALUE

34 Questions?

35 CONTACT Sue Almond Technical Director +44 (0)

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