Page 58 - The Pakistan Accountant January-March 2018_Neat

Signature Qualification CA that Empowers to Lead PAKISTAN Research Chart 3: Expected Key Areas of Competency for Professional Accountants in Business Impact of Megatrends Roles Creators of value Enablers of value Preservers of value Reporters of value Drivers of Professional Professional Professional Professional Sustainable accountants, accountants, accountants, accountants, Organisations as creators of value, as enablers of value, as preservers of value, as reporters of value, should be able to: should be able to: should be able to: should be able to: Customer and Create a focus on Facilitate organisations in Monitor and ensure that Effectively communicate Stakeholder Focus sustainable value making sustainable organisations effectively how value is delivered to creation by ensuring a customer- and and efficiently achieve customers and strong link between stakeholder-focused their strategic and stakeholders, to internal customer and strategic and operational operational targets and management and stakeholder focus, decisions, implement goals operations and, where strategy, governance, appropriate strategies, appropriate, within and sustainability to and evaluate their external reporting, such support the delivery of ongoing relevance and as the annual report value to customers and success stakeholders Effective Set strategic direction by Frame key questions and Identify, prioritise, and Provide management, as Leadership and defining a value issues for consideration, manage strategic and well as external Strategy proposition that takes and provide managerial operational risks within stakeholders, with advantage of the and operational decision the context of reinforcing analysis and insights on strategic risks and makers with relevant governance processes drivers, execution, and opportunities, and the insight and analysis and practices results of sustainable organisation’s strengths value creation and weaknesses, and being aware of the critical points at which an organisation needs to make strategic decisions Integrated Drive the formulation of Implement enterprise Evaluate policies, Provide management, as Governance, Risk and an organisation’s risk management and procedures, and well as external Control attitude to and appetite control as a strategic processes to manage stakeholders, with for risk and deliver activity and an integral governance, risk and information on the aligned and effective part of an organisation’s internal control systems, organisation’s governance, risk, and governance system, as including control opportunities and risks, control practices to well as into all other objectives that support and the performance of achieve a balance decision-making, the delivery of an its governance, risk between conforming with operational, and organisation’s mission management, control rules and regulations reporting processes in and strategic objectives, processes, and systems and driving sustainable the organisation in accordance with an value creation established risk attitude and appetite Innovation and Manage innovation in Participate in the Implement measures of Report on innovative Adaptability the finance and evaluation and innovation that capabilities and results accounting function to improvement of objectively assess its and the impact of facilitate its development, processes and incentives financial and non- research and and to support its input that facilitate and nurture financial impact, and development investment, into developing an innovation and identify possible areas of and future plans and organisation’s other adaptability improvement priorities innovation and R&D activities Financial Understand and interpret Support governing Examine systems that Provide a detailed Management the financial health of bodies, management, and generate financial and knowledge of financial organisations and play a operations in non-financial information and other reporting leadership role in understanding the and ensure that they are standards, and guidance developing and financial health of working within prescribed to ensure implementing a financial organisations and standards of accuracy and that they are correctly strategy to deliver an progress in delivering reliability, and that such applied so that relevant, organisation’s strategic financial objectives, and information adequately reliable, and objectives providing the information reflects the performance understandable and analysis needed to of the organisation information is provided improve sustainable value creation People and Talent Participate in devising Focus individual and Ensure a questioning Report on how Management and implementing people team development on mindset capable of organisational and talent management enhancing organisational identifying risks and investments in human strategies and policies for skills, including an opportunities in the area capital development the wider organisation understanding of of people and talent lead to the generation of and the finance function business context and management, and serve sustainable shareholder priorities, providing high- as promoters of integrity, and stakeholder value quality management transparency, and creation information and analysis expertise and “business partnering” to gain trust within wider organisation 56 The Pakistan Accountant January - March 2018