Transcript the role and challenges of a professional accountancy

BY MARGARET I. UNUBUN
EXECUTIVE SECRETARY, ABWA.
I am delighted to be here with you to
discuss the role and challenges of a PAO
in national development at this august
gathering of eminent professional
accountants on whose broad shoulders
lie the responsibility of steering the
ANAN ship. Let me hasten to say that I
see this RETREAT as a highly interactive
one that seeks to enhance our individual
and collective learning curves.
I am therefore enthused by the
Retreat
Caption
of
“Good
Governance Code for a PAO. Also
the essence of the
Retreat is
embedded in the ANAN mission
statement and
core values of
integrity, probity, honesty and good
conscience.
It is a welcome outreach. May I
now, congratulate and commend the
President and Council of ANAN and
all those who have been involved in
putting together this very laudable
programme. It is a demonstration of
the avowed dedication to progress
the accountancy profession.
Accountancy Profession
being so
undisputably dynamic, innovative and still
developing, Roles and indeed Challenges
of PAOs in national development vary
albeit not too significantly from jurisdiction
to jurisdiction if we focus on basic
commonalities. However, it is important to
remind ourselves on what the definition of a
PAO is and or what it represents.
It is essentially a membership body
comprising
of
individual
professional
accountants, who perform a variety of roles in
the accountancy field (including financial &
management accounting, auditing & quality
assurance, taxation, insolvency, liquidation,
consultancy and advisory services, etc) and
adhere to high quality standards of practice
and acting in the Public Interest thereby
promoting good corporate governance and
consistently applying global standards.

Develop and produce competent and capable accountancy
professionals through education, certification and robust and
insightful post qualification professional development
programs (CPD )carried out on continuous basis.

Promote
and enforce strong professional and Ethical
standards through adoption and implementation of
international standards and best practices by its members
exhibiting accountability, effective financial management
and good governance.

Progress quality of financial reporting, strengthen
professional behaviour, educate and reinforce best practices
through systems that have Review processes, investigation,
enforcement and discipline where necessary.

Act as a resource to government, regulators and
other stakeholders by being a centre of knowledge
and expertise with sound policy guidance and
advice on accountancy related issues and submit
timely input to national budgets.

Promote growth and development of the Small and
Medium- sized enterprises who require high –
quality financial information to support their
business plans and facilitate access to credit and
expand operations.

Act in the public interest and be a repository of
information on accountancy in both general and
specific terms for both private and public sectors.
When the PAO functions properly and
fulfils its role in the economy, financial
information from members would be of
such credible and reliable high quality
that enhance public confidence and trust
in the quality of the work of the
accountants. Both existing and potential
investors will be able to make better
informed decisions.
This also is a panacea for the
development of Capital market which
it is given requires credible and
reliable financial information to build
investor
confidence,
enhance
economic development and increase
the attractiveness of a country’s
investment climate and thereby
encourage inflows of FDIs and general
business development.
Businesses continually require high –
quality financial information to support
business planning, facilitate access to
credit, expand operations and enhancing
also the propensity for SMEs to thrive and
grow. Further high quality financial
information in the public sector enhances
impact assessment of fiscal and monetary
policy decisions, facilitating transparency
and accountability in the use of public
funds.
It also aids internal management
decisions in resource allocation,
planning and budgeting, and
monitoring. When the PAO has the
capacity to facilitate the production
of high quality financial information
by its members, the donor
community
and
development
partners would start to show interest
in providing assistance.
The PAO can impact positively on
national development where
those at the helm of affairs, the
governing council remain totally
committed and put in place
facilities to assist and monitor its
members
and
continually
promote professionalism.
 Inadequate
Capacity--- where the PAO does
not have strong membership, access to
adequate technical and financial resources, it
becomes difficult to provide the necessary
training and education programs for
members. Development of quality assurance
programs and establishing processes of
investigation and disciplinary systems may
be impossible and non - existent and the
public trust and confidence may be impaired.
 Lack
of well
Leadership.
focused
and
balanced
 Lack
of awareness and understanding on the
part of government and other stakeholders
regarding the importance of the role of
professional accountants and the impact of a
strong PAO on its members and thereby the
economy.
 Lack
of clear legislative framework to support
government’s
recognition,
the
legal
establishment of a system of educating,
certifying the competences of accountancy
professionals and the effective independent
oversight function .
 Internal
weaknesses --- where there is
lack of commitment
and failure to
promote the value of the profession
which fuels the inability to attract
individuals to the profession. This
inhibits
strategic
planning
and
governance and thereby failure in
providing educational opportunities and
guidance to professional accountants.
These challenges are interrelated and
unless adequately addressed could
diminish the positive role and impact
of a PAO in its jurisdiction and thereby
reduce its ability to contribute to
economic growth, alleviate the poverty
of the citizenry and make wealth
creation a mere mirage.
The main question really is where do we as
a PAO stand. What is our score card like. Are
we poised to face the reality on ground and
pursue
sustainability
initiatives
and
embrace our corporate and social
responsibility and continually raise the
professional image of our members. Do we
have a system of feedback from members to
assess their needs. Is there a concerted
effort to balance these needs of our
members in the various sectors of the
economy?
Can we emphasize the import of consultation, buy
–in where necessary, demonstrate high sense of
commitment as well as maintain good member
relations.
Can we kick start international debates on
emerging issues relating to the education,
development and assessment of professional
accountants.
Can we establish a system of recognizing and
rewarding excellent performance.
Can we cooperate with other PAOs and
leverage on their experience and
strengthen the profession for posterity.
No member should be given the
opportunity to say “ what is the PAO
doing for him or her”.
What we need is the brightest and the
best, active, vibrant and effective.
Thank you for
tolerating me and
God bless you all.
Margaret I. Unubun