Accountants must play more strategic role
Local accountants have been put on notice that the demand for their services could increase tremendously as residents call for greater transparency from the public sector and companies change their business models.
“There is a growing scrutiny of public finance and a call for complete and accurate information with which to make decisions,” noted President of the Institute of Chartered Accountants of Barbados (ICAB) Lisa Padmore.
She quoted a global survey, which showed that the ethical conduct of organizations was also becoming increasingly important.
Padmore said there were also some changes in the area of organizational reporting and management that would impact on the accounting profession.
In this regard, she pointed out that the role of the chief financial officer, as well as the general accountancy function will assume a far greater organizational remit and that “the capabilities of the professional accountant will be leveraged across all aspects of organizational decision making from strategy formulation to defining new business models”.
“There will be increased public expectation that the profession will play a bigger role in enhancing governance and addressing fraud, corruption, money laundering and other unethical practices.
“Governments will be under pressure to improve transparency and accountability and will seek the help of accountants to help with that reporting,” she said.