role of the professional accountant in nation building

7/27/2019 Role of the Professional Accountant in Nation Building

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The Role of a

Professional Accountantin Nation Building

September 2013

www.pwc.com/gh


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Content

The Professional Accountant

Nation Building

Traditional role of Professional Accountants Emerging role of professional Accountants

Where you find Professional Accountants andtheir impact

Conclusion

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The Professional: Who is he/she

A person

who has been educated and trained to high standards in aparticular line of work

Who holds a reputable qualification in respect of that lineof work

Who is motivated to provide a high standard of clientservice

Who is answerable to the body which has issued hisqualification for the quality of his work

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Accountant

Possesses the requisite skill and experience:

In establishing and maintaining accurate financial recordsfor an individual or a business

Including designing and controlling systems of records,auditing books, and preparing financial statements. Anaccountant may give tax advice and prepare tax returns.

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Nation Building

Refers to:

the process of constructing or structuring a nationalidentity using the power of the state.

The process aims at the unification of the people within thestate so that it remains politically stable and viable inthe long run.

Nation-building can involve the use of propaganda or major

infrastructure development to foster social harmonyand economic growth.

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Traditional Role of Professional Accountants

Business and tax advice, including planning

Preparation and audit of annual accounts

Preparation of personal and business tax returns

The setting up of bookkeeping and business systems

Providing bookkeeping services

Payroll work

Assistance with management accounting Helping with raising finance

Advice on budgeting and cash flow

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Emerging role of accountants

Establishing a common performance language'throughout the organization so that everyones activitiesare aligned with the vision and goals of leadership

Upholding business integrity

Creating, implementing and improving managementinformation systems to bolster strategy, planning, decision-

making, execution and controls activities

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Emerging role of accountants (Contd)

Managing risk and handling business assurance

Measuring and managing performance

Communicating financial and other performanceinformation to internal and external stakeholders, includingregulatory authorities, lenders, bankers and investors in a

manner that foster trust.

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Where to you find Professional Accountant

1. Professional Accountants in Business

2. Professional Accountants in Government

3. Professional Accountants in Public Practice

All have a critical role in nation building, because we hold afiduciary position

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Management and Financial

AccountancyEnterprise

Governance

Business

Accounts

Internal

Control

Corporat

eFinance

IT

Project

Managemen

tTreasury

Information

Risk

Managemen

t

Internal

Audit

Strategy

Support Business Strategy

Information

StrategyCFOFinanceStrateg

y

CEO, Independent

Directors

Advisors


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Professional Accountants in Business

Post-Enron, the importance of the control function has increased, Butour role has also changed. We are much more related to businessmanagement and strategic development.

Joao Batista, Regional Controller- Philips Latin America

The added value is note just giving the reassurance but providing newinsights at Uneliver executive and Board level and makingrecommendations which will improve the performance of the business.

James Duckworth, Chief Auditor, Unilever, based in Londo

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Professional Accountants in Government

The reality is that my accounting background underpins everything. Itbridges the best of the private sector management and skills togovernment.

Grant Ashley, Executive Assistant Director of the FBI.

No institution, be it in private enterprise or in public service, can

operate properly without the assistance of accountants. Accountants filla variety of management needs that are essential at all enterprises

Ellsworth H Morse Jr, Assistant Comptroller General of the US

In government, Professional accountants play an important role, whenthey participate in regulatory process by developing, prescribing andauditing financial and other data from private organizations subject toregulation.

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Professional Accountants in Public Practice

External Auditors

Consultants

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Professional Accountants in Public Practice

we have a duty of care in ensuring;

accounting framework used in preparing financial information isacceptable

greater transparency in reporting to stakeholders and investors

improved corporate governance

financial reporting meet all compliance requirements as set by theregulatory bodies.

In doing so we protect the interest of all stakeholders of the

organisation and by so doing develop our nation

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How accountants have faired innation building in recent times...?

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Global scandals in recent times

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http://images.google.com/imgres?imgurl=http://www.insidesocal.com/scauzillo/enron%20logo.jpg&imgrefurl=http://www.insidesocal.com/scauzillo/2009/06/enron_movie_worth_seeing_again.html&usg=__6RfYMF-2X_ArO0cEbGqSRGgjKz0=&h=480&w=494&sz=92&hl=en&start=1&sig2=FOpRAG4IB58bYH_rQyxNQw&zoom=1&itbs=1&tbnid=t3ugOmwYP7xF5M:&tbnh=126&tbnw=130&prev=/search?q=enron+logo&hl=en&biw=1259&bih=604&gbv=2&tbm=isch&ei=fZsuTr-3AcOy8gOasOBt


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Conclusion

Accountants can see the trend of how the organization is doing and canwarn against.

David Li, Chairman and CEO of the Bank of East Asia

How can you run a business if you do not really know how it is doing?

The way you contribute is by being flexible and thinking strategicallyand stepping our of the box of accounting.

Bob Henn, Global Reporting and Analysis Leader, GE Kansas City

Ongoing development is critical. If you stop learning you stopContributing.

Helen Short, Vice-president, Investor Relations of Johnson andJohnson.

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As auditors we owe a duty of care to all ourstakeholders...

This publication has been prepared for general guidance on matters of interest only, and does

not constitute professional advice. You should not act upon the information contained in this

publication without obtaining specific professional advice. No representation or warranty

(express or implied) is given as to the accuracy or completeness of the information containedin this publication, and, to the extent permitted by law, PricewaterhouseCoopers (Gh) Ltd, its

members, employees and agents do not accept or assume any liability, responsibility or duty of

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information contained in this publication or for any decision based on it.

2011 PricewaterhouseCoopers (Gh) Ltd. All rights reserved. In this document, PwC refers

to PricewaterhouseCoopers (Gh) Ltd, which is a member firm of PricewaterhouseCoopersInternational Limited, each of which is a separate legal entity.

role of the professional accountant in nation building

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