QANTAS pays women 37% less, Telstra and BHP 20%. Fifty years after...
Men continue to outstrip women in the salary stakes, with men’s median annual salary $11,542 greater than women’s,...
READ MORE
The global accounting profession doesn’t do enough to sell its own value to the economy and must collectively recognise its social value contribution, urges the Institute of Public Accountants.
A panel of experts gathered at one of the pre-sessions of the World Congress of Accountants in Sydney yesterday to discuss the relevance of professional accountancy organisations (PAOs) to society.
IPA chief executive Andrew Conway told the audience that there is not one part of society or the economy where accountants do not have a positive impact.
“Simply, the world does not function without accountants. Accounting is so much more than audit and compliance; the accounting ecosystem places much greater emphasis on a much broader spectrum,” Mr Conway said.
Following on from this, Mr Conway said the question then for all PAOs is whether they understand their broader role in society and whether they put it into practice.
Speaking on behalf of the IPA, he further added that it focuses on being practical, relevant and responsive in everything it does with its members.
“As a PAO, we must also focus on member knowledge, which encompasses product, particularly technical resources and information; productivity which is delivered through technology; and, promotion,” Mr Conway said.
“As a profession, we don’t do enough to sell the fundamental value we deliver to the economy. We must collectively also recognise the social value contribution of accountants.”
Mr Conway also noted that while there is a continued focus on technology and the rise of artificial intelligence (AI), PAOs must not forget that AI cannot replace emotional intelligence; that human interaction is the point of difference for the profession.
He said the accounting profession as a whole must own and respect the position of trust invested in us.
“For this reason, PAOs must step up, lead, embrace change, remain open-minded, train the next generation of accountants, and ensure the profession is well resourced for the future challenges ahead,” Mr Conway said.
“Simply put, there is too much at stake. Our trust position requires us all to step up.”