patrick mcphee
TRANSCRIPT
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Expert Series Talk:Expert Series Talk:Accountants of the FutureAccountants of the Future
12 June 200812 June 2008
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Presented by:Presented by:
Andrew HengAndrew Heng
CA(M), CPA(Aust), CPA(Mongolia), CPACA(M), CPA(Aust), CPA(Mongolia), CPA(Cambodia), CFP B.Com, LLB(UWA)(Cambodia), CFP B.Com, LLB(UWA)
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Sarbanes-Oxley Act of 2002Sarbanes-Oxley Act of 2002
The Sarbanes-Oxley Act of 2002 is a USfederal law enacted on July 30, 2002 inresponse to a number of major corporateand accounting scandals e.g. Enron.
These scandals, which cost investorsbillions of dollars when the share prices ofthe affected companies collapsed, shookpublic confidence in the nation's security
markets.
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Transformation of the Business WorldTransformation of the Business World
Financial misdeeds have led tomany regulatory changes givingrise to increased emphasis onethics.
Accountants stature haveelevated to Public Guardian.Increased demand for theirservices.
New opportunities emerge inareas of business/ financialplanning, coaching, mentoring,forensic accounting
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Trends ImpactingTrends ImpactingAccountants of TomorrowAccountants of Tomorrow
Increasing demand for skilled professionals
Enterprise risk management
Fair value accounting
Globalization
Fraud control
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What Clients WantWhat Clients Want
Clients are becoming increasingly sophisticated andforward looking and have higher expectations. Theclient of the future will have a sharper
understanding of finances and be more demandingof quality service covering a broader range ofservices:
Sourcing finance
Financial planning
Business coaching
Advisory services
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Generations X and YGenerations X and Y
Generation X those born between 1965 to 1982
Generation Y those born between 1983 to 1997. relatemore to their profession than to an employer, generationof multi taskers, belief in self worth, unafraid of changes.
Generation Y - want to see strong and focusedleadership within organisations for which they work.
Gen X and Y less interested in investing in an accountingfirm. This means more accountants are likely to comefrom graduate backgrounds other than the traditionalBachelor of Commerce or Bachelor of Accounting.
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Life Cycle of An AccountantLife Cycle of An Accountant
Age Meteor to Mentor age 22-28 (post-university
degree; early phase of
professional work):
Develop technical skills, gain
exposure to working with staff
and clients. Complete
professional degree e.g. CPA
age 28-38 (broaden experience) Perform roles in business
environment to gain
commercial and business
experience.
age 38-50 or 55 (prime fee-
earning phase):
Adviser y role with high fee-
earning focus. Supervise anumber of other technical
personnel and mentor them in
accounting and business.
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New Rules, New RolesNew Rules, New Roles
Increased demand in accounting andfinance professionals - new jobopportunities and higher career profile
New regulations created a level
playing field for entry-level staff andexperienced staff
Demographic changes affects the talentpool
Colleges and Universities offering morecourses in response to marketplaceneeds
Interest in accounting programs is on
the rise
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Competencies for a Changed EnvironmentCompetencies for a Changed Environment
Specific attributes employers seek spreadsheet skills,flowcharting, database applications expertise etc
Certifications remain highly valued for accounting andfinance professionals
Technology-related certifications are valued
Communications abilities both written and verbal andsoft skills become important,
Accountants will have to improve their technical skills,offer financial planning
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Paths to SuccessPaths to Success
Opportunities are in abundance for accounting andfinance professionals. Public accounting for instance isthe most popular option.
Public accountants develop broad based skills and gainexperience preferred and often required for positions inboth public accounting and private industry.
Consultants with expertise in internal control,information security, business continuity planning,anti-fraud, mergers and acquisition are highly sought.
Corporate accounting would be another popular careerchoice as it ventures into offering guidance for dailyoperation through value creating activities.
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Public Accounting: A New OrderPublic Accounting: A New Order
New regulation and changes have reshaped the workof public accountants. Heightened emphasis hasbeen put on auditing and consulting services.
Recent legislation has made auditing the primaryfocus of firms hence raising its labor, time and fees.
The rise in demand has caused second tier firms to
expand their service offering to greater heights tocater to the ever demanding market.
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Specialities and Skills in DemandSpecialities and Skills in Demand
General Accounting
Financial Analyst
Internal Audit
International Accounting
Forensic Accounting
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Industry StatisticsIndustry Statistics
The impact of new regulations on businesses 37% - pressure to meet compliance deadlines
31% - collaboration between accounting and informationtechnology
30% - a more ethical environment
58% - have already implement new practices to ensuregreater control of accounting processes
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Industry StatisticIndustry Statisticcontdcontd
Specialties and skills in demand 49% responded general accounting
17% responded internal auditing
Workforce demographic trends Total enrollment in accounting programs for the period of
2000-2004 rose 19%
The overall number of accounting degrees awarded
increased 8% in 2003-2004
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Workforce Demographic TrendsWorkforce Demographic Trends
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Lifelong learningLifelong learning
Supplement your degree with professionaldegree/ masters
Certifications provide a level of expectationsthat the person is competent to carry thework required
Stay up to date with legislative andregulatory changes
Develop soft skills - communication and
presentation skills, community services,clubs etc
Enhance yourself in IT area spreadsheets,powerpoint, database
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QUESTIONS?QUESTIONS?
Contact :Contact :
Ferrier Hodgson Monteiro & HengFerrier Hodgson Monteiro & Heng
Monteiro & Heng ChambersMonteiro & Heng Chambers
No. 22, Jalan Tun Sambanthan 3No. 22, Jalan Tun Sambanthan 350470 Kuala Lumpur50470 Kuala Lumpur
Tel : 603-22736227,Tel : 603-22736227,
Fax : 603-22737503Fax : 603-22737503
Email :Email : [email protected]@fhmh.com.my
Website :Website : www.ferrierhodgson.comwww.ferrierhodgson.com
Andrew HengAndrew Heng
[email protected]@fhmh.com.my
mailto:[email protected]:[email protected]://www.ferrierhodgson.com/http://www.ferrierhodgson.com/http://www.ferrierhodgson.com/mailto:[email protected]