Hit the road Positive leadership for troubled times - ICAEW

GENERAL STRATEGY
THE ROLES AND DOMAIN OF THE
PROFESSIONAL ACCOUNTANT IN BUSINESS
PERFORMANCE
PAIB AS
CREATOR
OF VALUE
PAIB AS
ENABLER
OF VALUE
CFO/FD,
CONTROLLER,
MANAGEMENT
ACCOUNTANT,
BUSINESS
ANALYST
PAIB AS
REPORTER
OF VALUE
PAIB AS
PRESERVER
OF VALUE
CONFORMANCE
1. PROFESSIONALISM
AND ETHICAL
BEHAVIOUR
Professional accountants
should uphold high ethical
standards in accordance with
the Code of Ethics for
Professional Accountants and,
for ICAEW members, the code
of ethics which can be found
at icaew.com/en/technical/
ethics/icaew-code-of-ethics.
They also have an important
role in driving and supporting
a high standard of ethics
across the business and
fostering a values-based
organisation, such as that
outlined in IFAC’s guidance
Defining and Developing an
Effective Code of Conduct for
Organisations.
2. PROFESSIONAL
JUDGEMENT
This is a differentiating factor
for high-performing
professional accountants.
This includes balancing
organisational nimbleness
and quick and intuitive
decision making with a need
for making decisions based
upon evidence.
3. ORGANISATIONAL
AND ENVIRONMENTAL
AWARENESS
Professional accountants can
be expected to perform as
integrators and navigators by
linking functional disciplines
and organisational units, as
well as facilitating a common
and unifying view on business
models and key success
factors. Organisational and
environmental awareness and
understanding are critical in
helping them to perform
these roles and to reconcile
the detailed aspects of
operational performance with
the strategic aims.
4. INVESTOR AND WIDER
STAKEHOLDER FOCUS
Professional accountants,
particularly those in CFO/FD
roles, can be expected to lead in
managing relationships with
investors, other funders, and
regulators. They can also
bring a wider stakeholder
perspective into the organisation
and challenge managers to
ensure risk and performance are
managed in the long-term
interests of various stakeholders.
5. ADAPTABILITY TO
CHANGE, UNCERTAINTY,
AND COMPLEXITY
Professional accountants have
to be able to adapt to changing
circumstances and apply
professional skills and
judgement to often
ambiguous and imperfect
information. Whether creating,
enabling, preserving, or
reporting sustainable value,
the role of a professional
accountant at all levels has
evolved into one focused on
managing uncertainty,
complexity and strategic
decision-making, within an
overall context of heightened
focus on implementing
effective governance, risk
and control.
Stathis Gould
is head of Professional
Accountants in Business
(PAIB) service delivery at
IFAC stathisgould@ifac.org
IFAC AND THE PAIB
IFAC is the global body for
the accountancy profession,
dedicated to serving the
public interest by
strengthening the profession
and contributing to the
development of strong
international economies. IFAC
comprises 167 members and
associates in 127 countries
and jurisdictions, representing
roughly 2.5m accountants in
public practice, education,
government service, industry,
and commerce.
The PAIB Committee
serves IFAC member bodies
and professional accountants
worldwide who work in
commerce, industry, financial
services, education, and the
public and not-for-profit
sectors. Its aim is to promote
and contribute to the value of
professional accountants in
business by increasing
awareness of the important
roles professional accountants
play, supporting member
bodies in enhancing the
competence of their
members, and facilitating the
communication and sharing
of good practices and ideas.
FINANCE & MANAGEMENT MAY 2012
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