A PHP Error was encountered

Severity: Warning

Message: getimagesize(http://static.ft.lk/ftadmin/wp-content/files_mf/http://www.ft.lk/ftadmin/wp-content/uploads/2014/06/BUP_DFT_DFT-10-F1.jpg): failed to open stream: HTTP request failed! HTTP/1.1 403 Forbidden

Filename: templates/inner.php

Line Number: 59

http://static.ft.lk/ft_logo.png"/> “CFOs are being increasingly stretched and scrutinised”: Global accounting body CEO tells CA Sri Lanka CFO Forum
Home / / “CFOs are being increasingly stretched and scrutinised”: Global accounting body CEO tells CA Sri Lanka CFO Forum

“CFOs are being increasingly stretched and scrutinised”: Global accounting body CEO tells CA Sri Lanka CFO Forum


Comments / 5858 Views / Thursday, 5 June 2014 00:51


International Federation of Accountants (IFAC) Chief Executive Officer Fayez Choudhury declared that Chief Financial Officers (CFOs) are coming under increasing scrutiny while their roles as CFOs continue to be ‘stretched’. Addressing the CFO Forum organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently, Choudhury, who delivered the keynote speech on the role of the CFO today, said accountants are important and strategic in ensuring the development of a country. While observing that the occasional corporate failures and financial crisis will be inevitable, Choudhury pointed out that the CFO of today has to be cognisant of the current trends and help steer their organisation to the future in the face of such crises. He noted that a key requirement in an organisation is transparent and relevant reporting, both internally and externally, so that their investors, trustees, stakeholders, suppliers, and other stakeholders can trust the organisation. “In such a context, the role of the CFO is being stretched and scrutinised increasingly. We hear about CFOs in the news often, not about Chief Marketing Officers or Chief Engineering Officers,” the IFAC CEO said. He also advised the CFOs to make sure that they are fulfilling their statutory requirements in accordance with the principles of the professional, while at the same time meeting the needs of the business and providing reliable management information to the board. “You have to drive, manage, change and innovate, which are critical for survival,” he told the CFOs. While reiterating on the importance of effective internal and external communication, Choudhury emphasised that people look at a CFO as a more reliable source than a CEO. He however warned that if a CFO loses that trusts with stakeholders, that CFO can become far less affective. The forum concluded with a panel discussion comprising Choudhury, Rob Ward – Head of Leadership and Advocacy of the Institute of Chartered Accountants Australia, Aravinda Perera – Managing Director of Sampath Bank PLC and Nandika Buddhipala - Chief Financial Officer of Commercial Bank PLC. The session was moderated by CA Sri Lanka President Arjuna Herath. IFAC is the global organisation for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants across the world including from Sri Lanka.

Share This Article


COMMENTS

Today's Columnists

FDIs into capital markets?

25 March 2017

  Yesterday’s FT article on the CSE road show in Melbourne, appealing to expat Sri Lankans, triggered this. Emotional pleas and guilt appeals may be good enough to generate some charity or philanthropy (and do not confuse it w...


Jobs and no takers, or what?

24 March 2017

IT and Commerce Minister of Telangana State Minister Rama Rao speaking at the Sri Lanka Human Capital Summit in Colombo said that the Telangana Academy for Skill and Knowledge created a platform between Government, academia and industry t...


Cavaliers, roundheads and the big match season

24 March 2017

Big match season lays bare the tribalism and sexism in our society     Big match season brings out the best in us and also the worst, I think. The camaraderie and the loyalty of the old boys and the enthu...


Of new social contracts and ‘goon squads’ on social media

24 March 2017

I don’t often quote the United Nations (UN). Not because they don’t say sensible stuff. But because their sound bites are not as memorable as that which their opposition – rogue states, global terrorists – says. Because the...


Columnists More