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 / 5820 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

Marketing a political candidate: Is it right?

9 February 2016

Given my passion for the discipline of marketing, I have experienced that watching closely how a political candidate is marketed is the best way to understand the changing best practices in marketing.  Right now, my attention is on the US p...


Indo-Sri Lanka kidney fiasco

9 February 2016

The amazing kidney is a precious organ in the human body The kidney is one of the main precious organs in the human body – making urine, removing excess water, controlling body chemicals/toxins, controlling blood pressure, keeping bon...


Could Artificial Intelligence improve healthcare?

9 February 2016

Are we awaking a new consciousness?  Every now and then there are a few decisions that are made which could possibly impact the course of humanity. In the past we have seen these decisions not only benefiting mankind but also to enable vari...


A new Constitution: What’s in it for young people?

9 February 2016

Sri Lanka’s grey-haired rulers have promised to architect a new constitution for the Republic. What is in it for us, young people? What are our priorities? While there may be things that we’re divided on amongst ourselves, are there a ...


Columnists More