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 / 5816 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


Today's Columnists

SAITM and issue of access to professional education in SL

2 December 2015

  The first batch of MBBS graduates from SAITM is expected to be announced in 2016. However, the Sri Lanka Medical Council had informed the Minster for Health by a letter dated 25 September 2015 that “The degree awarded by SAITM...

“Model leaders” – and models of leadership

2 December 2015

 Legendary model leader Roman republican Cincinnatus prioritised his agricultural acres over the affairs of state – until his country had need of his services. Duty done, this exemplary Consul then laid down his fasces – a symbol ...

Gammanpila on Ravi K no confidence motion, “incompetent” Government

1 December 2015

“If Adolf Hitler and Champika Ranawaka contest the presidential election in 2020, I will definitely support Hitler, not because he is good but he is better than Champika Ranawaka,” said Pivithuru Hela Urumaya Leader Udaya Gammanpila,...

Downsizing, rightsizing SriLankan Airlines

1 December 2015

Two things are infinite. The universe and human folly. SriLankan Airlines with an accumulated debt of Rs. 158 billion is to be restructured and repositioned. It is a prayer and a hope that holds little promise. Announcing the restructuring of th...

Columnists More