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The Role of a Professional Accountant in Nation Building

September 2013

Content

The Professional Accountant Nation Building Traditional role of Professional Accountants Emerging role of professional Accountants

Where you find Professional Accountants and their impact Conclusion

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The Professional: Who is he/she A person who has been educated and trained to high standards in a particular line of work Who holds a reputable qualification in respect of that line of work Who is motivated to provide a high standard of client service Who is answerable to the body which has issued his qualification for the quality of his work

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Accountant

Possesses the requisite skill and experience: In establishing and maintaining accurate financial records for an individual or a business Including designing and controlling systems of records, auditing books, and preparing financial statements. An accountant may give tax advice and prepare tax returns.

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Nation Building

Refers to: the process of constructing or structuring a national identity using the power of the state. The process aims at the unification of the people within the state so that it remains politically stable and viable in the long run. Nation-building can involve the use of propaganda or major infrastructure development to foster social harmony and economic growth.

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Traditional Role of Professional Accountants


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Business and tax advice, including planning Preparation and audit of annual accounts Preparation of personal and business tax returns The setting up of bookkeeping and business systems Providing bookkeeping services Payroll work Assistance with management accounting Helping with raising finance Advice on budgeting and cash flow
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Emerging role of accountants

Establishing a common performance language 'throughout the organization so that everyones activities are aligned with the vision and goals of leadership
Upholding business integrity

Creating, implementing and improving management information systems to bolster strategy, planning, decisionmaking, execution and controls activities

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Emerging role of accountants (Contd) Managing risk and handling business assurance

Measuring and managing performance


Communicating financial and other performance information to internal and external stakeholders, including regulatory authorities, lenders, bankers and investors in a manner that foster trust.

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Where to you find Professional Accountant

1. Professional Accountants in Business 2. Professional Accountants in Government 3. Professional Accountants in Public Practice All have a critical role in nation building, because we hold a fiduciary position

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CEO, Independent Directors


Management and Financial Accountancy
Business Enterprise Accounts Governance

Strategy Support Internal Audit Finance Strateg y

Business Strategy

Internal Control Corporat e Finance IT

CFO

Risk Managemen t Information

Information Strategy

Project Managemen Treasury t

Advisors

Professional Accountants in Business

Post-Enron, the importance of the control function has increased, But


our role has also changed. We are much more related to business management and strategic development. Joao Batista, Regional Controller- Philips Latin America The added value is note just giving the reassurance but providing new insights at Uneliver executive and Board level and making recommendations which will improve the performance of the business. James Duckworth, Chief Auditor, Unilever, based in Londo

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Professional Accountants in Government


The reality is that my accounting background underpins everything. It bridges the best of the private sector management and skills to government.
Grant Ashley, Executive Assistant Director of the FBI. No institution, be it in private enterprise or in public service, can operate properly without the assistance of accountants. Accountants fill a variety of management needs that are essential at all enterprises Ellsworth H Morse Jr, Assistant Comptroller General of the US In government, Professional accountants play an important role, when they participate in regulatory process by developing, prescribing and auditing financial and other data from private organizations subject to regulation.

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Professional Accountants in Public Practice

External Auditors Consultants

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Professional Accountants in Public Practice

we have a duty of care in ensuring; accounting framework used in preparing financial information is acceptable greater transparency in reporting to stakeholders and investors improved corporate governance financial reporting meet all compliance requirements as set by the regulatory bodies. In doing so we protect the interest of all stakeholders of the organisation and by so doing develop our nation

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How accountants have faired in nation building in recent times...?

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Global scandals in recent times

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Conclusion
Accountants can see the trend of how the organization is doing and can warn against.
David Li, Chairman and CEO of the Bank of East Asia How can you run a business if you do not really know how it is doing? The way you contribute is by being flexible and thinking strategically and stepping our of the box of accounting. Bob Henn, Global Reporting and Analysis Leader, GE Kansas City

Ongoing development is critical. If you stop learning you stop Contributing.


Helen Short, Vice-president, Investor Relations of Johnson and Johnson.
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As auditors we owe a duty of care to all our stakeholders...

This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers (Gh) Ltd, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. 2011 PricewaterhouseCoopers (Gh) Ltd. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers (Gh) Ltd, which is a member firm of PricewaterhouseCoopers International Limited, each of which is a separate legal entity.

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