The World Congress of Accountants (WCOA) came to an end in Kuala Lumpur with CEO’s from around the world sharing their vision for the future of the profession.
The congress, attended by about 6,000 delegates from 134 countries, closed with a final plenary session entitled Accountants in the Next Decade – Embracing Change and Seizing Opportunities.
“The clear consensus among the panel was that increased globalisation and the recent financial crisis have placed the profession squarely in the spotlight,” chief executive of IFAC Ian Ball said.
“The profession is certain to continue to evolve. For example, integrated reporting-which encompasses an organisation’s economic, social, and environmental results-will become the norm, and the profession will play a key role in providing assurance on non-financial results, as well as embedding these results into strategy and performance management.”
The session addressed key issues such as the global economic crisis and how it has changed the environment for the profession; how audit should evolve and issues surrounding skills for the future.
The session panel was chaired by Ian Ball and included chief executive of ACCA Helen Brand, chief executive of CIMA Charles Tilley, chief executive of ICAEW Michael Izza, chief executive of CPA Australia, Alex Malley, and president and chief executive of AICPA, Barry Melancon.
The WCOA was held November 8-11 in Kuala Lumpur, Malaysia. It was jointly hosted by the Malaysian Institute of Accountants and the International Federation of Accountants.