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November 11, 2010updated 29 Apr 2022 12:47pm

WCOA: Congress urges accountants to embrace change

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.

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