In the extraordinary times we are living, we need extraordinary leaders to propel us forward. The role of a CFO has always been vital for the growth of the corporation and post financial meltdown has increased this more.
The CFO Conference by the Institute of Chartered Accountants of Pakistan couldn't have been timed more perfectly, the conference will explore approaches and strategies that will cement the CFO's place at the helm of the company as they steer their businesses and teams forward in this testing environment this peer-to-peer gathering will offer a unique opportunity to gain invaluable insight into the future of finance and allow the attendees the chance to add their views to the discussions.
-- 22nd March 2011 Karachi Marriott Hotel, 05th April, 2011
-- Pear Continental Hotel, Lahore 9:00 am to 5:00 pm
With majority of our professionals associated with the industry it is crucial that the Institute continues to respond and provide for their needs through special focused programs such as the CFO conference making it an annual calendar event. The appreciation and the encouragement from the business and industry has strengthened our commitment and efforts to cater to the needs of our professionals. Our professionals with their immaculate technical expertise and stringent adherence to ethics have created a brand synonymous to professional's competence across the globe. The CFO Conference 2011 is a special conference as it is in the Golden Jubilee Year of the Institute. As a special initiative of the Golden Jubilee Year, the PAIB has for the first time initiated the Professionals Excellence Awards to recognise those who have excelled in their organisations. The awards recognise not only the finance professionals but other disciplines too who have worked to create success with innovation and diligence. I must appreciate the novel idea and it is indeed the step in the right direction to bridge the gap between the industry and the Institute.
Finance is recognised as the bedrock of any organisation, with the CFO anchoring the corporation. The CFO is entrusted with the responsibility of managing the financial health of the corporation, foreseeing planning and mitigating the future risks. The general public now expects more than just reporting after the jolt from the recession, and I believe that is the biggest challenge for the CFO. The Accountant can no longer take the back seat, rather is expected to lead from the front.
With the fast globalisation, survival is not possible in exclusion; rather it is an era of dynamism and growing together. Challenges in the business environment over the past 24 months have driven CFOs to play a bigger role in success of the businesses, though through different forms in various industries. The corporations today are operating in a very volatile business environment, where realities change rapidly. The role of CFO has broadened in recent years beyond the traditional finance function and today's CFO must re-examine both financial and transaction processes in order to dedicate more time to being a strategic adviser to the business. For the numbers are only one source of information the real challenge is to understand the business and the strategy ie what it does and where it wants to go. The CFOs in addition, to ensuring that finance is integrated across the enterprise, must have a strong grasp of overall business objectives so they can provide guidance and early warning when circumstances dictate a change of course and that I believe is the greatest challenge for the CFO today. IN the current business environment the CFO is expected to expand along with finance into areas of information technology, client services, strategy and business development, operations, and marketing and sales. No more can an accountant be at the back end of the operations, the times have changed and so do we.
As accountants we have an obligation towards our corporations- ensuring that financial health is maintained, by planning for future through anticipating and mitigating the risks. As a member of the Institute we are bound by our ethics to never compromise on integrity and conduct, as a socially responsible individual it is even more vital for the Accountant to fulfil their duties towards the civic society by ensuring correct accounting which helps in revenue generation of the society on the whole and improves the economic and business environment.
I feel in the emerging global world an ideal avenue is the exporting of services by our professionals in view of the international recognition of our professional's expertise. We should not be confined to the traditional role rather embrace the change and seize the opportunities ahead. I expect full co-operation of our members in making the conference a huge success. I wish the Organising Committee great success for the conference.