2 nd africa congress of accountants agoa 14 th 16 th may 2013 concurrent session iv
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2 ND AFRICA CONGRESS OF ACCOUNTANTS (AGOA) 14 TH – 16 TH MAY, 2013 CONCURRENT SESSION IV. TOPIC: THE LEADERSHIP ROLE OF ACCOUNTANTS IN EMERGING AND DEVELOPING COUNTRIES Presenter KWAME BOSIAKO OMANE-ANTWI VICE PRESIDENT, INSTITUTE OF CHARTERED ACCOUNTANTS, GHANA. PRESENTATION OUTLINE.

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2 ND AFRICA CONGRESS OF ACCOUNTANTS (AGOA) 14 TH – 16 TH MAY, 2013 CONCURRENT SESSION IV

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2 nd africa congress of accountants agoa 14 th 16 th may 2013 concurrent session iv

2ND AFRICA CONGRESS OF ACCOUNTANTS (AGOA)14TH – 16TH MAY, 2013CONCURRENT SESSION IV

TOPIC:

THE LEADERSHIP ROLE OF ACCOUNTANTS IN EMERGING AND DEVELOPING COUNTRIES

Presenter

KWAME BOSIAKO OMANE-ANTWI

VICE PRESIDENT, INSTITUTE OF CHARTERED ACCOUNTANTS, GHANA


Presentation outline

PRESENTATION OUTLINE

  • The plain truth about leadership role of accountants

  • Development taxonomies

  • Reflections on leadership role of accountants

  • Economic growth challenges

  • Development imperative: leadership role of accountants

  • Development imperative: leadership competencies

  • Conclusion

KWAME BOSIAKO OMANE-ANTWI


The plain truth cont d

THE PLAIN TRUTH – Cont’d

“We conclude that accounting has a multiplicity of roles in national socio economic development and seeking to understand the exact role of requires an appreciation of the context, specific nature of not only accounting’s functions and roles but also development itself.

KWAME BOSIAKO OMANE-ANTWI


The plain truth cont d1

THE PLAIN TRUTH – Cont’d

  • It is impossible to find a single set of roles for accounting that will reflect in all development paradigms. Accounting's roles in emerging and developing nation’s socio-economic development therefore vary from one development tradition to another”

    (Source: Rahaman, A.S (2005) University of Calgary , Alberta, Canada)

KWAME BOSIAKO OMANE-ANTWI


The plain truth cont d2

THE PLAIN TRUTH – Cont’d

“There are two kinds of people in the world; those who divide the world into two kinds of people and those who don’t (Robert Benchley).”

“In the 1970s. Less economically developed countries (LEDCs) was the common term for markets that were less developed than the developed countries such as the USA, Western Europe and Japan.”

KWAME BOSIAKO OMANE-ANTWI


The plain truth cont d3

THE PLAIN TRUTH – Cont’d

These markets were supposed to provide greater potential for profit but also more risk from various factors. This term was felt by some to be not positive so the emerging market was born”(Ken, J. R, 2004).

KWAME BOSIAKO OMANE-ANTWI


Development taxonomies

DEVELOPMENT TAXONOMIES

Alternative

Dichotomons

Taxonomy

Most Developed

Countries

Taxonomies in selected International organizations

Alternative Trichotomons

Taxonomy

Developed Countries

Developing

Countries

Developed

Countries

Developing

Countries

Higher Development

Countries

Middle

Development

Countries

Lower

Development

Countries

Average

Developed

Countries

Least Developed

Countries

(Source: IMF (2011) Working Paper WP/11/31)

KWAME BOSIAKO OMANE-ANTWI


Questions to reflect on to better understand the role of accountants in economic development

QUESTIONS TO REFLECT ON TO BETTER UNDERSTAND THE ROLE OF ACCOUNTANTS IN ECONOMIC DEVELOPMENT

  • Are professional accountants crucial economic actors in the capital market economy?

  • Is professional accounting a value-adding function?

  • What does the business community expect of professional accountants?

  • How can professional accountants respond to continuous environmental changes?

  • Do accountants have a role to play in achieving MDGs?

KWAME BOSIAKO OMANE-ANTWI


The role of capacity building in mdgs actualisation and national development

THE ROLE OF CAPACITY BUILDING IN MDGS ACTUALISATION AND NATIONAL DEVELOPMENT

Note: “Accountants are the catalyst in capacity building helping to develop and strengthen the skills, abilities, processes and resources needed to achieve MDGs” (Igbuzor, 2006):

KWAME BOSIAKO OMANE-ANTWI


Economic growth challenges the role of accountants

ECONOMIC GROWTH CHALLENGES: THE ROLE OF ACCOUNTANTS

Factors mitigating against economic growth in emerging / developing nations:

KWAME BOSIAKO OMANE-ANTWI


Development imperatives a lesson for africa

DEVELOPMENT IMPERATIVES: A LESSON FOR AFRICA

“Today, being the biggest developing countries in the world, China and India are both committed to developing their economies and raising their people’s living standards (Li PENG)

KWAME BOSIAKO OMANE-ANTWI


Development imperative leadership role of accountants

DEVELOPMENT IMPERATIVE: LEADERSHIP ROLE OF ACCOUNTANTS

  • Producing information for rational decision-making

    • Accumulating the necessary data, analyzing and interpreting these data and reporting the resulting information to corporate management, heads of governments, institutions and other stakeholders.

  • Attestation role

    • Provided much needed assurance that people in trusted positions are conducting their affairs honestly and in accordance with accepted policies.

KWAME BOSIAKO OMANE-ANTWI


Development imperative leadership role of accountants cont d

DEVELOPMENT IMPERATIVE: LEADERSHIP ROLE OF ACCOUNTANTS - Cont’d

  • National Level Policy Making

    • Accounting contributes in providing national income data and highlights the trends in the various components to help decision-making.

  • National annual budget process

  • Public Financial Management- both at the micro and macro levels.

KWAME BOSIAKO OMANE-ANTWI


Development imperative leadership role cont d

DEVELOPMENT IMPERATIVE: LEADERSHIP ROLE – Cont’d

Note: high quality corporate reporting and use of IFRS, IAS and ISAs is key:

  • Improving transparency

  • Facilitating the mobilization of domestic and international investment

  • Creating a sound investment environment, faster investor confidence thus promoting financial stability

KWAME BOSIAKO OMANE-ANTWI


Development imperative leadership role cont d1

DEVELOPMENT IMPERATIVE: LEADERSHIP ROLE – Cont’d

  • Facilitate international flow of financial resource

  • Strengthens international competitiveness of enterprises in attracting external financing and taking advantage of internal market opportunities.

KWAME BOSIAKO OMANE-ANTWI


Development imperative role in public sector

Development Imperative: Role in Public Sector

  • Helps to reform of Government Accounting Systems to reap:

  • Transparency, consistency and completeness

    • Better information on sustainability of fiscal policies

    • Stronger basis for accountability to achieve value for money (i.e. economy/efficiency, effectiveness and equity)

KWAME BOSIAKO OMANE-ANTWI


Development imperative role in private sector

DEVELOPMENT IMPERATIVE: ROLE IN PRIVATE SECTOR

Note: Professional Accountants provide invaluable services in:

KWAME BOSIAKO OMANE-ANTWI


Development imperative leadership role of accountants and the empowerment accounting factor

DEVELOPMENT IMPERATIVE: LEADERSHIP ROLE OF ACCOUNTANTS AND THE EMPOWERMENT ACCOUNTING FACTOR

Note: Empowerment Accounting is a new type of measurement necessary in the global economy today for competitiveness and economic progress

  • Shows the broader array of financial and non-financial information with employees

  • Trains employees to become more business literate

KWAME BOSIAKO OMANE-ANTWI


Development imperative leadership role of accountants and the empowerment accounting factor cont d

DEVELOPMENT IMPERATIVE: LEADERSHIP ROLE OF ACCOUNTANTS AND THE EMPOWERMENT ACCOUNTING FACTOR – Cont’d

  • Turns employees into true business partners

  • It is a changed in paradigm to enable accountants regain their role as one of the key drivers of the knowledge engine in an information-age economy

KWAME BOSIAKO OMANE-ANTWI


Development imperative leadership role of accountants in public accounting

DEVELOPMENT IMPERATIVE: LEADERSHIP ROLE OF ACCOUNTANTS IN PUBLIC ACCOUNTING

  • Professional Accounting is synonymous with Public Accounting since it is considered so important to the public good.

  • Bridging the expectation gap – image of accountants seriously dented by corporate scandals

  • Developing different ground rules for SME’s

  • Making accounting information user-friendly to CEO’s and non-accountants

KWAME BOSIAKO OMANE-ANTWI


Development imperative role in the age of corporate governance

DEVELOPMENT IMPERATIVE: ROLE IN THE AGE OF CORPORATE GOVERNANCE

  • Using strategic audits to promote good governance and create value by enabling managers to make well-informed decisions

  • Using forensic accounting skills to compliment the work of various offences to fight corruption

KWAME BOSIAKO OMANE-ANTWI


Development imperative role in the age of corporate governance cont d

DEVELOPMENT IMPERATIVE: ROLE IN THE AGE OF CORPORATE GOVERNANCE – Cont’d

  • To extend the primary watchdog responsibility to protect the public interest to reduce corruption (IFAC mandate). In money laundering /terrorism – accountants have an imposed obligation (IFAC mandate) to help drive a crusade to combat the menace.

KWAME BOSIAKO OMANE-ANTWI


Development imperative role in health care sector

DEVELOPMENT IMPERATIVE: ROLE IN HEALTH CARE SECTOR

Note: Accountants can help to lower the ever escalating cost in health care by focusing on four (4) core areas:

  • Information system

  • Logistics management

  • Quality management

  • Electronic health

KWAME BOSIAKO OMANE-ANTWI


Development imperative model of information technology for development

DEVELOPMENT IMPERATIVE: MODEL OF INFORMATION TECHNOLOGY FOR DEVELOPMENT

ICT Effects

Social Development

Access to Information and Expertise

Human Development

Government

Environment

Competiveness and Access to markets

Education

Health Care

Gross Domestic Product

Financing

Administrative Effectiveness

Innovation

Learning and Labour Productivity

Sourcing

Per Capita Income

Poverty Reduction

KWAME BOSIAKO OMANE-ANTWI


2 nd africa congress of accountants agoa 14 th 16 th may 2013 concurrent session iv

DEVELOPMENT IMPERATIVE: LEADERSHIP ROLE OF ACCOUNTANTS IN THE GREEN GROWTH DEVELOPING COUNTRIES (OECD REPORT – 2012)

  • Accountants encourage clients:

    • To be socially responsible as well as making continuous contribution to the environment

  • Accountants provide assurance services to companies to meet Elkington “ triple bottom line” concept by focusing on:

    • Economic

    • Environmental and

    • Social value that companies add or destroy

KWAME BOSIAKO OMANE-ANTWI


2 nd africa congress of accountants agoa 14 th 16 th may 2013 concurrent session iv

DEVELOPMENT IMPERATIVE: LEADERSHIP ROLE OF ACCOUNTANTS IN THE GREEN GROWTH DEVELOPING COUNTRIES (OECD REPORT – 2012) – Cont’d

  • Economic diversification – i.e. improved management of economic risk

  • Increased productivity and efficiency of natural resource use

  • Decent jobs that benefit poor people created and sustained

  • Reduced inequality

KWAME BOSIAKO OMANE-ANTWI


Development imperative outcome of accountants action

Development Imperative: outcome of accountants action

  • Accountants role/ actions help to acquire and deploy:

    • To minimize NATIONAL MISERY INDEX (NMI)

    • To improve standard of living on sustained basis

  • Accountant role/actions impact on strategies to increase the quality and quantity of the wealth of nations which confirms:

    • The thrust of economic growth, development and empowerment and confirm

    • The real essence of the accountancy profession

KWAME BOSIAKO OMANE-ANTWI


Rank order of average performance in leadership competence in 3 african regions

RANK ORDER OF AVERAGE PERFORMANCE IN LEADERSHIP COMPETENCE IN 3 AFRICAN REGIONS

(Source: Centre for Creative Leadership Reserve 2010)

KWAME BOSIAKO OMANE-ANTWI


Competence framework for the 21 st century accountant in africa

COMPETENCE FRAMEWORK FOR THE 21ST CENTURY ACCOUNTANT IN AFRICA

Delivering a professional service

Contribute to business success

Demonstrati-ng

Professional Expertise

Building professional credibility

Delivering Customer -focus service

Responding to Customer Needs

Providing Excellent Customer Service

Promoting Sharing of Best Practices TQM

Analyzing, Improving and Deliver Change

Analyzing and Using Evidence

Improving Performance Continuously

Engaging with Change

Managing People & Performance

Delivering Results

Delivering People/ Resourcing Effectively

Managing Finance

Building Capacity

Delivering Knowledge/Skills

Working Collaborativ-ely

Communicating with Impact

Lead by Example

Demonstra-ting Integrity

Create vision/ Provide Direction

Lead in the Cost Reduction

Mode

(Source: Empowerment Accounting Framework; Omane-Antwi, B, 2011)

KWAME BOSIAKO OMANE-ANTWI


Conclusion

CONCLUSION

A strong accounting landscape as confirmed by the Reports on the Observation of Standards and Codes (ROSCs – World Bank/IMF imitative) is essential to economic development and also economic confidence, both in the public and in the public sector.

KWAME BOSIAKO OMANE-ANTWI


Conclusion cont d

CONCLUSION – Cont’d

Truly, accounting is the starting point for making a difference in developing countries owing to its pivotal role and contribution to economic development at the macro and micro levels.

“It is the power behind the throne and the priesthood of industry in the 21st Century.”

(Omane-Antwi, B, 2011.)

KWAME BOSIAKO OMANE-ANTWI


2 nd africa congress of accountants agoa 14 th 16 th may 2013 concurrent session iv

THE ENDTHANK YOU

Prof. K. B. Omane-Antwi

Monday, May 06, 2013

PROF.

KWAME BOASIAKO

OMANE-ANTWI

PHD, MBA, MA, ITP (HARVARD) AMP(OXON),FCCA, FRSA(UK), FBI(Hon), FIOD(UK), FIOD(GH), FCIM, MCIPD, MIMIS

PROFESSOR OF ACCOUNTING & VICE RECTOR

PENTECOST UNIVERSITY COLLEGE

SOWUTUOM

TEL 0244-320448/0202011775

E-MAIL:

[email protected]

[email protected]

FACILITATOR

KWAME BOASIAKO OMANE – ANTWI


References

REFERENCES

  • ACCA (2012); “The role of accountancy in economic development”; Accounting for Development Forum, Doha, Qator

  • Abani, C; Igbuzor, O. and Moru, J. (2005) Attaining the MDGs in Nigeria, Nigeria Social Forum.

  • Chua, W.F. (1986) Radical Development in Accounting Thought: The Accounting Review Vol 1, No 3, pp 601 – 632

  • Eckert, R. and Rweyongoza, S. (2010) Leadership Development in Africa, Center For Creative Leadership (Europe, Middle East, Africa) Brassels

  • Financial Stability Board; IMF and World Bank (2011) Report to the G-20 Finance Ministers and Central Bank Governors.

KWAME BOSIAKO OMANE-ANTWI


References1

REFERENCES

  • Farhadi CM Walid (2009), “The role of accounting in the Iran.. Economy” Paper # 34.

  • Igbezer O. (2006). MDGs: Can Nigeria meet the goals in 2011? Institute of Chartered Accountants of Nigeria (ICAN), Conference Abuja

  • OECD (2012) Green Growth & Developing Countries: A summary for Policy Makers

  • Quereshi (2005) how do ICT effect development? Integrating Theory into a Process Model; America Conference on ICT, Omaha.

  • Sushash Chandra, J. (2006) Emerging Economies and the Transformation of International Business, Edward Elgar Publishing

KWAME BOSIAKO OMANE-ANTWI


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