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Tag: ACCA

ACCA and K J Somaiya Institute of Management Partner for Accountancy Excellence

Mumbai, July 20, 2024: ACCA (the Association of Chartered Certified Accountants), a globally recognised professional accountancy body, and K J Somaiya Institute of Management, Mumbai, announced signing a Memorandum of Understanding (MoU) to enhance educational opportunities in the field of accountancy. The signing was officiated by Prabhanshu Mittal, ACCA’s Head of Educational Partner Relationships, and Dr Raman Ramachandran, Director & Dean of K J Somaiya Institute of Management, Somaiya Vidyavihar University.

(Centre) Dr Raman Ramachandran, Director & Dean of K J Somaiya Institute of Management and Prabhanshu Mittal, Head of Educational Partner Relationships, ACCA

This collaboration aims to enrich educational opportunities in the field of accountancy by providing students with a globally recognised qualification and fostering excellence in academic and professional development. ACCA, a distingusied global professional accountancy body, and the K J Somaiya Institute of Management, renowned for its academic excellence, are set to transform the learning experience for aspiring finance professionals.

As a part of this MoU, ACCA will collaborate with K J Somaiya Institute of Management, Mumbai to facilitate academic collaboration through joint academic programs, workshops, and seminars. Additionally, ACCA will also implement joint initiatives for professional development, including train the trainer and faculty development sessions. Furthermore, ACCA will work together with the institute to cultivate a culture of innovation and research in the field of accountancy, contributing to the advancements in the profession.

This partnership reaffirms the shared vision of ACCA and K J Somaiya Institute of Management to drive innovation and excellence in finance and accountancy education, empowering future professionals to thrive in a rapidly evolving global landscape.

On occasion of the MoU signing Md. Sajid Khan, Director- India, ACCA said: ‘We are thrilled to partner with the K J Somaiya Institute of Management, a prestigious institution known for its commitment to academic excellence. By combining ACCA’s global expertise with the institute’s strong academic foundation, we are paving the way for students to gain a world-class education and professional qualification. Our goal is to nurture the next generation of finance professionals who are not only proficient in their field but also equipped to drive innovation and progress in the global financial landscape.’

Dr Raman Ramachandran, Director & Dean, K J Somaiya Institute of Management, Mumbai added, ‘We are excited to join forces with ACCA. This partnership marks a significant milestone in our mission to provide students with unparalleled educational and professional development opportunities. By integrating ACCA’s globally recognised qualifications into our curriculum, we are not only enhancing the academic experience but also ensuring our students are well-prepared to meet the demands of the global financial industry. Together, we are committed to fostering a dynamic learning environment that emphasises innovation, research, and practical expertise.’

ACCA highlights importance of empathy, flexibility and innovation to SMEs as UN celebrates small businesses

Mumbai, June 25, 2024: Empathy, adaptability and the human touch are vital to SMEs navigating through today’s dynamic and challenging business landscape, according to a new report launched by ACCA (the Association of Chartered Certified Accountants).

This collection of stories and a toolkit brings together real-world experiences from finance leaders, entrepreneurs, and business support organisations across the world, showcasing the role of accountants in guiding SMEs through the challenges and opportunities of today’s dynamic business landscape. Featured in the stories is Oleksandr Danylenko, co-founder and de-facto CFO of Boodmo, an online automotive spare parts marketplace based in India.

Sundeep Jakhar, Head of Public Affairs – India at ACCA commented: “India has seen a startup boom, with new-age companies attracting billions in funding over the past decade. However, accessing capital and talent remain key bottlenecks for SMEs looking to scale. Accountancy professionals can nurture entrepreneurial ecosystems by prioritising ethics, sound governance and interdisciplinary collaboration to build trust and resilience in SMEs. This report and toolkit provide valuable real-life insights.”

Aleksandra Zaronina-Kirillova, ACCA’s Head of SME Professional Insights, says: “In a world where SMEs are confronted with rapid change, from navigating digital transformation and sustainability, to managing talent shortages and inflation, the role of accountancy professionals as empathetic and indispensable partners has never been more vital.”

“Accountants, with their unique blend of financial expertise, strategic vision, and human understanding, are the listeners, the problem-solvers, and the trusted advisors who stand alongside entrepreneurs, offering not just financial guidance, but also emotional support and a deep understanding of the human stories behind the businesses they serve. This collection of stories celebrates successes from around the world.”

The report, Accountants at the heart of SME resilience and growth, includes a range of stories from around the world – in written and video formats – designed to be a useful resource for SMEs and the accountancy professionals who support them. It also includes a toolkit offering practical tools and insights on a range of topics of interest to SMEs.

To support the launch, ACCA is hosting a webinar on June 27, providing a platform for discussion and deeper insights into the toolkit. Participants will have the opportunity to engage with experts, ask questions, and learn more about the strategic role of accountancy professionals in empowering SMEs

Audit profession stands at a crossroad in fight for talent, says ACCA

Major challenges that the audit profession faces in attracting and retaining talent are set out in the latest report by ACCA & CAANZ. A survey conducted by accountancy bodies ACCA (the Association of Chartered Certified Accountants) and Chartered Accountants Australia and New Zealand (CA ANZ), supported by a series of global roundtables, revealed persistent challenges facing the auditing profession in its battle to attract and retain talent, implying declining numbers entering the audit profession.

Insights from more than 6,500 finance professionals across the globe revealed a sector whose workforce is demanding flexible working and equitable remuneration in the face of increasing concerns about individuals’ work life balance.

Antonis Diolas, head of Audit and Assurance, ACCA and author of the report Attract, Engage, Retain: Insights and Recommendations for Audit Talent Success, said: ‘A compelling insight from our study highlights the absence of a commonly understood and unified purpose within the audit profession. This not only inhibits prospective candidates from entering the profession in the first place, but also hinders current professionals from recognising how their work generates value.’

Amir Ghandar, Reporting and Assurance leader, CA ANZ said: ‘The research clearly shows the need for empathy and respect in the workplace recognising employees’ multifaceted lives. People also need to be able to see themselves in their leaders, to visualise the opportunities and career possibilities in a way that feels real.’

More than half of the survey respondents were Gen Y/Millennials aged 25-42, with 37% current auditors, 33% former auditors and the rest considering audit as a future career.

While audit firms are implementing initiatives to address concerns, the persistence of the core issues signals the need for transformative change. For instance, the survey revealed enthusiasm for sustainability reporting and assurance among both existing audit professionals and potential entrants to the profession. This presents a unique talent attraction opportunity for audit firms to capitalise.

Five themes emerged from the research to solve the current crisis:

Work-life balance is the key issue: unsupportive workplace cultures need to be addressed, with more emphasis on supportive working environments which recognise personal needs and wellbeing.

Fair remuneration: intensive workloads during the peak audit season must be remunerated and if not addressed could further impact the attraction and retention of talent in the future.

Career ladder and variety of work: the traditional career ladder is unappealing to young audit professionals. Firms need to look to develop a ‘career lattice’, to offer a greater variety of roles and to work to accommodate auditors’ preferences and outside interests.

Sustainability assurance and reporting: this work is seen as purpose driven and offers a clear hope for the audit profession with 48% of non-auditors saying such work could tempt them to join the profession and 40% of auditors saying such a career could tempt them to stay.

Embrace technology to remain relevant: those considering entering the profession wish to embrace advanced technologies. While the Big Four and mid-tier firms can fulfil that wish small firms are lagging. Bridging the technology gap is a strategic imperative for the profession.

The report recommends that new entrants experience advanced technologies from the outset. Ghandar said: ‘The opportunity for exposure and training in cutting edge technologies is a major drawcard for early career professionals, and it is this cohort with a fresh perspective and true digital nativity where many bright ideas for the future of auditing may spring.’’

Diolas said: ‘Audits serve as the backbone of financial reliability, ensuring accuracy and transparency while building trust and accountability. With robust audit practices, businesses not only thrive but also attract investment, bolstering the stability of capital markets and contributing to a prosperous economic future for all.’

Communicating this message so that it resonates with prospective and existing audit professionals should lead to positive outcomes in talent attraction and retention.

ACCA to host its Employer Summit 2022 virtually, this February

ACCA (the Association of Chartered Certified Accountants), the global professional body for professional accountants will be hosting ACCA – Employer Summit in India on 3rd February 2022.

The guest of honour is Nenad Pacek, Founder and President of Global Success Advisors GmbH and the MEA Business Group who will share his views on India and the global economy. He has chaired over 100 Government Roundtables with Presidents, Prime Ministers, and their cabinets across Europe, the Middle East, Africa, Asia, and Latin America.

The summit will also have an employer roundtable to showcase the recently launched ACCA Career Navigator tool kit that has been designed to enable employers to plan their business and finance talent journey.

Md Sajid Khan, Head of International Development at ACCA says “In line with our public value agenda, this summit will help our stakeholders understand and prepare for the economic recovery which lies ahead. At ACCA we are committed to supporting our employers through global thought leadership, which helps to shape and lead the accountancy profession.”

ACCA – Employer Summit 2022 is open to Employers, Approved Learning Partner’s (ALP’s), colleges & universities, members and future members. This summit will be held virtually from 2:30 pm – 4:30 pm

Lucia Real-Martin, Executive Director for Markets at ACCA says,“The summit will help employers as our valued partners to get an in-depth understanding of the changing economic scenario in the region and how ACCA is enabling employers to plan their talent journey for the growth ahead”

To register for the ACCA – Employer Summit 2022, please visit the link below

https://teams.microsoft.com/registration/LN7n8rpZ_kmMaEzTM_lrAQ,Bct28Mwfqk2ETPIlJHhGpA,UXwDG-aMgEmocXOWA0dEbA,_xOUeQ9LaE-_iiS7zAohnw,9uV0CMIXhkm6pfNroBLd7A,CaHHYyw8QEicdaQGyqK71w?mode=read&tenantId=f2e7de2c-59ba-49fe-8c68-4cd333f96b01