The accountancy profession plays an important role in promoting the growth of economies and the efficient operation of markets. In these times of rapid technological change, we should also be key players in the financial innovation taking place across society.
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Emerging technology, and the challenges it brings to organizations and industries, presents many possibilities for the accountancy profession, according to IFAC President Olivia Kirtley.
Investor engagement, regulation, and societal expectations are driving increasing awareness and action on environmental, social, and governance performance. This forces organizations and CFOs to enhance reporting and disclosure, and include ESG factors in daily decision making. But how should organizations provide meaningful and specific disclosures for ESG issues? What significant initiatives and frameworks are available to help? How can organizations ensure reporting and disclosure is useful for users?
The Organisation for Economic Co-operation and Development is revising its guidelines for corporate governance of state-owned enterprises, which give advice on effective management to make state-owned enterprises more competitive, efficient, and transparent. IFAC is involved in the revision process and has offered some recommendations. What do you think should be revised and recommended?
Good risk management and internal control is good management—not compliance. With the increased volatility in the modern business environment and the financial and economic crises, the effective application of risk management and internal control in organizations has taken on even greater importance.