President Coelho, thank you for the kind invitation to be here tonight.

Ladies - and I see, a few gentlemen - it is a privilege to be with you all here in beautiful Foz de Iguazu, Brazil, to be among the highly regarded Brazilian accountancy profession.

It is especially an honor to stand before you as the first female President of the International Federation of Accountants, and to speak to a conference dedicated to more than 2000 female accountants in this vast—and important—country.

You have chosen an interesting theme for your conference: Energy, Knowledge and Art. 

And so it is with lots of energy, and an affirmation of a quest for knowledge and courage, that I honor you and your involvement in the art of our profession.

Why energy?

Because as a girl growing up in a small Kentucky farming community, I never anticipated:

• graduating from university as an accountant, when that was viewed as a career path reserved almost exclusively for men;
• becoming the first female chair of the American Institute of CPAs—110 years after it was founded; and
• being elected to lead the profession globally last November at the World Congress of Accountants in Rome— which, coincidentally, was 110 years after the first World Congress.

And I could never have imagined travelling to Brazil, and speaking to more than 2,000 women about our wonderful profession. It was inconceivable. Particularly when I think about the fact that, at my first job interview some 40 years ago, I was told that the firm didn’t hire women for its professional staff—only for their office support functions.

But, just like you all, I learned to accept that sometimes life throws us challenges.

Sometimes they are life changing, sometimes they are career defining. But they all require energy and commitment to overcome. 

When I was struck by Bell’s Palsy last year, after a virus attacked my facial nerve and caused temporary (hopefully) paralysis of one side of my face, I first viewed it as  a potentially huge distraction. However, over time I discovered that when I moved forward in spite of this setback, people responded with surprise and respect because I did not let it interfere with important goals and commitments. 

Vanity and pride had to be put aside, though it was tempting to dwell on the negative. But I thought—“If this is the worst thing that happens to me, it will be a very good life” … I can walk, I can talk, I have a wonderful family, and my brain still works.  I may smile and talk with a lopsided mouth but it doesn’t keep me from thinking—and leading our global profession with passion and energy.

Why knowledge? 

Because it takes knowledge to put yourself forward for a new challenge or opportunity.  First of all, there is absolutely no substitute for competency.  But that is not enough. 

It also takes courage.  Research has shown that men are more willing to put their hands up when they are not fully prepared to take on the next assignment or challenge.  But women, on the other hand, tend to wait until we think we’re fully prepared.  We must be willing to do things we do not feel completely ready to do.  That is how we grow.  By having the courage to do this, by pushing through those moments of doubt, that is when we have breakthroughs and are viewed as capable leaders. That is when we gain experience – and experience success. 

Or to quote Sara Blakely, the founder of a billion-dollar hosiery manufacturer, Spanx: 

“Don’t be intimidated by what you don’t know. That can be your greatest strength and ensure that you do things differently from everyone else.”

We must also use our knowledge and courage to challenge, to advocate, and to persuade. 

We must continually challenge the status quo; and always articulate the case for inclusion and diversity in our profession globally.

And we must constantly remind ourselves to pause, look over our shoulder, and help the next generation of women on their journey to success.

And why art?

Because our profession is not an exact science. There is artful symmetry in creating new approaches to address challenges, in learning and adapting to changing demands, in making sense out of data and numbers in a way that allows companies and clients be the best that they can be: looking forward, growing and succeeding.

When the numbers enable good decisions, when governance is strong, and when we advise our companies and clients—in the public interest—to be transparent, accountable, and sustainable, we add tremendous value to our communities and the world around us.

That is what drives my excitement and passion for our great profession. 

I am excited to be here with you this week.

I applaud your attendance, I honor your commitment to our profession and I look forward to meeting as many of you as possible and learning more about your challenges and opportunities.

Thank you again for inviting me to Brazil to be with you all—it is indeed a great privilege and honor. 

Regulation has become immensely complex and is impacting organizations’ opportunities to grow and innovate, according to the Global Regulation Survey, a study of accounting, finance, and business professionals conducted by the International Federation of Accountants^® (IFAC^®).

Approximately two-thirds of respondents said regulation is having a significant or very significant impact on their organizations’ opportunities to grow and innovate. Approximately four in five respondents reported that the regulation impacting their organizations is complex or very complex; that it has become more or much more significant over the past five years; and that it has a substantial impact on their organizations’ cost of doing business.

“Good regulation is essential to the fairness, efficiency, and effectiveness of economies, and making it work as well as it can is a never-ending mission,” IFAC Chief Executive Officer Fayez Choudhury said. “Growth remains a concern globally, and these results should be a wakeup call for us to examine the impact of regulation, including the regulation and reform introduced in response to the global financial crisis.”

The findings come as the combined effects of global, regional, and national post-crisis reforms begin to be felt by organizations, as well as the financial markets. “For many organizations, Basel III, recent EU reforms, Dodd-Frank, and multiple other sector- and country-specific regulations are all coming into play at once, and the scope of each is substantial,” Mr. Choudhury said. For example, Glass-Steagall, instituted in 1933 following the Great Depression, was 37 pages, compared with Dodd-Frank’s more than 2,000 pages in 2010. The first Basel Accord, introduced in 1988, had seven risk categories and required seven calculations; Bank of England Chief Economist Andrew Haldane has remarked on Basel III’s more than 200,000 risk categories, and more than 200,000,000 calculations.

The results also demonstrate that the regulatory approach across different regions is inconsistent, and almost half of respondents reported that collaboration between regulators is ineffective.

Four in five respondents expect the impact of regulation will continue to become more or much more significant in the next five years.

“There are urgent questions surrounding regulation’s impact on growth and innovation, as well as how its complexity is affecting the agility needed to face emerging risks and potentially the next financial crisis,” Mr. Choudhury said. “IFAC aims to collaborate with policy makers, regulators, and the organizations impacted to examine these questions and probe the impacts as a major priority.”

The Global Regulation Survey polled 313 accounting, finance, and business professionals in organizations ranging from small- and medium-sized entities to very large entities, operating in a wide range of industry sectors on six continents. The survey was conducted during July and August 2015.

About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing over 2.8 million accountants in public practice, education, government service, industry, and commerce.

The IFAC Global Regulatory Survey voices the perspectives of 313 accounting, finance, and business professionals around the world, in a diverse range of sectors, and provides an important gauge of the state of regulation and its impacts on the global economy.