● Schapiro steps down as SEC chairman ● ICAEW calls to end IFRS convergence in favour of adoption● Profile: Lord Karan Bilimoria talks Cobra beer and career

● Country report: Brazil’s accounting profession grows

December 2012 Issue 6109 www.theaccountant-online.com

Power 50Most influential people in accounting

www.theaccountant-online.com December 2012 y 15

IN FOCUSThe Accountant POwer 50: mOSt INFlUeNtIal PeOPle IN aCCOUNtINg

Catching up with 2012’s big influencersThe The Accountant and sister publication the International Accounting Bulletin approached some of the Power 50’s most influential leaders for a quick catch-up on their achievements and challenges in 2012 and what lies ahead for them in 2013

International Federation of accountants chief executive Ian Ball (top 10)

what was your biggest challenge in 2012? The balancing act of managing a vibrant, growing organisation, with ever-increasing pressures, expectations, and demands, in an environment of continuing restraint and global financial instability.

what achievement in 2012 are you most satisfied with? That we have achieved significantly greater exposure on public sector financial management issues, and there is emerging consensus – finally!

what do you think is the biggest issue facing the accounting profession today? The failure of national regulatory systems to keep pace with the globalisation of business.

what are your major goals in terms of your professional influence on the accounting profession in 2013? To help integrated reporting move forward in the next phase of development and to ensure the profession plays a leadership role in the development and execution of IR.

what do you think will be your biggest challenge in 2013? Capitalising on the progress made in getting more recognition of the problems in governmental accounting and auditing. Now there is emerging consensus on the gravity and scope of the problem, we need to find ways to motivate more governments to engage in serious institutional reform of their financial management systems, including the adoption and implementation of International Public Sector Accounting Standards. Good government accounting truly is a prerequisite to both accountability and efficient management, and can no longer be seen as an optional extra.<

International Integrated reporting Council chief executive Paul Druckman (top 10)

what was your biggest challenge in 2012?Galvanising a small organisation with huge ambition and a fundamentally important mission – to establish a consistent, collaborative and internationally accepted approach to integrated reporting.

what achievement in 2012 are you most satisfied with?The consensus we have built around the need for organisations to explain better the value they create. If allowed another, it would be my technical team producing output that has been outstandingly well received, well beyond expectations.

what do you think is the biggest issue facing the accounting profession today?To define itself in this changed world of finance, especially over expectations.

what are your major goals in terms of your professional influence on the accounting profession in 2013? To convince the profession that integrated reporting is one of the most important paradigm shifts in a generation.

what do you think will be your biggest challenge in 2013? Besides being able to maintain my golf handicap (of 9), it will be about making sure we concentrate on the big picture goals whilst getting the detail firmly grounded.<

Public Company accounting Oversight Board chairman James Doty (top 10)

what was your biggest challenge in 2012? (Views expressd are my own). In 2012, we were able to reach agreements on joint inspections with several regulators in the EU, including Germany and Spain although there are still some jurisdictions, including China, where we continue to advocate over the benefits of cross-border inspections.

what achievement in 2012 are you most satisfied with? PCAOB issued a report for audit committees on the inspection process, adopted a standard on communications with audit committees, hired key employees to implement important initiatives and settled important enforcement actions culminating years of investigative work.

what is the biggest issue facing the accounting profession today? The profession must reconcile business practices and models with audit quality. When an audit firm should acknowledge our inspection findings indicate root cause, systemic issues, and not merely episodic failures in execution. That involves self-monitoring and testing – not just waiting to see if we find the problem in other audits.

what are your major goals in terms of your professional influence on the accounting profession in 2013? To continue to bring to bear all of the tools in the PCAOB’s toolbox to achieve enhanced audit quality. To adopt or repropose other important standards.

what do you think will be your biggest challenge in 2013? To find a mutually satisfactory resolution for joint inspections in China or look at other ways to fulfil our investor protection objectives.<