patrick mcphee

8/14/2019 Patrick Mcphee

1/18

Expert Series Talk:Expert Series Talk:Accountants of the FutureAccountants of the Future

12 June 200812 June 2008


2/18

Presented by:Presented by:

Andrew HengAndrew Heng

CA(M), CPA(Aust), CPA(Mongolia), CPACA(M), CPA(Aust), CPA(Mongolia), CPA(Cambodia), CFP B.Com, LLB(UWA)(Cambodia), CFP B.Com, LLB(UWA)


3/18

Sarbanes-Oxley Act of 2002Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act of 2002 is a USfederal law enacted on July 30, 2002 inresponse to a number of major corporateand accounting scandals e.g. Enron.

These scandals, which cost investorsbillions of dollars when the share prices ofthe affected companies collapsed, shookpublic confidence in the nation's security

markets.


4/18

Transformation of the Business WorldTransformation of the Business World

Financial misdeeds have led tomany regulatory changes givingrise to increased emphasis onethics.

Accountants stature haveelevated to Public Guardian.Increased demand for theirservices.

New opportunities emerge inareas of business/ financialplanning, coaching, mentoring,forensic accounting


5/18

Trends ImpactingTrends ImpactingAccountants of TomorrowAccountants of Tomorrow

Increasing demand for skilled professionals

Enterprise risk management

Fair value accounting

Globalization

Fraud control


6/18

What Clients WantWhat Clients Want

Clients are becoming increasingly sophisticated andforward looking and have higher expectations. Theclient of the future will have a sharper

understanding of finances and be more demandingof quality service covering a broader range ofservices:

Sourcing finance

Financial planning

Business coaching

Advisory services


7/18

Generations X and YGenerations X and Y

Generation X those born between 1965 to 1982

Generation Y those born between 1983 to 1997. relatemore to their profession than to an employer, generationof multi taskers, belief in self worth, unafraid of changes.

Generation Y - want to see strong and focusedleadership within organisations for which they work.

Gen X and Y less interested in investing in an accountingfirm. This means more accountants are likely to comefrom graduate backgrounds other than the traditionalBachelor of Commerce or Bachelor of Accounting.


8/18

Life Cycle of An AccountantLife Cycle of An Accountant

Age Meteor to Mentor age 22-28 (post-university

degree; early phase of

professional work):

Develop technical skills, gain

exposure to working with staff

and clients. Complete

professional degree e.g. CPA

age 28-38 (broaden experience) Perform roles in business

environment to gain

commercial and business

experience.

age 38-50 or 55 (prime fee-

earning phase):

Adviser y role with high fee-

earning focus. Supervise anumber of other technical

personnel and mentor them in

accounting and business.


9/18

New Rules, New RolesNew Rules, New Roles

Increased demand in accounting andfinance professionals - new jobopportunities and higher career profile

New regulations created a level

playing field for entry-level staff andexperienced staff

Demographic changes affects the talentpool

Colleges and Universities offering morecourses in response to marketplaceneeds

Interest in accounting programs is on

the rise


10/18

Competencies for a Changed EnvironmentCompetencies for a Changed Environment

Specific attributes employers seek spreadsheet skills,flowcharting, database applications expertise etc

Certifications remain highly valued for accounting andfinance professionals

Technology-related certifications are valued

Communications abilities both written and verbal andsoft skills become important,

Accountants will have to improve their technical skills,offer financial planning


11/18

Paths to SuccessPaths to Success

Opportunities are in abundance for accounting andfinance professionals. Public accounting for instance isthe most popular option.

Public accountants develop broad based skills and gainexperience preferred and often required for positions inboth public accounting and private industry.

Consultants with expertise in internal control,information security, business continuity planning,anti-fraud, mergers and acquisition are highly sought.

Corporate accounting would be another popular careerchoice as it ventures into offering guidance for dailyoperation through value creating activities.


12/18

Public Accounting: A New OrderPublic Accounting: A New Order

New regulation and changes have reshaped the workof public accountants. Heightened emphasis hasbeen put on auditing and consulting services.

Recent legislation has made auditing the primaryfocus of firms hence raising its labor, time and fees.

The rise in demand has caused second tier firms to

expand their service offering to greater heights tocater to the ever demanding market.


13/18

Specialities and Skills in DemandSpecialities and Skills in Demand

General Accounting

Financial Analyst

Internal Audit

International Accounting

Forensic Accounting


14/18

Industry StatisticsIndustry Statistics

The impact of new regulations on businesses 37% - pressure to meet compliance deadlines

31% - collaboration between accounting and informationtechnology

30% - a more ethical environment

58% - have already implement new practices to ensuregreater control of accounting processes


15/18

Industry StatisticIndustry Statisticcontdcontd

Specialties and skills in demand 49% responded general accounting

17% responded internal auditing

Workforce demographic trends Total enrollment in accounting programs for the period of

2000-2004 rose 19%

The overall number of accounting degrees awarded

increased 8% in 2003-2004


16/18

Workforce Demographic TrendsWorkforce Demographic Trends


17/18

Lifelong learningLifelong learning

Supplement your degree with professionaldegree/ masters

Certifications provide a level of expectationsthat the person is competent to carry thework required

Stay up to date with legislative andregulatory changes

Develop soft skills - communication and

presentation skills, community services,clubs etc

Enhance yourself in IT area spreadsheets,powerpoint, database


18/18

QUESTIONS?QUESTIONS?

Contact :Contact :

Ferrier Hodgson Monteiro & HengFerrier Hodgson Monteiro & Heng

Monteiro & Heng ChambersMonteiro & Heng Chambers

No. 22, Jalan Tun Sambanthan 3No. 22, Jalan Tun Sambanthan 350470 Kuala Lumpur50470 Kuala Lumpur

Tel : 603-22736227,Tel : 603-22736227,

Fax : 603-22737503Fax : 603-22737503

Email :Email : [email protected]@fhmh.com.my

Website :Website : www.ferrierhodgson.comwww.ferrierhodgson.com

Andrew HengAndrew Heng

[email protected]@fhmh.com.my
mailto:[email protected]:[email protected]://www.ferrierhodgson.com/http://www.ferrierhodgson.com/http://www.ferrierhodgson.com/mailto:[email protected]

patrick mcphee

Documents