Daily Times

LAHORE: Stuart Dunlop, director ACCA Middle East, North Africa and South Asia, has said that ACCA Pakistan’s redesigning of qualification will bring a massive change in the field of accountancy as well as business in Pakistan.

Talking to Daily Times exclusively at a local hotel on Tuesday, Dunlop said, “Our latest innovations are akin to top level of our qualification. New strategic professional exams will replace our existing professional level exams in September 2018 and a new ethics and professional skills module will be introduced in October 2017.

ACCA Pakistan head Sajeed Aslam and ACCA Council Member Ayla Majid were also present on occasion.

“The redesign enhances the breadth and depth of the qualification with a greater focus on employability and the practical application of core skills in the contemporary workplace.

To a question regarding reasons behind changes to qualification, Stuart was of the view that the world of business and the public sector is changing very fast. “You just have to see the news headlines to realise that globalisation is on the rise. We believe that accountants have an important part to play on the stage here in Pakistan and globally,” he added.

“Since 2014, we have been designing innovations in the ACCA qualification. We’ve consulted members, employers, education providers and regulators worldwide, and used findings from our professional accountants,” he added.

Talking about changing role of accountants, Stuart said accountants’ role have been revolutionised over the past decade, with finance professionals becoming leaders, trusted expert counsel and key strategic advisers to organisations whether in the public or private sectors. “There is also a need for accountants to have an ethical approach to their work and this is vital in our more transparent and open business world,” he said, adding that “the changes we are making are preparing the profession for these demands”.

Explaining the importance of these changes for Pakistani students and members of ACCA, Sajeed Aslam said that with the introduction of strategic professional, ACCA is setting a new standard by fully integrating deep and broad technical expertise with ethics and professional skills. “And because every element has a real world-focus, ACCA students will be prepared to handle the challenges of the workplace.”

He elaborated that strategic business leader was a case study exam with a single scenario in which students would be presented with a variety of different exhibits financial statements, board reports, newspapers, etc which they must analyse, interpret and evaluate, and then communicate the impacts to stakeholders. “This is very much what an accountant will do in a real work environment.”

On a question about importance of technology in accountancy, Sajeed said, “Robotics and automation is something that the professionals need to work with and utilise best advantage for their organisations and their clients.”

Ayla Majid, an accountant, said, “I must have great communication skills apart from expertise in financial matters. The profession must explain in plain language what the financials mean for clients.”

Talking about IQ in ACCA, Ayla was of the view seven quotients including technical and ethical competencies (TEQ), intelligence (IQ), creativity (CQ), digital quotient (DQ), emotional intelligence (EQ), vision (VQ) and experience (XQ) are very important for ACCA students.

In her message to ACCA students, Ayla said, “Our message to current and aspiring accountants is that a blend of all these attributes makes the perfect finance professional, ready for the global business challenges they will face.” These ‘magnificent seven’ strengths show the way ahead and are the means by which accountants use their technical knowledge, skills and abilities blended with the interpersonal behaviours and qualities to put them to use.