An effective finance function is integral to an organization's long-term success. Therefore, ensuring a fit-for-purpose finance function that meets the needs of an organization is crucially important. 

This tool is designed for use by boards and management teams to support meaningful discussion on how the finance function progresses within the organization. It also helps identify priority areas for further development that will maximize the value and contribution of the finance function.

The world is changing fast, and so are the roles of finance and accounting professionals. The nature of work performed by professional accountants and the nature of their contribution to organizations are rapidly evolving in response to significant business trends.

This report identifies the roles that future-fit accountants in business can fulfill to remain integral to their organizations in the coming decade based on the experiences of senior business and finance leaders, CEOs, board directors, and other stakeholders.

The CFO and finance function agenda is changing. With more demanding customers and society, achieving sustainable, long-term growth and value creation has never been more challenging. This report provides a vision to develop an effective finance function in the context of evolving mandates driven by digital transformation and multicapital thinking. The vision represents a shift from accounting for the balance sheet to accounting for the business and value creation.

Rene Herman is a Senior Project Manager at the Australian Auditing and Assurance Standards Board (AUASB). She is responsible for the planning, research, development and delivery of auditing and assurance standards and related guidance forming part of the AUASB strategy and corporate plan. Rene's primary areas of focus at the AUASB is on Australian Auditing Standards and related guidance in relation to historical financial information, with her current area of focus being on coordinating and cooperating effectively with regulators.

Prior to joining the AUASB Rene held the position of Executive Director at Ernst and Young where she was the executive responsible for the risk management, execution and delivery of external audit engagements. Her experience is across a diverse range of industries in the private, public and government sectors from SMEs to the largest Corporations in Australia.

Rene studied at the University of Cape Town and is a member of the Chartered Accountants Australia and New Zealand.

The International Ethics Standards Board for Accountants (IESBA) is pleased to announce the reappointment of Dr. Stavros Thomadakis as IESBA Chairman for a further one-year renewable term commencing 1 January, 2020, which was recently approved by the Public Interest Oversight Board (PIOB).

Dr. Thomadakis has chaired the IESBA since 2015. His dedication to high quality, fit-for-purpose ethics standards for the global accountancy profession is reflected in the IESBA’s ambitious Strategy and Work Plan 2019–2023.

Under his leadership, the IESBA has revised and restructured the International Code of Ethics for Professional Accountants (including International Independence Standards), which became effective in June 2019. In addition, the IESBA recently launched the eCode – a web-based tool that delivers the Code on a digital platform.

“The IESBA continues to address challenging issues affecting the accounting profession with high-quality future-ready ethics and independence standards. That very goal underpins our ongoing coordination with the International Auditing and Assurance Standards Board (IAASB). The IESBA is committed to supporting global adoption and implementation of the Code with innovative tools that increase the Code’s accessibility and usability,” said Dr. Thomadakis. “I look forward to working further with board colleagues, IESBA staff, our Consultative Advisory Group and our global stakeholders to elevate ethics and advance the IESBA’s multiple projects in the public interest.”

Dr. Thomadakis is Emeritus Professor of financial economics at the University of Athens and an active member of the Hellenic Council for Corporate Governance. He was Chairman of the Hellenic Capital Market Commission from 1996 to 2004. From 2005 to 2011, he served as the first Chairman of the Public Interest Oversight Board. Until late 2015, Dr. Thomadakis was a member of the Securities and Markets Stakeholders Group of the European Securities and Markets Authority (ESMA).

About the IESBA
The IESBA is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board. 

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. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

Listen to the IAASB's webinars on the challenges and possible actions that the IAASB is exploring it its current Consultation Paper, which is open for public comment until September 12, 2019. 

In Japan on his first overseas trip as IAASB Chair, Tom Seidenstein sat down with the president of the Japanese Institute of CPAs, Aiko Sekine, to discuss Japan’s importance to international audit and assurance standard setting. Check out the interview!