This report provides insight into what it will take to prepare future-ready professional accountants. Capturing conversations from the IFAC Professional Accountants in Business Committee meeting in March 2019, the report focuses on:

• Finance function transformation, with a case study from Prudential Financial, Inc;
• Building data science and analytics capabilities;
• Supporting accountants in professional ethics;
• Effective risk management and internal control; and
• Examining the role of the audit committee.

Enterprise risk management (ERM) needs to be part of the professional accountant mindset and makeup. This report explores the contribution of professional accountants to effective ERM in their roles as chief financial officers (CFO) and within finance functions. To add value, accountants must be seen as risk experts who are outward-looking and provide valuable insights to help organizations manage risk, respond to uncertainty, and achieve their objectives.

This report, capturing conversations and takeaways from the IFAC Professional Accountants in Business Committee meeting in September 2018, provides insight into finance function transformation, including opportunities and challenges facing the profession.

Key topics covered include: