Recognising the important role that accountants play, President Dr Irfaan Ali has underscored the need for these professionals to evolve from the traditional way of doing business by adopting new technology while also exploring new areas of business.
The Guyanese leader made these remarks on Friday at the opening of the Institute of Chartered Accountants of the Caribbean’s (ICAC’s) 43rd Annual Conference, which is being held in Georgetown.
“I believe that given what AI (artificial intelligence) will do and given what organisations need will be, accountants now need to evolve into what will be the expanded role of an accountant today,” President Ali stated.
He went on to emphasise the importance of also expanding beyond traditional roles of accountancy. To this end, the President challenged the more than 300 participants from across the region at the conference to explore what new or additional skill sets would be needed for professionals to be adaptive in this new emerging environment.
“Those are the questions that you have to answer. How do we ensure that an accountant is not only an accountant now, but how they are incorporated in qualitative analysis, in strategic planning, using the data, not generating the data anymore, but using the data to enhance decision making, using the data to influence policy. That is where the new role is going to emerge,” the Head of State posited.
According to Ali, “…for accountants to be relevant in this environment, you have to now also be like a Wall Street trader, policy analyser. Because the accountant now must move into a system where they understand policy. This is the new role. You understand markets in its totality, the functioning of markets. These are the things that I think you need at this moment to discuss. There is no way you’ll be irrelevant, let me say that… but you can be relevant but not functional. You can be relevant, but not adaptive.”
The Guyanese leader further pointed out that this year’s ICAC conference is being held at a time when professions around the world are changing with new global systems and the speed of doing things is the talk of the day. This reality, he asserted, requires attention on how the region responds.
“The role of AI and how AI would either enhance or displace what we do in the profession must be examined. If you’re not able to examine in totality the role of AI in medium-sized and small markets like ours in the region, then we will be faced with difficult decisions in the future. AI is a tool to help us. But if we allow AI to be the tool that directs us, then we will have challenges. So, we have to decide in the region how we shape AI to meet our own model and to meet our own needs,” he stated.
Turning his attention to relevancy, President Ali said that the University of Guyana (UG) has already begun examining whether the programmes being offered are relevant to the needs of today and where the accountancy profession is going, with the aim of designing products to facilitate that growth. This, he contended, is something that all the universities across the region should also do.
In this regard, UG has already been partnering with the Association of Chartered Certified Accountants (ACCA) – the global professional accounting body that offers the Chartered Certified Accountant qualification.
“If your students cannot be absorbed in the economy, then they will go to a certification that will allow them to be absorbed in the economy. So, I hope that this initial step by the University of Guyana and the ACCA body would lead to a revolutionising of the accounting profession in the region and the universities within the region all working together with the organisation to have an integration with our degree programme, master’s programme, and the ACCA programme,” the President stated.
Despite this, however, the Guyanese leader went on to voice his concern about the capability within Guyana, especially at a time when the country is experiencing massive growth in business activities. Can we produce sufficient, qualified and competent accounting personnel? Not qualified alone; qualified and competent accounting personnel to meet the growing demand for such services across varied sectors. This is not merely one of numbers. It is also one of quality and expertise,” he emphasised.
Noting that this is a challenge that other nations might also be facing, President Ali urges the conference to address whether the region has enough young people to enter the profession, whether it can provide the education and training required to excel, whether it can equip them with the skills necessary for a rapidly changing world and a more complex business environment and, more importantly, whether the region can retain them after they become qualified.
Nevertheless, the Guyanese leader said this situation presents an opportunity for countries to look at a mentorship system whereby an accountant is attached to a cluster of 10 small business owners, acting as a facilitator and/or an advisor. This, he noted, will help to build that cluster while also equipping professionals with field experience – something he says is critical for the new environment they will operate in.
“The role of an accountant cannot be looked at as one in the office. An accountant must understand the environment they’re working in… and countries can move the role of accountants to a national scale by creating the opportunities among these clusters… You have to present that model.”
“The reality is, the challenge before us is not simply one of producing more accountants. It is one of producing the right accountants for a profession that is undergoing profound transformation. If you’re concerned about whether we can attract, retain sufficient talent, you must also be concerned about whether the talent is equipped with the knowledge, skills, and technological competencies that a modern profession demands,” the President asserted.
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