News Update Times

Pakistan (Muhammad Yasir)

Employers worldwide, particularly those in countries facing a talent crunch, are keen to tap into the pool of finance and accountancy professionals in Pakistan, with outsourcing and remote work opportunities becoming increasingly popular.

Employers worldwide trust professionals with the ACCA designation, indicating the person has the right combination of skills, experience, and ethics to lead the organization into the future. Almost half of ACCA members from Pakistan are currently working overseas, with the UK, Australia, the U.S., Canada and the UAE being the most sought-after destinations.

The accountancy field is known to provide career security in turbulent times, and given the changing world, accountancy is seen as a smart career choice for its flexibility, global mobility and growth prospects. The stability, rewards, and opportunities the profession offers remain highly appealing, with long-term career prospects seen as the number one benefit of a career in finance.

Opportunities for finance professionals are only increasing, particularly for those with the sustainability-focused green skills. Exciting opportunities await accountants in sustainable finance and reporting. According to a recent ACCA study, 69% of respondents believe that accountants will play a more significant role in helping organizations address sustainability and climate change issues in the future.

With a presence in 178 countries and regions, ACCA provides a global passport for Pakistani professionals with the talent and ambition to build rewarding global careers.

 

Pakistan (Muhammad Yasir)

Finance professionals working in the public sector play a crucial role in addressing sustainability and climate change issues. ACCA’s (the Association of Chartered Certified Accountants) Global Talent Trends survey shows three out of four public sector respondents agree that accountants will play a bigger part in helping organisations address this agenda in the future.

In one of the largest ever studies across the accountancy profession, ACCA’s inaugural Global Talent Trends Survey 2023 provides a unique and vital view of how people feel about working in the finance profession right now. Finance professionals working in the public sector share many of the same concerns as the wider profession, but there are some differences.

ACCA’s research highlighted seven key talent trends for the public sector.

1. Inflation is fueling wage pressure: the impact of rising prices on salaries is more of a concern for public sector employees than for any other sector.
2. Hybrid work is a work in progress: a significantly lower proportion of public sector employees have adopted hybrid and remote working practices compared to the private sector. 71% of public sector financial professionals are fully office based compared to 57% in all sectors.
3. Addressing burnout must be a priority: just over half of public sector financial professionals (52%) believe their employers do not consider employee mental health to be a priority.
4. Mobility is driving a possible talent crunch: public sector respondents indicated a similar level of mobility to the average of all sectors. However, amongst those planning to move roles, 4 in 10 public sector finance professionals expect to move internally in the next two years, while 5 in 10 are predicting an external move.
5. Technology is empowering but training is key: 88% of those in the public sector want more technology training as they recognise the power technology has in supporting finance professionals to add more value. But 40% fear technology will replace all or part of their role.
6. Inclusivity is strong but perceptions about social mobility are more troubling: 61% of public sector financial professionals think their organisation is inclusive (compared to 68% of all sectors), while 49% in all sectors (including public) have the perception that a lower socio-economic background is a barrier to progress.
7. In turbulent times accountancy provides career security: public sector financial professionals see the key benefits to a career in this sector as the opportunity to gain a professional qualification (38%); having a job with purpose (27%) and the ability to make an impact (23%) – scores which outstripped all sectors at 33%,23% and 17% respectively.

Jamie Lyon, head of skills, sectors and technology at ACCA, said: ‘Developing the talent of tomorrow is one of the top priorities for the accountancy profession, especially in the public sector. ACCA’s inaugural annual talent trends survey ensures the voice of those working in the profession – including the public sector – is heard and that the profession helps create a working environment where today’s professionals thrive and where tomorrow’s talent wants to be.’

As well as providing valuable insights the report sets out the ways in which ACCA supports employers, student and members, as well as the wider public sector.

Mark Johnson, senior subject manager, public sector, ACCA, said: ‘These findings have important implications for public sector employers as they seek to retain and attract finance professionals to careers in the sector. While the sector faces its challenges, those working in accountancy and finance in the public sector see the ability to make a real difference to people’s lives as a key aspect of their roles. This new report is intended to support a workforce of vibrant and dynamic public sector finance professionals to drive through essential public financial management reforms.’

“The timing of this research is appropriate for Pakistan, considering the growing emphasis on professionalisation, technology-driven value creation, and green budgeting in the public sector. These are recognised as crucial elements in achieving a significant improvement in public sector financial management,” stated Assad Hameed Khan, head of ACCA Pakistan.

 

Investors seeking to place reliance on corporate sustainability information are driving unprecedented demand for assurance in this emerging area.

This represents a challenge and an opportunity for the global accountancy profession. In response the profession is engaged in determining the framework within which assurance engagements should be carried out and who is best qualified to perform the work.

Using the core assurance skills obtained through the experience of auditing financial statements, the accountancy profession – alongside others performing assurance engagements – is well placed to satisfy this demand.

ACCA’s report Sustainability Assurance – Rising to the Challenge describes the landscape for sustainability assurance and introduces the extant standard and guidance issued by the International Auditing and Assurance Board (IAASB).Sustainability Assurance – Rising to the Challenge sets out the key issues faced by practitioners providing this assurance work.

ACCA’s research – supported by evidence gathered from a series of virtual global roundtables held in 2022 and 2023, with assurance practitioners and other representatives involved with audit and assurance policy-related matters – sets out seven key messages:

 

• To avoid a new ‘sustainability assurance expectation gap’ ACCA stresses the importance of international and national standard setters explain what ‘limited assurance’ and ‘reasonable assurance’ mean, and the key differences between the two.

 

• Standard setters should consider the risk of misleading reporting – green washing – when developing reporting and assurance standards.

 

• A concept to deal with estimates should be a key focus for the IAASB as much sustainability reporting and assurance work is often based on hypothetical scenarios.

 

• The unprecedented dependence on subject matter experts (SMEs) for sustainability assurance engagements may suggest the need for further standards and guidance on how to rely on their work.

 

• The assurance report – the end-product – should be seen as a key priority area by standard setters and policy makers, particularly in dealing with limited/reasonable differences.

 

• Assurance skills obtained through audit experience remain vital in performing sustainability assurance engagements.

 

• ISAE 3000 (Revised) and the Sustainability/EER guidance provide a strong foundation for those intending to undertake sustainability assurance engagements before the IAASB’s overarching standard is finalised.

Report co-author, Marianna Rogdaki, Audit & Ethics Lead, ACCA says: ‘ACCA recognises that  it can be a real challenge for practitioners new to this area to come to grips with both the risks and the opportunities of taking on sustainability assurance engagements. This report aims to raise awareness of the current landscape as a good starting point for practitioners to get involved.’

She adds: ‘It is clear that the demand for sustainability information is now higher than ever, with regulators across the globe considering mandatory reporting and assurance requirements.

‘Most notably in the European Union, the European Commission has replaced the Non-Financial Reporting Directive (NFRD) with the Corporate Sustainability Reporting Directive (CSRD) introducing mandatory requirements for more entities, alongside requirements for assurance over published information.’

Report co-author, Antonis Diolas, Head of Audit and Assurance, Policy & Insights, ACCA, says: ‘In our roundtable the importance of professional scepticism was noted. Given the immaturity of sustainability reporting, professional scepticism is even more important where subjective statement often forms part of sustainability reports and are not backed up with sufficient appropriate evidence.’

The report commends the IAASB, the International Sustainability Standards Board (ISSB), and the International Ethics Standards Board for Accountants (IESBA) for their respective swift responses to the call for international sustainability reporting, assurance and ethical standards, reducing the risk of fragmentation.

 

Read the full report here https://www.accaglobal.com/gb/en/professional-insights/global-profession/sustainability-assurance-rising-to-challenge.html