Role of CFOs highlighted

KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) organized its annual CFO Conference at local hotel on Tuesday. The theme of the conference was ‘From conformance to Leadership-Evolving Role of CFOs’ and was attended by more than 650 professionals from the fraternity of finance and business.

In his opening address, President ICAP Naeem Akhtar Sheikh stated that ICAP’s professionals constitute an integral part of the industry and it is incumbent for the institute to cater to their needs and expectations. The CFO Conference over the years has emerged as a strong platform where professionals in business and industry meet to explore, confront and thrash out solutions to meet the challenges and issues. He also discussed the emerging role of CFO as Value Integrators at large, expanding their influence beyond financial decisions to broader strategic choices about their business.

Kamran Y Mirza–CEO Pakistan business Council emphasized on Changes and Challenges for the CFOs who are fulfilling the role of a strategic partner to the CEOs. In today’s organizational challenges CFO’s role is transformational – leadership of change that is creating synergy and building teams. CFOs need to apply vision, determination and above all a steady and methodological pace to reap the benefits across the organization.

Subodh Agarwal President SAFA highlighted the value creation with the changing time and put emphasis to keep pace with the international standards. He appreciated that Pakistani chartered accountant have an exclusive skill set and technically competent than any other accountants of the world.

The Fourth Professional Excellence Awards were announced after the keynote session. The awards recognize the innovation of the professionals who with their talent enhanced the value of business in organization. Pioneer Cement Limited was declared as the 1st Award Winner for the “CREI (Cost Reduction and Efficiency Improvement)”, K . Electric limited was declared as the 2nd Award Winner on “Segregated Load Shed Plan”. The National Clearing Company was declared as the Third Award Winner on “Revamping of the Capital Gain Tax Regime”. Special Recognition was given by Pakistan Institute of Fashion and Designing for “Implementation of ERP”. The Winners of this year’s Awards were selected by an independent three member Jury comprising of Zafar Iqbal Sobani, Feroze J. Cawasji and Ayaz Ahmed.

Susana Chiu, MH, FCPA Immediate past president, Hong Kong Institute of CPAs moderated the highly interactive panel discussion on The Role and Expectations of a CFO – Preparing Accountants for Finance Leadership. The session discussed the evolving role of CFO’s in reshaping the finance functions and promoting business innovation within an organization to streamline operations, altering dynamics of the business. The panelists included Shakaib Arif – COO, National Foods, Feroze Jehangir Cawasji – CE, Pak-Arab Pipeline Company (PAPCO), Gulzar Khoja – CFO, Asia Petroleum Limited, Imran Ahmad Mirza – CFO, Pakistan Refinery Limited, Sohail Butt – DMD Finance and IT, Pakistan State Oil (PSO).

Tabish Gauhar – Chairman, K Electric, spoke on Business turnarounds and shared insight of K-Electric, Aliuddin Ansari – President & CEO, Engro Corporation, highlighted role of finance professionals in creating value through capital restructuring. Syed Amir Ali – Group Head Corporate and Investment Banking, Meezan Bank Limited shared insight in the future of reporting while discussing the integrated reporting.

Mr. Khalid Rehman – Secretary/COO, Institute of Chartered Accountants of Pakistan moderated the second panel discussion on Appropriate Audit Fee – is it a catalyst for growth of the profession or increase in cost for the audit. The interactive panel discussion debated on the mutual expectations of the industry and the highly energized auditors.

The conference concluded on an appreciative note.

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