Today few roles can rival the CFOs in terms of breadth, influence and profile. Indeed, the CFO is now arguably the most influential role in an organization, particularly at a time when economic uncertainty continues to cause unpredictable demand, capital availability and cash flows.
The CFO Conference organised by the Institute of Chartered Accountants of Pakistan (the Institute) certainly zeroes in on the CFO's expanded role of strategizing and leadership.
As one of the Institute's premier annual event, the CFO conference meets the growing demands of exceptional times that we live in. The after effects of the global crisis compel economies and businesses to reexamine their prevailing models, and reinvent to become more responsible and efficient. A greater need is being felt to adhere to the fundamental values of integrity, better governance and good behavior at both the enterprise and sovereign level.
The multidisciplinary CFO is a strategist, empowered to add value and identify value drivers which can grow revenues and profits in sustainable ways. A CFO should have the ability to build strong relationships with investors, opinion leaders and other influential stakeholders including the board to ensure genuine objectivity and independence. Furthermore, to deliver business results, he should have a cautious but entrepreneurial approach to risk.
CFOs as the guardian and watchdog of finances must ensure compliance, in letter and spirit, with financial reporting standards, a cornerstone of high quality financial reporting. However, this should be an ongoing process and not left until financial statements are audited at the end of the financial year.
To improve the tone at the top, independent directors play a significant role in upholding governance, both locally and regionally CFOs are playing their due role in this regard as vigilant independent directors. Today, the CFO is being called upon to drive and improve business performance in a demanding business environment and I hope that the CFO conference will offer the participants fresh insight into exactly how the CFO can become a beacon to guide businesses through risk-laden waters to achieve a more stable and prosperous results.
I wish the conference great success!