Page 13 - CMA Journal (Nov-Dec 2024)

E x c lus iv e I nt er v iew

evolving world. Currently, the Panel is in the early stages
Professional accountancy of exploring how AI is reshaping the learning process,
the AI competencies future accountants will need, and
organizations serve as the backbone the development of new pathways for aspiring
ICMA: How is digital transformation reshaping the transformation and other critical topics, all available
global accounting profession? through our Knowledge Gateway. I encourage you to of support for individual accountants, professionals to obtain accountancy quali cations. At
explore and take full advantage of them! the same time, it is nalizing revisions to IES 6 on Formal
Lee White: We are living in an incredibly exciting time for and IFAC remains fully committed to Assessments to modernize the standard, re ecting
the accountancy profession. Some see digital ICMA: How can emerging technologies like AI be working closely with our member post-pandemic realities such as increased online
transformation as a threat—but I strongly disagree. leveraged to enhance accounting practices? examinations and new approaches to ensuring equity in
Digital transformation is an opportunity. Technology bodies—like ICMA Pakistan—to the assessment process.
allows us to automate routine tasks, freeing up more Lee White: AI is revolutionizing the way accountants and connect them with global best ICMA: How can ethical standards be maintained amidst
capacity to deliver high-value insights, drive strategic auditors work, enabling them to process and analyze vast rapid technological advancements in accounting?
decisions, and create a greater impact. The role of trusted amounts of data with greater speed and accuracy. practices, thought leadership, and the
advisers—those with the distinctly human qualities of Auditors can leverage AI to uncover hidden patterns, tools needed to embrace digitalization Lee White: Throughout digital transformation, one thing
deep expertise, integrity, and professional ethics—has correlations, and insights—enhancing predictive remains constant: the indispensable role of our
never been more important and will remain analytics, risk evaluation, and fraud detection. Generative with con dence principles-based International Code of Ethics. No matter
indispensable. AI is also proving to be a valuable tool for drafting audit how much technology evolves, our profession’s high
reports and distilling complex information. But let’s be standards and unwavering commitment to integrity will
ICMA: How does IFAC support and guide accountants clear: all of these applications require oversight and ICMA: How can digital tools improve the quality and not change. Ethics will always be our anchor. As we
in embracing digital transformation? human judgment. AI is a tool, not a solution.
transparency of nancial and sustainability reporting? navigate new ethical challenges, it is up to each
Lee White: The accountancy profession is embracing the Lee White: As our profession embraces technological professional to approach emerging technologies with an
future, and IFAC is committed to leading the way. As the innovations, we have an incredible opportunity to inquiring mind—recognizing their potential while
global convener of the profession, our role is to ensure enhance both the e ciency and impact of our work. remaining vigilant about unintended consequences.
that knowledge, best practices, and emerging trends are However, we must remember that accountancy is
shared across the profession—allowing us to challenge fundamentally built on accountability and trust. The rise
and inspire one another to keep evolving. We are of digital technology doesn’t diminish these
dedicated to equipping professional accountants with principles—it makes them even more critical. No matter No matter how much technology
the insights they need to thrive in the digital era. That’s how advanced our tools become, professional evolves, our profession’s high standards
why IFAC provides a wealth of resources on digital accountants remain responsible for driving outcomes, and unwavering commitment to
ensuring accuracy, and upholding integrity. Technology
is a powerful enabler, but the human element remains integrity will not change. Ethics will
the most essential factor. always be our anchor
ICMA: What challenges do accountants face in the
digital era, and how can IFAC help address them?
Lee White: I fully recognize that some in our profession ICMA: What advice would you give to accountants
may feel anxious about how technological advances looking to thrive in a rapidly digitizing industry?
could impact our relevance. However, this Lee White: The best way for professional accountants to
transformation presents an opportunity to add even thrive in digital transformation is by embracing
more value and enhance our signi cance to clients and continuous learning and upskilling. Our profession must
organizations alike. No one has to navigate this shift take a proactive approach, deepening our
alone. Professional accountancy organizations serve as understanding of AI, data analytics, and digital tools that
the backbone of support for individual accountants, and enhance our capabilities—with strong support from our
IFAC remains fully committed to working closely with our professional bodies. That doesn’t mean we need to
member bodies—like ICMA Pakistan—to connect them become data scientists. But just as we are developing
with global best practices, thought leadership, and the pro ciency in sustainability-related data, we must also
tools needed to embrace digitalization with con dence. build uency in AI and other emerging technologies.

ICMA: How is IFAC modernizing the global One thing is certain: our roles are evolving, bringing both
accounting education framework to prepare future opportunity and responsibility. If we keep pace, we will
professionals? continue to provide the trusted, decision-useful insights

Lee White: IFAC’s International Panel on Accountancy that businesses, economies, and societies rely on.
Education plays a critical role in shaping the future of our The Editorial Board thanks Mr. Lee White, CEO, International
profession. It oversees the International Education Federation of Accountants (IFAC) for sparing from his precious
Standards (IES)—the global baseline for accountancy time to give exclusive interview for Chartered Management
education—ensuring they remain relevant in a rapidly Accountant Journal.
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