Accounting professionals urged to lead innovation, ESG integration

THE ACCOUNTING profession must adapt to rapid technological and global changes, positioning itself as a leader in innovation and sustainability.

So said Marissa Quashie, president of the Institute of Chartered Accountants of TT (ICATT) at the 15th International Finance and Accounting Conference (AIFAC) at Hyatt Regency, Port of Spain, on November 21.

The two-day conference brings together accounting and finance professionals, business leaders and innovators to explore trends and challenges in the industry.

Opening the conference, Desmond Dial, ICATT council member and conference chair, set the tone for the discussions ahead, highlighting the transformative role of accounting.

"Just remember, we are not just participants in the transformation of our profession, we are the drivers of it," Dial said.

Quashie highlighted ICATT’s achievements under its 2022-2025 strategic plan, focused on driving sustainability and reinforcing trust.

She said the launch of the members' health plan this year and the introduction of the Chartered Global Management Accounting (CGMA) Finance Leadership Programme were among the organisation’s key successes.

"ICATT is also in the process of reviewing other qualification programmes to ensure professional accountants and preparers of financial statements are suitably qualified."

Dial also addressed the profession’s role in sustainability, saying there was a growing demand for environmental, social and governance (ESG) accountability.

"This shift presents an opportunity for us as accounting and finance professionals to redefine what it means to create value...Sustainable business practices are now a key driver of growth, innovation and resilience in a rapidly changing global economy," he said.

Dial urged attendees to consider their roles in integrating sustainability into financial practices.

Both speakers addressed the role of technology in reshaping accounting.

Quashie described how automation, artificial intelligence and blockchain are not only improving efficiency but also enabling accountants to provide real-time strategic advice.

"It is how we, as professionals, integrate and adapt these tools that will determine every success that is achieved."

While Dial found that technological advancements have transformed accountants into trusted advisors who shape future decisions.

"Our role is no longer limited to reporting the past. We are now architects of financial systems that drive innovation, sustainability and prosperity," he said.

Quashie also touched on the profession’s public interest mandate and ICATT’s leadership in strengthening public sector finance and advocating for the adoption of international sustainability standards.

The ICATT Council is working on adopting international sustainability standards (ISS) S1 and S2.

S1 and S2 refer to the ISS standards on sustainability and are part of the broader global accounting framework.

The council approved a voluntary adoption period, followed by a gradual rollout in the short to medium term.

Quashie and Dial urged attendees to challenge conventional practices.

"We must think critically, innovate boldly and collaborate to advance our profession," Dial said.

The conference was created to equip professionals to navigate the evolving industry while upholding ethical and professional standards.