Appointment of Mr William Spiteri Bailey as member of the IFAC SMP Committee and Mr Stephen L. Muscat as member of the IFAC PAIB Committee
The Malta Institute of Accountants as member of the International Federation of Accountants (IFAC), submitted its nominations in response to a call by IFAC for the appointment of members to the Small and Medium Practices (SMP) Committee and the Professional Accountants in Business (PAIB) Committee. The IFAC Board subsequently approved the appointment of Mr William Spiteri Bailey as member of the SMP Committee and Mr Stephen L. Muscat as member of the PAIB Committee, for the two year term commencing on 1 January 2018.
William Spiteri Bailey is the President of the Malta Institute of Accountants and presently chairman of the SMP committee within the MIA, member of the Accountancy Europe SME Forum and technical advisor to the IFAC SMP committee for the past three years. Stephen L. Muscat is the chairman of the Professional Accountants in Business committee within the MIA
IFAC supports SMPs through a number of initiatives to raise the profile and build their capacity globally. With input and guidance from the SMP Committee, IFAC represents SMPs’ interests to standard setters and regulators, facilitates the sharing of tools and resources to help them compete in the global marketplace, and speaks out to raise awareness of their role and value, especially in supporting SMEs, and the importance of the small business sector overall.
IFAC’s PAIB Committee provides leadership and guidance on relevant issues pertaining to professional accountants in business and the business environments in which they work. The PAIB Committee focuses on multiple topic areas: the roles, domain, and competencies of accountants in business; governance and ethics; sustainability and corporate responsibility; risk management and control; financial and performance management; and business reporting.
Ms Maria Micallef and Mr Fabio Axisa to assist the Accountancy Board
The Accountancy Board unanimously agreed to appoint Ms Maria Micallef and Mr Fabio Axisa on the Board in terms of Article 6A (1) of the Accountancy Profession Act Cap. 281. Ms Maria Michallef and Mr Fabio Axisa have been appointed to assist the board in the proper discharge of its duties for a one-year term.
Applying Risk Management – A Joint Event between The Malta Institute of Accountants and The Malta Association of Risk Management
Malta Institute of Accountants and Malta Association of Risk Management teamed up with experts in the field to deliver an event entitled Applying Risk Management at the Xara Lodge on the 28 September 2017.
A range of high calibre foreign and local speakers participated in this joint event, including Mr Alex Azzopardi, Dr Keith Cilia Debono, Mr Dominic Fisher, Mr Antonio Giannino, Mr Alex Konewko, Mr Stefan Lia, Mr Ian-Edward Stafrace and Mr William Spiteri Bailey.
The event comprised the delivery of presentations covering: risk fundamentals, techniques for embedding risk management and cyber-governance. It also included a panel discussion and two breakout sessions.
Rethinking the Role of the CFO – A joint event by the Malta Institute of Accountants and the Malta Chamber of Commerce, Enterprise and Industry
The Malta Institute of Accountants recently collaborated with the Malta Chamber of Commerce, Enterprise and Industry in holding a seminar titled “Rethinking the Role of the CFO”. Its scope was to discuss the evolving change of the CFO’s roles and responsibilities. A change largely driven by increasing complexities resulting from globalisation, regulation, information technology and expectations.
Mr Joseph Galea, Ms Jackie Camilleri, Ms Helga Ellul, Dr John C. Grech, Mr Stephen L Muscat, and Mr Raphael Aloisio participated in the panel discussion where views were exchanged on this evolving role.
In his welcome speech, David Xuereb, Deputy President of the Malta Chamber of Commerce, Enterprise and Industry said: “The CFO’s role is evolving in one that expects them to be leaders within a company. Nevertheless, it is a two-way game, CEOs also have to realise the increased importance of the role and should treat their CFOs as partners who can give them the actual data insights to make the right decisions for the company.”
The President of the Malta Institute of Accountants, William Spiteri Bailey emphasized “There is one factor that should not change or perhaps change for the better…and that is ‘integrity’. As professionals and leaders we should always lead by example and keep our ethical values high on our agenda. Your role as CFOs should be to foster and promote an organisation that values ethical conduct in any business dealing and in relationship with others. It is only by following such values that your role as professionals and leaders will continue to be of value.”