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| Sunday, 9 May 2004 |
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| News Business Features Editorial
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Accounting profession faces many challenges By Hiran H.Senewiratne The accounting profession today is facing several challenges with the collapse of world renowned companies such as Enron and Worldcom, said Chief Executive of the Association of Chartered Certified Accountants (ACCA), Allen Blewitt. "Business leaders throughout the world should work together to regain the public trust on the profession," said Blewitt during his short visit to Sri Lanka. He said that Sri Lankan accounting and auditing standards were very much close to international levels and they should be further developed in terms of business reporting and auditing. Today there were so many accounting bodies in the world and it was time for them to get together and improve standards, while ensuring social business ethics in organisations, he said .Every business organisation should adopt corporate social responsible reporting for the benefit of the general public to position its transparency and credibility, he said. Sri Lankan business organisations should demonstrate good industry practices including transparency, independent and good business ethics for the benefit of the society. Referring to the environment sustainability reporting he said that Sri Lanka was still at its infantry stage. Basically it contained guidance on what sustainability reports should comprise which were drawn from best practice guidelines with selected examples from published sustainability reports of large companies around the world. All decisions on business organisations should be based on ethics, not purely on financial matters, by taking into account environmental, social and cultural aspects as well to create a just and free society, he said Most of the companies in this country should be more transparent and extend their compliance with environmental and social laws and regulations to avoid any impact. Social responsibility reporting should focus an equal opportunity for women, elimination of child labour and other major social issues, he said. Blewitt said that companies with significant environmental and social impacts, should address these issues by promoting activities such as energy efficiency schemes, waste reproduction strategies, improved design and recycling of their products. ACCA is the world's fastest growing accounting body with over 320,000 students, operating in more than 150 countries, with an annual growth rate of 10 per cent. |
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