ACPACI Holds 5th Controllers/ Accountants’ Summit
Commissioner Ibe delivers keynote speech
The Association of Certified Public Accountants in Commerce & Industry (ACPACI), through the joint effort of the Philippine Institute of Certified Public Accountants (PICPA) held its 5th Controllers/Accountants’ Summit in Celebration of the Accountancy Week last July 16, 2013 at the Manila Intercontinental Hotel in Makati City. SEC Commissioner Antonietta F. Ibe delivered the keynote address, “The Evolving Roles of the CFOs” during the luncheon meeting.
More than 100 accountants, ACPACI members and guests participated in the yearly summit. The program kicked off with the first technical session, “Fund/Cash Flow Management” competently discussed by finance guru, Mr. Gavin C. Lee, VP Academic Affairs of the CFA Philippines. This was followed by the illuminating speech, full of introspection, by Ms. Ibe about the roles of the CFOs. She said that traditionally, “The (CFO) position was considered to be solely focused on past performance, on numbers and on financial reporting, but today, the role of the CFO has completely changed.” To be effective, Ms. Ibe underscored that the CFO must develop other skills like industry intelligence, understanding advanced financial instruments such as derivates, presentation skills including working with media and broadcast, among others. In her address, she also discussed the ten-point checklist of qualities to be a successful CFO:
- A sound ethical compass
- Ability to take unpleasant decisions
- Clarity and focus
- Ambition
- Effective communication skills
- Ability to judge people.
- A knack for developing people to be future leaders
- Emotional self-confidence
- Adaptability
- Charm
In conclusion, she said that “the life of a CFO is never boring,” and we could expect developments in the CFO roles not only in financial recording and reporting but also in other ancillary but relevant skills that would prepare them for a greater role in the future, Ms. Ibe emphasized.
The afternoon session started with the presentation of Mr. Joey Q. Mamaril, President and CEO of Systems and Software Consulting Group, Inc., “Enterprise Document Management System”. This was followed by the lecture of Mr. Emiliano S. Librea III, Partner and Chief Information Officer of Punongbayan & Araullo, about “Risks Related to IT Environment” in the last technical session.
Other highlights of the well attended event were the State of ACPACI address by Ms. Connie Cadelina during the President’s Time and the induction of new ACPACI members. The celebration was graced by PICPA 2013 President, Ms. Violeta J. Josef and 2013 Accountancy Week Celebration Chairperson, Mr. Francis J. Ricamora, and some ACPACI past presents: Rebecca Arago, Liza Glodoviza, Corazon Rey, Mr. Julia Tecson, Atty. Betty Salvador, Paz Malubay, and Ms. Winnie Cuico; and was hosted by ACPACI Directors, Edward L. Roguel and Lawrence M. De Leon.