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Forum exposes CFO challenge
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A forum hosted by the Institute of Chartered Accountants in Australia in Canberra yesterday, revealed the need for innovation in both Public and Private Sectors Finance.  
 
The meeting brought together some of Australia’s top CFOs to discuss the challenges they face within the finance profession. Panellists included: Lindsay Tanner MP, Shadow Minister for Finance; Ian McPhee, Auditor General, Australian National Audit Office; Jane Holton, Secretary of the Australian Department of Health and Ageing; Phillip Prior, CFO Department of Defence; Robert Parker, CFO of IBM and Geoffrey Applebee, Senior Partner Ernst & Young.  
 
The issues discussed included:  

  • The appropriate movement of internal and external resources;  
  • The need for collaboration with academia and business partners to create innovation;  
  • The trend towards becoming more specialised;  
  • The need to attract non-typical graduates into the profession, to bring with them alternative thinking and innovation.
CEO of the Institute of Chartered Accountants, Graham Meyer, said: “CFOs in Public and Private sector share similar challenges and the Institute of Chartered Accountants role has been to showcase those issues, illustrate how they might become better CFOs and make them financially fit for the future”.  
 
Dr Martin Fahy, Director of Development Asia Pacific at the Chartered Institute of Management Accountants, also provided a keynote speech. During his speech Dr Fahy said he thought Public Sector finance functions needed to focus on leadership and required improvements in productivity.  
 
“The only way for the Public Sector CFOs to move forward is to move away form being entrenched in operational work and towards playing the role of a leader and strategist.  
 
“The answer is unfortunately not some magic bullet- it’s not even new. Its about old fashioned leadership, hard work and good management,” Dr Fahy said.  
 
His six solutions included:  
  1. Getting the numbers right;  
  2. Applying technologies – using them, but not in isolation;  
  3. Applying systems – but not in isolation;  
  4. Delivering information users want and trust;  
  5. Focusing on efficiency to create the space for thinking;  
  6. Focusing on better Compliance and from this comes improved confidence and improved visibility in the organisation to help us improve performance.
A summary of Dr Fahy’s presentation is available upon request.  
 
Dr Fahy will also be presenting at the Institute’s Trans Tasman Business Leaders Conference, which is being hosted in New Zealand from 20 – 22 September 2006.  
The Conference will also profile the need for CFOs to work as strategic partners to business and trusted advisers to the CEO and Board.  
 
For further information see: Trans Tasman Business Leaders Conference