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The 15th AFA
Conference
Mulia Senayan Hotel, Jakarta, Indonesia, 11 - 12 December
2007
The ASEAN
Federation of Accountants (AFA) had successfully organised
the 15th AFA Conference from 11-12 December 2007 at the
Mulia Senayan Hotel in Jakarta, Indonesia. The Conference
was hosted by the Indonesian Institute of Accountants (IAI).
The 15th AFA Conference focused on the theme "The
Dynamic Role of Accounting in Corporate Governance and
Sustainability: Challenges, Accountability, Motivation, Best
Practices and Learning Opportunities".
The main goal is to provide a forum for the discussion of
some of the most pressing challenges and opportunities faced
by the accounting profession today and to explore how, in
the regional context; the professional accountants most
effectively serve the public interest.
The Conference examined the importance of promoting and
sustaining good corporate governance role that our
accounting profession can play in advancing corporate
governance initiatives in ASEAN.
On Day 1 of the Conference, four plenary sessions were held
that focused on generating a better comprehension on the
dimensions of corporate governance, the role of the
accounting profession on governance, and the dire
implications of bad governance. First, the conference
discussed the roles and responsibilities that both internal
and external auditors may have in developing and maintaining
corporate governance. Second, is to examine the various
determinant factors that drive good corporate governance
practices. Finally, the conference explored the consequences
of having good corporate governance, or more importantly,
the bad corporate governance on the firm’s economic and
non-economic outcomes. Before concluding the first day of
discussions, the conference revisited some of the past
failures of corporate governance that have plagued
organizations worldwide. The objective was not to relive bad
experiences, but rather to gain an appreciation for good
governance and learn from past mistakes.
Day 2 of the conference expanded the discussions to include
an exploration of corporate governance environment and
future implications of the governance initiative. The
conference first examined the specific impact on corporate
governance on the firm’s equity price and cost of capital;
and whether the management have economic incentives to
promote governance within the organization. Sarbanes Oxley
has arguably been one of the most significant accounting
regulations that have been passed in several decades. Though
it originated from the United States, it has had a profound
impact on the accounting profession in ASEAN. Thus, the
conference discussed how SOX may have an impact on the
accounting profession’s focus and strategies in our region.
The next discussion was on the best practices of good
corporate governance, by observing the top 10 most
trustworthy companies/organizations in ASEAN and the best
corporate social responsibility practices in the region. The
objective was to learn the key factors to governance success
and apply those learning points on other organizations.
Finally, the conference concluded its sessions with a
discussion on preparing a new generation of accountants for
the future business landscape as well as converse on the
future of risk based auditing. As the accounting profession
is and will continue to play an integral piece of the
corporate governance puzzle, we need to better prepare the
new generation of accountants to tackle difficult and
complex accounting issues.
This Conference had a meaningful discussion of a
contemporary and important issue that has arisen in the
accounting profession. The success of which, depended on the
contribution of our valuable AFA members.
Conference
date: 11 – 12 December 2007
Conference theme: The Dynamic Role of Accounting in
Corporate Governance and Sustainability: Challenges,
Accountability, Motivation, Best Practices and Learning
Opportunities
Conference venue: Hotel Mulia Senayan-Jakarta, Indonesia
Participants: 461 participants |
