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September 25, 2009

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Home » Business » Economy

Recovery to spark need for accountants

DEMAND for accountants will grow as global optimism about recovery returns, according to a senior executive with an Australian professional certification body.

Accountants need to become more risk conscious after the financial crisis left many wondering about the integrity of those who examine the books and assemble the accounts for companies, said Richard Petty, president of CPA Australia, who is also a professor at the Macquarie Graduate School of Management in Sydney.

"Growth will be excellent," Petty said yesterday in Shanghai. "The crisis raises the need for more transparency, which means more reporting and more regulation, which means more compliance. That creates demand for accountants, along with growing business activities in post-crisis era."

CPA Australia, which has 122,000 members worldwide, is to step up its business in China, Petty said.

"The world has seen a surge of optimism in the economy, but there are not many fundamentals to support that," he said.

"China is a different story. Although growth has slowed, the rate remains healthy," he said. "We see massive opportunities here."

Petty said one of the world's largest accounting firms had told him earlier this week that it had been actively recruiting, and that was a sign of stronger growth.

Petty said accountants should become more skilled in quantifying, measuring and managing risks.


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