September. Joint ACCA and Estonian Board of Auditors Event (Tallinn. Estonia)
On 6 September 2012 the public discussion on new reporting models was organised jointly by ACCA and Estonian Board of Auditors that took place in Tallinn, Estonia. The issues of financial regulation, new reporting models and sustainability awareness in the Baltic Region were discussed during the event.
The discussion gathered over 60 representatives from Estonian business, Estonian Ministry of Finance, the Russian Federation Chambers of Commerce and the Estonian Board of Auditors. In course of the event ACCA’s Foundation in Accountancy suite of awards was presented as a newly created product for those seeking technical qualifications in accounting and finance.
Kaido Vetevoog, Managing partner of Baker Tilly Estonia and Head of Estonian Board of Auditors, in his opening speech outlined the need for any progressive business to review its sustainability credentials and subsequent reporting mechanisms. He stressed that Estonia should build its progress on sustainable foundations and expressed the wish for Integrated Reporting to be an effective tool for minimizing the negative effects of business. Kaido was also enthusiastic of more effective future cooperation with ACCA for the sake of further development of accounting and finance profession in Estonia.
Nataliya Vovchuk, Head of ACCA Ukraine, Baltic and Caucasus States, greeted the participants and thanked Estonian Board of Auditors for the effort in organising the event. She highlighted the need for accountants and auditors to broaden their skills and expertise to enable companies to embrace sustainability across the departmental silos. Nataliya stressed that ACCA remains the only globally accredited qualification to offer significant exposure to non-financial tools and aspects for aspiring financial professionals. Issues of sustainability, Global Reporting Initiatives and environment accounting are key priorities in ACCA thought leadership program.
Henning Drager, Relationship Manager of International Integrated Reporting Council, framed his presentations around the Estonian government’s 2025 sustainability strategy including the role of industry meeting stated financial, social and environmental targets. He shared a belief that Integrated Reporting can be a meaningful contribution to improved corporate reporting practices, and that financial professionals, investors and boardrooms need to be at the heart of this process.
The conference closed with a lively discussion around the future of accounting profession in Estonia that is experiencing many challenges due to EU membership and demographic outflow. There was an interest among key players to reinforce high quality training in accountancy and finance in Estonia.