Dr Norita Mohd Nasir FCPA (Aust.) says CPA Australia has availed many opportunities for her to contribute to society, including being awarded a competitive research grant on the sustainability of tax and retirement saving areas. — AZLINA ABDULLAH/The Star
IN recent decades, accounting has undergone a profound transformation, driven by the advent of technology, and the complexities of a globalised financial landscape.
No longer just number crunchers and spreadsheet wizards, the accountant’s technical prowess and analytical acumen give them the edge, not only to participate in decision-making but to become business leaders and decision-makers themselves.
As someone who has dedicated 30 years of her life to lecturing in accounting, Dr Norita Mohd Nasir FCPA (Aust.), liaison officer for CPA Australia at the Department of Accounting, School of Business, Monash University Malaysia, has witnessed the transition first hand.
“Accounting may always be associated with numbers and the preparation of financial statements, but the bigger roles of decision-making and planning are often not known as being part of the value and importance of an accountant,” says Dr Norita.
Art of evolution
The evolution of the accounting field has been driven by several factors, but technological advancements, she says, particularly automation, cloud-based software and Artificial Intelligence (AI) have significantly reshaped the role of accountants.
Despite concerns about AI and automation threatening jobs, Dr. Norita sees technology as a catalyst for innovation and growth.
“AI does an excellent job in automating routine tasks, taking over the low-level skill jobs such as data entry and bookkeeping,” she says.
The elimination of these time-consuming, repetitive tasks allows accountants to focus on more extensive, value-added services, including analysing large sets of financial data for informed business decisions and strategic financial advice to clients.
While the fundamental principles of accounting remain the same, students today, says Dr Norita, are trained to think creatively and critically, adapt to new technologies, interpret data and make ethical decisions, creating a generation of business leaders and decision-makers.
Raising the bar
Grasping technological skills such as data analysis and fintech, in addition to a robust foundation in accounting knowledge, is important for modern-day accountants, says Dr Norita.
Having the edge in this rapidly competitive field, however, lies in obtaining the Certified Practising Accountant (CPA) designation from CPA Australia.
The CPA Program is a leading professional designation that enables accountants to be at the forefront of the financial world.
By integrating education, experience and multiple exams, CPAs become highly specialised in areas beyond traditional accounting, such as Ethics and Governance, Financial Reporting, Digital Finance, Strategy and Leadership.
Dr Norita (2nd from right), Nur Farhana (centre) and Nur Amira (extreme right), at the recent CPA Australia Member Recognition Ceremony, an event that celebrates CPA Australia members who achieve CPA or FCPA status.
For Dr Norita, a stalwart of Monash University, one of Australia’s most prestigious institutions of higher learning, CPA Australia was the way to go.
“CPA Australia is an internationally recognised designation that prepares its members with an in-depth, breadth and quality of knowledge in accounting and finance related areas,” she says.
As a CPA Australia member, she is part of a growing community of more than 173,000 members spanning 100 countries, providing opportunities for networking across borders.
“Networking allows members to foster relationships, get professional advice from experienced people and experts in the industry, build collaborations and enhance visibility for career growth,” she adds.
Having the edge
“Our mother always highlighted the importance of having a professional qualification to differentiate us from other accountants,” says Dr Norita’s daughters, Nur Farhana Ahmad Fauzi and Nur Amira Ahmad Fauzi.
Both sisters earned degrees in accountancy from Monash University and have followed in their mother’s footsteps by pursuing a designation from CPA Australia.
“The CPA Program structure allows candidates to choose from a range of up-to-date elective subjects, such as digital finance and contemporary business issues, adding to its appeal,” Nur Amira points out.
As an R2R (record-to-report) associate of the inventory and fixed assets division at Novartis Corporation (Malaysia), she interacts with a myriad of stakeholders globally.
“Choosing a globally recognised accounting designation aligns with my personal goals to further enhance my career progression with a strong focus on international accounting standards and practices,” she explains.
Dr Norita (centre) and daughters Nur Farhana (left) and Nur Amira (right) see the CPA designation from CPA Australia as a way to stay ahead of the curve. — AZLINA ABDULLAH/The Star
As a senior treasury analyst at One1JSG Business Services Sdn Bhd, Nur Farhana says her accounting degree proved useful in the knowledge and understanding of recording accounting entries in the system.
Obtaining the CPA designation on the other hand, has strengthened her technical skills and enhanced her personal, business and leadership skills.
“CPA Australia has allowed me to develop my critical thinking to better understand the business environment. Additionally, it has encouraged innovative thinking by utilising technology to improve business performance and efficiency,” she says, adding that both technical and interpersonal skills are crucial elements in the finance and accounting industry.
Endless possibilities
Both Nur Amira and Nur Farhana credit their passion for accountancy to their mother, whom they describe as an inspiration and role model as a career woman in the field.
Despite being aware of the expectations of pursuing accountancy as a major and the technical complexities of reporting standards, they found comfort in being able to confide in their mother.
“She is always open to questions when we are in doubt and offers to support us throughout the journey,” says Nur Amira.
Both daughters express gratitude to their mother for her guidance on job prospects in the field.
“Young accountants have the perception that they need to work in a conventional accounting career to succeed,” says Nur Farhana, who stresses that this is not the case, especially in current times.
“You can still climb the career ladder in accounting and finance as there are many other job opportunities in different industries that are in demand for accounting graduates,” she adds.
Today, the demand for accountants in diverse roles is increasing, ranging from forensic accountants who investigate embezzlement and money laundering, to international accounting experts who navigate foreign investments and oversee global trade agreements.
A fast-emerging area of speciality, says Dr Norita, is Environmental, Social and Governance (ESG).
Management consulting firm McKinsey & Company notes that over 90% of S&P 500 companies, including tech giants like Apple and Amazon, now issue ESG reports in diverse formats.
“Accountants have a huge role in this development by having the capability to understand and relate the company’s performance and risks with sustainability issues,” she says.
Forever forward
According to a 2018 survey by Sage – a leading provider of cloud business management solutions, 82% of accounting firms reported an increased expectation from clients for a broader range of services and resources compared to five years earlier.
As technology, business dynamics, and global trends continue to evolve rapidly, so will the nature of accountancy – and a sure way to stay ahead of the curve, stresses Dr Norita, is to obtain the CPA designation.
Her daughters know this all too well. As members of CPA Australia, they reap the benefits of the learning and development available including webinars, courses, and networking opportunities to stay updated on developing trends and issues in the industry.
It is also a game changer when it comes to their career prospects. As Nur Farhana sums it up succinctly: “CPA Australia prepares and encourages us to upgrade our leadership and business skills to elevate us to another level.”
Join CPA Australia’s upcoming complimentary ‘Become a CPA’ information webinars, or gain instant access to the pre-recorded session that you can watch any time. As an added bonus, you can enjoy a limited waiver on the membership application fee after attending a session. The sessions will provide an overview of the subjects, eligible exemptions, exam format, study resources, Yayasan Peneraju scholarship, important dates, fees, and a guide on the application process. Register your attendance here now.
You can also connect with our CPA Australia team here or via email at kl@cpaaustralia.com.au
