CIMA issues warning to accountants

News Article - 26 September 2007
Category: Regulatory

The Chartered Institute of Management Accountants (CIMA) has warned companies that they risk becoming less competitive if they do not review their finance function to improve decision making.

Accountants were also told that they need to develop a broader range of skills to support such developments, including new business skills, to ensure they remain "relevant" to to the marketplace.

In a new report, CIMA said that companies are now looking to finance and accounting functions to work more closely with their business to develop better decision making.

Charles Tilley, chief executive of the organisation, said: "Improving decision making has long been debated as a driving factor behind superior business performance."

Management accountants are now central to the process of adding value to the finance function of a business, he added.

Richard Dyson, president of the Institute of Chartered Accountants in England and Wales, recently said the accountancy profession helped the "create and sustain prosperity".

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