The accounting profession in Malta keeps raising its standards to meet the challenges and possibilities facing the sector. The fifth annual joint conference co-hosted by the Association of Chartered Certified Accountants and the Malta Institute of Accountants on July 3 focused on some of the most pressing issues in the accountancy profession today.

A remarkable line-up of guests addressed the event, discussing different themes such as the professional scepticism approach, forensic accountancy, digitalisation in the profession and International Public-Sector Accounting Standards.

Participants could also learn about the latest developments in International Financial Reporting Standards, specifically: IFRS 15 'Revenue from Contracts with Customer' and IFRS 16 'Leases'.

Nick Jeffrey, ACCA regional head of policy for Europe and the Americas, told attending professionals that accountants are judged on whether they do the right thing at the right time. Discussing ethics and trust, Mr Jeffrey said that "it permeates every conversation about where the profession is headed."

The conference included a special session on Professional Scepticism, an attitude that demands a questioning mind by the auditing professionals. Speaking during a panel discussion, Marcel Coppini, chair of ACCA's Malta Members' Advisory Committee underlined that "professional scepticism is important at all stages of the audit."

The implications of Britain's split from the EU bloc on the accounting sector were also discussed by experts. While Dr Edward Attard cautioned that, until the negotiation process is concluded, "a lot of what can be said is speculation," Thomas Galea presented different scenarios that could develop as a result of Brexit.

"The EU is currently one of the major influencers in the setting of standards," said Mr Galea adding that issues about the legal mechanisms for adopting IFRS in the UK will possibly rise.

The theme of digitalisation in the accounting profession was also a main topic of interest in this year's edition of the ACCA-MIA joint conference. Frank Cassar spoke about emerging industries that require auditors to become equipped with new skills and that, in some cases, involve other specialists.

"Digitalisation is a game-changer and requires substantial investment," Kevin Mifsud urged those present. "Yet this is the way forward and will no doubt assist in allowing the auditor to delve deeper in risky areas and improve and professional scepticism."

David Leone Ganado spoke about the major challenges of transitioning to an accruals-based reporting. "The government of Malta has traditionally applied a cash basis to financial reporting," said Mr Leone Ganado and highlighted the need to overcome difficulties such as shortage of the needed skillset, setting a definite date of transition, upgrading of IT systems, stakeholder education, and resistance to change.

Head of ACCA Wales Lloyd Powell congratulated the hosts on the successful conference which he described as important to build and sustain connections. Mr Powell added that the agenda of the event indicates increasing emphasis on ethics and trust, two important factors in business and the profession.

Maria Cauchi Delia, MIA CEO, said that professional accountants typically aspire to drive sound financial management within organisations and that events like the ACCA-MIA conference help the profession to uphold its trusted position.

"We deal with facts and present solutions to our clients and employers. Our practicality, adaptability and expertise enable us to become business' most trusted advisors," Ms Cauchi Delia said.