Post on 03-Aug-2020
transcript
Navigating with Clarity
Shaping Dynamic Teams
1
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
IntroductionSingapore is on a journey to implement structural changes to its economy following the seminal report of the Committee on the Future Economy (CFE) in 2017. As the CFE has pointed out, the stakes are high. There are significant structural shifts in Singapore’s external environment; global growth is subdued; productivity has been sluggish; value chains are changing; and technology is evolving rapidly.
A clear vision has been identified for Singapore to stay open to trade, talent and ideas, and build deep capabilities. The CFE itself has laid out seven mutually-reinforcing strategies to achieve this vision. Among them is acquiring and utilising deep skills.
The Skills Framework for the Accountancy Sector was jointly developed by SkillsFuture Singapore (SSG), Workforce Singapore (WSG), and the Singapore Accountancy Commission (SAC), together with industry associations, training providers, organisations and unions. The Skills Framework provides guidance on the functional roles necessary for an organisation’s success. Companies may need to undergo some form of restructuring and will need to develop future-ready talent for a very dynamic, fast-paced environment.
To support these national developments, analytics solutions provider L+D has embarked on developing ALGO, an enterprise-scale solution for systematic measurement, storage and tracking of individual employee and team performance based on competencies. The solution leverages sophisticated analytics to derive insights into human capital that aid corporate decision-making around hiring and training.
CPA Australia, in partnership with L+D, has sponsored this study to systematically quantify the current skills and competencies to gain insights into the companies’ preparedness to embark on future-proofing their talent structure. The study, based on ALGO’s conceptual analytics framework, surveyed 100 respondents in the healthcare, insurance, manufacturing and public accounting sectors.
In measuring these competencies, this study sought to:
• Develop an understanding of the current distribution of skills and competencies across individuals in finance and accounting teams
• Identify key areas of proficiency and learning opportunities for individuals
This competency-based assessment process provides a way of building the skills and knowledge people need to perform their job. Over time, the longitudinal data collection will enable the team to understand the dynamics of skills acquisition, both organically and with interventions (e.g. training sessions).
Combined with an understanding of the skills distribution within the team, the outputs of this study will allow for strategic decision making on talent acquisition and training investment. These programs can then be targeted to address genuine skills shortages and strategic future needs of the team.
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
2
HighlightsBased on our analysis of data collected in this study, our key observations are:
• All companies studied do not currently have a structured framework for evaluating their team competencies.
• In the current state, the benchmark skills and competencies differ widely between companies in the corporate sectors and small and medium size practitioners in the public accounting space.
• For the corporate environment, skill sets in high demand relate mainly to those relevant to the finance functions such as corporate reporting, technology, business transformation, corporate finance and tax. Whereas for those in public accounting, their critical knowledge areas involve audit, tax and ethics.
• There are substantial opportunities to upskill members of the team across all the categories, as the most skilled practitioners in each discipline are significantly more skilled than the least skilled employees.
• In many areas where the benchmark requirements for the organisation are higher than the highest skill-level that exists within the team, there are opportunities for external training options and programs should be considered to close the skill gap identified.
• One size does not fit all. Organisations could identify competencies where high proficiency is limited to a few individuals, allowing proactive management of key person risk through training or hiring. They could also strategically play to their strengths where teams have good depth in a specific competency and team members are able to provide support should there be unforeseen circumstances.
About this studyThis study surveyed five companies in the healthcare, insurance, manufacturing and public accounting sectors. The accounting and finance headcount in the companies ranged from 20 to 300. All companies that participated in the study do not currently have a structured way of competency evaluation.
In gathering data on their present state of competencies and skills, questions were asked on:
A. Team Depth (number of employees in each competency)
B. Upskilling Opportunity (the highest rating and the lowest rating), and
C. Benchmark Gap (average benchmark score and reviewed score)
The competencies selected are aligned to the 84 technical competencies identified by the Skills Framework for the Accountancy Sector. The group of skills also broadly match the nature of the business of the participating companies. In our view, the Skills Framework is a good step forward, where there was none in the past, to critically identify the relevant skill sets for the accounting and finance sector.
The survey garnered 100 respondents. In total, 72 competencies selected were grouped and analysed under the following categories:
• Corporate Reporting • Infocomm Technology • Audit • Professional Values and Ethics • Management Accounting • Internal Audit • Strategic Business Management • Business Transformation
• Corporate Finance• Governance and Risk Management• Business Relations • Business Law and Regulations • Business Valuation • Project Management• Taxation
All companies studied do not currently have a structured framework for evaluating their team competencies.
3
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
The future skills journeyIn analysing the breadth of competencies, we employed a modern visualisation technique (t-SNE) to display the patterns in data of the reviewer scores for all 100 respondents being rated on more than 70 skills. In the plot, the closer two points are together, the more similar they are in terms of competencies and proficiencies (Figure 1).
Figure 1 – Clustering Analysis
Our analysis of the current state suggests that the benchmark skills and competencies differ widely between companies in the corporate sectors (dots in the red circle) and small and medium size practitioners in the public accounting space (dots in green circle). The analysis shows that public accountants are not evaluating themselves based on needs of the corporate sector where their clients are likely to be.
In the healthcare, insurance and manufacturing sectors, there appears to be a common focus on corporate reporting requiring the traditional competencies in accounting standards, financial closing, financial reporting, financial statement review, financial transactions and transaction accounting. Our analysis is also supported by the assessments of the study participants themselves. Respondents suggested that they are still some distance from the benchmarks desired of their respective skills sets.
The study also noted some outliers requiring specialist skill set like business transformation, strategic business management and infocomm technology. There is also the issue of personnel risk, where expert knowledge is still very thin based on the scoring. This suggests a high reliance on external experts to close the gaps in knowledge and experience.
Healthcare
Insurance
Private Company
Public Accounting
There is also the issue of personnel risk, where expert knowledge is still very thin based on the scoring. This suggests a high reliance on external experts to close the gaps in knowledge and experience.
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
4
The loss of key employees can cripple a business. Companies will find value in drawing up and regularly reviewing key person risk management and contingency plans to reduce uncertainty about the future of the business and the risk of team failure.
Competency demand and supplyAsked to rate the skills that are currently in high demand, respondents from the corporate sector indicated skills in corporate reporting, information technology, management accounting, strategic business management, business transformation, corporate finance and taxation.
This was in contrast to the high-demand competencies of audit, ethics and tax-related skills for the public accounting sector. The findings suggest that public accounting staff are too narrowly focused on their roles. They could acquire other corporate sector competencies to widen industry knowledge of their clients.
Business Transformation
Business transformation relies on implementing effective market and stay-in-business strategies that attract more profitable customers in selected markets and lower operating costs. Furthermore, the increasingly digitalised environment has changed the way organisations and workers function. Companies are being forced to transform their business models on an ongoing basis to thrive in the digital marketplace.
The study found that skills required for Business Transformation are high in the healthcare and insurance sectors (Figure 2). However, the manufacturing and public accounting sectors did not select any of the competencies in this category. Business transformation is a journey and not a destination. Research has shown that a company’s ability to gain strategic clarity on its path to business model is crucial to its success. Hence, embarking on business transformation - whether big or small - is not an option but survival for all organisations.
Where current skill levels are concerned, the study noted that there are gaps in competencies. In the healthcare and insurance sectors, for instance, the mean reviewer scores are assessed to be below the benchmarks (Figure 3).
While the benchmarks set for the competencies are high, the number of skilled staff in the team is low suggesting personnel risk (Figure 4). Business transformation is an important management strategy which aims to align people, processes, and technology initiatives. Organisations will find value in transforming as required to survive in the evolving business environment.
5
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
Skills Required
Figure 2 - Skills required for business transformation are high in healthcare and insurance sectors. The manufacturing and public accounting sectors did not select any of the competencies in this category
Current Skill Levels
Figure 3 - There are gaps in the competencies as the mean reviewer scores for healthcare and insurance sectors are below the benchmarks
Healthcare
Insurance
Manufacturing
Public Accounting
Business
Innova
tion
Change
Managem
ent
Healthcare
Insurance
Manufacturing
Public Accounting
Business
Innova
tion
Change
Managem
ent
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
6
% of team with skill
Figure 4 - While the benchmarks set for the competencies are high, the number of skilled staff in the team is low suggesting personnel risk. Business transformation is an important management strategy which aims to align people, processes, and technology initiatives. Organisations need to transform to survive in the evolving business environment
Infocomm Technology
As organisations evolve in the digital era, many new technology skills are taking a more prominent role within the working environment. These include skills in information technology and digital, information security and information management for areas that require these competencies, such as data mining and statistical analysis.
Increasingly, finance and accounting professionals need to become drivers of data. It will be in their interest to develop capabilities in how data is collected and analysed, and how data will guide organisational functions now and in the future, to facilitate evidence-based decision-making.
This study found that skills required for Infocomm Technology across the competencies are high in the healthcare, insurance and manufacturing sectors. However, the public accounting sector did not select any of the competencies in this category (Figure 5).
The mean reviewer scores for the healthcare, insurance and manufacturing sectors were also noted to be below the benchmarks. This indicates gaps in a majority of the competencies (Figure 6), suggesting that investment in upskilling is crucial especially in the age where technology is constantly improving and driving change in the workplace.
In terms of the percentage of the team with the skillset, the study’s scores are low. This could point to personnel risk in cyber security, data analytics, adoption, innovation and governance (Figure 7).
Healthcare
Insurance
Manufacturing
Public Accounting
Business
Innova
tion
Change
Managem
ent
7
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
Skills Required
Figure 5 - Skills required for infocomm technology across the competencies are high in healthcare, insurance and manufacturing sectors. However, public accounting sector did not select any of the competencies in this category
Current Skill Levels
Figure 6 - There are gaps in majority of the competencies as the mean reviewer scores for healthcare, insurance and manufacturing sectors are below the benchmarks
Healthcare
Insurance
Manufacturing
Public Accounting
Healthcare
Insurance
Manufacturing
Public Accounting
Accounting S
yste
ms
Cyber Securit
y
Data A
nalytics
Info
comm
Technolo
gy
Adoption and In
novatio
n
Info
comm
Technolo
gy
Govern
ance
Accounting S
yste
ms
Cyber Securit
y
Data A
nalytics
Info
comm
Technolo
gy
Adoption and In
novatio
n
Info
comm
Technolo
gy
Govern
ance
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
8
% of team with skill
Figure 7 - Percentage of team with skillset is low indicating personnel risk in cyber security, data analytics, adoption, innovation and governance
Strategic Business Management
In many commercial organisations, the role of accounting professionals has expanded beyond just the financials. It has become increasingly common for CFOs and their staff to act as business partners and advisors to other functions in their organisations.
CFOs are also increasingly being called upon to serve as strategists and catalysts. As a strategist, CFOs are expected to provide financial leadership in shaping the organisation’s direction. As a catalyst, the role ensures financial discipline in the organisation while managing the business risks appropriately.
As a result, there is greater demand for these professionals to think strategically in the management of the business. These skills may include things like leadership, business acumen, communication, influencing, and analysis.
According to reviewer assessments, skills required for Strategic Business Management are high for the insurance sector (Figure 8). This could be due to the job functions of respondents in this space as their organisation acts as a regional finance centre in setting strategic direction.
For the healthcare sector, the reviewer scores for business process management are higher than the benchmark (Figure 9). There may be opportunities for employees to identify new avenues to deploy their skills beyond their current scope. The job requirement could be reassessed with other competencies development added to motivate the staff.
The low number of skilled staff in the team generally indicates personnel risk, particularly in strategic management (Figure 10). Strategic management entails planning for business growth and directing adequate efforts into the right areas of the business. .
Healthcare
Insurance
Manufacturing
Public Accounting
Accounting S
yste
ms
Cyber Securit
y
Data A
nalytics
Info
comm
Technolo
gy
Adoption and In
novatio
n
Info
comm
Technolo
gy
Govern
ance
9
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
Skills Required
Figure 8 - Skills required for strategic business management is high for the insurance sector
Current Skill Levels
Figure 9 - In the healthcare sector, the reviewer scores for business process management are higher than benchmark. There may be opportunities for employees to identify new avenues to deploy their skills beyond their current scope
Healthcare
Insurance
Manufacturing
Public Accounting
Healthcare
Insurance
Manufacturing
Public Accounting
Business
Develo
pment
Business
Plannin
g
Business
Pro
cess
Managem
ent
Macro
economic
Analysis
Business
Develo
pment
Business
Plannin
g
Business
Pro
cess
Managem
ent
Macro
economic
Analysis
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
10
% of team with skill
Figure 10 - The low number of skilled staff in the team generally indicates personnel risk, particularly in strategic management. Strategic management entails planning for business growth and directing adequate efforts into the right areas of the business
Governance and Risk Management
CFOs and their finance colleagues are expected to play important roles in governance and risk management in organisations. Not only are they tasked with robust financial management, cost controls and driving organisational performance, they also need to manage risk effectively.
CFOs and the finance function serve to bridge business units, management, the chief risk officer (if there is one) and the board and especially its audit and risk committee, by providing necessary information and experience to fill the gaps within the organisation. This requires processes that are effective to enhance control, drive value, and cultivate the right organisational behaviours.
On the question of governance and risk management, respondents to this study assessed the skills required across the competencies to be high (Figure 11).
However, mean reviewer scores came in below the benchmarks, suggesting there are still gaps in a majority of the competencies (Figure 12). For the insurance and healthcare sectors, the low number of skilled staff suggests possible personnel risk (Figure 13). This is not an ideal situation as risk management is the responsibility of all employees.
Healthcare
Insurance
Manufacturing
Public Accounting
Business
Develo
pment
Business
Plannin
g
Business
Pro
cess
Managem
ent
Macro
economic
Analysis
11
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
Skills Required
Figure 11 - Skills required for governance and risk management across the competencies are high
Current Skill Levels
Figure 12 - There are gaps in majority of the competencies as the mean reviewer scores are below the benchmarks
Healthcare
Insurance
Manufacturing
Public Accounting
Healthcare
Insurance
Manufacturing
Public Accounting
Complia
nce
Govern
ance
Inte
rnal C
ontrols
Enterp
rise R
isk
Managem
ent
Risk M
anagement
Strate
gy
Fraud R
isk
Managem
ent
Complia
nce
Govern
ance
Inte
rnal C
ontrols
Enterp
rise R
isk
Managem
ent
Risk M
anagement
Strate
gy
Fraud R
isk
Managem
ent
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
12
% of team with skill
Figure 13 - The low number of skilled staff in insurance and healthcare suggests possible personnel risk
Opportunities
The findings suggest more work lies ahead to improve the capabilities of members of the team across all categories to promote future-ready skills. Here, organisations may find value in leveraging their most senior staff to enhance their contributions to the organisation. The study noted that the most skilled practitioners in each discipline are significantly more skilled than the least skilled employees. This presents opportunities for organisations to draw upon the valuable knowledge of their experienced staff.
The study also noted some competency areas where the benchmark requirements for the organisation are higher than the highest skill-level that exists within the team. This situation would provide guidance to decision makers to consider investments in external training and other relevant programmes that could close the skills gap identified.
What became clear is that there was no common approach for all companies. Varying approaches are required to meet the specific needs of a given organisation. In this regard, we suggest that organisations could identify competencies where high proficiency is limited to few individuals, allowing proactive management of key person risk through training or hiring. At a strategic level, they could also play to their strengths where teams that have good depth in a specific competency could provide support in the event of unforeseen circumstances.
Healthcare
Insurance
Manufacturing
Public Accounting
Complia
nce
Govern
ance
Inte
rnal C
ontrols
Enterp
rise R
isk
Managem
ent
Risk M
anagement
Strate
gy
Fraud R
isk
Managem
ent
The survey noted that the most skilled practitioners in each discipline are significantly more skilled than the least skilled employees. This presents opportunities for organisations to draw upon the valuable knowledge of their experienced staff.
13
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
The Road AheadThe key observations in this study, supported by data collected, confirm a number of gaps between skills available now both within organisations and in the accounting and finance sector, and what competencies are required in the future digital market place. We have also observed that the companies studied are generally not using structured skills-based in performance evaluation.
What can be done about it?
Digitalisation, artificial intelligence, analytics, big data, and blockchain are some major disruptive forces at play, which are transforming traditional roles in accounting and finance. There is a growing acceptance that relevant skills will be needed to cope with the changes brought about by technology. Employees have to recognise the need for lifelong learning and to constantly seek opportunities to stay on top of the changes resulting from data analytics and automation.
For their part, companies may need to restructure to take advantage of their internal experience in knowledge sharing and cross-function training. Where internal competencies are lacking, there will be a need to invest in external sources for relevant skills and exposure to international markets.
The findings also suggest that more can be done to equip finance and accounting professionals with agile skills. Current competencies appear to be too focused on individuals’ day job and sector. But clients or stakeholders may be operating to a different dimension. An example in point is from the audit perspective, where professionals will need to have an agile mindset in order to anticipate and manage their clients’ evolving business issues.
The Finance Function needs to evolve
The finance function needs to evolve to a strategic, analytical, data-driven powerhouse that embraces digitalisation and drives performance, thereby adding value throughout the business.
To successfully adapt to the finance function of the future, CFOs and organisations need to have an efficient finance model, technologies, and not least, highly skilled people.
Due to ever-changing technology developments, finance professionals need to upskill their technical abilities. Data mining, extraction and faster interpretation of Big Data will be critical skills to hone.
Statistical modelling and data analysis, financial analysis and planning, budgeting, forecasting and operational analysis will be key areas of focus for the ambitious finance professional to offer real value to any organisation.
Technical Competency Planner
For the journey ahead, this report leverages the experience and insights of the SkillsFuture Committee of CPA Australia’s Singapore Division, which comprises experienced top leaders1 across industry and public practice. To support ongoing efforts to upskill professionals for the finance function in the digital era, the committee has conceptualised and validated a multi-pronged approach involving a mix of breadth and depth of knowledge across key aspects of the finance function. This recommends a set of skills that finance professionals could acquire to advance in their trade and stay relevant in the digital economy.
1 The leaders include senior partners of the Big 4 professional services firms as well as smaller public practice firms, CFOs from a diverse group of sectors, heads of functions in the public sector, and senior academics in accounting and finance. The Committee is chaired by the head of a Big 4 firm.
The findings also suggest that more can be done to equip finance and accounting professionals with agile skills. Current competencies appear to be too focused on individuals’ day job and sector.
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
14
In building the breadth of skills, business ethics and technology enablers are critical regardless of where an individual sits across the finance function.
These two areas underpin the ability of professionals to act ethically in their business settings, as well as equip themselves with working knowledge of emerging technologies that are transforming processes and job scopes in traditional finance.
Finance professionals need even more digital skills at their core of their professional development. Primarily, these could be grouped into knowledge areas that could be enhanced through continuing professional development:
Knowledge Area Desired Skills
Automation Understanding the implications of the digital revolution and its impact on finance processes, behaviour, and new opportunities. These include applied knowledge in artificial intelligence, blockchain, cloud computing, big data, and robotic process automation.
Data analytics Understanding data analytics and its critical application to the role of finance to solve business analysis and reporting problems with analytics.
Data forensics Understanding forensic analytics and its application of specialised analytical knowledge and techniques to identify patterns and activities such as potential fraud, misappropriation, and corruption.
IT governance Appreciating emerging trends in infocomm technology and ways to establish Infocomm Technology governance and controls from a business and finance perspective.
Cybersecurity Knowledge of developments and issues arising from security threats and creating awareness on managing these threats particularly from a finance perspective.
Agile in finance Ability to navigate changing business landscapes, spot new opportunities and drive growth. This approach requires true business transformation, driving the finance teams to rethink their missions and operating models
Table 1 - Enhancing digital skills through continuing professional development
15
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
Technology aside, there is still a future for certain core accounting skills that require judgement and are less likely, for now, to be replaced by machines. These include areas such as:
Knowledge Area Desired Skills
Financial Reporting Standards Holistic understanding and application of judgement from key developments prescribed by the International Accounting Standards Board (IASB) and Financial Reporting Standards (FRS).
Accounting Standards Applied knowledge in concept and standards for financial reporting frameworks prescribed by the relevant governing bodies to ensure all transactions meet regulatory requirements.
Tax legislation and regulations Understanding technical aspects and implications of changes in tax laws such as indirect tax legislation and their practical impacts on business.
Business Valuation Practical knowledge of procedures that are common to a comprehensive business valuation. These include core business valuation theory and practices that address professional and practical issues.
Business and Financial Analysis Ability to investigate past business performance using data and statistical models to develop new insights and understanding of future business performance. These could include converting data into financial metrics that assist in decision making, and assessing the relationships between items within the financial statements.
Design Thinking Appreciate design thinking from a business perspective to create better and more innovative solutions. Understand how to apply creativity and lead creative processes at work through integrating the needs of stakeholders, technology, and the requirements of the organisation.
Communication Ability to shape and clarify messages on finance information, understand the approaches in communications with senior executives, and having an appreciation of how to build credibility.
Strategic Business Management Ability to assess organisational performance, as well as review strategic, operational and tactical imperatives. Knowledge to manage and optimise an organisation’s business processes for efficiency and effectiveness. Skills to explain risk management rationale, develop framework and monitor performance.
Corporate Finance With corporate finance at the heart of both investment banking and corporate structures, possible applied skills to create, enhance and maximise corporate value. Areas of value are capital raising, financial management, mergers & acquisition, or treasury.
Table 2 - Core accounting skills that require judgement are less likely to be replaced by machines for now.
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
16
ConclusionAccounting and finance people in the corporate sector control the purse strings for investments. If skill sets are lacking, there is a risk that wrong decisions could be made at the expense of the organisation. Deepening skill sets within the organisation is a strategy priority.
It is suggested that organisations adopt a more holistic way to plan the needs of their workforce based on the requirements of future-ready skills. In addition to technical competencies, professionals will also need industry knowledge or industry domain to complete their competency mix.
Based on the findings of this study, it appears that companies currently do not have a structured competency framework to guide the upskilling of their staff to acquire future-ready capabilities. We have observed that existing professional development efforts have not yet closed the gap between the skill sets available now against the ideal benchmarks as assessed by the study’s participants.
Therefore, more needs to be done to raise the competency levels relevant to specific job roles and industries. Accounting and finance professionals will also benefit from cultivating an agile mindset to proactively anticipate and address business issues faced by their stakeholders.
At the national level, support is available from the Skills Framework for the Accountancy Sector and the Industry Transformation Maps as envisioned by the Committee on the Future Economy. The Skills Framework is a relevant starting point to robustly benchmark and guide the upskilling of workers and professionals as Singapore is striving to do as a nation. This report’s findings may also be relevant when the current Skills Framework for the Accountancy Sector is refreshed.
APPENDIX
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
18
Co
rpo
rate
Re
po
rtin
gC
om
pe
ten
cy D
istr
ibu
tio
ns
(A)
Th
e h
eal
thca
re a
nd
insu
ran
ce s
ect
ors
‘ co
mp
ete
ncy
be
nch
mar
ks in
co
rpo
rate
re
po
rtin
g a
re s
et
mu
ch h
igh
er
than
th
e o
the
r se
cto
rs
(B)
Th
ere
are
gap
s in
maj
ori
ty o
f th
e c
om
pe
ten
cie
s a
s th
e m
ean
re
vie
we
r sc
ore
s fo
r al
l se
cto
rs a
re b
elo
w t
he
be
nch
mar
ks
(C)
Wh
ile t
he
be
nch
mar
ks s
et
for
all c
om
pe
ten
cie
s ar
e h
igh
, th
e n
um
be
r o
f sk
ille
d s
taff
in t
he
te
am is
low
su
gg
est
ing
op
po
rtu
nit
ies
for
up
skill
ing
, kn
ow
led
ge
sh
arin
g, o
n jo
b a
nd
str
uct
ure
d t
rain
ing
.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Accounting
Standard
sFinancial C
losin
gFinancial R
eporting
Financial Reporti
ng Qualit
y
Financial Sta
tem
ents R
eview
Financial Tra
nsactio
ns
Transa
ctional A
ccounting
Group A
ccounting and
Consolid
ation
Accounting
Standard
sFinancial C
losin
gFinancial R
eporting
Financial Reporti
ng Qualit
y
Financial Sta
tem
ents R
eview
Financial Tra
nsactio
ns
Transa
ctional A
ccounting
Group A
ccounting and
Consolid
ation
Accounting
Standard
sFinancial C
losin
gFinancial R
eporting
Financial Reporti
ng Qualit
y
Financial Sta
tem
ents R
eview
Financial Tra
nsactio
ns
Transa
ctional A
ccounting
Group A
ccounting and
Consolid
ation
19
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
Info
com
m T
ech
no
log
yC
om
pe
ten
cy D
istr
ibu
tio
ns
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
(A)
Ski
lls r
eq
uire
d fo
r in
foco
mm
te
chn
olo
gy
acro
ss t
he
com
pet
en
cie
s ar
e hi
gh
in h
eal
thca
re, i
nsu
ran
ce a
nd
man
ufa
ctu
ring
se
cto
rs. H
owev
er,
pu
blic
ac
cou
ntin
g s
ect
or
did
no
t se
lect
any
of
the
com
pet
en
cie
s in
thi
s ca
teg
ory
.
(B)
Th
ere
are
gap
s in
maj
orit
y o
f th
e co
mp
ete
nci
es
as
the
me
an r
evie
we
r sc
ore
s fo
r h
eal
thca
re, i
nsu
ran
ce a
nd
man
ufa
ctu
ring
se
cto
rs a
re b
elo
w t
he
be
nch
mar
ks
(C)
Pe
rce
ntag
e o
f te
am w
ith s
kills
et is
low
ind
icat
ing
pe
rso
nne
l ris
k in
cyb
er
secu
rity,
dat
a an
alyt
ics,
ad
op
tion,
inn
ovat
ion
and
gov
ern
ance
.
Accounting
Syste
ms
Cyber S
ecurity
Data A
nalytics
Info
comm
Technolo
gy
Adoption and In
novatio
nIn
focom
m Te
chnology
Govern
ance
Accounting
Syste
ms
Cyber S
ecurity
Data A
nalytics
Info
comm
Technolo
gy
Adoption and In
novatio
nIn
focom
m Te
chnology
Govern
ance
Accounting
Syste
ms
Cyber S
ecurity
Data A
nalytics
Info
comm
Technolo
gy
Adoption and In
novatio
nIn
focom
m Te
chnology
Govern
ance
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
20
Man
age
me
nt
Acc
ou
nti
ng
Co
mp
ete
ncy
Dis
trib
uti
on
s
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
(A)
Ski
lls r
eq
uire
d fo
r m
anag
em
ent
acc
ou
ntin
g a
cro
ss a
ll th
e co
mp
ete
nci
es
are
hig
h in
he
alth
care
an
d in
sura
nce
se
cto
rs.
Th
e m
anu
fact
urin
g a
nd
p
ub
lic a
cco
unt
ing
se
cto
rs d
id n
ot
sele
ct a
ny o
f th
e co
mp
ete
nci
es
in t
his
cate
go
ry
(B)
Th
ere
are
gap
s in
maj
orit
y o
f th
e co
mp
ete
nci
es
as
the
me
an r
evie
we
r sc
ore
s fo
r h
eal
thca
re a
nd
insu
ran
ce s
ect
ors
are
be
low
th
e b
en
chm
arks
(C)
Whi
le t
he
be
nch
mar
ks s
et fo
r al
l co
mp
ete
nci
es
are
hig
h, t
he
num
be
r o
f sk
ille
d s
taff
in t
he
team
is lo
w e
xce
pt
for
finan
cial
ana
lysi
s su
gg
est
ing
o
pp
ort
uni
ties
for
up
skill
ing
, kn
owle
dg
e sh
arin
g, o
n jo
b a
nd
str
uct
ure
d t
rain
ing
.
Benchmark
ing
Cost M
anagement
Capital E
xpenditu
re and
Inve
stm
ent Eva
luatio
n
Financial Analys
isFinancial P
lanning
Managem
ent Decisi
on Makin
g
Perform
ance Managem
ent
Benchmark
ing
Cost M
anagement
Capital E
xpenditu
re and
Inve
stm
ent Eva
luatio
n
Financial Analys
isFinancial P
lanning
Managem
ent Decisi
on Makin
g
Perform
ance Managem
ent
Benchmark
ing
Cost M
anagement
Capital E
xpenditu
re and
Inve
stm
ent Eva
luatio
n
Financial Analys
isFinancial P
lanning
Managem
ent Decisi
on Makin
g
Perform
ance Managem
ent
21
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
Str
ate
gic
Bu
sin
ess
Man
age
me
nt
Co
mp
ete
ncy
Dis
trib
uti
on
s
(A)
Ski
lls
req
uir
ed
fo
r st
rate
gic
bu
sin
ess
man
age
me
nt
are
hig
h f
or
the
insu
ran
ce s
ect
or
(B)
In t
he
he
alth
care
se
cto
r, th
e r
evi
ew
er
sco
res
for
bu
sin
ess
pla
nn
ing
an
d p
roce
ss m
anag
em
en
t ar
e h
igh
er
than
be
nch
mar
k su
gg
est
a r
evi
ew
of
the
ro
les
(C)
Th
e lo
w n
um
be
r o
f sk
ille
d s
taff
in t
he
te
am g
en
era
lly in
dic
ate
s p
ers
on
ne
l ris
k, p
arti
cula
rly
in s
trat
eg
ic m
anag
em
en
t. S
trat
eg
ic m
anag
em
en
t e
nta
ils p
lan
nin
g f
or
bu
sin
ess
gro
wth
an
d d
ire
ctin
g a
de
qu
ate
eff
ort
s in
to t
he
rig
ht
are
as o
f th
e b
usi
ne
ss.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Business
Develo
pment
Business
Pro
cess
Managem
ent
Macro
economic
Analysis
Business
Pla
nning
Business
Develo
pment
Business
Pro
cess
Managem
ent
Macro
economic
Analysis
Business
Pla
nning
Business
Develo
pment
Business
Pro
cess
Managem
ent
Macro
economic
Analysis
Business
Pla
nning
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
22
Bu
sin
ess
Tra
nsf
orm
atio
nC
om
pe
ten
cy D
istr
ibu
tio
ns
(A)
Ski
lls
req
uir
ed
fo
r b
usi
ne
ss t
ran
sfo
rmat
ion
are
hig
h in
he
alth
care
an
d in
sura
nce
se
cto
rs.
Th
e m
anu
fact
uri
ng
an
d p
ub
lic a
cco
un
tin
g s
ect
ors
did
n
ot
sele
ct a
ny
of
the
co
mp
ete
nci
es
in t
his
cat
eg
ory
(B)
Th
ere
are
gap
s in
th
e c
om
pe
ten
cie
s a
s th
e m
ean
re
vie
we
r sc
ore
s fo
r h
eal
thca
re a
nd
insu
ran
ce s
ect
ors
are
be
low
th
e b
en
chm
arks
(C)
Wh
ile t
he
be
nch
mar
ks s
et
for
the
co
mp
ete
nci
es
are
hig
h, t
he
nu
mb
er
of
skill
ed
sta
ff in
th
e t
eam
is lo
w s
ug
ge
stin
g p
ers
on
ne
l ris
k. B
usi
ne
ss
tran
sfo
rmat
ion
is a
n im
po
rtan
t m
anag
em
en
t st
rate
gy
wh
ich
aim
s to
alig
n p
eo
ple
, pro
cess
es,
an
d t
ech
no
log
y in
itia
tive
s. O
rgan
isat
ion
s n
ee
d
to t
ran
sfo
rm t
o s
urv
ive
in t
he
evo
lvin
g b
usi
ne
ss e
nvi
ron
me
nt.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Business
Innova
tion
Change Managem
ent
Business
Innova
tion
Change Managem
ent
Business
Innova
tion
Change Managem
ent
23
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
Co
rpo
rate
Fin
ance
Co
mp
ete
ncy
Dis
trib
uti
on
s
(A)
Co
mp
ete
nci
es
in c
orp
ora
te fi
nan
ce w
ere
on
ly s
ele
cte
d b
y th
e in
sura
nce
gro
up
. T
his
may
be
du
e t
o it
s re
gio
nal
ro
le a
s fin
ance
ce
ntr
e f
or
AP
AC
.
(B)
Th
ere
are
gap
s in
maj
ori
ty o
f th
e c
om
pe
ten
cie
s a
s th
e m
ean
re
vie
we
r sc
ore
s ar
e b
elo
w t
he
be
nch
mar
ks
(C)
Wh
ile t
he
be
nch
mar
ks s
et
for
all c
om
pe
ten
cie
s ar
e h
igh
, th
e n
um
be
r o
f sk
ille
d s
taff
in t
he
te
am is
low
su
gg
est
ing
pe
rso
nn
el r
isk.
Th
ere
are
o
pp
ort
un
itie
s fo
r u
psk
illin
g, k
no
wle
dg
e s
har
ing
, on
job
an
d s
tru
ctu
red
tra
inin
g.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Capital R
aising
Financial Managem
entM
ergers
and Acquisi
tions
Treasu
ry M
anagement
Valuatio
n
Capital R
aising
Financial Managem
entM
ergers
and Acquisi
tions
Treasu
ry M
anagement
Valuatio
n
Capital R
aising
Financial Managem
entM
ergers
and Acquisi
tions
Treasu
ry M
anagement
Valuatio
n
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
24
Go
vern
ance
an
d R
isk
Man
age
me
nt
Co
mp
ete
ncy
Dis
trib
uti
on
s
(A)
Ski
lls
req
uir
ed
fo
r g
ove
rnan
ce a
nd
ris
k m
anag
em
en
t ac
ross
th
e c
om
pe
ten
cie
s ar
e h
igh
(B)
Th
ere
are
gap
s in
maj
ori
ty o
f th
e c
om
pe
ten
cie
s as
th
e m
ean
re
vie
we
r sc
ore
s ar
e b
elo
w t
he
be
nch
mar
ks
(C)
Th
e lo
w n
um
be
r o
f sk
ille
d s
taff
in in
sura
nce
an
d h
eal
thca
re s
ug
ge
sts
po
ssib
le p
ers
on
ne
l ris
k.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Complia
nce
Govern
ance
Inte
rnal C
ontrols
Enterp
rise R
isk M
anagement
Risk M
anagement S
trate
gy
Fraud R
isk M
anagement
Complia
nce
Govern
ance
Inte
rnal C
ontrols
Enterp
rise R
isk M
anagement
Risk M
anagement S
trate
gy
Fraud R
isk M
anagement
Complia
nce
Govern
ance
Inte
rnal C
ontrols
Enterp
rise R
isk M
anagement
Risk M
anagement S
trate
gy
Fraud R
isk M
anagement
25
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
Bu
sin
ess
Re
lati
on
sC
om
pe
ten
cy D
istr
ibu
tio
ns
(A)
Ski
lls
req
uir
ed
fo
r b
usi
ne
ss r
ela
tio
ns
acro
ss t
he
co
mp
ete
nci
es
are
hig
h in
he
alth
care
, in
sura
nce
an
d m
anu
fact
uri
ng
se
cto
rs
(B)
Th
e g
ap b
etw
ee
n b
en
chm
ark
and
re
vie
we
r sc
ore
is n
ot
sig
nifi
can
t in
co
nfl
ict
man
age
me
nt
sug
ge
stin
g c
urr
en
t sk
ill le
vels
ge
ne
rally
me
et
the
job
re
qu
ire
me
nt.
Ho
we
ver
the
re is
gap
s in
sta
keh
old
er
man
age
me
nt
as t
he
me
an r
evi
ew
er
sco
res
are
be
low
th
e b
en
chm
arks
(C)
Th
e %
of
team
wit
h s
kill
set
is lo
w (l
ess
th
an 2
0%
) fo
r b
oth
co
nfl
ict
and
sta
keh
old
er
man
age
me
nt
for
the
insu
ran
ce s
ect
or.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Conflict Managem
ent
Stake
holder M
anagement
Conflict Managem
ent
Stake
holder M
anagement
Conflict Managem
ent
Stake
holder M
anagement
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
26
Bu
sin
ess
Law
an
d R
eg
ula
tio
ns
Co
mp
ete
ncy
Dis
trib
uti
on
s
(A)
Co
mp
ete
nci
es
in b
usi
ne
ss la
w a
nd
re
gu
lati
on
s w
ere
on
ly s
ele
cte
d b
y th
e in
sura
nce
gro
up
. T
his
may
be
du
e t
o it
s re
gio
nal
ro
le a
s fin
ance
ce
ntr
e
for
AP
AC
.
(B)
Th
ere
are
gap
s in
maj
ori
ty o
f th
e c
om
pe
ten
cie
s as
th
e m
ean
re
vie
we
r sc
ore
s ar
e b
elo
w t
he
be
nch
mar
ks
(C)
Wh
ile t
he
be
nch
mar
ks s
et
for
all c
om
pe
ten
cie
s ar
e h
igh
, th
e n
um
be
r o
f sk
ille
d s
taff
in t
he
te
am is
be
low
10
% s
ug
ge
stin
g p
ers
on
ne
l ris
k. T
he
re a
re
op
po
rtu
nit
ies
for
up
skill
ing
, kn
ow
led
ge
sh
arin
g, o
n jo
b a
nd
str
uct
ure
d t
rain
ing
.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Corpora
te and
Business
Law
Regulatory
Risk
Assess
ment
Regulatory
Stra
tegy
Corpora
te and
Business
Law
Regulatory
Risk
Assess
ment
Regulatory
Stra
tegy
Corpora
te and
Business
Law
Regulatory
Risk
Assess
ment
Regulatory
Stra
tegy
27
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
Bu
sin
ess
Val
uat
ion
Co
mp
ete
ncy
Dis
trib
uti
on
s
(A)
Co
mp
ete
nci
es
in b
usi
ne
ss v
alu
atio
n w
ere
on
ly s
ele
cte
d b
y th
e in
sura
nce
gro
up
. T
his
may
be
du
e t
o it
s re
gio
nal
ro
le a
s fin
ance
ce
ntr
e f
or
AP
AC
.
(B)
Th
ere
are
gap
s in
maj
ori
ty o
f th
e c
om
pe
ten
cie
s a
s th
e m
ean
re
vie
we
r sc
ore
s ar
e b
elo
w t
he
be
nch
mar
ks
(C)
Wh
ile t
he
be
nch
mar
ks s
et
for
all c
om
pe
ten
cie
s ar
e h
igh
, th
e n
um
be
r o
f sk
ille
d s
taff
in t
he
te
am is
be
low
4%
in v
alu
atio
n c
on
clu
sio
n, r
ep
ort
ing
re
sear
ch a
nd
an
alys
is, s
ug
ge
stin
g p
oss
ibili
ty o
f p
ers
on
ne
l ris
k. T
he
re a
re o
pp
ort
un
itie
s fo
r u
psk
illin
g, k
no
wle
dg
e s
har
ing
, on
job
an
d s
tru
ctu
red
tr
ain
ing
.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Valuatio
n Conclu
sion
and Reporti
ng
Financial Modellin
g
Valuatio
n Rese
arch and
Analysis
Valuatio
n Conclu
sion
and Reporti
ng
Financial Modellin
g
Valuatio
n Rese
arch and
Analysis
Valuatio
n Conclu
sion
and Reporti
ng
Financial Modellin
g
Valuatio
n Rese
arch and
Analysis
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
28
Pro
ject
Man
age
me
nt
Co
mp
ete
ncy
Dis
trib
uti
on
s
(A)
Ski
lls
req
uir
ed
fo
r p
roje
ct e
xecu
tio
n a
nd
co
ntr
ol a
re h
igh
in h
eal
thca
re, i
nsu
ran
ce a
nd
pu
blic
acc
ou
nti
ng
se
cto
rs
(B)
Th
ere
are
gap
s in
pro
ject
man
age
me
nt
as
the
me
an r
evi
ew
er
sco
res
are
be
low
th
e b
en
chm
arks
(C)
Th
e %
of
team
wit
h s
kill
set
in p
roje
ct e
xecu
tio
n a
nd
co
ntr
ol
is b
elo
w 2
0%
fo
r th
e in
sura
nce
se
cto
r. T
he
re a
re o
pp
ort
un
itie
s fo
r u
psk
illin
g,
kno
wle
dg
e s
har
ing
, on
job
an
d s
tru
ctu
red
tra
inin
g.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Project E
xecutio
n
and Contro
l
Project E
xecutio
n
and Contro
l
Project E
xecutio
n
and Contro
l
29
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
Taxa
tio
nC
om
pe
ten
cy D
istr
ibu
tio
ns
(A)
Ski
lls
req
uir
ed
fo
r ta
xati
on
acr
oss
th
e c
om
pe
ten
cie
s ar
e h
igh
acr
oss
all
sect
ors
.
(B)
Th
ere
are
gap
s ac
ross
all
com
pe
ten
cie
s as
th
e m
ean
re
vie
we
r sc
ore
s ar
e b
elo
w t
he
be
nch
mar
ks
(C)
Th
e %
of
team
wit
h s
kill
set
acro
ss a
ll co
mp
ete
nci
es
are
lo
w f
or
the
insu
ran
ce a
nd
he
alth
care
se
cto
rs. T
he
re a
re o
pp
ort
un
itie
s fo
r u
psk
illin
g,
kno
wle
dg
e s
har
ing
, on
job
an
d s
tru
ctu
red
tra
inin
g.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Tax A
dvisory Ta
x Com
pliance Ta
x Com
putatio
n
Tax I
mplic
ations
Transfe
r Pric
ing
Taxa
tion L
aws
Tax R
isk
Managem
ent
Tax C
ontrove
rsy
Managem
ent
Tax A
dvisory Ta
x Com
pliance Ta
x Com
putatio
n
Tax I
mplic
ations
Transfe
r Pric
ing
Taxa
tion L
aws
Tax R
isk
Managem
ent
Tax C
ontrove
rsy
Managem
ent
Tax A
dvisory Ta
x Com
pliance Ta
x Com
putatio
n
Tax I
mplic
ations
Transfe
r Pric
ing
Taxa
tion L
aws
Tax R
isk
Managem
ent
Tax C
ontrove
rsy
Managem
ent
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
30
Au
dit
Co
mp
ete
ncy
Dis
trib
uti
on
s
(A)
Au
dit
co
mp
ete
nci
es
are
mo
re r
ele
van
t to
th
e p
ub
lic a
cco
un
tin
g a
nd
th
e b
en
chm
arks
are
hig
h
(B)
Th
e g
ap b
etw
ee
n b
en
chm
ark
and
re
vie
we
r sc
ore
is n
ot
sig
nifi
can
t su
gg
est
ing
cu
rre
nt
skill
leve
ls g
en
era
lly m
ee
t th
e jo
b r
eq
uir
em
en
t
(C)
Th
e lo
w n
um
be
r o
f sk
ille
d s
taff
in c
ert
ain
co
mp
ete
nci
es
in in
sura
nce
se
cto
r m
ay b
e a
cce
pta
ble
if t
he
se p
ract
ice
are
as a
re n
ich
e a
nd
sig
nifi
can
t sk
ills
cove
rag
e is
no
t re
qu
ire
d.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Audit
Complia
nce
Auditing and
Assura
nce Sta
ndards
Engagement C
omple
tion
and Reporti
ng
Profe
ssional S
cepticism
and Judgm
ent
Engagement E
xecutio
n Engagement R
eview
Risk A
ssess
ment
Audit
Complia
nce
Auditing and
Assura
nce Sta
ndards
Engagement C
omple
tion
and Reporti
ng
Profe
ssional S
cepticism
and Judgm
ent
Engagement E
xecutio
n Engagement R
eview
Risk A
ssess
ment
Audit
Complia
nce
Auditing and
Assura
nce Sta
ndards
Engagement C
omple
tion
and Reporti
ng
Profe
ssional S
cepticism
and Judgm
ent
Engagement E
xecutio
n Engagement R
eview
Risk A
ssess
ment
31
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
Pro
fess
ion
al V
alu
es
and
Eth
ics
Co
mp
ete
ncy
Dis
trib
uti
on
s
(A)
Co
mp
ete
nci
es
in u
ph
old
ing
pro
fess
ion
al v
alu
es
and
eth
ics
are
re
leva
nt
to m
ost
se
cto
rs
(B)
Th
e g
ap b
etw
ee
n b
en
chm
ark
and
re
vie
we
r sc
ore
is n
ot
sig
nifi
can
t su
gg
est
ing
cu
rre
nt
skill
leve
ls g
en
era
lly m
ee
t th
e jo
b r
eq
uir
em
en
t
(C)
Th
e lo
w n
um
be
r o
f sk
ille
d s
taff
in c
ert
ain
co
mp
ete
nci
es
in t
he
insu
ran
ce a
nd
he
alth
care
se
cto
rs m
ay b
e a
cce
pta
ble
if t
he
se p
ract
ice
are
as a
re
nic
he
an
d s
ign
ifica
nt
skill
s co
vera
ge
is n
ot
req
uir
ed
.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Auditor
Independence
Ethical C
limate
Ethical C
ulture
Profe
ssional G
rowth
Profe
ssional S
tandard
s
Auditor
Independence
Ethical C
limate
Ethical C
ulture
Profe
ssional G
rowth
Profe
ssional S
tandard
s
Auditor
Independence
Ethical C
limate
Ethical C
ulture
Profe
ssional G
rowth
Profe
ssional S
tandard
s
NAVIGATING WITH CLARITY – SHAPING DYNAMIC TEAMS
32
Inte
rnal
Au
dit
Co
mp
ete
ncy
Dis
trib
uti
on
s
(A)
Co
mp
ete
nci
es
in in
tern
al a
ud
it a
re m
ore
re
leva
nt
to p
ub
lic a
cco
un
tin
g a
s it
is a
re
ven
ue
ge
ne
rati
ng
se
rvic
e p
rovi
de
d b
y th
ese
pra
ctit
ion
ers
.
(B)
Th
e g
ap b
etw
ee
n b
en
chm
ark
and
re
vie
we
r sc
ore
is n
ot
sig
nifi
can
t su
gg
est
ing
cu
rre
nt
skill
leve
ls g
en
era
lly m
ee
t th
e jo
b r
eq
uir
em
en
t
(C)
Th
e lo
w n
um
be
r o
f sk
ille
d s
taff
in c
ert
ain
co
mp
ete
nci
es
in t
he
insu
ran
ce, m
anu
fact
uri
ng
an
d h
eal
thca
re s
ect
ors
may
be
acc
ep
tab
le if
th
ese
p
ract
ice
are
as a
re n
ich
e a
nd
sig
nifi
can
t sk
ills
cove
rag
e is
no
t re
qu
ire
d.
(A
) SK
ILL
S R
EQ
UIR
ED
(B
) CU
RR
EN
T S
KIL
L L
EV
EL
S
(C) %
OF
TE
AM
WIT
H S
KIL
L
Business
Acumen
Business
Pro
cess A
nalysis
Data C
ollectio
n and Analys
is
Impro
vem
ent and In
novatio
nIn
tern
al Audit E
ngagement
Executio
n
Inte
rnal A
udit Engagem
ent
Planning
Business
Acumen
Business
Pro
cess A
nalysis
Data C
ollectio
n and Analys
is
Impro
vem
ent and In
novatio
nIn
tern
al Audit E
ngagement
Executio
n
Inte
rnal A
udit Engagem
ent
Planning
Business
Acumen
Business
Pro
cess A
nalysis
Data C
ollectio
n and Analys
is
Impro
vem
ent and In
novatio
nIn
tern
al Audit E
ngagement
Executio
n
Inte
rnal A
udit Engagem
ent
Planning
About CPA Australia
Founded in 1886, CPA Australia is one of the world’s largest professional accounting bodies representing more than 160,000 members working in 150 countries around the world. CPA Australia advances its members’ interests through education and knowledge exchange, the development of professional networks, advocacy in relation to policy, standards and regulation and the promotion of value of CPA Australia members to employers, government, regulators and the public. The world-renowned CPA designation is synonymous with professional credibility and international portability. CPA Australia has been operating in Singapore for 65 years, having arrived in this market in 1954 under the auspices of the Colombo Plan.For more information, please visit cpaaustralia.com.au
About L+D
L+D seeks to develop enterprise-scale solutions for measuring, recording, analysing and predicting employee performance. Specifically, L+D implements frameworks that facilitate the systematic measurement, storage, and tracking of employee competencies. In addition, the company leverages sophisticated analytics to derive insights into human capital that aid in corporate decisioning around hiring and training. L+D also provides consulting services to assist clients in understanding and shaping the framework to suit their strategic needs.
CPA Australia1 Raffles Place#31-01 One Raffles PlaceSingapore 048616+65 6671 6500sg@cpaaustralia.com.aucpaaustralia.com.au
Download a QR code reader on your smartphone andscan for a soft copy of this book.