Michael Armstrong: “The eyes of the world are on Africa”

All financial centres need a stable regulatory environment and a robust, respected profession. This should be made up of individuals with the right skills, knowledge and enthusiasm who are supported by a strong national professional accountancy organisation, says Michael Armstrong, ICAEW Director Middle East, Africa, South Asia.

BUSINESSMAG. What are the current issues for the accounting profession in Africa?

The eyes of the world are on Africa. The combination of growth and an increasingly vibrant business community means there are exciting opportunities for the continent. The African accountancy profession plays a vital role in ensuring these opportunities become realities and that the region achieves its potential. With opportunities come challenges such as satisfying demand for highly qualified professionals, compliance with international standards or building respect with business, government, regulators and the

BUSINESSMAG. What are ICAEW’s projects for Africa?

All financial centres need a stable regulatory environment and a robust, respected profession. This should be made up of individuals with the right skills, knowledge and enthusiasm who are supported by a strong national professional accountancy organisation. Only then can we inspire confidence, attract investment and grow economies. Since 2007, ICAEW has worked in partnership with professional bodies, regulators and governments on capacity building projects in 17 countries and counting; many of which are in Africa. For instance – we have recently helped the Botswana and Malawian institutes to create their first national professional qualifications. Projects like these have helped to create modern and independent professional accountancy organisations that are better equipped to serve the demands of the economy. They also promote high professional standards, robust regulatory infrastructure, and strengthen the reputation of the profession.

BUSINESSMAG. Why should Mauritian accounting professionals be interested in Africa?

Mauritius is an important financial centre that has become a gateway to growth markets in India and Africa. It plays an important role in the global marketplace. Advisers in Mauritius are well placed – both geographically and strategically – to guide businesses in the region.

BUSINESSMAG. How important is ACOA 2015 event for your accounting body?

ICAEW is proud to be supporting ACOA 2015, which brings together experts and thought leaders that are committed to supporting the theme of “Rising Africa – partnering for results”. We congratulate MIPA on hosting such an important event and look forward to working with them.