The accountancy sector comprises two key segments, Public Accounting Entities (PAEs) and Professional Accountants in Business (PAIBs).
To learn more about how the International Federation of Accountants views PAIBs, visit this page: http://www.ifac.org/about-ifac/professional-accountants-business.
PAIBs are individuals who work and perform accountancy functions in businesses (such as the preparation of financial information, internal audit, risk management, taxation and business valuation). Here are just some of the roles that PAIBs perform:
A business valuer is a professional who ascertains the value of a business, its ownership interest or a particular asset or liability of the business. It is a key component of investor and corporate activities in the financial markets.
Chief Financial Officer (CFO)
The CFO is a corporate officer primarily responsible for managing the financial risks of the corporation. The CFO is also responsible for financial planning and record-keeping, as well as financial reporting. The CFO is now expected to be a dynamic business partner to the CEO, a visionary business leader and a custodian of the corporation.
The internal auditor is an independent and objective person who provides assurance and consulting services designed to value add and improve an organisation’s operations. Internal auditors help organisations accomplish their objectives via a systematic, disciplined approach used to evaluate and improve the effectiveness of risk management, control, and governance processes.
A risk manager is responsible for identifying, mitigating and managing risks to the organisation, its staff, its clients, its reputation, it assets and the interests of its stakeholders. Risk managers work closely with the Board and senior management to establish and quantify the levels of risks that are acceptable to the organisation.
Professional development organisations
The following organisations also offer programmes in specific areas of professional development within the accountancy sector.
Institute of Internal Auditors (Singapore)
Tax Academy of Singapore