What are Professional grooming and technical competency

What are Professional grooming and technical competency

ACCA has a track record of producing work-ready professionals who are competent to take on their roles in the workspace, all ACCA professionals acquire a strong knowledge base, technical and financial competence and professional behaviour along their ACCA journey and this makes them competent in their work, allowing them to excel in any sector, anywhere in the world. This is one reason why employers rate ACCA professionals highly and say that ACCA professionals have the required skills and competency to take any organization forward.

There are two factors upon which ACCA prides itself, these are technical competency and professional grooming. These can be considered as the distinguishing characteristics of ACA professionals and in marketing terms these two factors are the unique selling point of ACCA because although there are other professional accounting bodies on the global map no other organization has such clearly defined its distinctiveness as ACCA has done, this is one reason why ACCA professionals are in such a high demand worldwide and readily acceptable for employers.

So what are these two factors really? What do they mean? Let us look into more detail on this.

Technical Competency

ACCA has got a competency framework, that outlines how the skills, knowledge and experience are gained by the students in their ACCA journey. This competency framework ensures that ACCA professionals are able to successfully perform different roles in an organization. The competency framework has 10 competencies that are developed by ACCA and these competencies make sure that ACCA professionals can unlock their potential and drive their organizations, economies and society forward.

Let us now look at the competencies listed in the framework of ACCA

Corporate and Business Reporting

This competency ensures that the professionals are able to prepare financial statements, corporate financial and integrated reports for external stakeholders using appropriate technology. This competency also enables effective decision-making through analyzing, evaluating and communicating performance and position of entities. It also allows the preparation of financial statements for groups of entities using appropriate technologies. Monitors critically evaluate and advise on the relevant accounting standards, regulation, and conceptual and reporting frameworks.

Audit and Assurance

This competency ensures that the professionals are able to advise on and communicate effectively the role and scope of audit and assurance engagements to relevant stakeholders. Apply regulatory, legal, professional and ethical standards relating to audit and assurance engagements. Plan and prepare for audit and assurance engagements. Perform effective audit and assurance engagements. Review and report on the findings of audit and assurance engagements.

Advisory and Consultancy

This competency ensures that the professionals are able to gather and understand financial and non-financial information to develop a complete knowledge of the client business and the environment in which it operates. Provide expert advice that will add value to the business and gain an advantage. Identify and advise on business partnering to develop strategic relationships to create opportunities, improve performance and solve business problems. Prepare and present business plans and advise on the actions to implement these plans.

Financial Management

This competency ensures that the professionals are able to link developments in global trade, markets, business practices and the economic environment to required improvements in the financial and risk management of an organisation. Advice on business asset valuations, capital projects and investments using appropriate analytical-qualitative and quantitative techniques. Identify, evaluate and advise on alternative sources of business finance and different ways of raising finance. Communicate and advise on the impact on financial decision-making on current developments in regulation, governance and ethics. Assess and advise on appropriate strategies to manage a business and organisational performance regarding business and finance risk and effectively communicates the impact.

Taxation

This competency ensures that the professionals are able to communicate knowledge of the operation and scope of the tax system, obligations of taxpayers, the implications of non-compliance and advise on tax planning. Advise ethically on strategic tax plans and computes the tax liabilities of individuals. Advise ethically on strategic tax plans and computes the corporation tax liabilities of individual companies and groups of companies. Explain and compute the effects of value-added tax (VAT) / goods and services tax (GST) and indirect tax on incorporated and unincorporated businesses and advising appropriately.

Governance, Risk and Control

This competency ensures that the professionals are able to evaluate organisational structures and governance to protect the long-term interests of stakeholders. Recommend appropriate strategies to ensure adherence to governance structures and the application of best practice internal controls. Identify and manage risk appropriately. Use risk management for the best interests of an organisation and its stakeholders. Monitor and applies relevant legislation, policies and procedures.

Leadership and Management

This competency ensures that the professionals are able to apply appropriate leadership strategies to effectively deliver business objectives. Lead, motivate and manage people to optimise performance and effectiveness. Collaborate, support and work to achieve the objectives of the organisation, applying appropriate digital technologies. Act proactively and think strategically, in anticipating organisational needs, recognising the wider business environment and dynamics.

Management Accounting

This competency ensures that the professionals are able to application development and performance management in the wider business and technological environment in the context of strategic planning and implementation. Direct organizational performance through the selection and measurement of financial and non-financial performance indicators. Collaborate on the key tactical and organizational areas of budgeting and control, capital investments, people and resource management. Consult on the design and use of current and emerging technology and information systems to improve strategic decision-making and organizational performance.

Stakeholder Relationship Management

This competency ensures that professionals are able to positively develop relationships with internal and external stakeholders. Communicate and gain commitment from internal and external stakeholders. Use emerging technologies to collaborate and communicate effectively with stakeholders. Apply professional and ethical judgment when engaging with stakeholders. Align organizational strategic objectives with stakeholder needs and manages expectations.

Strategy and Innovation

This competency ensures that the professionals are able to apply business acumen and commercial awareness to deliver business objectives. Recommend a range of suitable strategic options from which to develop plans and objectives. Evaluate, justify and implement suitable strategic options. Adopt and apply innovative methods and technologies to implement strategy and manages change.

Data, Digital and Technology

This competency ensures that the professionals are able to identify strategic options to add value, using data and technology. Analyze and evaluate data using appropriate technologies and tools. Apply technologies to visualize data clearly and effectively. Apply scepticism and ethical judgment to the use of data and data technology.

Ethics and Professionalism

This competency ensures that the professionals are able to develop advanced ethical values and professional skills in the promotion of public interest and the profession. Demonstrate personal effectiveness in fast-changing environments. Encourage innovative thinking within the context of professional scepticism. Think proactively about the future, applying professional judgment and commercial intelligence and seeks specialist input when needed. Communicate effectively and influences others.

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