Having listened to a fellow file accountant's phone conversation with a "difficult" creditor this week I pondered upon what were the essential skills of a successful file accountant. Aside from a knowledge of bankruptcy, corporate insolvency laws and accounting it is essential that a file accountant possess what might be considered by some as soft skills. These skills include excellent communication skills ( both oral and written) which are deployed answering client inquiries over the phone or by email, drafting reports for creditors' meetings or drafting reports to ASIC. Time management skills are also essential so that file accountants are able to prioritise work, and meet deadlines. File accountants must also possess initiative, so they are able to think laterally, see the bigger picture and thereby provide greater value to their client.
These latter skills are also grouped together under the banner of employability skills. Graduates who demonstrate such employability skills are highly valued and sought after by employers. How can university students acquire such skills? Experiential learning activities such as work integrated learning (WIL) or internships provide opportunities to acquire such skills. However WIL placements or internships, may involve a significant cost, be of poor quality, or not exist as students and employers may not be motivated to engage in such experiential learning opportunities. An alternative means for students to acquire such skills is for Universities and academics to replicate the working environment for students on campus with authentic learning materials and assessment items such as case studies and practice workpapers which reflect current practice. Pracademics, meaning persons who span the boundaries between practitioners and academics, can fill the gap between theory and practice and at the same time create closer ties between the Tertiary sector and Industry / Professions to advance research as well.
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This week over lunch the office conversation turned to the future of the Insolvency Profession- what is the role of an Insolvency Practitioner (IP) and how that role is changing given the encroachment of artificial intelligence into the IP's work space. Artificial intelligence provides an opportunity for IPs to expand their focus ( which in the past has centred on dealing with the aftermath of insolvency and more recently, the possible restructure or rescue of near insolvent businesses) to encompass providing proactive measures and advice which alert businesses so that insolvency may be avoided.
Making comparative industry specific financial data publicly available ( eg. in the form of benchmarks) may increase the chances of earlier detection of poor financial management and increase the opportunity for corrective action before insolvency. Incorporating such comparative analysis in a phone "app" may increase the likelihood of its regular use , especially by small business, as an ALERT tool. What do we need for such an "APP" to be created? Certainly collaboration between the Insolvency Regulators (AFSA and ASIC) who have access to vital statistical data, Insolvency Practitioners and Academics for their expertise regarding insolvency indicators, software developers to write the code to create the "app", and a Project Manager to ensure the "app" is created and distributed to business. How can we make this happen? -Is such a project a possible candidate for an Australian Research Council Linkage Grant? |
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February 2018
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