The Institute of Chartered Accountants in Malawi (Icam) on Friday unveiled a five-year strategic plan which will guide the operations of the professional body from 2017 to 2021.
Icam president, Henry Chowawa, said the strategic plan sets the tone for Icam’s long-term growth.
Chowawa said the goal of the plan is to serve the public interest by ensuring that the accountancy qualifications, the standards of accounting and auditing in Malawi and the standing of members of the institute are acceptable, both locally and internationally.
He said the institute also aims to serve the public interest by utilising the skills of its members in advocating for matters of public interest.
Areas of strategic importance moving forward, according to Chowawa, include strengthening the organisation and development; optimising internal business processes, satisfying and delighting customers and maintaining financial sustainability.
“This strategic plan has been developed through a consultative process with several stakeholders. The plan acknowledges the changing environment and the need to be on top in provision of products and services,” Chowawa said.
The strategic plan will also help advance the values of independence, transparency and accountability, adaptability, integrity, diversity and leadership.
Guest of honour during the launch, Morgan Tembo, said business planning with a strategic intent is what drives innovation for successful institutions.
Tembo said technological advancement is disrupting the traditional way of doing business, adding that new competitors are coming strongly on the market and shifting the boundaries.
“We must not and cannot be complacent. The world around us is changing and presenting us with new challenges. We must respond to these challenges and regard them as opportunities. Refusing to change and modernise as an institution is not an option.
“It is only those institutions that are geared to face new challenges and are highly prepared to curve a holistic approach for doing things that will survive on the market. It is, therefore, pleasing to note that the president and council of Icam are committed to meeting the challenges of this changing environment head on,” Tembo said.