Date: 02 December 2020 (ISIA):
The Institute of Solomon Islands Accountants’ (ISIA) recently launched its new Strategic Plan 2021-2025 which aims to significantly improve on the way the Institute is regarded both domestically and internationally.
The five- year plan targets nine key strategic areas for development which aims to position the Institute to be able to effectively deliver on its mandated roles and responsibilities under the Accountants Act 2010.
Aimed at ensuring ISIA’s sustainability as a professional accounting body, the plan seeks to invest in developing both the institute and its members as well as the domestic accounting landscape.
It also seeks to broaden ISIA’s acceptance with relevant international bodies while encouraging strong relations and partnerships with the government, private sector and donor community at home.
The visionary plan is unique in the sense that it was adapted in the middle of a domestic recession brought on by the impacts of the COVID-19 pandemic holding most global economies at ransom.
This means that the outlier event - and possible similar future events - are now ingrained into the formulation of the Institute’s planning processes.
The Institute’s brand transformation reflects its updated and more detailed Vision ‘to be an international standard professional accounting organisation that provides leadership and builds trust in the accounting, assurance, finance and business advisory professionals in Solomon Islands’.
Building on this Vision, the Institute’s first strategic area for development involves its own membership, seeking to improve on their core competencies in a complex and changing environment.
This strategic priority will involve the development of certification programs tailored to internationally accepted standards that meet the specific needs of the Institute’s members.
In addition to this development, the Institute will also seek to broaden ISIA’s membership base to target all finance related positions and advisory roles in both the private and public sectors.
Professional development will also be targeted as a key area for development.
Under the new strategic plan, the Institute will seek to make available professional and educational programs that meet members’ and market needs.
According to the strategic plan, these programs are envisaged to cover a wide range of competencies and skills from traditional accounting to multidisciplinary roles.
The rules and standards by which accountants operate are also covered under the new plan.
The strategic focus here will be to align the Institute’s governance and practices to international best practices.
This development will see advances within the local regulatory environment such as changes to the Accountants Act and the implementation of rules that adopt internationally recognized standards in accounting, auditing, assurance and quality control, ethics, public sector accounting and accounting education.
A more proactive outreach effort and improvements to the timely communication of the Institute’s affairs are another two key areas for development under the strategic plan.
With a dip in membership numbers, the institute will continue with domestic and regional marketing initiatives aimed at making ISIA’s brand more appealing to current and future members.
Part of this appeal will include ensuring that the Institute’s Secretariat will be able to deliver effective support services to the Institute’s members while operating on a financially sustainable model.
The Institute will also seek to enhance its usefulness to members by seeking out ways to effectively communicate issues related to the accounting profession.
Proactive engagement and the building of relations with key stakeholders in the private and public sectors is another strategic pillar of the plan.
This area of development will see ISIA positioning itself to become a partner of choice with the Government on issues of national interest while enhancing private sector growth by positioning itself as an advocate and source for meaningful advice. The Institute’s updated Strategic Plan was formally adopted by ISIA after its formal acceptance at the institute’s Annual General Meeting on the 26 th November 2020.