On Wednesday, 11 May, some members of INAA arrived in Budapest, Hungary, for our 2022 Intermediate Members Meeting (IMM). Over the next few days, we all put our heads together to discuss the current trends in accounting, including the impacts of the metaverse and beyond.
This event for accountants was an excellent opportunity for INAA members to support each other, develop relationships, and share diverse global experiences. As we grew our knowledge, we also explored the unique sites and culture of the beautiful Eastern European city.
As the attendees arrived in Budapest on Wednesday, 11 May, we welcomed them on an optional Budapest City Tour. The three-hour excursion offered beautiful sights of the city, including the historic Buda area, set on the hill and the ornate Hapsburg Palace.
The first day wound down with a welcome reception and dinner at the Kempinski Hotel Corvinus. People gathered to get to know each other before the following eventful day.
As attendees gathered for the second day, events began with a welcome from INAA Chairman Ed Turner before opening up the floor to the day’s speakers.
Talk: How the Metaverse Will Change Your Business
In Dr Mark van Rijenam’s talk, ‘How the Metaverse Will Change Your Business?’, we explored the impacts of developing technology on the accounting industry.
Rijenman, a renowned future tech strategist, discussed current trends in accounting, including data, decentralisation, and automation affecting business organisations. He delved into AI, big data, and blockchain developments. Beyond this, Dr. van Rijenam outlined the future influences of the metaverse and NFTs on the accounting and audit industry.
Talk: How to Do Business in Hungary
Next, Tünde KIS gave her talk on ‘How to Do Business in Hungary.’ KIS is the Deputy CEO of Investment Promotion at the Hungarian Investment Promotion Agency (HIPA), making her the perfect person to shine a light on business in Hungary.
HIPA offers a wide range of consulting services for businesses who wish to invest in Hungary. KIS used her expert knowledge to outline strategic tactics for investments and inform attendees on effective business planning.
Talk: Growth and Headwinds: New Business Perspectives from the Chinese Year of the Tiger
Meng Ling, Partner in China Integrated Co., followed up with a talk on business perspectives from the Chinese Year of the Tiger. Ling discussed factors that led to China’s economic growth during the COVID pandemic, despite the momentary setbacks in other economies.
This rise has drawn massive business interest in China as many companies want to get involved in their market. Ling discussed takeaways from China’s growth, outlined growth sectors, and how INAA members may penetrate China’s market or prepare for these shifts with their client base.
Talk: Sustainability and the Accountants/Auditors
Noémi Robert from Accountancy Europe next spoke about how sustainability plays into the accounting and auditing industry. She went over the main points of the Corporate Sustainability Reporting Directive and debated its importance and its impact on accounting.
Workshop: Present and Future, How to Modulate Strategies – An HR Approach
Finally, we moved into our workshop, 'Present and Future, how to modulate strategies,' facilitated by professional coach Dora Epresi. Attendees put their heads together to build effective business solutions and strategies based on Epresi’s guidance.
As the day wound up, we reunited with the guests of the attendees, who were invited on a day tour focusing on the royal and rural life in Hungary. In the evening everyone attended a gala dinner held at the wonderful Festetics Palace.
Friday started with an INAA Business Session for members. We covered some internal affairs, welcomed the new members, and discussed the future of auditing. In this presentation, we discussed the importance of cybersecurity in auditing and explained how firms could use it to add value to their clients.
As the day continued, Dr. Olivia Remes gave a talk titled, ‘No Health without Mental Health,’ in which she discussed the importance of mental health and wellbeing in the workplace. Remes outlined the effects of mental health issues on employees and businesses. She then offered methods to support accountants and auditors to sustain a work environment suited for better wellbeing.
We then headed out for a cultural afternoon, enjoying a private visit to Budapest’s biggest landmark, the Hungarian Parliament. On top of this, we got to try out strudel making, followed by a local wine tasting.
Afterwards, we enjoyed a private ride on the Budapest Eye and gathered for dinner on the Laszlo Boat along the beautiful water of the Danube River.
For the final day of IMM, our group headed off on an excursion to the charming and picturesque Szentendre. While there, we visited the Kovács Margit Museum featuring hundreds of sculptures by the artist. Other highlights included a visit to Skanzen, which gave us a glimpse into rural Hungary's green and rolling hills.
It’s clear that this year's IMM event for accountants and auditors was a great success. It was a memorable and productive few days where we could enjoy each other’s company and build long-lasting connections despite the recent global challenges.
On top of all this, we discussed crucial developments in the accounting industry, including technology developments, economic shifts, and employee wellbeing.
We hope these discussions on current trends in accounting have better prepared the INAA community for a promising future. All the while, we were able to come together in Budapest's beautiful and heritage-filled city.
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