Accountants and lawyers must collaborate more closely on corporate finance transactions to complete transactions successfully and effectively, according to accountancy and finance body ICAEW.
This was the outcome of ICAEW’s Corporate Finance Faculty roundtable on key corporate finance needs held recently in Dubai, it was announced in a statement.
During the event, ICAEW members and guests discussed whether accountants and lawyers collaborate sufficiently on corporate finance transactions.
The panellists included Andrew Tarbuck, partner, Hogan Lovells (Middle East); Imad Ghandour, co-founder and managing director, CedarBridge; Promoth Manghat, chief executive officer, UAE Exchange; and Sam Surrey, principal director, Deloitte. The discussion was moderated by Matthew Benson, partner transaction support leader, Europe, Middle East, India and Africa (Emeia), EY. The panellists agreed that accountants and lawyers need to bridge the gap in communications and collaborate more effectively on corporate finance transactions to ensure efficiency, and avoid delay or potential derailing of the transaction as the result of miscommunication.  
The speakers acknowledged that accountants and lawyers collaborate well on corporate finance transactions when they are under pressure and working against time. The speakers called for collaboration from the beginning of the transactions.
Michael Armstrong, FCA and ICAEW regional director for the Middle East, Africa and South Asia (Measa), said: “Collaboration between lawyers and accountants is crucial to any successful corporate transaction. Bringing together the legal and financial expertise decreases the risks for enforcement or compliance breakdowns.”
Speakers with finance and accountancy expertise highlighted that best results were achieved when working with lawyers who had expanded their knowledge to better understand finance and accountancy, thereby enabling them to include the findings into sale and purchase agreements.
The panellists agreed that having a project manager on corporate finance transactions “is critical.” Investment bankers or CFOs are “the best people” for this role as they have both financial and legal expertise.
The speakers also noted that having strong relationships with clients helps to make the transaction process easier, as clients form the lynchpin between both parties and can facilitate cooperation on the process to achieve the best possible outcome.
The event was attended by around 100 ICAEW members and senior business representatives from the major global and regional financial organisations.