As senior manager in the financial reporting advisory practice at PricewaterhouseCoopers Japan LLC (PwC Japan), Kate Sizova has two priorities: one is supporting Japanese clients in their global business ambitions; the other is championing digital transformation.
And for this multilingual and well-travelled accounting professional, her two-decade long career across two continents with the Big Four firm, is both stimulating and rewarding.
‘I speak five languages, which is useful both for communication and appreciation of cultural differences’
Based in Tokyo, Sizova works in the financial reporting advisory team, providing services such as complex accounting advice; support for GAAP conversion, mergers and acquisitions and capital markets transactions; financial transformation; and the growing area of environmental, social and governance (ESG) reporting.
Supporting clients
‘Companies are facing a lot of challenges nowadays,’ she says. ‘Accounting standards are getting increasingly more complex; where a rather simple set of assumptions was made before, now it is often necessary to apply a probability-based model or a scenario analysis. Disclosures have also been growing more detailed and require more information.’
Despite some ongoing convergence of IFRS Standards and local GAAPs, she notes, a number of differences remain and are not easy to understand. ‘Then there is the emerging ESG reporting; what needs to be reported and how, and which reporting tool to choose, is certainly on the agenda of most companies. The amount of information that needs to be collected, processed, controlled, stored and reported will be overwhelming, bringing challenges around a company’s talent, IT systems and governance.’
PricewaterhouseCoopers Japan LLC
2006
Year established
3,380
Number of employees
245
Number of partners
Another country-specific consideration is that Japanese businesses are often quite diversified, with a large presence in other countries, making them reliant on swift communication. ‘I speak five languages, which is useful both for communication and appreciation of cultural differences,’ she says.
Digitalisation drive
In supporting clients, PwC leverages its global network of member firms, while also engaging external IT specialists. Sizova’s current projects, supporting the digitalisation strategies of global Japanese groups and foreign groups with large Japanese subsidiaries, is one such example.
‘I was still passionate about my career, but sometimes I felt that this moment would pass’
‘Often these companies are in the process of post-merger integration, or the new management’s strategic vision drives the need for digitalisation,’ she explains. ‘To reap the full benefits of emerging technologies like Big Data analytics and AI, collecting and processing data is key. But often different subsidiaries use different systems, so data granularity and quality may not be consistent.
‘Support is required to design the consolidation system data model embedding the accounting standards requirements, as well as to design the business processes including controls over financial reporting to achieve compliance.’
IFRS focus
From university, Sizova joined the assurance practice in PwC Russia (no longer in the PwC network) and started studying for the ACCA qualification. ‘I chose the IFRS exam stream when IFRS reporting was only emerging, and this has been highly relevant to my practical experience in auditing,’ she says.
The ACCA qualification is ‘a strong line on a CV’, recognised in many countries worldwide, Sizova adds. ‘There are many benefits from ACCA partnerships; for me, it helped to gain Certified Internal Auditor (CIA) qualification and complete my master’s of science. Connecting with a global professional community, through articles, training and networking events, is another advantage.’
International outlook
After moving to Tokyo, Sizova spent a decade in the assurance practice at PwC Japan, working on IFRS group reporting audit and regulatory assurance for locally based foreign investment banks.
When her husband was then seconded to Moscow in 2012, and by now with two young children, she decided to take parental leave.
‘I was still passionate about my career, but sometimes I felt that this moment would pass,’ she reflects. ‘I could miss the chance to spend this time with my children.’ Sizova was able to focus on supporting her daughter who played her first piano concerto with an orchestra at the age of seven, going on to win international piano competitions and perform at the Royal Albert Hall as well as the Carnegie Hall.
For Sizova, a career hiatus was something that she felt was the right decision to make. When she was ready to return to the workforce, she had the support to take on responsibilities and continue her progression with the firm.
In 2017, she returned to PwC Russia’s capital markets and accounting advisory practice in Moscow, where she led the new IFRS 9, Financial Instruments implementation.
CV
2023
Senior manager, financial reporting advisory, PwC Japan LLC
2017
Senior manager, capital markets and accounting advisory services, PwC Russia, Moscow*
2006
Manager, financial services, PwC Aarata (now PwC Japan LLC), Tokyo
2000
Audit consultant, financial services, PwC Russia, Moscow
* PwC Russia left the PwC network in 2022
Much had changed in those five years, and the pace of disruption continues to accelerate. ‘Thanks to the new IT communication and information-sharing tools,’ she explains, ‘project timelines have become shorter. Finance professionals have to work almost without time zones or space borders, which is quicker and more efficient, but is also much more challenging, so it requires even stronger time and project management.’
In 2019 she took a sabbatical to self study under the accelerated ACCA pathway, passing the Certified Internal Auditor (CIA) exam on the first attempt. Through an ACCA partnership with the University of London she followed up with an MSc in professional accountancy, graduating with a distinction.
When she returned to PwC Japan to take up her current role in January 2023, she felt refreshed; it was, she says, ‘almost like coming back home.’
Finding a balance
Both personally and professionally, Sizova has achieved balance. Her employer’s support for women returners has increased, she says, as well as the level of awareness of gender bias and diversity in the workplace, notably through inclusive mindset mandatory training for all employees.
‘Also, the acceptance both by the firm and clients of hybrid or full remote working styles is a great support and I can spend more time with family instead of commuting,’ she says. ‘I have the time to support my son in his training at the tennis academy for high performance juniors. Sharing my children’s success makes me happy and recharges my batteries.’
Fluent in Japanese, Sizova says that anyone aspiring to work in Japan will find the experience rewarding. ‘It will teach them a lot about a unique working culture. Monozukuri is a term used to describe Japanese manufacturing, where workmanship, quality and pride are key aspects. And, this is also true for Japanese professional services.’
