Accountants crucial to tackling corruption, says study

Professional accountants’ core qualities such as its robust international code of ethics, comprehensive educational requirements, and ongoing monitoring and oversight requirements, are key to tackling corruption, says the IFAC’s new global study, The Accountancy Profession—Playing a Positive Role in Tackling Corruption.

IFAC chief executive officer, Fayez Choudhury, said the study confirms the important role the accounting profession plays in combating corruption.

“The accountancy profession is a crucial part of strong national governance architectures that confront corruption, in partnership with good government and strong businesses. And vitally, the study shows professional ethics, education, and oversight –at the core of the global accountancy profession – are key to the profession’s positive impact in tackling corruption.”

The study also highlighted the importance of strong cross-sector governance structures, with the profession’s impact significantly greater in G-20 counties and in nations that have adopted international anti-money laundering laws.

IPA chief executive officer, Andrew Conway, welcomed the study and backed the importance of collaboration across all sectors of the economy to maintain good governance.

“Corruption is an economic cancer and this global report supports our longstanding perspective that accountants can and do play a key role in combating the disease,” Mr Conway said.

“The report also highlights the significant importance of good governance across all organisations. The accounting profession’s skills ensure that accountants continue to play a pivotal role in the fight against corruption but we acknowledge it’s not a solitaire battle to be won."