Accounting profession spearheads fight against corruption

“Corruption not only erodes trust, it has a direct detrimental impact on economic growth,” IPA chief executive officer, Andrew Conway, said.

The World Economic Forum estimates that every year the cost of corruption is at least US$2.6 trillion - or 5 per cent of global domestic product. According to the World Bank, businesses and individuals pay more than US$1 trillion in bribes each year.

"Corruption begets more corruption, and fosters a corrosive culture of impunity", the UN's secretary-general, António Guterres, said in a message on Sunday.

"Tax evasion, money laundering and other illicit flows divert much-needed resources for sustainable development", Mr Guterres added.

According to Mr Conway,  accountants play a pivotal role in this united fight against corruption.

“As a profession, we hold the responsibility to promote greater transparency and accountability, employ stronger ethics and lift the standard of integrity,” he said.

International Anti-Corruption Day has been observed annually, on 9 December, since the passage of the United Nations Convention Against Corruption on 31 October 2003.