IFAC Issues New Report for Professional Accountants in Business
The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has issued Integrating Governance for Sustainable Success, which uses case studies to analyze how professional accountants in business support the performance of their organizations by integrating governance into the key drivers of sustainable organizational success.
“Governance is still too often seen primarily as a compliance exercise rather than a means for driving the sustainable performance of an organization,” said Roger Tabor, chair of the PAIB Committee. “Successful organizations have a governance structure and culture that go beyond conformance with regulations and support the organization’s efforts to improve performance. Governance should be part of the DNA of an organization.”
The new report illustrates that good governance is about more than the basic protection of stakeholders’ interests or compliance designed to satisfy regulatory requirements. Rather, integrating good governance throughout an organization offers powerful support to the way sustainable value is created. The report addresses how professional accountants support their organizations to build good governance into the entire cycle of strategic planning, resource utilization, value creation, accountability, and assurance. Such a holistic approach ensures that governance is integrated into all aspects of an organization.
“Professional accountants are typically in a position of strategic or functional leadership or are otherwise well placed to partner with colleagues in evaluating and improving governance,” said John Cahill, chair of the PAIB Committee’s Governance and Ethics Task Force. “This report usefully demonstrates how they can increase their organizations’ sustainable performance.”
About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and the not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.
About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
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