The IAASB is pleased to announce the appointment of Matthew Waldron as Technical Director.

In this role, Mr. Waldron works closely with the IAASB Chair to engage senior members of the global accountancy profession, the regulatory community, and other key stakeholders in support of, and to enhance, global public trust; and to manage the international audit and assurance standard-setting program.

Mr. Waldron leads and develops a dynamic team of highly-talented individuals that help influence the direction, shape, and content of leading-edge standard-setting projects. His team operates in a diverse and collegial environment, building strong relations with colleagues and peers who are passionate about international standard setting.

Previously, Mr. Waldron was a Director in the Financial Reporting Policy Group at CFA Institute, where he represented membership interests regarding audit and financial reporting proposals issued by the US Financial Accounting Standards Board, the International Accounting Standards Board, and other regulators and standard setters. Earlier in his career, he also worked for KPMG and PwC. Since 2014, Mr. Waldron has chaired the IAASB’s Consultative Advisory Group, in addition to serving as a member representative since 2007. Under Mr. Waldron’s leadership, the IAASB is now seeking to fill multiple vacancies.

Are you seeking an exceptional professional opportunity that combines your understanding of the public interest role of auditing and assurance standards with your desire to make a difference on a global stage?

The IAASB is seeking two talented individuals to fill a Principal and a Manager position based in New York. These impactful positions require knowledge of audit and assurance, an understanding of standard setting, and strong team work and leadership skills.

For the Principal position, we are looking for an individual with advanced expertise in auditing or assurance, or prior standard-setting experience. As a senior member of the IAASB, this position will be responsible for more technically challenging projects and initiatives as well as providing guidance to managers and support staff.

The Manager, Standards Development and Technical Projects position requires intermediate expertise in auditing or assurance. He or she will support senior IAASB staff on challenging projects while also taking primary responsibility for other important projects and activities.

The IAASB is responsible for global audit and assurance standard setting. Robust audit and assurance standards are fundamental to the way modern societies work, enhancing credibility and trust in a society’s external reporting. The IAASB achieves this through its commitment to advancing audit quality worldwide, developing standards that protect the interests of those who rely on audits, assurance, and other services, and are practicable for those who implement the standards.

The IAASB is supported by a talented team of professionals from different backgrounds, all of whom embrace the opportunities and challenges of collaborating on a global stage. This team assists the IAASB in serving the public interest by setting high-quality international standards, and by facilitating their adoption and implementation. We offer our team a competitive compensation and a superior benefits package, including medical, dental, retirement plans, and annual leave.

We invite you to apply for our open positions by March 31 and join our expert and dedicated team.

The IAASB is one of four independent international standard-setting boards whose operating structures are supported by the International Federation of Accountants. Most standard-setting staff positions for the IAASB and the International Ethics Standards Board for Accountants are based in New York, US. Standard-setting staff positions that support the International Public Sector Accounting Standards Board and International Accounting Education Standards Board are based in Toronto, Canada.

Delegates from the World Bank, International Monetary Fund (IMF), International Public Sector Accounting Standards Board (IPSASB), and International Federation of Accountants (IFAC) convened today in Washington, DC, for an international seminar, Transparency and Beyond: Harnessing the Power of Accrual in Managing Public Finances.

IPSASB Chair Ian Carruthers remarked, “Coinciding with the 20^th year of IPSASB’s standard-setting program, the seminar brings together global organizations committed to strong public financial management (PFM). IPSAS—-high-quality global accrual-based accounting standards—enable governments to produce high-quality financial information that leads to better decision making and builds accountability and trust with citizens. The event is a crucial first step in deciding IPSASB’s strategic direction for the next five years, the projects it will undertake, and how it will work with other global organizations to strengthen PFM globally.”

Delegates began by taking stock of the current PFM landscape, with a look at the new Organisation for Economic Co-operation and Development (OECD)-IFAC report featuring OECD countries’ recent status and PFM reforms. Delegates emphasized the need to increase the availability and use of high-quality accrual information for transparency and decision making by public sector organizations themselves, as well as key stakeholders including parliamentarians, journalists, civil society, and capital market participants. The World Bank delegates highlighted the importance of implementing the standards, and the real challenges countries face in accounting and reporting, specifically, and broader public sector reforms required to actually achieve better decision making. Importantly, delegates concluded with commitments to continue to work toward influencing governments to pursue the needed reforms, building on recent successes and growing evidence that supports the use of accrual reporting based on IPSAS.

IFAC Chief Executive Officer Fayez Choudhury said, “Government spending accounts for a significant portion of a country’s GDP, and many governments are incurring deficits that will have to be settled by future generations. We must address both the supply of, and demand for, better public sector financial information. Public sector leaders must embrace accrual-based IPSAS as the basis of transparent, accountable financial reporting, which is an essential component of strong PFM. And citizens must be encouraged to demand stronger PFM and hold their government officials to account.” (See more about IFAC’s Accountability. Now. initiative.)

Mr. Christopher Towe, Deputy Director of the IMF Fiscal Affairs Department, said, “Comprehensive and high-quality fiscal reports, including financial statements that summarize the government’s financial position and performance, are necessary for governments, legislators, citizens, and markets to have a complete, up-to-date, and accurate understanding of a country’s fiscal position. Establishing a full balance sheet requires capacity to adopt accrual accounting standards, including valuation of assets and liabilities. This one-day seminar provided a valuable platform to bring together all key stakeholders, including standard setters, producers, and users of government financial statements. It facilitated a debate on various perspectives, opportunities, and challenges in adoption of accrual accounting by governments and provided a platform to discuss the way forward.”

Mr. Gabriel Quiros, Deputy Director of the IMF Statistics Department, said, “We are encouraged that several IMF members are pursuing a phased migration toward accrual accounting. However, we are also cognizant of the challenges faced by some of the Fund’s members with regard to these reforms. For many years, Government Finance Statistics compiled on a cash accounting basis have supported measuring the liquidity constraint of governments. As the nature of fiscal activity has evolved in our members, the evolution of—and complementarities between—accrual-based statistical methodology and accounting standards for the public sector also will help countries ensure the sustainability of fiscal operations.”

“We actively support and promote the use of accrual-based accounting standards in countries to enable sustainable, long-term change,” said Jennifer Thomson, Director in Operations Policy and Country Services at the World Bank. “Reliable data on government assets and liabilities, as well as revenue and expenditure, provides a strong foundation for public financial management, and serves as a key tool for facilitating implementation of broader reforms in the countries we support.”

World Bank Director, Governance Global Practice, Mr. Jim Brumby, said, “The IPSASB has done outstanding work in developing the accrual accounting standards. There are many implementation issues that countries encounter in adopting these standards and the World Bank Group remains ready to assist this process. As well as the technical and systems work this requires, a particular focus should remain on the best uses of this information—how accruals can assist governments in doing a better job with the resources they mobilize and how citizens can better hold their governments to account.”

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

About the IMF
The International Monetary Fund (IMF) is an international organization working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership. For more information, visit www.imf.org.

About the World Bank Group
The World Bank Group is one of the world’s largest sources of funding and development expertise for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in pursuing the World Bank Group’s mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.

This study, jointly developed by IFAC and the International Organisation for Economic Co-operation and Development (OECD), looks at accounting and budgeting practices at the national government level in OECD countries. It discusses the challenges and benefits of accruals reforms and considers what steps countries are taking to make better use of accrual information in the future.

The SMP Committee welcomes and supports the IAASB Data Analytics Working Group’s work to explore the effective and appropriate use of technology, with a focus on data analytics, in the audit of financial statements. In its view, an objectives- and principles-based approach to standard setting is now more necessary than ever, especially to prevent the ISAs from being out of date as soon as they are updated.

Thank you for the privilege of being with you today. I’m honored to address such a distinguished group of dignitaries and professional accountants during my first visit to Nigeria.

In my time with you today, I’m going to set out a number of ways in which accountability and good governance go hand-in-hand. I will talk about: how this institute is a crucial part of the Nigerian economy, the standards that govern our profession are vital to the public interest, public sector accountability is crucial to rebuilding trust between citizens and institutions, the UN’s Sustainable Development Goals are an important lens for our profession, good governance is crucial to the fight against fraud and corruption; and, finally, how fighting fraud and corruption is an excellent demonstration of both our public interest mission, and our ability to bring people and organizations together to fight a common foe. And after all that, I will set out some challenges for you!

Institute of Chartered Accountants of Nigeria

Let’s begin with the role of the Institute of Chartered Accountants of Nigeria—or ICAN—in Nigeria’s economy and public life. I want to acknowledge its contributions at the global, regional, and national level, and its commitment to the public interest. First, as a leading professional accountancy organization, ICAN contributes at the global level through its membership of IFAC, and representation on international boards and committees. ICAN contributes at the regional level through its membership of the Association of Accountancy Bodies in West Africa (ABWA) and the Pan African Federation of Accountants (PAFA)—two valuable forums for sharing best practices—and through the support it provides to professional accountancy organizations in neighboring countries. I thank you for sharing your knowledge and experience beyond your national borders. It is the valuable contribution of leading organizations such as ICAN that makes ours a truly global profession.

Second, I wish to acknowledge ICAN for its commitment to the public interest at the national level—a commitment clearly demonstrated by your role in national reform and contribution to Nigeria’s international economic integration. Nigeria’s adoption of International Financial Reporting Standards or IFRS, including IFRS for Small and Medium-sized Entities, and the International Standards on Auditing is significant. I commend the Ministry of Finance for the decision to adopt accrual-based International Public Sector Accounting Standards—or IPSAS—as the government’s reporting framework. It is vital that governments have high-quality information on which to base decisions. It is also important that citizens have easy access to understandable financial information on which they can base their decisions—often at the ballot box—and hold their governments accountable. These two necessities lie at the heart of IFAC’s Accountability. Now. initiative—a global call for change. It challenges policy makers and governments around the world to recognize the importance of financial reporting that meets international standards.

Accountability

This brings me to my third acknowledgement of ICAN. I thank you for embracing the Accountability. Now. initiative at the national level, and taking the lead at the regional level. Accountability. Now. Nigeria.—the theme of this 46^th Annual Accountant’s Conference—is evidence of your commitment to play a key role in public sector transparency, accountability, and governance. Given the large sums that flow through governments on both the supply and demand sides, there is an acute and urgent need for public financial management (PFM) reform. Recently, the Nigerian Director-General, Bureau of Public Service Reforms, said government should be open with information especially in relation to contracts and procurement because people deserved to know how their money was spent. He said, “Citizens actually know very little about what government does and how they do it, and that breeds suspicion. When you proactively disclose information, it lessens that suspicion. Being open with information requests helps us to engage better with citizens.” As accountants, we know that it’s not only important to be open with the information—but that the information must be correct to begin with. All too often we see the consequences of poor PFM—poor public services, sovereign debt crises, and municipal bankruptcies—resulting in loss of trust by citizens that their governments are able to create a sustainable future. PFM reform—including implementing internationally accepted standards for budgeting, accounting, and financial reporting—supports public sector accountability and transparency. It provides complete, high-quality information, enabling governments to develop policy, make informed spending decisions, and manage assets and liabilities, both now and for future generations. And it’s vital to ensuring sustainable public services and economically stronger societies. Our profession’s support for high-quality public financial reporting—the cornerstone of sound PFM—is vital to enabling sustainable public services and stronger societies. ICAN is ideally positioned to act in the public interest by establishing partnerships between government and the accountancy profession, with the profession acting as a trusted advisor to government. And IFAC gladly collaborates with you.

We facilitate and participate in events that bring together accountancy and governmental leaders to explore working together to advance PFM. We facilitate capacity building by engaging with professional accountancy organizations to develop a pipeline of well-trained professional accountants to work with or in government to bring about needed changes.

This last part—building public sector accountancy capacity at a country level—is key. Countries that have the most to benefit from PFM reforms often lack the accountancy capacity necessary to execute reforms. A great deal of what we do at IFAC is facilitating the advancement and growth of professional accountancy organizations in parts of the world that desperately need more accountants.

As IFAC President, it has been my pleasure to visit many countries that have really grasped the PFM challenge. Let me highlight a few examples of how our profession—even in small countries with scarce resources—can achieve great things. In Sri Lanka, the Chartered Institute of Public Finance and Accountancy is working with CA Sri Lanka and the government to develop a new qualification to help professionalize public sector personnel, increase the understanding of accrual accounting, and build a framework for accounts preparation and audits.

In Malta, the government is getting its “ACT” together—with ACT being an acronym for Accountability, Credibility, and Transparency. The Ministry of Finance is implementing International Public Sector Accounting Standards across the government and believes strongly that it will improve overall decision making.

In Kosovo, the Society of Certified Accountants and Auditors of Kosovo has partnered with the government and supreme audit institution to develop professional qualifications in the public sector. The program has helped build the profession’s numbers and attract new students, and the external certification has helped enhance the perception of independence of the Auditor General’s office.

In Uganda, the Institute of Certified Public Accountants of Uganda is partnering with government to build public sector accountancy capacity. These activities are extending to other African countries with the Accountant General seconding staff to Somalia and South Sudan, and the Auditor General seconding staff to South Sudan and the African Organisation of English-speaking Supreme Audit Institutions.

Under the IFAC PAO Capacity Building program, we are funding a project to strengthen public sector accountancy capacity in Zimbabwe. Almost all of our other projects under the program have a public sector component.

Nigeria, similar to many other nations with dependency on commodities, is experiencing significant budgetary pressure, especially in a year that saw both the highest budget ever and a significant drop in oil prices.

This pressure firmly places the spotlight on fiscal responsibility, making transparency and accountability absolutely necessary, and, as mentioned earlier, a significant opportunity for our profession.

Nations around the world are facing significant lack of trust in governments. Citizens do not trust governments to make sound decisions, or to do the right thing. They are losing faith that governments are able to chart a sustainable future. This is both a cause and effect of global events that, more recently, include the Brexit vote, the impeachment of the president of Brazil, and the rise of unlikely political leaders. In some cases, it is because of national events, such as the failure to provide essential public services, a sovereign debt crises, or municipal bankruptcies. In other cases, it is because of fraud and corruption (An audit of the Nigerian National Petroleum Corporation showed that from 2011 until 2015, the company withheld more than US $25 billion from the public, according to The Economist). These events create uncertainty and instability. Our profession plays an important role in helping to establish and supporting effective public sector accountability and governance.

UN SDGs

And this brings me to the UN Sustainable Development Goals—or SDGs. While they are about many topics that we positively impact either directly or indirectly as professional accountants, it is a global action framework into which we can—indeed MUST—be seen to be actively supporting. I know anti-corruption initiatives are top-of-mind—not just for leaders, but for everyday citizens all over the world who desire—and deserve—the best possible leadership. I commend your nation for the steps it has taken, and the high profile President Buhari has placed on fighting the scourge of fraud and corruption.

He has appointed ministers who place the same importance on fighting corruption as he does, and some former officials have even been charged for past offenses. The Nigerian Ministry of Finance has instituted a “treasury single account,” consolidating all inflows from ministries, departments, and agencies into a single account at the Central Bank of Nigeria. The Minister of Finance—who knows something about accounting!—a fellow of this institute and of the Institute of Chartered Accountants in England and Wales, requires governors to make their finances public before receiving additional federal funds. And the Nigerian National Petroleum Corporation is also now publishing monthly financial reports. But it is Nigeria’s leadership on the global stage in relation to the United Nations Sustainable Development Goals that I want to touch on now.

The Goals are not only good for the nation, they are good for you as professional accountants. Firstly, President Bhuari’s speech at last month’s UN General Assembly in New York was warmly received. He said,

Fighting corruption remains a cardinal pillar of our administration. Corruption freezes development, thereby undermining the achievement of the Sustainable Development Goals. I am pleased that our efforts in fighting corruption are yielding positive results including significant stolen assets recoveries. The recovered funds are being channeled towards the development of critical infrastructure and the implementation of social inclusion programs for our people. We are also strengthening our capacity of government entities to institutionalize reforms to ensure transparency and good governance.

He is right on three fronts. The Sustainable Development Goals are worth achieving, corruption is blight that prevents their attainment, good governance is key achieving the SDGs and preventing corruption.

I recently returned from Geneva, where—on behalf of the global accountancy profession—I articulated the need for greater developing world accountancy capacity as crucial to SDG delivery. At their heart, SDGs are an agenda for people, planet, and prosperity at a time when corporate responsibility is high on board agendas. The goals frame the areas of sustainable development and market failure that help governments and business determine what they do, and what they invest in.

What is clear is that SDGs will require heightened accountability from governments and companies, a broader perspective from boards and management, strong leadership and culture, and increased transparency. And in all these things, ICAN’s members—as I’m sure you have already understood—have an extremely significant role to play.

Before moving on to speak about good governance, I want to touch on another reason why it’s important for our profession to speak in terms of its role supporting the SDGs: young people.

Youth

This Institute has always been a tremendous supporter of young Nigerians. In all that you do, you fulfill your public interest mandate. But in your physical and practical support, you demonstrate that Nigeria’s professional accountants offer real, tangible initiatives that inspire young people to learn, and to consider accountancy as a calling. ICAN provides professional accountancy education, scholarships, books, and computers to higher education institutions; learning materials, library development projects, construction of lecture theaters in institutions across the country; and even a national essay competition for undergraduates. These are wonderful examples of action, not just words. Into this mix, the linking of our daily and strategic work and vision to the Sustainable Development Goals will further enhance our relevance to young people—the next leaders of our profession.

Good Governance

So now, to good governance—vital to the economic health and prosperity of any nation, and to any organization: public, private, not-for-profit. I have devoted many years to governance—both serving as a non-executive director of several publicly listed companies, and as a consultant to businesses, boards, and governments. I have seen firsthand how robust governance greatly enhances decision making and accountability in any organization. Embedding strong governance into a country’s DNA, and expecting it in government and every organization and business, is one of the most important steps that can be taken. Sustainably growing Nigeria’s economy and solidifying its position in an internationally integrated economy is going to require a strong, decisive, and embedded governance culture. Again, this is something President Bhuhari noted in his General Assembly speech, referencing the nation’s public wealth inherent in your rich, diverse natural resources:

Nigeria remains committed to the Extractive Industries Transparency Initiative (EITI), a global coalition which promotes transparency and accountability in the management of revenues from the oil, gas and solid minerals sectors. We voluntarily signed up to EITI because we are convinced that transparent governance is an imperative for resource-rich developing countries like ours.

The National EITI has been empowering citizens with critical information they can use to hold government and other players in the extractive industries to account, and make recommendations that drive reforms in these strategic sectors of our national life.

The International Framework: Good Governance in the Public Sector issued by IFAC and CIPFA in 2014 provides a framework for governance codes for the public sector. To deliver good governance in the public sector, both governing bodies and individuals working for public sector entities must try to achieve their entity’s objectives while acting in the public interest at all times, consistent with the requirements of legislation and government policies, avoiding self-interest and, if necessary, overriding a perceived organization interest. Acting in the public interest implies primary consideration of the benefits for society, which should result in positive outcomes for service users and other stakeholders. It therefore requires two things: 1) behaving with integrity, demonstrating strong commitment to ethical values, and respecting the rule of law; and 2) ensuring openness and comprehensive stakeholder engagement.

• In addition to the overarching requirements for acting in the public interest achieving good governance in the public sector also requires effective arrangements for:             
  • Defining outcomes in terms of sustainable economic, social, and environmental benefits;
  • Determining interventions necessary to optimize the achievement of the intended outcomes;
  • Developing the entity’s capacity, including the capacity of its leadership and the individuals within it;
  • Managing risks and performance through robust internal control and strong public financial management; and
  • Implementing good practices in transparency, reporting, and audit to deliver effective accountability.

Professional accountants are uniquely qualified and stand ready to help establish and ensure good governance. In 2012, I was part of a Corporate Governance Study Group sponsored by the Rockefeller Foundation. Our charge was to examine and suggest ways to bridge governance gaps. During one of our meetings, the Dean of Columbia University Business School in New York made the observation that: “There are three kinds of gaps that [those charged with governance] must address: gaps in information, gaps in oversight, and gaps in expertise.”

The accountancy profession is uniquely positioned to help address those gaps. Financial expertise and professional skepticism are our core competencies. Information is our business. We help organizations understand the essential elements, structures, and processes of strong governance. It is in the accountancy profession’s best interest to play a significant leadership role. Effective governance leads to high-quality information and transparency that enables professional accountants to do a better job. It is essential that our profession is involved at every level.

I encourage you to read IFAC’s latest submission to the G-20: Trust and Integrity—The Accountancy Profession’s Call for Action by the G-20.

Our #BuildTrust social campaign recognizes:

• Accountancy plays a critical role in achieving transparency in the global economy, contributing almost USD $600 billion in gross value added each year, and enabling capital flows, economic activity, and higher standards of living; and
• Organizations and individuals must be empowered by strong governance in the business and public sectors, underpinned by a coherent public policy and regulatory environment.

To these ends, IFAC—as representative of the global accountancy profession—called on the G-20 to enhance sustainable growth through stronger governance for trust and integrity in business and public sector and creation of a cooperative, consistent, and smart global regulatory environment. Strong financial management, transparency, accountability and enhanced governance are essential for sustainable, long-term economic growth that benefits the world’s citizens.

To achieve this, we must not only have good intentions; we must act intentionally. I would like to close by challenging each of you to act intentionally by finding ways to #1—ADVOCATE for strong governance and to position your national profession as trusted advisors in the PFM reform process. Be interested in all aspects of governance, talk about what changes should be made, what works well for others, and share experiences. #2—EVALUATE. Review your current governance arrangements and identify areas for improvement. Seek out what has been effective elsewhere, highlight existing gaps, and create an action list to bridge those gaps. #3—PARTICIPATE. Talk to your government representatives. Make sure they understand the importance of high-quality financial reporting as cornerstone of sound PFM. Support them in their PFM reform efforts. Be visible leaders, and lead by example.

As I have witnessed many times throughout my career—individually, we may be ordinary individuals, but together we can achieve extraordinary things. Thank you once again for the invitation to be with you today. It is indeed a pleasure and privilege for IFAC to be a small part of this chapter as your story continues to unfold.

A new study, The Accountancy Profession—Playing a Positive Role in Tackling Corruption, from the International Federation of Accountants (IFAC) shows professional accountants are playing a major, positive role in reducing corruption, along with other key actors in the global economy that support strong governance structures.

“Corruption is an economic cancer that disproportionately impacts those least able to absorb its malignancy,” said Fayez Choudhury, IFAC Chief Executive Officer. “This study shows that the accountancy profession—acting in the public interest—is an important part of the cure.

“The study confirms that 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 our positive impact in tackling corruption.

“Meaningful progress in this age-old fight will require three things: continued strong cross-sector collaboration; reinvigorated international interest in public financial management; and greater adoption of high-quality international standards on financial reporting, auditing, and ethics,” Mr. Choudhury concluded.

Among the key findings, the study reveals that a higher percentage of accountants in the workforce strongly correlates to better outcomes in Transparency International’s global Corruption Perceptions Index.

Examining the profession’s impact in nations with stronger governance structures, the correlation was significantly greater in G-20 countries and member nations of the Financial Action Task Force.

And when professional accountancy organizations are present in an economy, having adopted the global profession’s ethical, educational, and investigation and discipline requirements, the positive correlation with Transparency International’s index rises even further.

Conducted by the Centre for Economics and Business Research, the study builds on two earlier reports: Nexus 1: The Accountancy Profession, Behind the Numbers and Nexus 2: The Accountancy Profession, A Global Value Add, which examine both the size of the global profession and its economic contribution to the global economy.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The IAASB Work Plan is guided by the three underlying strategic objectives set in the five-year Strategy: