The International Federation of Accountants (IFAC), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Basel Institute on Governance have published a new, joint report, Integrated Mindset in Practice: Professional Accountants in Business and Anti-Corruption Compliance. It offers practical guidance and actionable strategies to approach anti-corruption initiatives with an integrated mindset, resulting in long-term value creation.

The approach of an “integrated mindset”, as highlighted in the report, encourages company leadership to view financial and sustainability data in an interconnected, holistic way. Integrated Mindset in Practice provides guidance for companies—particularly professional accountants working in business—to apply this integrated approach to anti-corruption oversight and programs. The report underscores the crucial role of governance in environmental, social, and governance (ESG), emphasizing a commitment to an ethical culture of integrity and highlighting red flags for the accountants during their risk assessments.

Advocating for a “whole of business” approach to anti-corruption, the report calls on professional accountancy organizations to encourage their members to fully embrace their role combatting corruption by:

1. Recognizing themselves as key anti-corruption stakeholders.
2. Supporting integrated thinking across their organizations.
3. Being champions of Collective Action.

Lee White, IFAC Chief Executive Officer: “The cost of corruption and financial crime are significant obstacles to economic prosperity and fairness in society. This report is a vital resource for professional accountants as business leaders to have an integrated mindset in continuing to respond to corruption and support economic prosperity.”

Alan Vallance, Chief Executive of ICAEW: “Professional accountants are uniquely positioned to influence and implement an integrated mindset within organizations. With these tools and insights, they will be able to embed anti-corruption measures into their organizations’ broader ESG framework, ensuring that integrity and transparency remain at the forefront of business practices.”

Vanessa Hans, Head of the Private Sector Division of the Basel Institute on Governance: “Importantly, this report encourages professional accountants to be champions of Collective Action as part of a “whole of business” approach to anti-corruption. Anti-corruption Collective Action brings business and stakeholders together to tackle the shared problem of corruptions. Accountants can play a crucial role in these efforts, driving initiatives that bring real change.”

The report will be featured during “The CFO & Finance Function and Anti-Corruption: Cultivating an Integrated Mindset” webinar on July 9 at 13:00 UTC. Jointly hosted by IFAC, ICAEW and the Basel Institute on Governance, the webinar is organized under the auspices of the B20 and in collaboration with the OECD (Organisation for Economic Co-operation and Development) and Business at OECD (BIAC), as part of the 25th Anniversary of the OECD Anti-Bribery Convention campaign. Visit the IFAC website for more details and to register.

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 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

About ICAEW
Chartered accountants are talented, ethical and committed professionals. ICAEW represents more than 208,000 members and students around the world.

Founded in 1880, ICAEW has a long history of serving the public interest and we continue to work with governments, regulators and business leaders globally. And, as a world-leading improvement regulator, we supervise and monitor around 12,000 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.

We promote inclusivity, diversity and fairness and we give talented professionals the skills and values they need to build resilient businesses, economies and societies, while ensuring our planet’s resources are managed sustainably.

ICAEW is the first major professional body to be carbon neutral, demonstrating our commitment to tackle climate change and supporting UN Sustainable Development Goal 13.

ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family that connects over 1.8m chartered accountants and students in more than 190 countries. Together, we support, develop and promote the role of chartered accountants as trusted business leaders, difference makers and advisers.

We believe that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding we can help to create sustainable economies and a better future for all. 

About Basel Institute on Governance
The Basel Institute on Governance is an independent not-for-profit organisation dedicated to countering corruption and improving standards of governance. Headquartered in Basel, Switzerland, the Institute works worldwide with the public and private sectors and civil society. Its Private Sector Division is a leading voice promoting anti-corruption Collective Action in the business integrity space.

An “integrated mindset” is an approach within companies and by company leadership that considers financial and sustainability-related information about the company as a whole, in an integrated way. This integrated approach to financial and sustainability-related information empowers better-informed decisions that deliver long-term value creation. This delivers financial returns to investors while taking account of value to customers, employees, suppliers, and societal interests.

As part of its ongoing initiative to convene, inform and mobilize sustainability reporting and assurance stakeholders, IFAC, the voice for the global accountancy profession, today released Sustainability Assurance: What to Expect.

IFAC Chief Executive Officer Lee White said, “We are in the midst of a significant global transformation as businesses seek opportunities and ways to respond to sustainability-related challenges. Professional accountants are absolutely crucial in this transformation, and have an important public interest role to play. Our profession has a mature competency in analyzing and interpreting data, and the ability to use it to successfully innovate and introduce new business models.”

Mr. White continued, “Companies are working diligently to develop their governance structures and the processes, systems and controls needed to support sustainability reporting and assurance. Investors and other users of this information should expect, at least initially, that sustainability assurance engagements may be different from what occurs with financial reporting. For example, I expect that assurance reports may include modifications, which would be reflective of the transformation that is occurring.”

Policymakers and regulators around the world are moving with pace to introduce essential requirements for sustainability reporting and assurance. At the same time, IFAC encourages accountants to embrace their pivotal role in this transformation, and we remind all stakeholders that the application of reporting and assurance requirements will take time to mature.

We have been an early advocate for a harmonized, global system for the disclosure of sustainability-related information, and we continue to coordinate with other international organizations, including the IFRS Foundation, the International Sustainability Standards Board (ISSB), and IOSCO in pursuit of this goal. We were pleased to participate at IOSCO’s annual meeting in Athens last month, where we took the opportunity to recognize the swift progress made by the IFRS Foundation and the ISSB in coalescing more than 20 jurisdictions, representing over half the world’s GDP, in the decision to introduce the ISSB standards in their legal or regulatory frameworks.

We invite organizations to reach out to us with opportunities for further collaboration. We also encourage producers and users of sustainability-related information to engage with one another to further a shared understanding of and commitment to high-quality sustainability assurance.

Finally, we call for sustainability assurance engagements to be conducted in accordance with the global standards being developed by the International Auditing and Assurance Standards Board (IAASB) and International Ethics Standards Board for Accountants (IESBA) to help ensure high-quality assurance.

Sustainability Assurance: What to Expect can be downloaded for free on our website.

About IFAC
The International Federation of Accountants (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 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce

In order to significantly contribute to national economic and social development, PAOs around the world need a coherent strategy and operating model to realize their full potential. A strategic plan can guide and drive a PAO’s activities and priorities, determining where the organization is going, how it will get there, and how it will know if it gets there. 

To equip PAOs with a clear, practical, and outcome driven framework to develop, implement, and monitor an effective strategy, IFAC has released its Professional Accountancy Organization (PAO) Strategy Planning Toolkit: An end-to-end guide to strategic transformation. This toolkit is for PAOs at all stages of developing a strategic plan. It can help kickstart the process, and it also offers guidance for updating and refining existing plans.  

Creating and publishing the toolkit is itself an element of IFAC’s own organizational strategy and its vision of a robust and well-functioning accountancy profession, composed of competent and capable professionals supported by effective PAOs which contribute significantly to the sustainability of small, medium, and large businesses; sound capital markets; effective public services; and—ultimately—economic growth. 

The toolkit was launched today in Mauritius at a workshop co-hosted by IFAC’s PAO Development Advisory Group (PAODAG) and the Pan African Federation of Accountants (PAFA) leading up to PAFA’s Annual General Meeting. The workshop brought together over 50 PAO leaders who are present in Mauritius for PAFA’s meeting. 

The toolkit was made possible by a strategic alliance with PAFA who held the launch event and connected the IFAC PAODAG to PAO members and leaders who trailed the toolkit and ultimately informed its development. The need for this toolkit was recognized by the PAODAG who established a workstream chaired by Sheree Ebanks, CEO of CIIPA, with Zarif Ludin, Head of Institutional Partnership at ACCA, as content lead, to benefit all PAOs.

“To respond to the accountancy profession’s constantly evolving challenges and opportunities, PAOs need a strong strategic plan to be resilient, adaptive, and forward-thinking and make well-informed decisions,” said Lee White, IFAC Chief Executive Officer. “This toolkit, informed by our own experiences in strategic planning and the journeys of our member organizations, is made possible by our role as the global convener of the accountancy profession and contains a framework applicable around the world. We hope this toolkit can develop the process for PAOs or give new momentum and inspiration to those already engaged in it.” 

“The toolkit will play a pivotal role in building effective Professional Accountancy Organizations,” said Alta Prinsloo, CEO of PAFA. “Beyond the toolkit, it's essential for African PAOs to realise they can tap into additional support from PAFA. Our services include conducting gap analyses, facilitating access to best practices, developing action plans, and engaging with national stakeholders and development partners to enhance and recognize both the PAO and the national accountancy profession.”

PAFA, a network partner of IFAC, proudly represents 56 PAOs in 45 jurisdictions across Africa.

Before the toolkit’s official release, several PAOs, including IFAC member associate Emirates Association for Accountants & Auditors (EAAA), trialed the toolkit to shape its development and have seen improvement in their strategic planning. 

“We are proud to be one of the first users of the toolkit while it was under development, and in only a few months, we have seen considerable improvement in our strategic planning,” said Saif Bin Abed, EAAA Chairman. “As an organization, we are better prepared to act on the opportunities and challenges ahead.”  

“This toolkit has created an agile environment within the EAAA through its effective monitoring mechanism which enables us to respond quickly to different business variables and be able to update the strategy in a way that it promotes the sustainable growth of our organization,” said Ahmad Darwish, EAAA Vice Chairman. 

Download the toolkit, available now in English and French.  

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 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.