Professional accountants in business are diverse, working in commerce, industry, financial services, education, and the public and not-for-profit sectors as employees or advisers. Many are in a position of strategic or functional leadership or otherwise well-placed to collaborate with colleagues in other disciplines and help drive their organizations’ sustainable success.
Professional accountants support their organizations in a wide range of job functions, including leadership and management; operational; management accounting and control; and accounting and stakeholder communications.
The Professional Accountants in Business (PAIB) Committee provides leadership and guidance on relevant issues pertaining to professional accountants in business and the business environments in which they work. The PAIB Committee focuses on multiple topic areas: the roles, domain, and competencies of accountants in business; governance and ethics; sustainability and corporate responsibility; risk management and control; financial and performance management; and business reporting.
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The IFAC PAIB Committee has made a fundamental change to its meetings. In place of a static boardroom-style meeting are dynamic sessions involving small group discussions and interactive exercises to solicit the knowledge, experiences, and input of all our members and technical advisors from around the world. Knowledge sharing by committee members provides invaluable feedback and insights on emerging themes and trends. The insights from the IFAC PAIB Committee will hopefully provide PAOs with ideas for priorities and initiatives related to PAIBs.
Building and maintaining a profession that is relevant to professional accountants in business, trends affecting the finance function, the UN Sustainable Development Goals, and accountants in business perspective on audit quality, risk management, and integrated reporting were some of the topics debated at the March Professional Accountants in Business (PAIB) Committee meeting. Meeting highlights, outcomes, and recommended actions are available online.