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.
Global Knowledge Gateway
Have you visited the Global Knowledge Gateway, your portal to global accountancy knowledge, resources, and news? The Gateway is a digital hub hosted by IFAC that provides access to key resources, news, views, discussions, and thought leadership from around the world. Topics include: business reporting, ethics, financial leadership & development, governance, Islamic finance, performance & financial management, practice management, sustainability, and risk management and internal control.
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.
Effective management of risk helps organizations achieve their objectives, while complying with legal, regulatory, and societal expectations, and enables them to better respond and adapt to surprises and disruptions. This paper argues that the management of risk as an indispensable and integral part of decision making and subsequent execution in order for boards and management to ensure their organization makes the best decisions and achieves its objectives.