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New Report from International Federation of Accountants, ICAEW, and Basel Institute on Governance Urges Accountants in Business to Continue to Lead Anti-Corruption Actions

Jul 3, 2024 | New York, London, and Basel, Switzerland | English

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.

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.