Building on the success of pilot programs in Burkina Faso and Ghana, IFAC is expanding its efforts to strengthen public sector accountancy in Africa with the support of a $1M Grant from the Global Fund with private sector support.  

Over the next two years, the program will continue activities in Burkina Faso and Ghana and expand to Tanzania and Togo. IFAC, with the help of the grant and its long-time collaborator in the region, the Pan African Federation of Accountants (PAFA), will strengthen professional accountancy organizations (PAOs), develop the public sector accountancy workforce, and improve public financial management (PFM) systems in all four countries.  

IFAC announced the grant at the Annual General Meeting of the PAFA General Assembly held alongside the Africa Congress of Accountants 2025 in Kigali, Rwanda. 

This initiative contributes to the work of the African Professionalization Initiative (API), a continent-wide partnership between the accountancy profession, accountants general, and Supreme Audit Institutions (SAIs). The API aims to provide the tools needed to professionalize the public sector accountancy workforce across Africa. 

Lee White, IFAC Chief Executive Officer said: “This grant, with the implementation support of our partner PAFA, will allow us to continue to address the shortage of qualified professionals in the public sector by developing and implementing comprehensive and sustainable training programs that build technical expertise, ethical standards, and leadership skills. Professionals with this background contribute to better PFM and they’re leaders in the fight against corruption on the continent.” 

Alta Prinsloo, PAFA Chief Executive Officer said: “The success of our initiatives in Burkina Faso and Ghana demonstrates the impact that can be achieved when local leadership, a strong continental partner like PAFA, and a global body like IFAC work together. With support from the Global Fund, we are well positioned to expand this collaborative model to Tanzania and Togo – strengthening PFM and ultimately creating sustainable value for the citizens of Africa.” 

Adda Faye, Chief Financial Officer at the Global Fund said: “The Global Fund invests in strategic partnerships with organizations such as IFAC and PAFA to help countries strengthen their public health systems, making them more transparent, efficient, and self-sustaining. These investments not only enhance the impact of health outcomes but also contribute to the development of resilient and sustainable health systems. Our partnership is a demonstration of the Global Fund’s commitment to aid effectiveness and long-term sustainability of our programs. We are proud to continue our collaboration with IFAC and PAFA in driving progress—supporting countries in strengthening public financial management through well-equipped and capable human resources.” 

The expanded program will focus on strengthening national PAOs in Tanzania and Togo, embedding professional learning programs, and enabling public sector institutions to recruit and retain qualified professionals who can lead on integrity, performance, and good governance. 

About IFAC  

IFAC, by connecting and uniting its members, makes the accountancy profession truly global.    

IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.    

IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.    

About PAFA 

PAFA is an IFAC Network Partner and Regional Organization, representing the accountancy profession in Africa. PAFA has 57 member organizations in 47 countries in Africa and five international affiliates. PAFA’s vision is sustainable value creation for the citizens of Africa. This is achieved by strengthening the capacity and influence of the accountancy profession to enhance trade, the quality of services, and trust in institutions. 

About the Global Fund to Fight AIDS, Tuberculosis and Malaria 

The Global Fund is a worldwide partnership to defeat HIV, TB and malaria and ensure a healthier, safer, more equitable future for all. We raise and invest more than US$4 billion a year to fight the deadliest infectious diseases, challenge the injustice which fuels them and strengthen health systems in more than 100 of the hardest hit countries. Since the beginning of the COVID-19 pandemic, we have invested an additional US$4.3 billion to fight the new pandemic and reinforce systems for health. We unite world leaders, communities, civil society, health workers and the private sector to find solutions that have the most impact, and we take them to scale worldwide. Since 2002, the Global Fund partnership has saved 50 million lives. 

This edition of The State of Play marks five years of benchmarking data and corresponding analysis. Our analysis reveals that almost three in four of the largest global companies sought assurance over some aspects of their sustainability disclosures.

The International Federation of Accountants (IFAC) and the Pan African Federation of Accountants (PAFA) today reaffirmed their strategic partnership, committing to amplify their collective impact, deliver greater value for their members, and support Africa’s economic transformation and growth. 

IFAC and PAFA’s collaboration will be spotlighted at ACOA 2025, which is being hosted by the Institute of Certified Public Accountants of Rwanda (ICPAR) in association with PAFA.  At the Congress, which is being held in Kigali, IFAC will co-host an Expert Forum with the International Organization of Supreme Audit Institutions (INTOSAI) in collaboration with PAFA and the African Organisation of English-speaking Supreme Audit Institutions (AFROSAI-E). The purpose is to deepen discussions and explore successful public sector accountancy professionalization initiatives. 

Alta Prinsloo, Chief Executive Officer of PAFA, said: “IFAC has been a key partner in PAFA’s journey from its establishment to today, supporting our efforts to strengthen Africa’s accountancy profession and amplify its contribution to sustainable development. Our collaboration reflects a shared commitment to building a profession that meets Africa’s needs and global expectations, and to ensuring Africa’s voice helps shape the future of accountancy. Together, we are deepening the profession’s impact across the continent and globally.” 

Attending PAFA’s Board Meeting today, Lee White, IFAC Chief Executive Officer, said: “Our deepened collaboration with PAFA will enable our two organizations to optimize resources and ensure consistency in global messaging to help our profession speak with one recognized and trusted voice for the benefit of all our members. Separately, in times of turbulent international relations and economic uncertainty such as we are experiencing today, the value of and need for a global profession is especially recognized. A strong accountancy profession remains a harbour of stability and an imperative for all economies globally.” 

PAFA continues to mirror IFAC’s strategic priorities, aligning Africa’s accountancy profession with global trends and priorities while addressing the continent’s unique needs and opportunities. By amplifying Africa's voice, advancing international standards, and building a future-ready profession, PAFA is ensuring that Africa’s accountancy profession can contribute meaningfully to the global agenda and deliver value at scale. 

IFAC and PAFA’s joint publication, The Accountancy Profession Enabling Africa’s Transformation, highlights the pivotal role of the accountancy profession in advancing sustainable economic growth and societal progress across the continent. 

Keeping momentum strong, IFAC, PAFA, and the Institute of Certified Public Accountants of Kenya (ICPAK) will co-host IFAC Connect™ in Nairobi, Kenya in August 2025. IFAC Connect is a global event series that brings together leaders of the accountancy profession, investors, regulators and other key stakeholder to tailor global solutions for regional realities. 

About IFAC 

IFAC, by connecting and uniting its members, makes the accountancy profession truly global.    

IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.    

IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.    

About PAFA 

PAFA is an IFAC Network Partner and Regional Organization, representing the accountancy profession in Africa. PAFA has 57 member organizations in 47 countries in Africa and five international affiliates. PAFA’s vision is sustainable value creation for the citizens of Africa. This is achieved by strengthening the capacity and influence of the accountancy profession to enhance trade, the quality of services, and trust in institutions. 

This revised standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. The revised standard will also increase consistency in auditing practices and strengthen transparency through communications and auditor reporting on matters related to going concern in a consistent manner.

The International Federation of Accountants (IFAC), hosted by the Japanese Institute of Certified Public Accountants (JICPA), convened the IFAC Professional Accountants in Business (PAIB) Advisory Group meeting in Tokyo, Japan this week. The meeting brought together leading finance professionals, industry experts, and global standard-setters to discuss the most pressing issues facing PAIBs, including chief financial officers and finance functions, boards and their audit committees, and their role in shaping the future of corporate governance, sustainability, and risk management. 

As an integral part of IFAC’s commitment to supporting its member organizations and the global accountancy profession, this meeting reinforced the value that IFAC delivers to its members through thought leadership, knowledge sharing, and advocacy, helping IFAC shape the future of the profession, ensuring it remains globally connected, enabling strong and sustainable financial markets and economies. 

The two-day event explored a range of critical topics, including: 

• The impact of global geopolitical and economic trends on business and finance professionals; 
• Advancing corporate and sustainability disclosures to meet investor expectations; 
• Strategies for enhancing integrated thinking and governance for business transformation and resilience;
• Innovating in enterprise risk management to enhance decision-making and risk reporting; and
• Growing the profession by attracting and retaining top talent. 

Sessions featured distinguished speakers from international organizations, including the International Sustainability Standards Board (ISSB), the International Accounting Standards Board (IASB), and leading financial institutions and companies. The discussions provided valuable insights into how accountants can navigate an increasingly complex global environment and deliver long-term value for their organizations. 

Lee White, Chief Executive Officer, IFAC, said: “Our member value focuses on supporting our members with contemporary resources, tools and insights. Our members use these resources to help their members, professional accountants in business and the public sector navigate developments and best practices to shape the future of the profession and our contribution to society. The IFAC PAIB Advisory Group plays a vital role in leading and developing our work with the evolving global needs of professional accountants in business for stronger economic prosperity for all.” 

Tetsuya Mogi, Chairman and President of JICPA, stated: “JICPA was honored to host this important meeting, which brought together global PAIB leaders to bring a united voice to the challenges and opportunities shaping the future of our profession. As the role of accountants in business continues to evolve, collaboration through IFAC’s advisory groups ensures that we can collectively enhance governance, reporting, and strategic decision-making to create a more sustainable and resilient economy.” 

Sanjay Rughani, Chair of the IFAC PAIB Advisory Group, said: “This meeting provided an invaluable forum for PAIBs to collaborate, share insights, and drive meaningful change. Our global collaboration and collective voice provide insights on innovating sustainability, governance, and risk management practices to drive business transformation and accountability. As finance professionals, we must lead the way in fostering long-term value creation and resilience in the organizations we serve.” 

The outcomes of this meeting will inform IFAC’s ongoing efforts to support PAIBs worldwide and strengthen the profession’s ability to respond to the mega trends reshaping global business priorities.  

About IFAC 
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.   

IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.   

IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.   

About JICPA 
The Japanese Institute of Certified Public Accountants (JICPA) is the professional accounting body in Japan, committed to upholding the highest standards of professional excellence and ethics. JICPA plays a critical role in ensuring the integrity and transparency of financial reporting and corporate governance in Japan. 

About IFAC’s PAIB Advisory Group
Formed in 1977, the PAIB Advisory Group is comprised of volunteers with experience and expertise in the world of business and the public sector, nominated by the professional accountancy organizations that make up IFAC’s membership.  

By bringing these experts together, IFAC delivers thought leadership, fosters collaboration, and equips its member organizations with tools and strategies to support their members in navigating complex, evolving business landscapes.

Thank you to The World Bank for hosting the IPSASB®'s first meeting of the year from March 18 to 21 in Washington, D.C., USA.  

We progressed several projects that will make our IPSAS® Standards, which are cornerstones of strong public financial management, easier to use and more effective.

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