The International Federation of Accountants (IFAC), the voice of the global accountancy profession, has announced the election of Jean Bouquot as its President. Mr. Bouquot will serve a two-year term through November 2026, having served previously as IFAC Deputy President since November 2022.

“It is my honor to serve as IFAC President,” said Mr. Bouquot. “Together with my fellow Board members, I will work on behalf of all IFAC members, convene the profession and its stakeholders to highlight the role and activities of IFAC, and always advance the profession in the public interest.”

Mr. Bouquot joined the IFAC Board in November 2020, nominated by Compagnie Nationale des Commissaires aux Comptes (CNCC) and Conseil National de l'Ordre des Experts-Comptables (CNOEC). During his term as CNCC President and together with the CNCC Board, he led reforms that significantly strengthened the French audit profession. Mr. Bouquot was also the President and Deputy President of the Compagnie Régionale des Commissaires aux Comptes de Versailles et du Centre (CRCC Versailles). He is currently a Board member of the Fédération Internationale des Experts-comptables et commissaires aux Francophones (FIDEF), an IFAC Network Partner organization.

Mr. Bouquot has over 44 years of experience as an auditor in various positions at EY with wide exposure to international activities. He currently runs his own small firm in Paris, France.

Taryn Rulton Named IFAC Deputy President

IFAC also announced the election of Taryn Rulton as its Deputy President. Ms. Rulton joined the Board in November 2020.

Ms. Rulton has over 30 years of experience across the United Kingdom and Australia. She brings a diverse background that involves the banking industry, Big-4 firms (KPMG & EY), government, private companies, NGOs, and universities. She currently holds the position of Chief Commercial Officer at La Trobe University in Melbourne, Australia.

Ms. Rulton has significant corporate governance experience and currently serves on multiple corporate Boards and committees in the not-for-profit and public sector, including as the Chair of Audit and Risk Committees. She has standard-setting experience and completed two terms on the Australian Accounting Standards Board (AASB).

New Board Members Elected

IFAC also announced new and re-appointed Board members:

New appointments:

• Ms. Josephine Su Han Phan (CPA Australia)
• Mr. Michael Niehues (IDW/WPK, Germany)
• Mrs. Patricia Stock (SAICA, South Africa)
• Mr. Mark Vaessen (Royal NBA, Netherlands)
• Mr. Lei Yan (CICPA, China)
• Dr. Ahmad Almeghames (SOCPA, Saudi Arabia)

Reappointments:

• Mr. Greg Anton (AICPA, USA)
• Ms. Tashia Batstone (CPA Canada)

Lee White, Chief Executive Officer, said: “On behalf of the IFAC President, Jean Bouquot, and entire IFAC community, I wish to extend our sincere gratitude to Asmâa Resmouki, the Immediate Past President, and outgoing Board members—Lisa Padmore, Margrét Pétursdóttir, Jeanine Poggiolini, Dr. Jianhua Tang, and Ayşe Arıak Tunaboylu for their tremendous service to our profession, and for the invaluable wisdom and support to me and all of our members during their tenures.”

New IFAC Members and Associate Admitted

In addition to the election of new Board members, the IFAC Council also approved new Member and new Associate organizations.

New IFAC Members:

• Colegio de Contadores Públicos de Pichincha y del Ecuador
• Consejo General de Economistas de España
• Emirates Association for Accountants and Auditors

New Associates:

• Institute of Chartered Accountants of the Maldives  
• Ordre National des Experts-Comptables Algériens
• Ordre des Professionnels Comptables du Burundi
• Ordre National des Experts Comptables du Gabon

The new appointments and membership admissions were approved at the 2024 IFAC Council hybrid meeting, with a physical location held in Paris, France on November 6-7, 2024.

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.

The International Federation of Accountants (IFAC) has selected Ms. Sheila Fraser of Canada and Dr. Andreas Bergmann of Switzerland as the 2024 recipients of the IFAC Global Leadership, recognizing their outstanding contributions to public sector accounting.

Ms. Sheila Fraser

Sheila Fraser is highly respected for her pioneering work in public sector auditing and governance. She is a former Auditor General of Canada and was the first woman to hold this position. During her tenure, she set new benchmarks for transparency and accountability in government financial management. Fraser’s efforts focused on promoting ethical governance and strengthening public sector accountability across Canada, making her a globally recognized advocate for financial integrity.

Fraser also contributed her expertise internationally, serving on several key advisory groups and boards. She has been an influential voice on global public sector finance issues, particularly as a member of the International Public Sector Accounting Standards Board (IPSASB). She served as the IFRS Foundation Vice-Chair and as an IFAC Board Member, as well as serving in various other international audit forums where her insights have helped shape public sector auditing standards and practices around the world.

Her career has been marked by a dedication to fostering trust in public institutions and a commitment to rigorous financial oversight, which continues to inspire financial professionals globally.

"It is a great honor to present this award to Sheila, whose career has been a beacon of integrity and accountability," said IFAC President Asmâa Resmouki. "Through her exemplary leadership as Auditor General of Canada and her invaluable contributions on the international stage, Sheila has tirelessly championed transparency and good governance in the public and private sectors. Her unwavering commitment to public interest and financial stewardship continues to inspire professionals across the globe and strengthens the foundation of trust in our profession."

Dr. Andreas Bergmann

Dr. Andreas Bergmann, Director and Professor of Public Finance at the ZHAW School of Management and Law in Zurich, is a prominent figure in advancing public sector finance and governance. As the inaugural Chair of the IPSASB Academic Advisory Group, he fosters collaboration between academic research and international standard-setting bodies to tackle emerging public finance issues, such as sustainability reporting. Dr. Bergmann has also played a crucial role in supporting the implementation of International Public Sector Accounting Standards (IPSAS) in various regions, including Latin America, through partnerships with organizations like the Swiss aid agency SECO.

Beyond his academic contributions, Dr. Bergmann is recognized for his leadership as the former Chair of the International Public Sector Accounting Standards Board (IPSASB) from 2010 to 2015. During this time, he strengthened global trust in public sector accounting standards, particularly in response to the sovereign debt crisis, and through leading the development of the ground-breaking Conceptual Framework, which has shaped all of the Board’s subsequent standard-setting work. He was also instrumental in establishing the Public Interest Committee (PIC), which has actively provided advice and recommendations concerning the development and delivery of the IPSASB strategy and work program to ensure that the Board’s activities, the appointment process for its members, and its standard-setting due processes all reflect the public interest. His advisory work extends across Central Asia, Southeast Asia, and particularly Latin America, helping governments improve financial transparency and governance. Dr. Bergmann has also authored numerous peer-reviewed publications and books, contributing to best practices in public sector accounting worldwide.

"I am honored to present this award to Andreas, a visionary leader whose work has transformed public sector finance globally," said IFAC President Asmâa Resmouki. "From his leadership during challenging economic times as Chair of the International Public Sector Accounting Standards Board (IPSASB) to his continued advocacy for public sector transparency and governance reforms, Andreas has had a lasting impact on the profession. His commitment to enhancing global standards and fostering public trust is exemplary, and his contributions will continue to shape the future of public finance."

Established in 2017 by the IFAC Board, the IFAC Global Leadership Award in Honor of Robert Sempier recognizes individuals who make outstanding contributions to the global accountancy profession. The award honors the contributions of Robert Sempier, IFAC’s first executive director who greatly contributed to the development of the profession worldwide.

The Global Leadership Award was presented during IFAC’s Council meeting, held on November 6, 2024.

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.

The global accountancy profession, through the International Federation of Accountants (IFAC), is urging G20 leaders to focus on sustainability, transparency, and governance as the 2030 deadline for the United Nations Sustainable Development Goals (SDGs) approaches.

A new publication, G20 Call to Action 2024: Building a Just World & a Sustainable Planet, underscores the essential role high-quality sustainability information, reporting and assurance play in achieving global sustainability targets. IFAC calls for G20 leadership in fostering a comprehensive ecosystem of sustainability reporting and assurance, grounded in international standards and supported by strong corporate governance practices.

A Focus on Sustainability and Governance

The Brazilian G20 Presidency highlights the importance of sustainability across climate, environmental, and governance dimensions—and the profession’s Call to Action aligns with this focus. It urges G20 leaders to adopt the IFRS Sustainability Disclosure Standards, the International Auditing and Assurance Standards Board’s recently approved International Standard on Sustainability Assurance (ISSA) 5000, and the International Ethics Standards Board for Accountant’s forthcoming ethics and independence standards for sustainability reporting and assurance.

“As the 2030 deadline rapidly approaches, balancing environmental and societal priorities has never been more urgent,” said IFAC Chief Executive Officer Lee White. “Professional accountants, with their unique skills, experience, and public interest mandate, are driving the creation of a sustainable future. We’ve already seen policymakers, businesses, and society aligning with us to pursue these common goals, and we welcome the expansion of these crucial partnerships.”

Key Recommendations for G20 Policymakers

• Promote Trust Through High-Quality Information: Advocate for a global framework built on IFRS Sustainability Disclosure Standards and ISSA 5000 for assurance.
• Enhance Public Sector Transparency: Support the International Public Sector Accounting Standards Board (IPSASB) in developing global public sector sustainability standards.
• Strengthen Public Financial Management: Encourage governments to adopt accrual accounting and professionalize public finance to boost transparency.
• Support SMEs in Sustainable Development: Ensure small and medium-sized enterprises (SMEs) have access to the tools and resources needed to contribute to sustainability efforts.

Accountancy Profession Taking Action

In parallel with these recommendations, the global accountancy profession is taking concrete steps to support sustainability and governance objectives, including advancing the adoption of sustainability reporting standards, enhanced corporate governance, and improved transparency across sectors. Professional accountants and firms are also preparing for the adoption of ISSA 5000, ensuring they meet evolving sustainability reporting needs.

In the public sector, IFAC is working with governments to implement accrual accounting and strengthen public financial management, enhancing accountability at all levels of government.

United for Global Progress: A Shared Responsibility for Sustainability

IFAC’s publication underscores that a just and sustainable planet is within reach, but only through collective action. “G20 policymakers must maintain their important momentum and seize this moment,” said Lee White. “The global accountancy profession is already moving forward, playing key roles in achieving the SDGs. We welcome the G20’s continued and increasing involvement. By adopting these recommendations and collaborating closely with the accountancy profession, we can build a sustainable future that leaves no one behind.”

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.

The International Auditing and Assurance Standards Board (IAASB) is pleased to announce the adoption of a new Technology Position that will guide how the IAASB adapts its work to embrace the intersection of audit, assurance, and technology. This new position marks a significant step forward in the IAASB’s ongoing commitment to enhancing the quality and relevance of its standards in the face of rapid technological advancement.

“The pace of technological change presents the audit and assurance profession with opportunities and challenges. Our new Technology Position reflects the IAASB’s commitment to ensuring our standards evolve alongside these developments. We are setting a course that promotes innovation while safeguarding quality and consistency in audits and assurance globally,” said IAASB Chair Tom Seidenstein.

The Position’s Three Components

The Position is structured around three key components:

• Technology Position Statement: The Statement outlines the IAASB’s commitment to facilitate and encourage the use of technology by practitioners and firms, ensuring the standards remain relevant and effective. The Statement also articulates how the IAASB will deliver on this commitment, including embracing technology-driven innovations and removing barriers in its standards to technology adoption.
• Operationalizing the Technology Position: This component details the IAASB’s strategy for implementing the Statement by identifying opportunities for new or revised standards, along with developing non-authoritative materials and guidance. The IAASB is currently conducting a gap analysis to ensure current standards align with technological advancements.
• Monitoring and Adapting to Technological Trends: The IAASB will continually monitor technological trends to ensure its standards are adapted and remain aligned with the rapidly changing landscape.

By embracing innovation and continuously adapting to technological advancements, the IAASB is ensuring that its standards not only meet today’s demands but also anticipate the challenges of tomorrow. This forward-thinking approach will enhance audit quality, safeguard public trust, and support the evolving needs of practitioners and firms worldwide.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

Today, the International Federation of Accountants (IFAC) released the third and final installment in its three-part publication series to help small- and medium-sized practices (SMPs) implement the International Auditing and Assurance Standards Board’s (IAASB) suite of quality management standards. Installment Three: Monitoring and Remediation provides tips and guidance for the practical implementation of the monitoring and remediation of a firm’s system of quality management.  

Installment Three addresses: 

• The factors driving the nature, timing and extent of the monitoring activities. 
• The scope and outcome of monitoring activities to establish a feedback loop for continuous improvement.   
• Establishing a framework for evaluating findings, identifying deficiencies, and evaluating the severity and pervasiveness of deficiencies, which includes investigating root causes.   
• Responding to identified deficiencies and communication about monitoring and remediation.  
• The ongoing evaluation of the system of quality management.   

Installment Three includes multiple documentation aids covering annual monitoring and evaluation of the system of quality management, cyclical inspection of completed audits and other engagements and a monitoring and remediation report to assist practitioners. It also continues the case study introduced in the previous installments. 

Installment One of the series addressed the mindset change the new standards require and the shift in focus from quality control to quality management. Installment Two covered development of an implementation plan for quality management.  

This series joins IFAC’s collection of available resources that support quality management implementation, including webinars, articles and videos, as well as the IAASB first-time implementation guides, all of which are available at ifac.org/qualitymanagement. 

This publication series and other resources like it underscore IFAC’s commitment to supporting SMPs and empowering them to provide the best possible service to their clients. IFAC acknowledges and appreciates feedback from IFAC’s Small and Medium Practices Advisory Group and Forum of Firms representatives in the development of the series. 

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. 

The International Auditing and Assurance Standards Board (IAASB) is pleased to share its 2022-2023 Public Report, Balancing Effectiveness and Timeliness in Audit and Assurance Standard Setting. This report offers a comprehensive overview of the IAASB’s progress in addressing key public interest issues and reiterates its strategic direction to continue bolstering confidence in audits and assurance engagements.

“This report reflects the IAASB's strategic objectives over the past four years, focusing on tackling the most pressing public interest issues, improving the timeliness of standard setting, and strengthening connections with stakeholders,” said IAASB Chair Tom Seidenstein. “We are privileged to serve our mandate to enhance trust in external reporting and the effective functioning of the global economy. The IAASB will continue its work with determination and a sense of humility.”

Key Highlights

• Global Adoption of IAASB Standards: Approximately 130 jurisdictions worldwide have adopted or committed to adopting the International Standards on Auditing (ISAs). This widespread adoption underscores the authority, credibility, and global recognition of these standards as high-quality and reliable.
• Project Timelines and Milestones: The report provides detailed timelines and key milestones for the development, approval, and implementation support for various standards. It illustrates the IAASB's commitment to delivering timely and relevant standards that meet the needs of the global audit and assurance community.
• Transition to the Next Strategic Phase: The IAASB has developed a new strategy for the next four years. The strategy emphasizes key areas such as fraud, going concern, and emerging topics like the use of technology in audits. The strategy also includes completing the in-progress International Standard on Sustainability Assurance (ISSA 5000) and supporting its implementation. ISSA 5000 is expected to play a central role in the global reporting ecosystem, with a number of jurisdictions already signaling their intent to adopt the standard.
• Advancements in Organizational Structure: In 2023, the International Foundation for Ethics and Audit (IFEA) was established to house the IAASB and the International Ethics Standards Board for Accountants as part of the Monitoring Group recommendations on strengthening the international audit and ethics standard-setting system. This new structure supports enhanced coordination between the two boards and strengthened independence.
• Outreach and Collaboration: The IAASB demonstrated its commitment to rigorous international outreach by conducting more than 500 outreach activities globally in 2022-2023 with global, regional, and jurisdictional regulators, oversight bodies, and practitioners, among others.

The IAASB remains committed to its mission to enhance trust in external reporting and ensure the effective functioning of the global economy. The coming years will see the IAASB continue to build on its successes, addressing the evolving needs of the global audit and assurance community.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

The Staff of the International Ethics Standards Board for Accountants (IESBA) today released an update to its Questions and Answers (Q&As) publication, originally published in March 2023, on the IESBA revisions to the definitions of listed entity and public interest entity (PIE) in the IESBA Code of Ethics.

This update includes a new Q&A (16) to address the scenario where a jurisdiction has no PIE definition or excluded one or more of the mandatory categories in the IESBA PIE definition. In addition, Q&A 20 has been updated following the finalization of Track 1 of IAASB’s PIE project and the IAASB’s agreement to update ISA 700 (Revised) so that the auditor’s report can be used as a mechanism for firms to comply with the transparency requirement set out in the IESBA PIE revisions.

The IESBA and the IAASB coordinated closely throughout the development of the IESBA’s revised PIE definition and Track 1 of the IAASB’s PIE project. This high level of coordination has been ongoing as the IAASB works towards finalizing Track 2 of its PIE project. Such coordination is critical to ensure the interoperability of both Boards’ standards.

The Q&A publication is designed to highlight, illustrate or explain aspects of the PIE revisions in the Code and is intended to complement the Basis for Conclusions for the final pronouncement. It aims to assist national standards setters, professional accountancy organizations, and firms in adopting and/or implementing the PIE revisions.

The PIE revisions are effective for audits of financial statements for periods beginning on or after December 15, 2024. Read the revisions here.

Note: References to paragraph numbers in the updated Q&A publication were updated to reflect the 2024 version of the IESBA Code.

About IESBA
The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA’s mission is to serve the public interest by setting high-quality, international ethics (including independence) standards as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.

Along with the International Auditing and Assurance Standards Board, the IESBA is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards. 

The International Ethics Standards Board for Accountants (IESBA) today released the 2024 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards). This handbook replaces the 2023 edition and incorporates the following:

• The revisions relating to the definition of a public interest entity which, among other matters, specifies a broader list of mandatory public interest entity categories, including a new category “publicly traded entity” to replace the category of “listed entity.”
  • The revised public interest entity definition and related provisions will be effective for audits of financial statements for periods beginning on or after December 15, 2024.
• Changes to the definitions of “audit client” and “group audit client” in the Glossary arising from the approved revisions to the definitions of listed entity and public interest entity.
  • The revised definitions will be effective for audits of financial statements and group financial statements for periods beginning on or after December 15, 2024.
• Technology-related provisions of the Code.
  • The technology-related revisions to Parts 1 to 3 will be effective as of December 15, 2024.
  • The technology-related revisions to Part 4A will be effective for audits and reviews of financial statements for periods beginning on or after December 15, 2024.

The back of the 2024 Handbook contains the IESBA-approved revisions to the Code addressing Tax Planning and Related Services, which will become effective after June 2025.

Click here to learn more about the IESBA Code.

Reproducing and Translating the IESBA Handbook
To help adoption and implementation of the IESBA standards, stakeholders are invited to submit requests for permission to reproduce or translate the IESBA Handbook online via the Online Permissions Requests or Inquiries system on the IFAC website.

About IESBA
The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA’s mission is to serve the public interest by setting high-quality, international ethics (including independence) standards as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.

Along with the International Auditing and Assurance Standards Board, the IESBA is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards. 

The International Public Sector Accounting Standards Board (IPSASB) has released Exposure Draft (ED) 91, Limited-scope Updates to First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS) (Amendments to IPSAS 33) for public comment. 

“The IPSASB encourages public-sector entities and jurisdictions around the world to apply the accrual basis of accounting through the adoption and implementation of accrual basis IPSAS. The successful application of IPSAS 33 is often a cornerstone of IPSAS adoption and implementation” said IPSASB Chair Ian Carruthers. “This ED aims to clarify the requirements of IPSAS 33 to assist entities and jurisdictions in successfully completing their IPSAS transition journey.” 

IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS), was issued in 2015 and has been applied by a number of public sector entities during their transition to accrual basis IPSAS. The IPSASB heard from these stakeholders that: 

• IPSAS 33 should be more user-friendly when applied as part of the entity’s broader transition journey; 
• Reliefs should be more clearly set in the entire transition process to accrual basis IPSAS; and 
• Reliefs should be designed to encourage the recognition and measurement of items, contributing to compliance as early as possible. 

The proposals in the Limited Scope Update Project do not propose to change the objective, scope, or available exemptions in IPSAS 33. Rather, the amendments to IPSAS 33 are aimed to make it easier to apply and to encourage first-time adopters to comply with IPSAS in a planned way as soon as possible. Feedback received to this ED will help shape the final amendments to IPSAS 33. 

How to Comment 
Access the ED, supplementary material, and the summary At-a-Glance documents, or to submit a comment. Comments on the ED are requested by December 13, 2024. The IPSASB encourages IFAC® members, associates, and regional accountancy organizations to promote the availability of these ED to their members and employees. 

About the IPSASB  
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.  

About the Public Interest Committee  
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.  

With 12 of the world’s 20 fastest-growing economies and an economic landscape characterized by rapid urbanization, a young demographic, and abundant natural resources, Africa’s development is vital in a regional and global context.

Achieving the continent's growth and sustainable development ambitions requires the active contribution of accountancy and finance professionals, as highlighted in The Accountancy Profession Enabling Africa’s Transformation, a new report from the International Federation of Accountants (IFAC) and the Pan African Federation of Accountants (PAFA).

Launched yesterday at PAFA’s General Meeting, the report outlines how influential accountants on company boards, and as CFOs and trusted business advisers are to drive sustainable economic growth in Africa and navigate its challenges including energy access, a lack of regional integration, rising public debt, as well as climate change adaptation and mitigation estimated to cost between USD 68 and 108 billion annually.

The report was informed by a panel of experts at IFAC’s Professional Accountants in Business Advisory Group meeting in South Africa moderated by the PAIB Advisory Group Chair Sanjay Rughani, and including the Brookings Institution, The African Development Bank (AfDB), The World Bank, TradeMark Africa, Amundi Asset Management, Standard Chartered Bank, Nedbank, and Investec Bank. The panel also included Josephine Okui Ossiya who provided CFO lessons from the Bujagali hydroelectric power station.

“We believe the accountancy profession has a critical role in achieving transformation in Africa and empowering change,” said IFAC Chief Executive Officer Lee White. “We value our partnership with PAFA to support regional efforts towards addressing Africa’s priorities to enable sustainable growth and build capital market efficiency and transparency.”

“By strengthening the capacity and influence of the accountancy profession in Africa, we enable our 56 member organizations in 45 countries to help drive sustainable growth and prosperity by enhancing trade and regional integration, investment, the quality of services and trust in institutions,” said PAFA Chief Executive Officer Alta Prinsloo. "This report highlights the key areas in which the accountancy profession can influence transformation to achieve a just and sustainable transition for Africa.”

Learn more about what accounting and finance professionals can do to enable Africa’s sustainable transition. The report is available 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.

About PAFA