The Institute of Public Accountants (IPA) as part of the global accounting profession is supporting the United Nation’s International Anti-Corruption activities which included a special awareness day on 9 December.

The World Economic Forum estimates that every year the cost of corruption is at least US$2.6 trillion - or 5 per cent of global domestic product. According to the World Bank, businesses and individuals pay more than US$1 trillion in bribes each year.

“Corruption not only erodes trust, it has a direct detrimental impact on economic growth,” said IPA chief executive officer, Andrew Conway.

“Accountants play a pivotal role in this united fight against corruption.

“As a profession, we hold the responsibility to promote greater transparency and accountability, employ stronger ethics and lift the standard of integrity,” said Mr Conway.