The Institute of Public Accountants (IPA) has welcomed a new global study conducted by the International Federation of Accountants (IFAC) which aims to reduce corruption within economies globally.

“Corruption is an economic cancer and this global report support our long-standing perspective that accountants can and do play a key role in combatting the disease,” said IPA chief executive officer, Andrew Conway.

“The report also highlights the significant importance of good governance across all organisations.  The accounting profession’s skills ensures that accountants continue to play a pivotal role in the fight against corruption but we acknowledge it’s not a solitaire battle to be won.

“The IPA Group has continued active participation in consultations to further embed Anti-Money Laundering measures in Australia and our regional contributions through our involvement in and leadership of the development initiatives within the Asia Pacific through the Confederation of Asian and Pacific Accountants (CAPA) Professional Accountancy Organisation Development Committee.

“Collaboration across all sectors of our economy to create a culture of highest standard governance is critical to success,” said Mr Conway.

Fayez Choudhury, IFAC Chief Executive Officer, said, “The accountancy profession is a crucial part of strong national governance architectures that confront corruption, in partnership with good government and strong businesses. And vitally, the study shows professional ethics, education, and oversight—at the core of the global accountancy profession—are key to the profession’s positive impact in tackling corruption.”

Among the key findings, the study reveals that a higher percentage of accountants in the workforce strongly correlates to better outcomes in Transparency International’s Corruption Perceptions Index.

Highlighting the importance of strong cross-sectoral governance structures, the study found the profession’s impact was significantly greater in G-20 countries and member nations of the Financial Action Task Force.

“When public accountants such as our members are present in an economy, the positive correlation rises even further. Our members adopt the global profession’s ethical, educational, and investigation and discipline requirements,” said Mr Conway.

More information on the IFAC report can be found at: The Accountancy Profession—Playing a Positive Role in Tackling Corruption