The rapid rise of cryptocurrencies and assets and the enabling blockchain technology has led to significant international interest and scrutiny by businesses, accountants, regulators, governments, investors and a multitude of others.

For the accountancy profession, there is increasing focus on the accounting and control implications associated with the crypto space.

These are challenging and tough times. Our lives have changed, both personally and professionally and the world around us has come to a standstill, impacting national and global economies.

The African continent was, for a brief time, thought to have avoided the spread of the coronavirus. As the number of cases on the African continent has grown, many governments are taking steps to limit the spread of the disease, including closing of non-essential businesses, issuing lockdowns and curfews, and enacting other preventive measures to enforce social distancing.

The focus on auditor’s reports has increased in the current environment as investors and other users of financial statements seek greater transparency from entities around the impacts of Covid-19 in the financial statements, as well as greater transparency into the audit.

The pandemic environment has led to measures such as social distancing which have changed the way that auditors and their clients perform their work. The environment is also significantly changing the economic realities for many entities and the change is continuing. Auditors need to be ready to react, while ensuring they maintain a commitment to audit quality and adherence to professional standards.

The COVID-19 pandemic has far reaching implications, with many people still comprehending and adjusting both personally and professionally. For the audit profession, the increased complexities of financial statement reporting and related risks and uncertainties, coupled with a rapid shift to virtual business operations and controls, have significantly challenged the delivery of audit engagements and necessitated virtual audits. But while much has changed, the commitment to audit quality and professional standards has not.

Earlier today the International Federation of Accountants released their latest “Point-of-View” (POV): Embracing a People-Centered Profession.

The new publication explores the connection between the people in the accountancy profession, the core components of the profession (education, professional judgment, ethics, values) and the profession’s commitment to the public interest. 

“Our new POV focuses on the human aspect of our profession,” said Kevin Dancey, IFAC CEO. “Through this lens, we address issues such as gender equality, diversity (both of individuals and skills), work-life balance, mental health, and lifelong learning.  While many of the views expressed are not new, IFAC believes it is important to set out a clear message as the global voice of the accountancy profession.”

In the POV, IFAC offers insights and guidance on how firms, organizations and PAOs can better understand and appreciate the benefits and challenges of a profession made up of individuals.

IFAC also examines the relationship between a strong focus on “human capital” and the ability to attract, challenge, and retain talented people throughout their careers. 

“Events like the COVID-19 pandemic remind us that ours is a profession powered by individuals,” Dancey continued, “Individuals with their own talents, backgrounds, aspirations and challenges. Recognizing and appreciating the individual characteristics of professional accountants helps foster an environment where trust and judgment can thrive, and it is fundamental to the continued relevancy of the profession.”

To read the new POV, visit the IFAC Website here.

Brian McEnery is a Partner and Head of Advisory at BDO in Ireland and is International Liaison Partner for the firm and a Past President of the Association of Chartered Certified Accountants (ACCA).

Mr. McEnery is a Fellow of the Association of Chartered Certified Accountants, a member of Chartered Accountants Australia and New Zealand and holds a master’s in professional accountancy from the University of London.

Mr. McEnery has held a number of public sector director appointments including Ireland's NPL bank and was recently Chairman of Ireland's health and social care regulator.

CA. (Dr.) Debashis Mitra is president of the Institute of Chartered Accountants of India (ICAI), as well as chairman ICAI Research wing, ICAI Accounting Research Foundation, and XBRL India. He is also on the board of the Indian Institute of Insolvency Professionals of ICAI and represents ICAI on key Indian government and regulatory committees.

Dr. Mitra is also on the board of the South Asian Federation of Accountants and Chartered Accountants Worldwide and has served as a member of the Confederation of Asian Pacific Accountants’ Audit Group. He is a council member of the Value Reporting Foundation and represents ICAI in the board meetings of the Pan African Federation of Accountants and Asian Federation of Accountants. In the past, he has served on various SAFA committees.

Dr. Mitra, a senior practising member, is also a Cost Accountant and Company Secretary; holds a master’s degree in Commerce; and is a Law graduate and a qualified Information Systems Auditor. With keen interest in academic research, he is a Ph.D on the topic "A Critical Study of Select Indian GAAP, US GAAP & IAS/IFRS".

Noemi Di Segni works for Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili, IFAC’s member organization in Italy, overseeing the International Department and as head of the President Secretariate. She has been with CNDCEC since 1998; during her time there, she has participated as a technical advisor on the board and committees for the international organizations CNDCEC works with. This includes organizing events and providing opinions on international developments regarding regulation, education and qualification.

Ms. Di Segni has also collaborated in the organization and provision of trust certification for websites and with the court of Rome for implementation of online judicial sales procedures and, on a volunteer basis, as member of board of directors of various associations and foundations for social and religious beneficiaries.

Ms. Di Segni has dedicated her studies to research on legal aspects of business economy, on trust in civil law countries and legal models of regulation of liberal professions, legal implication of IT applications, gaining a MS degree in E.B.A, a BA degree in law and further specialization in European law in the field of central banking, all with full votes. She has completed the 3-year formal training to become a CPA and statutory auditor in Italy.