Emerging economies, including the Global South, present enormous opportunities for economic growth, and their development is important in both local and global contexts. For these economies to grow and achieve prosperity, the active contribution of professional accountants is essential.  

Today, IFAC commenced MOSAIC meetings in Bucharest beginning with the MOSAIC Steering Committee meeting to discuss plans for developing the capacity of the accounting profession in emerging economies. IFAC has again strategically aligned MOSAIC meetings with the INTOSAI Capacity Building Committee and Donor Coordination Committee meetings, all of which are hosted by the Supreme Audit Institution of Romania this year. These events mark the first MOSAIC meetings for new IFAC Chief Executive Officer, Lee White. 

Over the next days, the MOSAIC Steering Committee meeting will bring together the signatories to MOSAIC (the Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration) Development partners who will join IFAC and SAI representatives for the MOSAIC Forum. Mr. White will join a dynamic synergy session between the MOSAIC signatories and the INTOSAI community.   

MOSAIC serves as a cornerstone for a unified global approach to enhance the capacity of professional accountancy organizations (PAOs) and elevate the quality of financial management systems in emerging economies. The agreement and the collaborative efforts it fosters aim to empower PAOs in partner countries to improve the standards of accountancy and financial management, ultimately amplifying the effectiveness of donor assistance. Acknowledging the complexities of PAO development, MOSAIC is designed to strengthen cooperation and collaboration between IFAC, international donors, and the global development community.  

Today’s discussions were focused on the future of the MOSAIC MoU, exploring strategies to magnify its impact developing the accountancy profession in emerging economies in the years ahead. This comes at a crucial moment, with the rapid evolution of sustainability reporting and assurance in the private sector, and in the context of the continued work of the International Public Sector Accounting Standards Board (IPSASB) to develop sustainability reporting standards for the public sector, where SAIs are key stakeholders.   

Lee White, Chief Executive Officer, IFAC said: “Strengthening capacity among PAOs and throughout the accountancy profession is one of the most effective ways to support sustainable economic and social growth and development, and we outlined a number of areas where accountants can have an impact in our recent publication The Accountancy Profession Enabling Africa's Transformation. It is inspiring to see so many development partners prioritizing capacity building in the accountancy profession.  We look forward to working together with the MOSAIC signatories and INTOSAI Community to strengthen our collective impact and drive meaningful change.”   

Arturo Herrera Gutierrez, World Bank Global Director for Governance said: “Proper accounting is critical for the development of the private sector and enabling access to credit markets and enhancing citizens’ trust in governments' effective use of public resources. The World Bank has a long history of engagement on this foundational agenda. We are committed to supporting emerging issues including sustainability reporting and proper recording of contingent liabilities in the public sector in collaboration with the International Federation of Accountants (IFAC) and its International Public Sector Accounting Standards Board. We look forward to continuing to work closely with IFAC, MOSAIC, and the INTOSAI communities to strengthen and improve collaboration.” 

Tsakani Maluleke, INTOSAI CBC Chair said: “Professional accountancy organizations and supreme audit institutions should have a shared commitment to excellence in public sector financial management and realize the value of working together to achieve an improved public sector. Sharing insights on how accountability ecosystems across the globe can be strengthened through enabling mechanisms such as improved standard-setting, ongoing auditor professionalization and investment in strong institutional capacity will be critical. Of course, this will require SAIs and PAOs to strategically partner to work to the benefit of citizens in the countries where they operate and, in doing so, play an essential role in achieving the vision of the UN Sustainable Development Goals – to leave no one behind.” 

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. 

À medida que formuladores de políticas e reguladores se movem com ritmo para introduzir novos requisitos obrigatórios para relatórios de sustentabilidade e sua garantia, a IFAC está tomando medidas para ajudar todos os usuários de informações de sustentabilidade — incluindo a profissão contábil, reguladores de mercado, preparadores e investidores — a entender e se preparar para o que a garantia de sustentabilidade de alta qualidade parecerá, publicando Asseguração de Sustentabilidade: O Que Esperar.

政策立案者や規制当局が、持続可能性報告とその保証の両方に対する新しい必須要件の導入に迅速に取り組む中、IFAC は、「持続可能性保証: 期待されるもの」を出版し、会計専門家、市場規制当局、作成者、投資家を含むすべての持続可能性情報ユーザーが、高品質の持続可能性保証がどのようなものになるかを理解し、準備できるよう支援する措置を講じています。さらに、IFAC は、すべての持続可能性情報ユーザーに対し、相互に関与し、高品質の持続可能性保証に対する共通の理解とコミットメントを築くよう呼びかけています。

A medida que los formuladores de políticas y los reguladores avanzan rápidamente para introducir requisitos nuevos y obligatorios tanto para los informes de sostenibilidad como para su aseguramiento, la IFAC está tomando medidas para ayudar a todos los usuarios de la información de sostenibilidad (incluidos los profesionales contables, los reguladores del mercado, los preparadores y los inversores) a comprender y prepararse para lo que sucederá. cómo será la garantía de sostenibilidad de alta calidad publicando Garantía de sostenibilidad: qué esperar.

The International Federation of Accountants (IFAC), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Basel Institute on Governance have published a new, joint report, Integrated Mindset in Practice: Professional Accountants in Business and Anti-Corruption Compliance. It offers practical guidance and actionable strategies to approach anti-corruption initiatives with an integrated mindset, resulting in long-term value creation.

The approach of an “integrated mindset”, as highlighted in the report, encourages company leadership to view financial and sustainability data in an interconnected, holistic way. Integrated Mindset in Practice provides guidance for companies—particularly professional accountants working in business—to apply this integrated approach to anti-corruption oversight and programs. The report underscores the crucial role of governance in environmental, social, and governance (ESG), emphasizing a commitment to an ethical culture of integrity and highlighting red flags for the accountants during their risk assessments.

Advocating for a “whole of business” approach to anti-corruption, the report calls on professional accountancy organizations to encourage their members to fully embrace their role combatting corruption by:

1. Recognizing themselves as key anti-corruption stakeholders.
2. Supporting integrated thinking across their organizations.
3. Being champions of Collective Action.

Lee White, IFAC Chief Executive Officer: “The cost of corruption and financial crime are significant obstacles to economic prosperity and fairness in society. This report is a vital resource for professional accountants as business leaders to have an integrated mindset in continuing to respond to corruption and support economic prosperity.”

Alan Vallance, Chief Executive of ICAEW: “Professional accountants are uniquely positioned to influence and implement an integrated mindset within organizations. With these tools and insights, they will be able to embed anti-corruption measures into their organizations’ broader ESG framework, ensuring that integrity and transparency remain at the forefront of business practices.”

Vanessa Hans, Head of the Private Sector Division of the Basel Institute on Governance: “Importantly, this report encourages professional accountants to be champions of Collective Action as part of a “whole of business” approach to anti-corruption. Anti-corruption Collective Action brings business and stakeholders together to tackle the shared problem of corruptions. Accountants can play a crucial role in these efforts, driving initiatives that bring real change.”

The report will be featured during “The CFO & Finance Function and Anti-Corruption: Cultivating an Integrated Mindset” webinar on July 9 at 13:00 UTC. Jointly hosted by IFAC, ICAEW and the Basel Institute on Governance, the webinar is organized under the auspices of the B20 and in collaboration with the OECD (Organisation for Economic Co-operation and Development) and Business at OECD (BIAC), as part of the 25th Anniversary of the OECD Anti-Bribery Convention campaign. Visit the IFAC website for more details and to register.

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 ICAEW
Chartered accountants are talented, ethical and committed professionals. ICAEW represents more than 208,000 members and students around the world.

Founded in 1880, ICAEW has a long history of serving the public interest and we continue to work with governments, regulators and business leaders globally. And, as a world-leading improvement regulator, we supervise and monitor around 12,000 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.

We promote inclusivity, diversity and fairness and we give talented professionals the skills and values they need to build resilient businesses, economies and societies, while ensuring our planet’s resources are managed sustainably.

ICAEW is the first major professional body to be carbon neutral, demonstrating our commitment to tackle climate change and supporting UN Sustainable Development Goal 13.

ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family that connects over 1.8m chartered accountants and students in more than 190 countries. Together, we support, develop and promote the role of chartered accountants as trusted business leaders, difference makers and advisers.

We believe that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding we can help to create sustainable economies and a better future for all. 

About Basel Institute on Governance
The Basel Institute on Governance is an independent not-for-profit organisation dedicated to countering corruption and improving standards of governance. Headquartered in Basel, Switzerland, the Institute works worldwide with the public and private sectors and civil society. Its Private Sector Division is a leading voice promoting anti-corruption Collective Action in the business integrity space.

An “integrated mindset” is an approach within companies and by company leadership that considers financial and sustainability-related information about the company as a whole, in an integrated way. This integrated approach to financial and sustainability-related information empowers better-informed decisions that deliver long-term value creation. This delivers financial returns to investors while taking account of value to customers, employees, suppliers, and societal interests.

As part of its ongoing initiative to convene, inform and mobilize sustainability reporting and assurance stakeholders, IFAC, the voice for the global accountancy profession, today released Sustainability Assurance: What to Expect.

IFAC Chief Executive Officer Lee White said, “We are in the midst of a significant global transformation as businesses seek opportunities and ways to respond to sustainability-related challenges. Professional accountants are absolutely crucial in this transformation, and have an important public interest role to play. Our profession has a mature competency in analyzing and interpreting data, and the ability to use it to successfully innovate and introduce new business models.”

Mr. White continued, “Companies are working diligently to develop their governance structures and the processes, systems and controls needed to support sustainability reporting and assurance. Investors and other users of this information should expect, at least initially, that sustainability assurance engagements may be different from what occurs with financial reporting. For example, I expect that assurance reports may include modifications, which would be reflective of the transformation that is occurring.”

Policymakers and regulators around the world are moving with pace to introduce essential requirements for sustainability reporting and assurance. At the same time, IFAC encourages accountants to embrace their pivotal role in this transformation, and we remind all stakeholders that the application of reporting and assurance requirements will take time to mature.

We have been an early advocate for a harmonized, global system for the disclosure of sustainability-related information, and we continue to coordinate with other international organizations, including the IFRS Foundation, the International Sustainability Standards Board (ISSB), and IOSCO in pursuit of this goal. We were pleased to participate at IOSCO’s annual meeting in Athens last month, where we took the opportunity to recognize the swift progress made by the IFRS Foundation and the ISSB in coalescing more than 20 jurisdictions, representing over half the world’s GDP, in the decision to introduce the ISSB standards in their legal or regulatory frameworks.

We invite organizations to reach out to us with opportunities for further collaboration. We also encourage producers and users of sustainability-related information to engage with one another to further a shared understanding of and commitment to high-quality sustainability assurance.

Finally, we call for sustainability assurance engagements to be conducted in accordance with the global standards being developed by the International Auditing and Assurance Standards Board (IAASB) and International Ethics Standards Board for Accountants (IESBA) to help ensure high-quality assurance.

Sustainability Assurance: What to Expect can be downloaded for free on our website.

About IFAC
The International Federation of Accountants (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