"The significant impact of climate-related matters on organizations’ business models, cash flows, financial performance, and resiliency requires immediate attention not only due to increasing pressure from investors, regulators, and policy makers, but the urgency of the climate crisis itself,” said Kevin Dancey, IFAC CEO. “Climate scenario analysis and risk assessment can be complex, and accountants can help translate those risks and opportunities into numbers able to initiate much-needed action.”

Helen Brand, chief executive of ACCA added: “Collaboration is key to tackling the existential threats and risks that face economies and societies due to climate change. Professional accountants are therefore an essential part of this necessary joined-up thinking to drive good decision-making, and make the necessary links with the investment community and other stakeholders. Accountants’ skills and knowledge around around integrated reporting, encompassing capitals be they natural, financial, manufactured, human, social/relationship or intellectual, have a vital role in this global effort.”

Register now to join online September 20. A recording of the event will be available after the event. 

About Climate Week NYC  

Hosted annually by international non-profit the Climate Group in conjunction with the United Nations, and in partnership with the COP26 and the City of New York, Climate Week NYC is a global opportunity to come together to accelerate climate action and assess progress ahead of COP26. 

About ACCA 

We’re a thriving global community of 233,000 members and 536,000 future members based in 178 countries and regions, who work across a wide range of sectors and industries. We uphold the highest professional and ethical values.

We offer everyone everywhere the opportunity to experience a rewarding career in accountancy, finance and management. Our qualifications and learning opportunities develop strategic business leaders, forward-thinking professionals with the financial, business and digital expertise essential for the creation of sustainable organisations and flourishing societies.

Since 1904, being a force for public good has been embedded in our purpose. In December 2020, we made commitments to the UN Sustainable Development Goals which we are measuring and will report on in our annual integrated report.

We believe that accountancy is a cornerstone profession of society and is vital helping economies, organisations and individuals to grow and prosper. It does this by creating robust trusted financial and business management, combating corruption, ensuring organisations are managed ethically, driving sustainability, and providing rewarding career opportunities.

And through our cutting-edge research, we lead the profession by answering today’s questions and preparing for the future. We’re a not-for-profit organisation. Find out more at accaglobal.com

About IFAC 

IFAC (the International Federation of Accountants) 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.  

Comprised of over 175 members and associates in more than 130 countries and jurisdictions, IFAC represents more than 3 million accountants in public practice, education, government service, industry, and commerce. Over four decades, IFAC has represented the global profession and supported the development, adoption, and implementation of international standards that underpin the contributions of today’s global accountancy profession.  

IFAC has maintained a long-term approach to building and strengthening a global accountancy profession that supports transparent, accountable, and sustainable organizations, financial markets, and economies. More information is here www.ifac.org 

This paper is the first of four thought leadership pieces that build on a collaborative exploratory paper and global roundtable event held jointly with Chartered Professional Accountants of Canada (CPA Canada) and the Institute of Chartered Accountants of Scotland (ICAS), entitled Ethical Leadership in an Era of Complexity and Digital Change. The exploratory paper, a summary of the event, and an on-demand recording are available here.

As the world becomes more complex, maintaining ethical standards becomes both more challenging and increasingly important. To help guide financial professionals, the Chartered Professional Accountants of Canada (CPA Canada), the Institute of Chartered Accountants of Scotland (ICAS), and the International Federation of Accountants (IFAC) have released Complexity and the professional accountant: Practical guidance for ethical decision-making, the first in a series of four thought leadership pieces.

“We’re on a journey to reimagine the future of the accounting profession,” said Charles-Antoine St-Jean, president and CEO, CPA Canada. “Digital disruption and shifting societal expectations are redefining the role of professional accountants around the world. Our collective response to these opportunities, challenges, and ethical implications will impact our ability to remain trusted leaders, on the forefront of change. This paper, and those to follow, contribute to important conversations as we adapt and help shape the future.”

This initial publication developed by CPA Canada builds on a collaborative exploratory paper and global roundtable event, called Ethical Leadership in an Era of Complexity and Digital Change, held in conjunction with ICAS and IFAC. The first of the series addresses key themes presented in the exploratory work, leveraging the event discussions and recommendations, to offer practical guidance for professional accountants, accounting organizations, educators and employers.

“Ethical leadership is crucial to the future success of the accountancy profession, and the global financial system as a whole,” said Kevin Dancey, CEO of IFAC. “As a profession, it is our core ethical foundation, coupled with our skills and competencies, that enable us to navigate the opportunities and challenges of the digital age, while maintaining our public interest responsibility.”

The development of Complexity and the professional accountant: Practical guidance for ethical decision-making was also informed by the ongoing work of the Technology Working Group of the International Ethics Standards Board for Accountants (IESBA) and the diverse views of stakeholders gathered through its extensive outreach.

“The accounting profession needs to continually evolve to address changing stakeholder needs while continuing to meet its’ public interest responsibility” notes, Bruce Cartwright CA, ICAS CEO, adding: “The only certainty is that there will be more regular advancements in technology. It is therefore imperative that we properly consider the associated ethical implications of technology and help shape the future.”

Complexity and the professional accountant: Practical guidance for ethical decision-making, along with the collaborative exploratory paper, a summary of the February 2021 event, including an on-demand recording and additional resources, are all available on the IFAC Knowledge Gateway.

The upcoming papers in the series will cover the following interconnected but distinct topics:

• Technology is a double-edged sword
• Identifying and mitigating bias and mis-/disinformation
• Mindset and enabling skills

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About CPA Canada
Chartered Professional Accountants of Canada (CPA Canada) works collaboratively with the provincial, territorial and Bermudian CPA bodies, as it represents the Canadian accounting profession, both nationally and internationally. This collaboration allows the Canadian profession to champion best practices that benefit business and society, as well as prepare its members for an ever-evolving operating environment featuring unprecedented change. Representing more than 220,000 members, CPA Canada is one of the largest national accounting bodies worldwide. cpacanada.ca

About ICAS
The Institute of Chartered Accountants of Scotland (ICAS) is the global professional body for Chartered Accountants. We educate, examine and lead, enabling excellence whilst always working for the wider public good. All 23,000 ICAS members have earned our world-class CA designation of Chartered Accountant, the qualification that’s shaped an international business community spanning industries and continents, full of local heroes and corporate leaders. And we continually foster the bonds between our members, so CAs at all stages of their careers can learn from shared experience and connect their ambitions to success. For further information please visit – icas.com.

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. Comprised of 180 members and associates in more than 130 countries and jurisdictions, IFAC represents more than 3 million accountants in public practice, education, government service, industry and commerce.

Over four decades, IFAC has represented the global profession and supported the development, adoption, and implementation of international standards that underpin the contributions of today’s global accountancy profession. IFAC has maintained a long-term approach to building and strengthening a global accountancy profession that supports transparent, accountable, and sustainable organizations, financial markets, and economies.

IFAC welcomes the opportunity to comment on the OECD’s draft revisions to the Recommendation for Further Combating Bribery of Foreign Public Officials in International Business Transactions (Anti-Bribery Recommendation). IFAC supports the Anti-Bribery Recommendation and the OECD’s efforts to ensure that it is as effective as possible. IFAC looks forward to supporting the revised Anti-Bribery recommendation when finalized. With this in mind, we provide the following comments on the draft text, with particular reference to Section XXIII.

IFAC welcomes the opportunity to comment on the FATF’s review of Recommendation 24 relating to beneficial ownership transparency. IFAC—and the global accountancy profession that we represent—strongly supports the work of the FATF and others in advancing the fight against money laundering, terrorism financing and the proliferation of weapons of mass destruction.

The IAASB in collaboration with IFAC invite you to join the final webinar in our quality management series, Bringing It All Together: Exploring the Components of the Quality Management System, on August 18 from 11 am–12 pm GMT on Zoom with livestreaming on YouTube. The webinar will address aspects of International Standard on Quality Management 1, including governance and leadership, information, communication and networks.

ISQM 1 is part of the IAASB’s suite of quality management standards, issued in late 2020. The standards strengthen and modernize how firms approach quality management. They also mark an evolution from a traditional, more linear approach for quality control to an integrated quality management approach.

The webinar will be held in English and available on YouTube following the session. Participants joining live via Zoom will be able to submit questions.

• Webinar Four: Bringing it All Together: Exploring all the Components of a Quality Management System
  • August 18, 11 am–12 pm GMT
  • Featuring IAASB members Julie Corden and Sachiko Kai and Deputy Director Natalie Klonaridis
  • Register Now

The recordings from the previous webinars in the series are available on YouTube:

• Webinar One: All You Need to Know about the Firm’s Risk Assessment Process
• Webinar Two: Resources: Expectations for Firm and Engagement Partners
• Webinar Three: What’s New in Firm’s Monitoring and Remediation Process

This webinar series is part of the IAASB’s implementation support efforts. Looking for additional resources on the suite of quality management standards? Check out the IAASB’s dedicated web page: iaasb.org/quality-management

IFAC is committed to supporting our member organizations and the development, adoption, and implementation of high-quality international standards.

IFAC is dedicating our second annual virtual summit to sustainability and helping professional accountants do different things with the skills and competencies they already have in their toolbox.

Today, IFAC released a Point of View: Greater Transparency and Accountability in the Public Sector. 

The public sector is facing a myriad of competing priorities, including an unprecedented global health crisis and climate emergency, and must make critical decisions that will affect generations to come. In this environment, helping citizens understand how public funds are being managed and spent, as well as the reasoning behind and consequences of decisions made, can meet the heightened need for transparency and accountability necessary to retain and grow stakeholder trust.

IFAC’s Point of View explores the need for strong governance and public financial management (PFM), so that governments and public sector entities around the world can make informed, data-driven decisions for people, the planet, and the economy. It also outlines how the accountancy profession, with its public interest mandate, can support the public sector in achieving long-term financial sustainability and resilience, to help create a better world with stronger economies and fairer societies.

“Our latest POV focuses on actionable steps that professional accountants in the public sector can take to foster trust and increase resilience globally,” said Kevin Dancey, IFAC CEO. “Calls for transparency and accountability in the public sector are not new, but we have outlined systems, processes, and practices the public sector can integrate to achieve the strong financial management necessary to build a sustainable, inclusive, and prosperous future for all of us.”

Read IFAC’s latest POV here.

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 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

The IAASB in collaboration with IFAC invite you to join the upcoming quality management webinars, Resourcing for Quality Management on July 29 from 11 am–12 pm GMT and Your Firm’s Monitoring & Remediation Process on August 5 from 11 am–12 pm GMT. Both webinars will be held on Zoom with livestreaming on IAASB’s YouTube channel.

ISQM 1 is part of the IAASB’s suite of quality management standards, issued in late 2020. The standards strengthen and modernize how firms approach quality management. They also mark an evolution from a traditional, more linear approach for quality control to an integrated quality management approach. These webinars address how firms can resources appropriately and establish monitoring and remediation processes to align with the requirements in International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.

The webinars will be held in English and available on YouTube following the session. Participants joining live via Zoom will be able to submit questions.

• Webinar Two: Resourcing for Quality Management
  • July 29, 11 am–12 pm GMT
  • Featuring IAASB members Josephine Jackson and Sue Almond and Deputy Director Natalie Klonaridis
  • Discussion will include references to the requirements of International Standard on Auditing 220, Quality Management for an Audit of Financial Statements
  •  Register Now
• Webinar Three: Your Firm’s Monitoring & Remediation Process
  • August 5, 11 am–12 pm GMT
  • Featuring IAASB member Chun Wee Chiew, technical advisor Denise Weber and Deputy Director Natalie Klonaridis
  • Register Now

The recording from the first webinar in this series, Your Firm’s Risk Assessment Process, is available on YouTube. You are also invited to the final webinar in the series:

• Webinar Four: Bringing it All Together: Exploring all the Components of a Quality Management System
  • August 18, 11 am–12 pm GMT
  • Featuring IAASB members Julie Corden and Sachiko Kai and Deputy Director Natalie Klonaridis
  • Register Now

Looking for additional resources on the suite of quality management standards? Check out the IAASB’s dedicated web page: iaasb.org/quality-management

IFAC is committed to supporting our member organizations and the development, adoption, and implementation of high-quality international standards.

Company-reported information about sustainability factors is becoming mainstream—through increased voluntary disclosure as well as through new jurisdiction-specific rules. Investors, as well as other stakeholders, need to have trust and confidence in this information through external assurance—just like financial information.