In today’s digital age, many people have at some point wondered whether their online accounts have been compromised or have been part of a large data breach.

Like a lot of the issues that make the news on a regular basis, we can become desensitized to cyber risks, but it is imperative, especially for organizations of all sizes, to be vigilant and educate their employees and stakeholders on proper protocols and procedures for minimizing risk. Accounting professionals are in a unique position to address cybersecurity.

The International Federation of Accountants (IFAC) today submitted its response to the IFRS Foundation’s Consultation Paper on Sustainability Reporting, issuing a resounding “yes” to the question of whether an international sustainability standards board is needed to lead a coherent global system of interconnected corporate reporting that will rationalize the current fragmented ecosystem for sustainability information.

Reiterating the themes of its September 2020 call-to-action, Enhancing Corporate Reporting: The Way Forward, IFAC calls for the creation of the new board alongside the IASB under the IFRS Foundation. The proposed board would address the urgent and growing demand from investors, policy makers and regulators for a reporting system that delivers consistent, comparable, reliable, and assurable information relevant to enterprise value creation, sustainable development, and evolving stakeholder expectations.

“This is a significant opportunity to bring new relevance to professional accountants’ work in corporate reporting and assurance and will advance the public interest,” said IFAC CEO Kevin Dancey. “The accountancy profession must continue to play an active role in helping companies, economies, and societies achieve a more sustainable future, made all the more urgent due to the climate emergency. IFAC stands ready to engage with the IFRS Foundation, as well as our member organizations and other stakeholders, to ensure the success of this important initiative.”

IFAC encourages our members and other stakeholders to review our response and engage in this important conversation with the IFRS Trustees.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

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.