Convening virtually over two days, IFAC’s Professional Accountants in Business (PAIB) Advisory Group, a dynamic global group of business and finance leaders, shared their insights on key global trends impacting the future readiness of the accountancy profession.
The IAASB recently hosted three virtual roundtables with experts and leaders exploring issues and challenges related to fraud and going concern. These roundtables focused on:
Update on Efforts to Address Issues and Challenges
Focusing on the effective and consistent application of our standards, the IAASB is addressing issues and challenges related to complexity, understandability, scalability and proportionality. While there is a particular focus on audits of less complex entities, the work is also considering the suite of ISAs more broadly. This Communique highlights our efforts and sets out what we are planning.
Like every profession, accountancy will emerge from COVID-19 changed. We will be accustomed to digital processes we once thought impossible. Our change management abilities will be sharper than ever. How we anticipate the future will be informed by an experience many of us never imagined would happen.
Professional accountants make a significant contribution to the economy at the local, national and global levels. In each measure reviewed, a greater number of accountants correlates to better economic performance. Moreover, professional accountants who are members of IFAC member professional accountancy organizations (PAOs) correlate to even stronger performance on the economic indicators.
This report highlights takeaways from the September 2019 Professional Accountants in Business (PAIB) Committee meeting, and outlines key priorities for accountants in business.
The report specifically focuses on:
Integrated value creation;
The value of data;
Action on the SDGs;
Opportunities and challenges for accountants in SMEs; and
