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IFAC’s New Action Plan Fights Corruption

By Nancy Fass
October 1, 2022

The International Federation of Accountants (IFAC) issued Action Plan for Fighting Corruption and Economic Crime in September 2022 to enhance the accountancy profession’s contribution to, and support of, a robust anti-corruption ecosystem.

 

The action plan sets out more than 30 specific actions for IFAC and the accountancy profession related to education, evidence-based policy, global standards, partnership, and thought leadership.

 

The action plan provides a framework for enhancing the accountancy profession’s role in combating corruption and economic crimes, thereby advancing the United Nations Sustainable Development Goals. The framework is organized into five overarching pillars: harnessing the full potential of education and professional development; supporting global standards; contributing to evidence-based policy making; strengthening our impact through engagement and partnership; and contributing our expertise through thought leadership and advocacy. The 30 specific actions are meant to evolve over time.

 

“Corruption and related economic crimes, such as money laundering, bribery, tax evasion and fraud, are significant obstacles to economic growth and human development and, ultimately, to achieving the UN Sustainable Development Goals—all 17 of them,” said IFAC CEO Kevin Dancey. “Our Action Plan illustrates some time tested and some new ways that make it clear that the global accountancy profession is a central ally in the fight. We look forward to working with our member organizations and other partners to make a real difference and drive positive change.”

 

The action plan embodies an enhanced commitment by the accountancy profession to fighting corruption and economic crime more broadly. It harnesses the profession’s reach across public practice, business, and the public sector to contribute to the fight against corruption directly and indirectly by supporting integrity and transparency in business and government as well as effective global and domestic policy making.

 

The action plan was developed with extensive engagement across IFAC’s 180 member organizations, as well as its advisory groups, network partners, and other key global organizations. The action plan was inspired by and developed in close coordination with the Anti-Corruption Strategy for the Legal Profession of the International Bar Association.

 

Nancy Fass is a senior editor for IMA® (Institute of Management Accountants). She can be reached at nfass@imanet.org.
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