IFAC

Last week in a workshop as part of the PAN AFRICAN FEDERATION OF ACCOUNTANTS (PAFA) General Meeting, we launched our PAO Strategy Planning Toolkit: an end-to-end guide to strategic transformation. This workshop, co-hosted by IFAC’s PAO Development Advisory Group (PAODAG) and PAFA, brought together over 50 PAO leaders who were present in Mauritius for PAFA’s meeting. This toolkit would have not been possible without the strategic alliance of our regional partners, especially PAFA who not only held this launch event but also connected to PAO leaders to help trial the toolkit and inform its development. PAFA also lead the translation of the toolkit into French (out now) with Spanish and Portuguese on the way. Thanks to Alta Prinsloo and team for your collaboration. The need for this toolkit was recognized by the PAODAG who established a workstream chaired by Sheree Ebanks, Cert.Hon., CEO of Cayman Islands Institute of Professional Accountants (CIIPA), with Zarif Ludin FCPA, UK, Head of Institutional Partnerships at ACCA, as content lead, to benefit PAOs in all stages of developing a strategic plan. Achievement of our mission relies heavily on collaboration with diverse stakeholders to drive impactful change. Thank you all for your continuing support. Press release: https://lnkd.in/eJHm_XAu Download the toolkit: https://lnkd.in/euRRZ9FT 📷: Evelyn Mwapasa (PAFA Director), Zarif Ludin (Head of Institutional Partnership at ACCA), Patricia Stock CA(SA) (SAICA Chief Executive Officer), Lee White (IFAC Chief Executive Officer), Issam El Maguiri, Expert-Comptable (CPA), Ph.D (PAFA Board member, OEC Morocco) 📷: PAFA General Assembly

🆕 Just released! 🆕 IFAC, Institute of Chartered Accountants in England and Wales (ICAEW), and the Basel Institute on Governance have published a joint report, titled Integrated Mindset in Practice: Professional Accountants in Business and Anti-Corruption Compliance. 🧠 The concept of an “integrated mindset” encourages company leadership to view financial and sustainability data in an interconnected, holistic way. The report offers practical guidance and actionable strategies to approach anti-corruption initiatives with an integrated mindset, resulting in long-term value creation. It highlights the importance of governance in the context of ESG, promoting a culture of ethical integrity and providing accountants with insights on red flags to watch for during risk assessments 🚩 🔗 Read the full report on our website here: https://bit.ly/4cJb8tS

Reminder alert! 📢 IFAC’s two public consultations on proposed changes to the International Education Standards will close on July 24. 1️⃣ The first exposure draft focuses on embedding sustainability into the training of professional accountants. Proposed changes include preparing accountants to work with new types of data and in multi-disciplinary teams, integrating sustainability into relevant learning outcomes, and elevating assurance learning outcomes to address market demands for high-quality #SustainabilityAssurance. Delve into the proposed changes and share your insights here: https://bit.ly/3xSWaT5 2️⃣ The second exposure draft proposes updates to IES 6, Initial Professional Development – Assessment of Professional Competence, to modernize the standard and align it with to align with current good practice. These updates include new principles emphasizing integrity, authenticity, equity, and inclusion, aiding professional accountancy organizations, universities, and training programs in assessing candidates’ readiness for the professional accountant role. Explore the proposed changes and contribute your feedback here: https://bit.ly/3y1Gug4 Don't miss the opportunity to have your voice heard! Share your feedback before July 24th. #IFACConsultation #InternationalStandards #ProfessionalDevelopment

🌟 Special Edition Alert! 🌟 Join us for the IFAC Changemakers series celebrating the Olympic Games in Paris this July! This month, we feature Beth A. Brooke, former Global Vice Chair of Public Policy at EY, board member of the US Olympic & Paralympic Committee, and advocate for diversity and inclusive leadership. Beth shares how her passion for basketball shaped her leadership, career, and commitment to diversity. Learn how sports foster resilience, teamwork, and success both on and off the court. 👉 Dive into Beth’s inspiring journey from basketball courts to boardrooms: https://lnkd.in/eu-mGEQG Learn more about our Changemakers Series: https://bit.ly/3K5dOX5 #IFAC #AccountingChangemakers

Given South Africa's history, not everyone has had the same opportunity to enter the accountancy profession. IFAC member SAICA is committed to fully addressing this challenge with a sustained, long-term effort and has made progress with initiatives that can set an example for other PAOs on how to help improve access to the profession. For instance, SAICA administers a bursary program though the Thutkuka Education Upliftment Fund for students to study accounting, especially those from under-represented groups. Read this case study based on a presentation by Robert Zwane, SAICA’s Executive Director: Learning, Development and National Imperatives to IFAC's Professional Accountants in Business Advisory Group to learn more about their strategy: https://lnkd.in/ezh-BkDe

🎉Happy Micro-, Small-, and Medium-sized Enterprises Day (#MSMEDay)! 🎉 As trusted advisers to these businesses, small- and medium-sized practices (SMPs) have a huge role in shaping the transformation to a sustainable future. We’ve identified four key challenges and opportunities for SMEs and SMPs in a new article written by IFAC Director Christopher Arnold and Principal Harpal Singh: https://bit.ly/4c613aq #IFAC #SMEs #SMPs #MSMEs

With 12 of the world’s 20 fastest-growing economies and an economic landscape characterized by rapid urbanization, a young demographic, and abundant natural resources, Africa’s development is vital regionally and globally. Achieving the continent’s growth and development ambitions will require the active contribution of the accountancy profession to navigate challenges and seize opportunities. Our new report, out today in partnership with the PAN AFRICAN FEDERATION OF ACCOUNTANTS (PAFA), outlines how accounting and finance professionals in the private and public sectors play a crucial role in driving sustainable growth across Africa. Whether serving on corporate boards, as CFOs, or as business advisors, they can help tackle challenges, such as climate change impacts, energy accessibility issues, regional disparities and disconnection, economic growth, and public debt. Explore the report, The Accountancy Profession Enabling Africa’s Transformation: https://lnkd.in/eDyAx__V The report was informed by a panel of experts at IFAC’s Professional Accountants in Business Advisory Group meeting in South Africa moderated by the PAIB Advisory Group Chair Sanjay Rughani, and including The Brookings Institution, The African Development Bank (AfDB), The World Bank, TradeMark Africa, Amundi Asset Management, Standard Chartered Bank, Nedbank, and Investec. The panel also included Josephine Okui Ossiya-CPA,FCCA, MBA who provided CFO lessons from Bujagali hydroelectric power. Thanks to you all for your valuable contributions. 

👏 Congratulations to the Accounting Technicians Ireland for launching their Accounting Technologist program today! IFAC Principal Michelle Cardwell spoke at the launch event highlighting the benefits this initiative brings to education and the accounting profession globally.

💬 In anticipation of United Nations #MSMEDay tomorrow, hear from IFAC Small and Medium Practices Advisory Group Chair Monica Foerster and OECD - OCDE Head of the SMEs & Entrepreneurship Finance Unit Miriam Koreen on how we recognize that micro-, small-, and medium-sized enterprises (MSMEs) play a critical role in global economies and the sustainability transformation. 🌐 #IFAC #MSMEs #SMEs #SMPs

✨ New Release! ✨ 🌍📊 IFAC launches “Sustainability Assurance: What to Expect,” highlighting what investors and other users should expect from sustainability reporting and assurance and reminding all stakeholders in the ecosystem that the application of reporting and assurance requirements will take time to mature. While companies work diligently to develop governance structures and the processes, systems and controls needed to support sustainability reporting and assurance, users of this information should expect different levels of assurance than is the norm for financial statement audits until the market fully matures. “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.” – IFAC Chief Executive Officer Lee White. As policymakers and regulators around the world move with pace to introduce essential mandatory requirements for sustainability reporting and assurance, we encourage accountants to embrace their pivotal role in this transformation. 📰 Read the press release here: https://bit.ly/3VI9u4O 👉 Stay ahead of the curve and download our latest publication here: https://bit.ly/4cfHqMI #IFAC #Sustainability #MobilizingSustainability