The Accountancy Profession’s Call for Action by the G-20
2016 is a crucial year for G-20 countries and the global economy, with new opportunities to create an environment of sustainable, inclusive growth. Given the increasingly interconnected economy, achieving this kind of growth depends on improving integrity and transparency and, in turn, restoring trust in business and government alike.
Given the essential role of professional accountants in business in strong and sustainable organizations, financial markets, and economies, this guidance assists professional accountancy organizations (PAOs) in strengthening engagement with accountants in business, the public sector, and academia as a means to expand their reach, influence, and contribution.
The Guide aims first and foremost to help IFAC member organizations and their members in practice, especially SMPs, with the implementation of ISRS™ 4410 (Revised), Compilation Engagements, which is one of the International Standards on Related Services™ developed exclusively by the International Auditing and Assurance Standards Board (IAASB).
The voice of your professional accountancy organization (PAO) matters.
The accountancy profession is most successful and sustainable with the support of healthy national and regional professional accountancy organizations (PAOs) that have robust, effective relationships with their national and regional stakeholders, including government and regulators.
The success of any PAO relies in large part on its ability to effectively communicate, and demonstrate, its relevance to society. This begins early in a PAO’s development with promotion of:
Developed in conjunction with CPA Canada, this guide aims to help professional accountants in practice, especially those operating in small- and medium-sized practices (SMPs), in conducting review engagements in compliance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements.
This guidance was written for all organizations, regardless of their size or structure, private or public, to support the accountancy profession’s facilitation of sustainable organizations, financial markets, and economies by providing guiding principles to manage the complexities of performing a robust project and investment appraisal. Greater rigor in the appraisal and decision process can be achieved by using the principles as a benchmark against which to assess an organization’s current practice.
A Guide for Professional Accountancy Organizations
A strong and well-governed professional accountancy organization (PAO) produces and sustains a strong accountancy profession that is able to serve the public interest and contribute to economic stability and growth. A successful PAO gains much of its strength from the sense of identity, benefits, and rights that members derive from membership; and from the contributions that individual members and firms make to the PAO in recognition of its public interest perspective.
This third edition of the guide features enhancements to the two sample manuals, as well as other refinements for clarity and consistency with International Standard on Quality Control (ISQC) 1. The guide contains the requirements set out in ISQC 1 in addition to implementation guidance, including discussion material and an integrated case study that can be used as the basis for education and training.
While investments in carbon credits have significant potential to boost advancement in clean technology, protect and restore nature, and reduce greenhouse gas emissions, the burgeoning voluntary carbon market (VCM) has experienced growing pains. Critics and proponents alike have raised concerns about the quality of carbon credits, the integrity of stated emissions reductions and verification, and the appropriate role of credits in corporate net zero planning. The future of the market depends on improving its integrity, and professional accountants can play an important role.
In partnership with the Institute of Chartered Accountants of the Caribbean (ICAC), IFAC has released a timely report emphasizing the critical role of the accountancy profession in accelerating climate resilience and energy transformation across the Caribbean.
“The accountancy profession plays an essential role in the Caribbean with climate transition. The profession brings its expertise and skills with governance, strategic planning, and risk assessments to allow better decisions to be made,” said IFAC Chief Executive Officer Lee White. “As part of the change at IFAC and how it operates, I am very focused on alignment of activities by IFAC and regional bodies of our global profession, and I am pleased to partner with ICAC on this report.”
Climate Challenges Demand Professional Action
The Caribbean is on the front lines of climate change. Increasingly frequent extreme weather events and rising sea levels pose significant threats to long-term economic growth, infrastructure, and prosperity. Additionally, Caribbean nations rank among the world’s most energy-insecure, with many heavily dependent on imported fossil fuels.
Transitioning to a low-carbon, climate-resilient future will require an estimated $5–7 billion in upfront investment. Without adequate support and investment, the region risks being locked into high energy costs and missing out on the long-term benefits of clean energy and resilient infrastructure.
A Roadmap for Collective Impact
The report serves as both a call to action and a practical roadmap for the profession, offering case studies and recommendations for embedding climate considerations into business, accounting, and reporting practices. It encourages collaboration among accountants, governments, financial institutions, and development partners to align regional priorities with global climate goals.
“By strengthening, connecting and uniting the accountancy profession in the Caribbean, we enable our 12 member organizations and affiliates across the region to promote regional integration, knowledge sharing and peer learning to strengthen progress on the climate transition,” said ICAC Chief Executive Officer David Simpson. "This report highlights the key areas in which the accountancy profession and professional accountants in the region can influence transformation to achieve a climate and energy transition for the Caribbean.”
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
About ICAC
The Institute of Chartered Accountants of the Caribbean (ICAC) was established on October 28, 1988, to unify and advance the accountancy profession across the English-speaking Caribbean. With a network of over 4,000 professionals, ICAC serves as the leading regional organization dedicated to promoting internationally acceptable standards, best practices, and continuous professional development within the accounting and finance industry in the Caribbean and parts of Latin America. Recognized by the International Federation of Accountants (IFAC) as an “Acknowledged Regional Grouping,” ICAC fosters a cohesive and self-regulated profession through its annual conferences, regional monitoring programs, and strategic partnerships with global accountancy bodies. Committed to upholding the values of truth, fairness, integrity, justice, and prosperity, ICAC continues to provide leadership on emerging issues affecting the accounting profession in the region.
New report from IFAC and ICAC highlights the accounting profession’s role in unlocking climate finance and supporting the region’s energy transition
