ETHICS

accountancy profession can best support an ecosystem of business, government, global policy makers, and others to enhance organizations’ transparency and accountability,” Hanson says.

Action Steps

IFAC’s Anti-Corruption Action Plan provides a framework for enhancing the management accounting profession’s contributions in combating corruption and economic crimes, thereby advancing the U.N. SDGs. The framework includes more than 30 recommended actions.

“Accountants are essential in the fight against corruption because we bring transparency, relevance, and integrity to the systems that underpin vibrant economies, making corruption and economic crime less profitable and easier to prevent,” Hanson says.

The establishment and adaptation of global standards based on quantitative evidence aid organizations and governments in identifying and responding to financial crimes. Additionally, accountants support strong and sustainable government institutions and financial markets through regular audits.

To reduce corruption, there must be a partnership between the public and private sectors. The Basel Institute on Governance promotes collective action, and the IFAC plan aims to bring awareness of collective action, antifraud and anti-corruption strategies, and risk management to the accounting profession.

“While it’s true that public-sector financial professionals are on the front lines overseeing the use of public funds, the private sector also plays a significant role in combating corruption and fraud and ensuring trust in business and the capital markets,” Hanson says.

Private-sector finance professionals have a critical role in identifying and managing fraud and corruption risk and implementing anti-fraud and anti-corruption measures and controls. They’re also tasked with driving an ethical organizational culture.

“Finance leaders ensure that conflicts of interest are avoided, that bribes aren’t paid, that companies compete in the marketplace with integrity, and that compliance functions are robust and adequately funded,” Hanson says.

Collaboration Is Key

Accountants represent one point in a dynamic and interconnected network. IFAC’s Anti-Corruption Action Plan enhances what finance professionals can do to fight corruption by exploring the role of anti-corruption training and education. Further, it addresses how accountants can help other actors in the ecosystem to do their parts more effectively. IFAC is developing a strong evidence base around anti-corruption corporate reporting, with the goal of helping global and domestic policy makers make better-informed decisions.

“The accounting profession has an extensive reach, as it touches nearly every business and public-sector entity worldwide,” Hanson says. “Every organization looks to accountants as a