BusinessPostCorner.com
No Result
View All Result
Thursday, June 5, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

IFAC works to develop accounting profession in Africa

June 27, 2024
in Accounting
Reading Time: 3 mins read
A A
0
IFAC works to develop accounting profession in Africa
ShareShareShareShareShare

The International Federation of Accountants has teamed up with the Pan African Federation of Accountants to release a new report on how the accounting profession can play a key role in transforming Africa’s finances.

The two groups released a report Thursday on how achieving the continent’s growth and sustainable development ambitions requires the active contribution of accounting and finance professionals. The report, available in both English and French, discusses how influential accountants on company boards, and as CFOs and trusted business advisors, can drive sustainable economic growth in Africa and navigate challenges such as energy access, a lack of regional integration, rising public debt, as well as climate change adaptation and mitigation estimated to cost between $68 billion and $108 billion a year. The report was presented at PAFA’s General Meeting on Wednesday, 

“We believe the accountancy profession has a critical role in achieving transformation in Africa and empowering change,” said IFAC CEO Lee White in a statement Friday. “We value our partnership with PAFA to support regional efforts towards addressing Africa’s priorities to enable sustainable growth and build capital market efficiency and transparency.”

The report was informed by a panel of experts at IFAC’s Professional Accountants in Business Advisory Group meeting in South Africa moderated by PAIB Advisory Group chair Sanjay Rughani. Experts came from the Brookings Institution, the African Development Bank, the World Bank, TradeMark Africa, Amundi Asset Management, Standard Chartered Bank, Nedbank and Investec Bank. The panel also included Josephine Okui Ossiya who provided CFO lessons from the Bujagali hydroelectric power station.

“By strengthening the capacity and influence of the accountancy profession in Africa, we enable our 56 member organizations in 45 countries to help drive sustainable growth and prosperity by enhancing trade and regional integration, investment, the quality of services and trust in institutions,” said PAFA CEO Alta Prinsloo. “This report highlights the key areas in which the accountancy profession can influence transformation to achieve a just and sustainable transition for Africa.”

Sustainability assurance

Earlier this week, IFAC also released a report on what to expect from sustainability assurance. “We are in the midst of a significant global transformation as businesses seek opportunities and ways to respond to sustainability-related challenges,” White stated. “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 is calling for sustainability assurance engagements to be conducted in accordance with the global standards being developed by the International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants to help ensure high-quality assurance.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Horizon expert ‘pressurised’ by Post Office over Misra evidence

Next Post

Ramaphosa holds talks with Democratic Alliance after its threat to quit coalition

Next Post
Ramaphosa holds talks with Democratic Alliance after its threat to quit coalition

Ramaphosa holds talks with Democratic Alliance after its threat to quit coalition

Meta agrees 20-year deal to buy output from Illinois nuclear plant

Meta agrees 20-year deal to buy output from Illinois nuclear plant

June 3, 2025
What accounting firms should consider before taking private equity

What accounting firms should consider before taking private equity

June 2, 2025
Public Pressure Mounts: Most Voters Want Stricter Crypto Laws, New Poll Finds

Public Pressure Mounts: Most Voters Want Stricter Crypto Laws, New Poll Finds

June 2, 2025
US tariffs of 50% on steel and aluminium come into force

US tariffs of 50% on steel and aluminium come into force

June 4, 2025
Lincolnshire baby banks report rapid rise in demand for services

Lincolnshire baby banks report rapid rise in demand for services

June 3, 2025
Treasury head Scott Bessent says Jamie Dimon should relax about the bond markets: ‘For his entire career he’s made predictions…none of them have come true’

Treasury head Scott Bessent says Jamie Dimon should relax about the bond markets: ‘For his entire career he’s made predictions…none of them have come true’

June 2, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Becoming WPP’s CEO wasn’t on Mark Read’s ‘roadmap’—today he’s transforming the advertising giant with AI

Becoming WPP’s CEO wasn’t on Mark Read’s ‘roadmap’—today he’s transforming the advertising giant with AI

June 5, 2025
Ethereum Foundation Reworks Treasury Strategy — What Changes to Expect

Ethereum Foundation Reworks Treasury Strategy — What Changes to Expect

June 5, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!