The International Federation of Accountants (IFAC), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Basel Institute on Governance have jointly released a new report titled Integrated Mindset in Practice: Professional Accountants in Business and Anti-Corruption Compliance. This report provides practical guidance and actionable strategies to approach anti-corruption initiatives with an integrated mindset, fostering long-term value creation.
The report promotes the concept of an “integrated mindset,” encouraging company leaders to view financial and sustainability data holistically. Integrated Mindset in Practice offers guidance for companies, especially professional accountants in business, to apply this integrated approach to anti-corruption oversight and programmes. It underscores the critical role of governance in environmental, social, and governance (ESG) issues, emphasising a commitment to an ethical culture of integrity and identifying red flags for accountants during risk assessments.
Advocating a “whole of business” approach to anti-corruption, the report urges professional accountancy organisations to inspire their members to:
- Recognise themselves as key anti-corruption stakeholders.
- Support integrated thinking across their organisations.
- Champion Collective Action.
Lee White, IFAC Chief Executive Officer, remarked, “The cost of corruption and financial crime are significant obstacles to economic prosperity and fairness in society. This report is a vital resource for professional accountants as business leaders to adopt an integrated mindset in addressing corruption and supporting economic prosperity.”
Alan Vallance, Chief Executive of ICAEW, added, “Professional accountants are uniquely positioned to influence and implement an integrated mindset within organisations. With these tools and insights, they will be able to embed anti-corruption measures into their organisations’ broader ESG framework, ensuring that integrity and transparency remain at the forefront of business practices.”
Vanessa Hans, Head of the Private Sector Division of the Basel Institute on Governance, noted, “This report encourages professional accountants to be champions of Collective Action as part of a ‘whole of business’ approach to anti-corruption. Anti-corruption Collective Action unites businesses and stakeholders to address the shared problem of corruption. Accountants can play a crucial role in these efforts, driving initiatives that bring real change.”
