A new joint report from the International Federation of Accountants (IFAC), ICAEW and Basel Institute, Integrated Mindset in Practice: Professional Accountants in Business and Anti-Corruption Compliance, offers a practical, actionable approach to anti-corruption initiatives by utilising an integrated mindset, resulting in long-term value creation.

The integrated mindset approach highlighted in the report encourages leadership to view financial and sustainability data in an interconnected, holistic way – in this case, applied to anti-corruption oversight and programmes. 

The report presses the role of governance in environmental, social, and governance (ESG), and a commitment to an ethical culture of integrity. It highlights red flags for accountants during risk assessments.

It calls on all professional bodies in accountancy to encourage members to embrace their role in combating corruption by:

1. Recognising themselves as key anti-corruption stakeholders.
2. Supporting integrated thinking across their organisations.
3. Being champions of Collective Action.

“The cost of corruption and financial crime are significant obstacles to economic prosperity and fairness in society,” says Lee White, IFAC Chief Executive Officer. “This report is a vital resource for professional accountants as business leaders to have an integrated mindset in continuing to respond to corruption and support economic prosperity.”

Professional accountants are uniquely positioned to influence and implement an integrated mindset within organisations, says Alan Vallance, Chief Executive of ICAEW. “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 Private Sector at the Basel Institute on Governance, says that the report encourages professional accountants to be champions of Collective Action. “Anti-corruption collective action brings business and stakeholders together to tackle the shared problem of corruption. Accountants can play a crucial role in these efforts, driving initiatives that bring real change.”

The report will be featured during “The CFO & Finance Function and Anti-Corruption: Cultivating an Integrated Mindset” webinar on July 9 at 13:00 UTC, jointly hosted by IFAC, ICAEW and the Basel Institute. 

The webinar is organised under the auspices of the B20 and in collaboration with the Organisation for Economic Co-operation and Development (OECD) and Business at OECD (BIAC), as part of the 25th Anniversary of the OECD Anti-Bribery Convention campaign. Visit the IFAC website for more details and to register.