To mark World Accountancy Week, the International Federation of Accountants has released the results of a survey that sought the views of leaders of accounting institutes worldwide on the current credit crisis and other top issues for the profession.
"According to survey respondents, the credit crisis is resulting in increased awareness of the value of professional accountants and the services they provide," said IFAC chief executive Ian Ball (pictured) in a statement. "It is now up to the profession to continue to meet the expectations of those that depend on our work and to contribute to rebuilding confidence in financial markets."
Chief executives and presidents of 110 accountancy organizations worldwide responded to the survey. They reported an increased trend in the need for services related in some way to the crisis. In the coming year they expect their members in public practice to become more involved in corporate recovery and insolvency services, assurance services (other than audit), as well as risk and compliance-related work.
Members employed in business and industry are also expected to be more involved in risk management, as well as in the areas of corporate social responsibility and sustainability, internal control, and governance and compliance work.
Respondents believe that the most important issues for the accountancy profession in the coming year are addressing the needs of small and midsized enterprises and small and midsized practices; meeting expectations to identify and prevent fraud; dealing with the changing regulatory landscape; and transitioning to International Standards on Auditing.
They also believe it is increasingly important to address the transition to International Financial Reporting Standards, auditor liability issues, the use of new technologies like XBRL, and corporate social responsibility issues.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access