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The agreement will expand the cooperation between the two with a focus on improving anti-corruption efforts.
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International accounting and law bodies announce MoU
02 June 2023
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9 minute read
The International Federation of Accountants (IFAC) and the International Bar Association (IBA) have agreed to a memorandum of understanding (MoU) formalising a commitment to greater cooperation between the legal and accountancy professions.
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The organisations said the MoU would provide the framework for expanding collaboration between the two professions and working closely in the fight against money laundering and economic crime.
The alliance between the two organisations includes maintaining the reputations and integrity of both professions and ensuring initiatives that regulate both the legal and accountancy professions are proportionate and fit for purpose.
The organisations said the MoU would also enhance the strength of both the IBA and IFAC’s voices on global policy issues so the professions could best serve the public interest.
IFAC chief executive officer Kevin Dancey said a stronger relationship between the two would have a positive impact.
“I hope that our relationship, at the global level, inspires and encourages professional accountancy organisations and bar associations to develop stronger bilateral relationships in their jurisdictions to increase their impact in the public interest and achieve shared goals,” said Mr Dancey.
IBA executive director Mark Ellis said the MoU should provide a greater global voice for both professions resulting in an increased impact on international policies.
“As the global voices for our respective professions, the IBA and IFAC are uniquely placed to contribute to global policymaking in the public interest,” said Dr Ellis.
“This MoU marks a natural progression of the collaborative work the IBA and IFAC have been undertaking for several years.”
“There is strength in our collective voice as we aim to bring about positive, meaningful change in the anti-corruption sector. We look forward to implementing the framework set out in this memorandum and furthering our collaborative efforts with IFAC.”
The IFAC is the global organisation for the accountancy profession which looks to strengthen the profession and contribute to the development of robust international economies.
It has 180 members and associates in 135 countries and jurisdictions and represents over 3 million accountants in public practice, education, government service, industry and commerce.
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