Seeing the value of accountants in business

The International Federation of Accountants’ Professional Accountants in Business Committee has released a new information paper to build understanding of the diverse roles, competencies and value of the professional accountant in business. The paper, entitled “The roles and domain of the professional accountant in business,” includes a definition of the professional accountant in business and highlights the many roles fulfilled by professional accountants in business, including implementing and maintaining operational and fiduciary controls, providing analytical support for strategic planning and decision making, ensuring effective risk management processes are in place and assisting management in setting the tone for ethical practices.

“While there is certainly high awareness of the work of accountants in audit practice and tax preparation, there is a less understood, but equally important role that professional accountants in business play in designing and maintaining mechanisms to assure effective, ethical and responsible corporate governance and control in their organizations,” says PAIB chair Bill Connell. “This new paper demonstrates how the role of professional accountants in business is critical to the reputation and the credibility of businesses, their management and the accountancy profession as a whole.”

The paper also explains the qualifications of professional accountants in business and the general standards to which they must adhere. For example, under the IFAC Code of Ethics for Professional Accountants, all accountants, including PAIBs, must adhere to the fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behavior.

“Adherence to these principles is what distinguishes PAIBs from other professionals,” emphasizes Mr. Connell.

The information paper can be downloaded from the IFAC online bookstore free-of-charge by going to http://www.ifac.org/store.