Abu-Ghazaleh Supports IFAC's Study on the Positive Role of Accountants in Reducing Corruption

03-May-2017

02-May-2017

In his capacity as IFAC Member
Abu-Ghazaleh Supports IFAC's Study on the Positive Role of Accountants in Reducing Corruption 

 
NEW YORK- HE Dr. Talal Abu-Ghazaleh, chairman of Talal Abu-Ghazaleh Organization (TAG-Org) stressed his support to a recent study by the International Federation of Accountants (IFAC) on the positive role of accountants in reducing corruption.

Dr. Abu-Ghazaleh stated that accountants do contribute to reducing corruption as part of their daily duties and that accounting profession and professional accountants’ main concern is to present the results of the private sector’s work with full transparency.

"We have been in this business since 1972 and we have always labeled this profession with high standards and integrity. The study by IFAC is comprehensive and plays a big part in understanding one of the major diseases that is plaguing our society and the world and that is corruption," he said.

Dr. Abu-Ghazaleh is the first Arab to have served on the Board of IFAC, in addition to chairing the UN Committee of Experts on Professional Qualifications Standards and chairing the UN Intergovernmental Group of Experts on International Standards of Accounting and Reporting.

"Corruption hurts all countries and although several countries are trying hard to curb this phenomenon still it exists widely with no hope for any improvement but optimism is necessary," Dr. Abu-Ghazaleh, Member of the Board of Trustees of the Arab Anti-Corruption Organization, added.

Dr. Abu-Ghazaleh has always called for adopting a charter of honor and a code of conduct by politicians, intellectuals, businessmen and professionals and legalizing such instruments to ensure their enforcement and the criminalization of whoever violates their provisions in order to safeguard the unity of our society and our economic and social security.

According to Dr. Abu-Ghazaleh, independence of the accounting and auditing professions being the basis of any professional ethical system is vital, stressing the need for legislators and decision-makers to issue laws and legislation that daily fight corruption.

Meanwhile, and according to IFAC CEO Fayez Choudary, corruption is an economic cancer that disproportionately impacts those least able to absorb its malignancy and this study shows that the accountancy profession-acting in the public interest-is an important part of the cure.

Talal Abu-Ghazaleh & Co. International (TAGI-Auditors), has maintained its membership in the Forum of Firms International Federation of Accountants (IFAC) for the 9th consecutive year, being the only Arab organization that is part the Forum of Firms (FOF) – among the top 20 leading professional firms worldwide. 

Entitled "The Accountancy Profession-Playing a Positive Role in Tackling Corruption," the study builds on two earlier reports: Nexus 1: The Accountancy Profession, Behind the Numbers and Nexus 2: The Accountancy Profession: A Global Value Add which examine both the size of the global profession and its contribution to the global economy.