Pan African Federation of Accountants Call to Action
21 December 2022
Pan African Federation of Accountants (PAFA) issued a call for action for African professional accountancy organisations to adopt strategies that support professional accountants for people, planet, and prosperity.
Professional accountants have both a public interest responsibility and a transformative opportunity to lead change.
PAFA’s members and associates represent more than 123,000 professional accountants on the continent. Drawing on studies conducted by PAFA and key collaborators, the outcomes of the 2022 PAFA PAO Leadership Forum, and publications of the African Professionalisation Initiative (API) and IFAC, this call highlights areas of focus that professional accountancy organisations should consider in developing their strategies for 2023 and beyond to support the development of future-fit professional accountants for Africa. In line with these the following five strategic focus areas should be considered as highlighted below.
- Leading sustainability reporting and assurance
A study revealed that professional accountants across Africa were less optimistic about their contribution to reports on the impact of business activities on the environment and society due to limited understanding of ESG (Environment, Social, Governance) and what is required of them in this space. Professional accountancy organisations can rectify this by actioning the recommendations included in this call.
- Strengthening governance, transparency, and accountability in the public sector
The accountancy profession should play a more significant role in influencing public policy and serve as trusted advisors to governments on socioeconomic development initiatives.
- Enhancing the quality of accountancy services
A country-level quality review system is key to ensuring quality accountancy services critical for enhancing confidence in business, trust in government, foreign direct investment, and the effective use of development assistance.
- Realising Africa’s growth objectives through the African Continental Free Trade Area (AfCFTA)
To assist realising growth objectives professional accountants must understand better how to interpret key priorities for transforming the accountancy profession—i.e., economy, talent, sustainability, regulation, public sector, small business, and trust.
- Fighting corruption and economic crime
The accountancy profession is well placed in business, the public sector and society to help fight corruption and economic crime. The profession is also well placed to support an ecosystem of key actors and policymakers that strive to counter corruption and economic crime.
Setting the right strategies is key
To assist in moving from commitment PAFA calls on the leadership of professional accountancy organisations to include the five areas of focus in their strategies for 2023 and beyond.
You can read more in the PAFA Call to Action here: PAFA Call to Action – December 2022
To find out more about PAFA you can visit their website here.
Read the State of the Profession in Africa report here.
