Among the key findings, the study reveals that a higher percentage of accountants in the workforce strongly correlates to better outcomes in Transparency International’s global Corruption Perceptions Index.

This index has annually ranked countries since 1995 according to their perceived levels of corruption, as determined by expert assessments and opinion surveys, with corruption defined as ‘the misuse of public power for private benefit.’

IFAC’s research found the correlation between having more accountants and reporting lower levels of corruption is up to three times stronger in both G-20 countries and countries that have adopted the Financial Action Task Force recommendations, the international anti-money laundering and combating the financing of terrorism and proliferation standards.

The federation says that when professional accountancy organizations are present in an economy, having adopted the global profession’s ethical, educational, and investigation and discipline requirements, the positive correlation with Transparency International’s index rises even further.

Fayez Choudhury, IFAC chief executive officer, said: ‘Corruption is an economic cancer that disproportionately impacts those least able to absorb its malignancy.

‘This study shows that the accountancy profession—acting in the public interest—is an important part of the cure.

‘And vitally, the study shows professional ethics, education, and oversight—at the core of the global accountancy profession—are key to our positive impact in tackling corruption.’

IFAC’s report, The Accountancy Profession – Playing a Positive Role in Tackling Corruption, is here.