Credibility of the profession,
standard-setting, and the adoption and implementation of
International Standards on Auditing (ISAs) are key areas of focus
for profession leaders, according to an International Federation of
Accountants (IFAC) survey.
The survey 2010 IFAC Global Leadership
Survey of the Accounting Profession found the transition to
ISAs is one of the most crucial issues the accountancy profession
faces with 96% of respondents citing this as very important or
The majority (98 to 99%) of respondents agree
IFAC has a key role to play in convergence and leading the way in
the global adoption and implementation of standards.
The survey also found a substantial need for a
global code of ethics to protect the fundamental qualities of the
profession, particularly relating to independence. However,
respondents said the code would need to take local culture into
account and be effectively enforced.
Sustainability reporting is another key issue
with 91% saying progression of corporate social responsibility,
including sustainability, is important to the profession.
In addition, 95% of respondents said that
addressing the needs of SMEs and SMPs is crucial.
In terms of staffing there is increasing
demand for accountants, particularly in public practice, with about
three-quarters (78%) of respondents saying demand is very high or
high in public practice accounting, advisory and tax roles and
(71%) in public practice auditing and assurance roles.