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Understanding the professional accountant's role

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13th Dec 2005
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What role does a professional accountant play in business? That's the question a new information paper from the International Federation of Accountants' (IFAC) Professional Accountants in Business Committee (PAIB) aims to answer.

The Roles and Domain of the Professional Accountant in Business highlights the many roles accountants carry out from fiduciary controls to helping management set 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 organisations,' says PAIB committee chairman 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.'

As well as giving a definition of the professional accountant in business, the paper also explains the general standards to which they must adhere ' fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour.

A copy of the paper can be downloaded from: http://www.ifac.org/Store/Details.tmpl?SID=1131738910232719

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