The Association of Chartered Certified Accountants (ACCA) conducted a global study Climate Action and the Accountancy Profession: Building a Sustainable Future among 3,000 representatives of the public and private sectors, large and small organizations. Only 15% said that their organizations have set targets to achieve net zero greenhouse gas emissions by 2050. 38% said that the companies they work for are ready to invest much more in addressing climate change over the next three to five years.

The International Federation of Accountants (IFAC) shared its vision for the assurance of sustainability information. This position is based on long-term observations of world best practices and takes into account the need for global standards, clear regulation that ensures business decision-making by users of sustainability reporting and the value of an interconnected approach to sustainability and financial information reporting and assurance.

A holistic approach is needed to narrow the audit expectation gap for the benefit of public interest, according to a new report issued by the Association of Chartered Certified Accountants (ACCA), Chartered Accountants Australia and New Zealand (CA ANZ), Chartered Professional Accountants of Canada (CPA Canada) and the Canadian Auditing and Assurance Standards Board (CAASB).

Continuing professional development and self-education is a requirement of international internal standards of auditing. Here it is very important to understand that 20 years of experience in the profession does not guarantee successful employment in the future. It is necessary to constantly acquire new knowledge, but at the same time apply them and correctly communicate this knowledge and recommendations in teamwork, with the audited units.

To address the challenges facing companies due to new challenges and trends, without increasing costs, the accounting and auditing professionals have to step out of their comfort zone and play by market rules.

Traditional management is based on the analysis of previous experience and decision-making. Today, this approach is less and less effective, as companies have to solve unique problems that have nothing to do with any historical experience. Simple analytical operations have long been performed by machines. Under these conditions, managers, including CFOs, are forced to change their decision-making strategies, adding creativity, innovation and non-linear thinking to traditional forecasting and monitoring. For financial departments, this is, in particular, reaching a new level of interaction with other participants in the process within the company and beyond.

Every year, the importance of auditing is growing for business leaders, business owners, top management and investors, and its results are highly valued and have a decisive influence on the pivotal decisions of companies around the world. However, recently there has been a noticeable trend of expanding the scope of authentication. To do this, the audit must respond more quickly to change and constantly evolve, expanding the set of tools for its implementation and adding to the range of necessary competencies of auditors, in particular in the field of IT, to maintain its relevance.