The World Economic Forum estimates that every year the cost of corruption is at least US$2.6 trillion – or 5 per cent of global gross domestic product. And according to the World Bank, businesses and individuals pay more than US$1 trillion in bribes each year. Corruption erodes trust, undermines democratic institutions, slows economic development and contributes to governmental instability.

In the study conducted by the Centre for Economics and Business Research (Cebr), it was reported that there is a strong correlation between the proportion of professional accountants in the workforce and favourable scores on the Transparency International Corruption Perceptions Index. This shows that professional accountants have a major role to play in reducing corruption, alongside other key players in the global economy that support strong governance structures. The study further supports that professional ethics, education and oversight – all elements at the core of the accountancy profession – are key to our positive impact in tackling corruption.

CAPA therefore joins IFAC in asserting that accountants have, and need to play, an important role in uniting against corruption.

As an integral part of the accountancy ecosystem, CAPA will continue to advocate for greater transparency and accountability, the employment of stronger ethics, and the upholding of a high standard of integrity.

We join concerned citizens around the world to state our commitment in support of United Nation’s fight against this crime on International Anti-Corruption Day this 9th December.