IFAC has released the results of its 2008 Global Leadership Survey , which sought, the views of accountancy institute leaders on the current credit crisis and other professional issues. Chief executives and presidents of 110 accountancy organizations responded to the survey. According to respondents, the credit crisis has created an increased awareness of the value of professional accountants, and the services that they provide. Institute leaders also reported an increase in the need for services related in some way to the crisis, such as corporate recovery and insolvency services.
Respondents believe that the most important issues for the accountancy profession in the coming year are:
- Addressing the needs of small and medium enterprises (SMEs) and small and medium practices (SMPs);
- Meeting expectations to identify and prevent fraud;
- Dealing with the changing regulatory landscape; and
- Transitioning to International Standards on Auditing.