As regards to corruption, everyone has a moral duty to fight corruption. Having
said that, ultimate responsibility for discouraging and preventing corruption,
whether within the business world or in the public sector, rests with the
management. However, because of the strategic position accountants hold in the
business enterprise, it means that accountants would have to access highly
confidential financial information on a daily basis and therefore, they have a key
role in society's efforts to reduce corruption. Thus, in a global economy, as a
corporate governance instrument, if supported by the accounting and auditing
profession, international accounting standards would be an effective instrument
to combat corruption as they aim at promoting fairness and greater transparency
in the securities markets.