World Bank VP to be new IFAC chief

15 Jun 12
World Bank vice-president Fayezul Choudhury has been selected to replace Ian Ball as chief executive of the International Federation of Accountants next year.

By Nick Mann | 15 June 2012

World Bank vice-president Fayezul Choudhury has been selected to replace Ian Ball as chief executive of the International Federation of Accountants next year.

He will take up his position in February 2013, when Ian Ball’s contract expires.

Choudhury has an accountancy background and has also represented the profession at a senior level. His career began in 1974 with Price Waterhouse in London. He initially worked in public accounting and then in management consulting. During his time with the firm, he spent three years in Nigeria, developing the consulting practice in that region.

He has served on a number of high-level representative bodies, including the Public Interest Oversight Board, which he was a member of from its formation in 2005 until 2010. The board was set up to ensure that international auditing and assurance, ethics and education standards for the accountancy profession are set in a transparent manner and reflect the public interest.

He also chaired the global steering committee of the International Forum for Accountancy Development and was a member of the Standards Advisory Council of the International Accounting Standards Board.

At the World Bank, he is vice-president for corporate finance and risk management. In his previous role as controller and vice president for strategic planning and resource management, he was the bank’s spokesman on global accounting and auditing issues.

Choudhury has an MA (Hons) in Engineering Science and Economics from the University of Oxford and is also a fellow of the Institute of Chartered Accountants in England and Wales.

IFAC president Göran Tildström highlighted Choudhury’s 36 years of accountancy experience and ‘strong understanding’ of the role of accounting in organisations and the issues surrounding the profession.

‘He was instrumental in the discussions that led to the creation of the current private/public sector governance arrangements for international standard-setting and has extensive knowledge of IFAC through his work in the PIOB. We are very happy to welcome Fayez to this new role,’ he said.

Choudhury added: ‘I am honoured to have been selected for this position. I firmly believe that accountancy is one of the core professions that anchor the functioning of modern societies and, as such, the role of IFAC is critically important.’

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