Julia Irvine 7 Nov 2018 03:24pm

Ricol awarded global profession's highest honour

One-time International Federation of Accountants (IFAC) president René Ricol was yesterday awarded the international accountancy profession’s highest honour for outstanding service throughout his career

He was presented with the IFAC global leadership award in honour of Robert Sempier by IFAC’s immediate past president Rachel Grimes at the World Congress of Accountants in Sydney, Australia.

“René Ricol has served the global accountancy profession with distinction,” she said.

“During his term as IFAC president, he was a passionate advocate for standard-setting in the public interest, initiating, with international regulators and standard setters, enhancements that led to the current arrangements for setting international audit and ethics standards and helping to create the shared public-private model we recognize and still strongly support today.”

An expert comptable, financial expert and former expert at the court of last resort (Cour de Cassation), Ricol was president of the Compagnie Nationale des Commissaires aux Comptes from 1985 to 1989 and of the Ordre des Experts Compatables from 1994 to 1998.

He joined the IFAC board in 1997, and served as president between 2002 and 2004.

In 2006 he was awarded the Légion d'honneur for services to the French government, the business community and employment, and in 2011, he was promoted to the rank of grand officer. He was also awarded the Grand Cross of the National Order of Merit in 2014.

Among other services to the French government, Ricol has restructured the Agence Pour la Création d’Entreprises, chaired France Investissement which the government set up with private investors to speed up the development of capital investment in France and make more funds available for SMEs, and acted as national credit mediator to help businesses in financial difficulties in the wake of the financial crisis.

The global leadership award was set up in 2017 in honour of Bob Sempier, IFAC’s first executive director.