According to the World Economic Forum, corruption is estimated to cost at least US$2.6 trillion ($3.6 trillion) every year- 5 per cent of global domestic product.
The World Bank estimates that businesses and individuals pay more than US1 trillion in bribes each year.
The United Nations have sought to raise awareness of the crime by setting up International Anti-Corruption day, noting that no country, region or community is immune to corruption.
The Institute of Public Accountants chief executive, Andrew Conway has backed the initiative, calling on accountants to help lead the fight against corruption.
“Corruption not only erodes trust, it has a direct detrimental impact on economic growth,” said Mr Conway.
“Accountants play a pivotal role in this united fight against corruption.
“As a profession, we hold the responsibility to promote greater transparency and accountability, employ stronger ethics and lift the standard of integrity.”