Methodology for Assessing Adoption

Adopted

A quality assurance (QA) review system, incorporating all of the requirements of IFAC Statement of Membership Obligation (SMO) 1 has been established and is operational for all mandatory audits. Meeting all requirements of SMO 1 include adoption of relevant standards.

Partially Adopted

A QA review system, incorporating the requirements of SMO 1, has been established and is operational for some of the mandatory audits (e.g., public interest entities).

or

A QA review system for all mandatory audits has been established and is operational but does not fully incorporate the requirements of SMO 1.

or

A QA review system, incorporating the requirements of SMO 1, has been established, but is still in the process of being operationalized.

Not Adopted

No QA review system has been established or operational.

Adopted

The following are adopted for all aspiring and professional accountants and meet the requirements of the IES in their entirety in effect as of the time of the assessment:

• Entry requirements (IES 1)
• Education program with learning outcomes approaches (IES 2-4)
• Practical experience (IES 5)
• Assessments (IES 6)
• Continuing professional development requirements (IES 7-8)

Partially Adopted

The requirements that have been adopted for all aspiring and professional accountants are from an earlier version (2019) of IES.

or

The requirements that have been adopted meet the requirements of the IES in their entirety in effect as of the time of the assessment, but only for a segment of the profession.

or

Only some of the requirements have been adopted for all aspiring and professional accountants but do meet the requirements of the IES in effect as of the time of the assessment.

Not Adopted

National educational requirements that have been adopted do not demonstrably meet any of the IES requirements.

Adopted

ISA in their entirety in effect as of the time of the assessment are adopted and to be applied in all mandatory audits.

Partially Adopted

Currently effective revisions to or new ISA are not yet adopted and effective in the application of mandatory audits.

or

An earlier version of ISA in its entirety (2018 or later) is adopted and effective in the application of mandatory audits.

or

ISA in its entirety (2018 or later) are required for application, but only in selected types of audits.

Not Adopted

Pre-2018 version of ISA has been adopted.

or

National standards not converged with ISA have been adopted.

Adopted

The International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) in its entirety in effect as of the time of the assessment has been adopted for all professional accountants.

Partially Adopted

An earlier (2018 or later) version of the Code in its entirety has been adopted for all professional accountants.

or

The 2018 or later version of the Code in its entirety has been adopted for a segment of the profession.

or

Not all the requirements of the Code in effect as of the time of the assessment have been adopted.

Not Adopted

A pre-2018 version of the Code has been adopted.

or

National standards not converged with the Code have been adopted.

Adopted

Accrual-basis IPSAS with no modifications or accrual-basis IPSAS modified for local context have been adopted for application by all public sector entities. 

Partially Adopted

Accrual-basis national standards with reference to IPSAS OR accrual-basis national standards have been adopted.

or 

Partial-accrual basis IPSAS modified for local context OR Partial-accrual IPSAS with no modifications OR Partial-accrual national standards with reference to IPSAS have been adopted.

or 

Cash-basis IPSAS has been adopted. 

Not Adopted

IPSAS have not been adopted – either partial-accrual basis national standards OR cash-basis national standards are adopted. 

*In alignment with the IFAC and CIPFA’s International Public Sector Financial Accountability Index

Adopted

An investigation & disciplinary system (I&D) system, incorporating the requirements of IFAC Statement of Membership Obligation (SMO) 6, has been established and is operational for all professional accountants.

Partially Adopted

An I&D system, incorporating the requirements of SMO 6, has been adopted and is operational for some professional accountants.

or

An I&D system for all professional accountants has been established and is operational but does not fully incorporate the requirements of SMO 6.

or

An I&D system, incorporating the requirements of SMO 6, has been established, but is still in the process of being operationalized.

Not Adopted

No I&D system has been established.

Adopted

IFRS Accounting Standards in effect as of the time of the assessment are adopted and to be applied by all domestic publicly accountable entities (PAEs)** in consolidated general purpose financial statements.

Partially Adopted

IFRS Accounting Standards in effect as of the time of the assessment are not yet adopted and effective for application by all (PAEs) in consolidated general purpose financial statements.

or

IFRS Accounting Standards in effect as of the time of the assessment are adopted for only a few or select types PAEs in consolidated general purpose financial statements.

Not Adopted

National standards not converged with IFRS Accounting Standards (cannot assert compliance) have been adopted.

*In consultation with the IFRS Foundation.

**Publicly accountable entities as defined by the IFRS Foundation include: entities whose debt or equity instruments are traded in a public market or it is in the process of issuing such instruments for trading in a public market (sometimes called listed companies or public companies) and entities that hold assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses (e.g., banks, insurance companies, credit unions, and similar).