IFAC has launched an online resource to the international standards developed by the International Audit and Assurance Board, the International Ethics Standards Board for Accountants and the International Public Sector Accounting Standards Board. Along with the standards are the references and...
A global search has begun for highly qualified individuals to fill four volunteer openings on the International Ethics Standards Board for Accountants (IESBA) for an initial term of service of up to 3 years, commencing January 1, 2023.
The Public Interest Oversight Board’s (PIOB) newly formed Standard Setting Boards’ Nominations Committee has issued Invitations for Application, which includes the calls for both IESBA members and members of the International Auditing and Assurance Standards Board (IAASB). The application period will be open until March 30, 2022. The Board terms are renewable after the initial three years, for a maximum term of service of six years.
The Nominations Committee will make recommendations to the PIOB for up to four appointments and re-appointments to the IESBA. Individuals may also make nominations on their own behalf.
For additional information, please see the PIOB’s nominations web page or email SSBNominations@ipiob.org.
PIOB Opens Nominations Process, Issues Invitation for Application
The Staff of the International Ethics Standards Board for Accountants (IESBA) today released a set of frequently asked questions (FAQs) on the recently revised fee-related provisions of The International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code)*. The FAQs have been informed by the extensive discussions and consultations with a wide range of stakeholder groups and the IESBA’s own deliberations during the development and finalization of the standard.
The publication is designed to highlight, illustrate or explain aspects of the revised fee-related provisions in the Code and thereby assist in their proper application. It is intended to complement the Basis for Conclusions for the final standard and assist national standards setters, professional accountancy organizations, and professional accountants in public practice (including firms) as they adopt and/or implement the revised provisions. The publication is also intended to assist regulators and audit oversight bodies, the corporate governance community, investors, preparers, educational bodies or institutions, and other stakeholders in understanding the revised standard and its application.
*The revised standard addresses a number of topics, including threats to independence created by fees paid by an audit client (including fees for services other than audit), fee dependency, and transparency of fee-related information to those charged with governance and to the public from an auditor independence perspective in the case of public interest entities. The revised standard becomes effective for audits of financial statements for periods beginning on or after December 15, 2022. Read the provisions here.
Compliance Week caught up with Tom Seidenstein, chair of the International Auditing and Assurance Standards Board (IAASB), to talk about the independent organization’s current and future efforts to improve audit quality, the biggest challenges to audit confidence today, and what emerging issues might be around the corner.
Compliance Week interview with IAASB Chair Tom Seidenstein
Shingai Chihanya is the Assistant Technical Manager, Public Sector at the Institute of Chartered Accountants of Zimbabwe (ICAZ). Previously, he worked with the Office of the Auditor General Zimbabwe.
Pakistan
Mr. M. Ali Latif became a member of the IFAC SMPAG in January 2022. He was nominated by the Institute of Chartered Accountants of Pakistan (ICAP).
Mr. Latif has over 20 years of experience in the accounting & audit profession. He has served as President of the Pakistan Institute of Public Finance Accountants (2018-2019) and is currently serving as Vice President of ICAP (2020-2022). He has also served as an elected member of Regional Committee & Council of ICAP since 2009. He is a partner at M/s Muniff Ziauddin & Co., Chartered Accountants, representing BKR International.
Mr. Latif is a Fellow Member (FCA) of the Institute of Chartered Accountants of Pakistan (ICAP), a Certified Information System Auditor (CISA), and a Fellow Public Finance Accountant (FPFA).
Today, the International Public Sector Accounting Standards Board® (IPSASB®) has issued Improvements to IPSAS, 2021. The pronouncement was approved by the IPSASB in December 2021.
Improvements to IPSAS, 2021 includes minor improvements to IPSAS to address issues raised by stakeholders and minor amendments sourced from recent IFRS improvements and narrow scope projects.
About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.