Olivier Boutellis-Taft
Chief Executive Officer, Accountancy Europe
![](/sites/default/files/styles/medium/public/bio/Olivier_HD-7737.jpg?itok=lL4cisKl)
Chief Executive Officer, Accountancy Europe
CONSIDERATIONS FOR MANAGEMENT WHEN DETERMINING ACCOUNTING ESTIMATES AND RELATED DISCLOSURES
The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared an Audit Client Briefing (Briefing) based on the Canadian Auditing Standard (CAS) Audit Client Briefing of the Chartered Professional Accountants of Canada (CPA Canada), published in October 2019 and is used with permission of CPA Canada.
DOWNLOAD THE FULL BRIEFING HERE
The purpose of this Briefing is to make chief financial officers, other senior management responsible for financial statement preparation, and staff directly involved in determining accounting estimates aware of matters to consider in preparing for the auditor’s requests pertaining to ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures.
This Briefing provides an overview of:
This Briefing does not constitute an authoritative pronouncement of the International Auditing and Assurance Standards Board (IAASB), nor does it amend, extend or override the ISAs or other of the IAASB’s International Standards. It is not meant to be exhaustive and reading this Briefing is not a substitute for reading the ISAs.
IFAC, the International Federation of Accountants, today announced its first ever female-majority Board. The approval of eight Board members, including five women, occurred at IFAC’s annual Council meeting in Vancouver.
New IFAC Board members and their nominating member organizations are:
Returning members re-appointed for a second term of service to IFAC’s Board are:
Over the course of the past decade, IFAC has committed to improve gender balance on its Board and committees. Through dedicated and ongoing outreach to attract a diverse slate of candidates, with a particular focus on gender diversity, 12 of IFAC’s 23-member Board are now women.
Dr. In-Ki Joo, IFAC President, said, “On behalf of IFAC, I congratulate and welcome all of our new and returning Board members. Each of these individuals was nominated and approved on the basis of their leadership qualities, business acumen, and passion for the future of our profession. We are particularly pleased that, as a result of our deliberate focus on gender diversity, the majority of these well-qualified Board members are women.”
“I am equally pleased to congratulate the newest members of the IFAC organization,” Dr. Joo continued. “Joining IFAC demonstrates a serious commitment to the advancement of our profession, and should be recognized and applauded as a significant milestone on the path of continuous growth and improvement.”
The following Associates have been approved as IFAC Members:
In addition, five professional accountancy organizations have been approved to join IFAC as Associates:
Collectively, this signifies new representation of IFAC in Ecuador, Laos, Mozambique, and Suriname.
“We are committed to representing—and advancing—the global accounting profession. With a majority-female Board and Associates in four new countries, this is a proud moment for IFAC,” said Dr. Joo.
The new Board appointments and membership decisions were approved at IFAC’s 2019 Council meeting, held from November 13 to 14 in Vancouver, Canada.
About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.
The consequences of corruption are significant and widespread, from direct costs to individuals and society, to encouraging criminal behavior and undermining trust in institutions. Grounded in a strong ethical code, professional accountants across the globe play a critical role in the fight against corruption, bringing essential transparency, relevance and integrity to the systems that underpin vibrant economies and making corruption less profitable and easier to prevent, detect and remedy. IFAC’s advocacy in this space reflects our strongly-held belief that serving the public interest by fighting corruption, including money laundering, is central to the accountancy profession’s activities.
IFAC supports the G20's Anti-Corruption Action Plan 2019-2021 (Action Plan), which we use as a framework for our anti-corruption advocacy.
Money laundering and corruption are intrinsically linked, but money laundering is also connected to a wide range of other underlying criminal activity. While the focus of anti-money laundering policy has historically been on financial institutions—and significant progress has been made—we agree that non-financial business and professions, including the accountancy profession, also face money laundering risks. The accountancy profession is critical in the fight against money laundering, and it is incumbent on the profession to mitigate these risks.
Effectively protecting whistleblowers and handling protected disclosures are central to uncovering wrongdoing, promoting integrity and preventing corruption.
Government spending is vitally important and can be vulnerable to corruption. Public sector transparency is key to deterring and uncovering corruption. High-quality, global public sector accounting standards play a significant role in supporting public sector transparency and thereby combatting corruption.
The private sector is an essential partner of governments in the fight against corruption, and its commitment to transparency plays an integral role in achieving anti-corruption goals. High-quality global standards for accounting and auditing, as well as ethics, play a significant role in supporting private sector transparency and thereby combatting corruption.
IFAC has updated its Practice Management Guide to reflect changes made to the 2018 International Code of Ethics for Professional Accountants (including International Independence Standards), effective June 2019. The update includes:
The Guide provides comprehensive guidance to help small- and medium-sized practices operate more efficiently in the increasingly complex and competitive global marketplace for professional services. The fourth edition is organized into eight stand-alone modules, with a comprehensive range of topics including:
In order to help member organizations and practices maximize the Guide's use, IFAC provides a companion manual with suggestions on making best use of the Guide.
Click here to access the updated Practice Management Guide and Companion Manual on the IFAC website.
The Exposure Draft, Conforming Amendments to the IAASB’s International Standards as a Result of the Revised IESBA Code, proposes limited amendments to the IAASB’s International Standards in response to the revised International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code).
Deputy President, IFAC
France
Jean Bouquot became IFAC Deputy President in November 2022. Prior to his appointment, Mr. Bouquot joined the IFAC Board in November 2020, nominated by Compagnie Nationale des Commissaires aux Comptes (CNCC) and Conseil Supérieur de l'Ordre des Experts-Comptables (now Conseil National de l'Ordre des Experts-Comptables).
Mr. Bouquot was the president of CNCC from February 2017 to October 2020. From December 2012 to December 2014, he was vice-chairman of the Compagnie Régionale des Commissaires aux Comptes de Versailles (regional statutory auditors professional body) and member of the CNCC. From 2014 until 2016, he was chairman of the Compagnie Régionale des Commissaires aux Comptes de Versailles and in February 2015, he was appointed Board Member of the CNCC.
Partner at EY until October 2020, Mr. Bouquot was an audit partner since 1992 and has 40 years of experience, at Arthur Andersen from 1980 to 2002 and then EY. He was also in charge of assurance service line for France/Luxembourg/Maghreb from 2008 to 2015.
Mr. Bouquot attended HEC business school and Institut d'Etudes Politiques of Paris. He is an expert-comptable and commissaire aux comptes. He also served as a reserve colonel in the French Air Force from 2008 to 2020, including attending the Auditor 59 session at the Institut des Hautes Etudes de la Défense Nationale.
United Kingdom
Fiona Wilkinson was elected to the IFAC Board in November 2019, nominated by the UK Consultative Committee of Accountancy Bodies. She is also the Chair of IFAC's Public Policy and Regulation Advisory Group (PPRAG).
Mrs. Wilkinson was the President and Chair of the Board of the Institute of Chartered Accountants in England and Wales (ICAEW) for 2019-20, having formerly held the roles of deputy and vice president. She trained with Deloitte in London, qualified as a member of the ICAEW and worked for the firm for 11 years before setting up her own practice as a technical consultant on auditing, financial reporting and practice assurance to firms of chartered accountants. Whilst with Deloitte, she made use of her skills in French and Italian by working on assignments in cities such as Montreal, Luxembourg, Milan, Geneva and Brussels.
Mrs. Wilkinson was elected to the ICAEW's Council in 2003 and has served on its board, as chair of the ICAEW's Professional Standards Board, its Ethics Advisory Committee and its Diversity Advisory Group, and as a member of the Practice Committee and the Money-Laundering sub-committee. She is also a former President of ICAEW's South West District Society. She is currently the Chair of the Audit Committee and member of the Board of Trustees of a college based in London.
Mrs. Wilkinson is an FCA and has a BA Honours degree in French with Italian from the University of London.
Nigeria
Ismaila Zakari joined the IFAC Board in November 2019, having been nominated by the Institute of Chartered Accountants of Nigeria (ICAN). He previously served as a technical advisor on the IFAC Small and Medium Practices Committee.
Mr. Zakari is currently the Managing Partner of Ahmed Zakari & Co. (Chartered Accountants), a small- and medium-sized firmed he co-founded in 1998. He is responsible for leading a resourceful team of Gen-Y professional accountants, specializing in helping mainly small- and medium-sized enterprises and public sector clients to achieve their business goals by providing high-quality accounting, audit & assurance, tax, insolvency, Islamic finance and consulting service engagements.
Mr. Zakari was president of ICAN from 2017 to 2018. He served on the ICAN Council for 15 years. In this role he worked on numerous ICAN committees and task forces, including Students Development, Membership, Continuing Professional Education, Professional Examinations, Practice Monitoring, Ethics Investigation & Disciplinary Tribunal.
Mr. Zakari also served as a board member and technical advisor with the Pan African Federation of Accountants and Council member and Honorary Treasurer for the Association of Accountancy Bodies in West Africa.
Mr. Zakari holds a Bachelor's degree (with honors) in accounting and began his career with Sulaimon & Co., a member firm of Nexia International, in 1987. Mr. Zakari was recently appointed by Nigeria's Minister of Finance to serve on the country's Tax Advisory Committee.