Roger Tabor, Chair of the Professional Accountants in Business Committee addresses the Institute of Chartered Accountants of Pakistan on their 50th anniversary. Mr. Tabor discusses the influence and reach of the accountancy profession, and the objectives and focus areas of the Committee.

IFAC's comments on the FSA (UK) Guidance Consultation: Code of Practice for the relationship between the external auditor and the supervisor submitted on March 25, 2011.

Thank you for the introduction Caroline, and for the kind welcome. Good morning, ladies and gentlemen. It is a great pleasure to be here; my congratulations to CIPFA for organizing such an excellent conference.

The overall theme of this conference is trust and accountability in public financial management. The incoming Chairman of the IASB, Hans Hoogervorst, said at a recent conference in Brussels, “Without transparency, there can be no enduring stability.” I believe that without transparency, neither can there be trust or accountability. And as a basis for what follows, I should be clear that a crucial element of transparency in the public sector is accrual accounting.

The updated Sustainability Framework consolidates the important aspects of embedding sustainability into the DNA of an organization and can be applied to entities of all sizes and complexities. This edition focuses on the integration of sustainability factors from three perspectives--business strategy, operational, and reporting--and highlights the important roles that professional accountants play in facilitating the sustainable development of their organizations.

Thank you, Tony for the introduction. Good morning everyone.

It is always a pleasure to be in Melbourne. And it is a particular pleasure to be participating in this convention, both as a member of CPA Australia, and someone who, admittedly a very long time ago, was on the public sector committee of the Tasmanian branch.

Thinking about what to cover in this presentation lead me to a personal reflection on what has been achieved in governmental financial reporting over the past 40 years, where we are now, and what remains to be done. Even as a very new graduate in accounting, working in the public service in New Zealand 40 years ago, I could not understand why governments did not seem to use good accounting information.

The Professional Accountancy Organization (PAO) Development Committee of the International Federation of Accountants (IFAC) has issued a revised edition of its Good Practice Guide, Establishing and Developing a Professional Accountancy Body (the Guide), which was first released in 2005 and updated in 2007 to support professional accountancy organizations in expanding and strengthening their role and responsibilities in representing the accountancy profession.

The structure of the Guide, enhanced and simplified from the original version, is now organized in two sections: Establishing and Developing a Professional Accountancy Body, which covers the roles and responsibilities of a professional accountancy organization, education and examinations, and capacity development; and Tools and Resources to Support the Development of the Accounting Profession, which includes new case studies, practical illustrations, and supplementary guidance.

PAO Development Committee Chairwoman Deborah Williams noted, “Building on the hard work undertaken by the former Developing Nations Committee, we are very pleased to release a completely revised and updated Good Practice Guide as our first PAO Development Committee publication, which was written in response to demand from the developing profession. Strengthening professional accountancy organizations is an essential element of developing financial infrastructures, which in turn assists in achieving financial stability. Our committee and the guidance it provides helps newer professional accountancy organizations, and all of their development partners, along the path to building an effective, sustainable profession.”

The Guide should be a valuable resource for individuals and organizations involved in building the capacity of the accountancy profession, IFAC members and associates seeking further development, and other organizations involved in the regulation of accounting and auditing activities. While primarily aimed at building the capacity of the profession in emerging countries, the guide will also be useful for more developed professional accountancy organizations considering revisions to governance structures, the development of education programs, and the adoption and implementation of international standards.

This revised edition includes the following additions:

• Further guidance on enhancing public sector focus
• Expanded information about the IFAC Statements of Membership Obligations (SMOs)
• Sample Action Plans on quality assurance, and adoption and implementation of international standards
• Guidance on strengthening governance

In addition, the guide was developed in the English language with plans for translation into Arabic, French, Russian, and Spanish by December 2011.

Establishing and Developing a Professional Accountancy Body can be downloaded free of charge from the IFAC website.

About IFAC
IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

To support professional accountancy organizations in expanding and strengthening their role and responsibilities in representing the accountancy profession, the PAO Development Committee Good Practice Guide Part 1, Establishing and Developing a Professional Accountancy Body which covers the roles and responsibilities of a professional accountancy organization, education and examinations, and capacity development; and Good Practice Guide Part 2, Tools and Resources to Support the Development of the Accounting Profession, which includes new case studies, practical illustrati