Nominating Committee encourages all stakeholders—including the public—to nominate diverse candidates with strong leadership skills to serve the public interest and contribute to the work of the independent standard-setting boards.

See the Call for Nominations for more information, including available positions and requirements. Nominate via the Nominations Database by February 15, 2018. 

The excitement is building and registration is now open for the world’s largest gathering of accountants: the World Congress of Accountants (WCOA) 2018 in Sydney, Australia, November 5-8, 2018.

Held in the new International Convention Centre on the world-famous Sydney harbor and co-hosted by Chartered Accountants Australia and New Zealand and CPA Australia, the 20^th WCOA promises to be the biggest and most exciting congress yet.

IFAC’s member organizations have always played an important role in telling millions of professional accountants about the importance of WCOA. For WCOA 2018, that role has never been easier.

From now until the congress starts in Sydney next November, our member organizations will have access to innovative, regularly-updated multi-media tools and content including: press releases, social media content, news updates, videos, and photos.

IFAC members will be able to access these materials after subscribing to the WCOA newsletter for regular updates. In the coming weeks, you will receive the newsletter and information on how to set up an account and password to start utilizing the WCOA Brandfolder.

The WCOA 2018 program will explore a range of key themes, including:

• protecting the public interest and building prosperity;
• addressing the leadership challenge;
• embracing disruptive technologies and innovation;
• enhancing ethics and integrity; and
• exploring sustainable solutions to business, social enterprises, and economies.

ACCA and one of Australia’s leading universities, RMIT, are WCOA 2018’s debut sponsors but there are many additional sponsorship opportunities available. 

This publication outlines what an agreed-upon procedures engagements is, identifies the benefits to clients of offering such services, and when such engagements are appropriate. It also covers examples of financial and non-financial information AUP engagements and six short case studies with example procedures that might be applied.

This report provides an analysis of the status of adoption of international standards and best practices, the role of IFAC member organizations in the adoption process, and their fulfillment of IFAC requirements—the Statements of Membership Obligations.

Khalilullah Shaikh joined the IFAC Board in November 2023. He was nominated by the Institute of Chartered Accountant of Pakistan (ICAP). Mr. Shaikh is a Fellow member of the Institute of Chartered Accountants of Pakistan (ICAP/ Institute) and has been serving as elected Council member of ICAP since 2013. Formerly, he served a past president and vice president of the Institute and chaired various committees and task forces of ICAP, including Investigation Committee and Professional Accountants in Business Committee. Mr. Khalilullah Shaikh has also served as elected member of Southern Regional Committee of ICAP. He is also a member of PAIB Advisory Group of the International Federation of Accountants (IFAC) since 2016.

Mr. Khalilullah Shaikh has more than 15 years of work experience in senior management roles. He is currently working as Chief Financial Officer of Pakistan International Airlines. Prior to this, he was associated with K-Electric and served in various roles, as Head of Supply Chain, Director Finance and Chief Internal Auditor. Mr. Shaikh has also served as Head of Treasury at Pakistan Refinery Limited.

Mr. Khalilullah Shaikh has a passion for human development. He has been conducting weekend lectures for CA Final students and his student alumni include over 1,500 Chartered Accountants of Pakistan. On the academic front, he secured Five Gold Medals in CA Final examinations, which is a record in the history of ICAP.

The International Federation of Accountants (IFAC) has published its initial views to the Monitoring Group Consultation Paper on changes to the international audit and ethics standard-setting process.

While IFAC agrees with some aspects of the Monitoring Group Consultation Paper, including the introduction of a multi-stakeholder model, broad geographical representation, sufficient checks and balances, and a review of the nominations process, it has concerns about far reaching proposals that would fundamentally dismantle the current model.

IFAC is also concerned that the consultation paper offers no evidence for such a drastic change and that fundamental key issues are omitted from the consultation or deferred, including: funding, oversight and governance, transition process, and an impact and risk assessment. Additionally, aspects of the Consultation Paper do not accurately reflect the current standard-setting arrangements, and offer proposals that are contrary to the Monitoring Group’s stated aims.

As an alternative to the proposals in the Monitoring Group Consultation Paper, IFAC proposes changes, which further enhance the independence of international standard setting while retaining separate audit and ethics boards and allowing ethics standards to remain applicable to all professional accountants, including auditors. They reinforce a multi-stakeholder approach across all aspects of standard setting, including the Public Interest Oversight Board (PIOB) and Nominating Committee; clarify the role of the PIOB and enhance transparent, independent public interest oversight; and advocate for a funding model with contributions from all stakeholders.

IFAC welcomes regular reviews of the standard-setting process that are in the public interest and ensure that the structures for international standard setting remain relevant in a changing world.

The Monitoring Group is considering all feedback from stakeholders. Comments should be submitted by February 9, 2018 to: MG2017consultation@iosco.org.

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 International Federation of Accountants^® (IFAC^®) is seeking exceptional candidates with a strong commitment to the public interest to contribute to the strength and vitality of accounting globally by filling open volunteer positions.

The Call for Nominations for the IFAC Board and Committees in 2019, issued today, details openings and the requirements for successful nominations for membership on the IFAC Board, Compliance Advisory Panel, and three IFAC committees—Professional Accountants in Business Committee, Professional Accountancy Organization Development Committee, and Small and Medium Practices Committee.

For 2019, the Nominating Committee is seeking nominations for the next IFAC Deputy President. Nominees for this key leadership position should be senior and highly respected members of the profession, able to demonstrate a commitment to IFAC’s strategy and mission, and make astute business decisions in the best interest of the public and the global profession. The IFAC Deputy President is a two-year term position with a significant annual time and travel commitment.

Nominees are also sought for Chair of the Compliance Advisory Panel for 2018, an important leadership role that works directly with IFAC’s member organizations and global adoption and implementation of international standards.

“Each year, we ask our members to help us find diverse, accomplished leaders committed to the public interest and advancing the global accountancy profession,” said IFAC President Rachel Grimes. “With an emphasis on diversity and two significant leadership positions open, we are seeking nominations from all sectors and jurisdictions. We also thank our member organizations for the time and resources devoted to ensure continuing leadership development for future nominations.”

The Nominating Committee encourages all IFAC members to review the Call for Nominations, including the detailed information on vacancies and composition targets as well as specific membership qualifications and requirements. The companion guide offers strategic guidance in selecting candidates, including identifying the most qualified nominee for each available position. IFAC members are encouraged to make diverse nominations that reflect the depth and breadth of the global accountancy profession. Gender equality is especially important to the Nominating Committee to ensure balance on the IFAC Board and other committees; nominations of qualified female candidates are strongly encouraged.

Nominations can be submitted online via the Nominations Database by February 15, 2018. Additional information on the Nominating Committee and its open, transparent selection process is available on the Nominating Committee web page.

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.

Transparent, high-quality international standard setting for professional accountants is an essential part of the global financial architecture.

The International Federation of Accountants^® (IFAC^®) is pleased to announce that three new Board Members were elected, and two Member Organizations and one Associate Organization were admitted to the organization, at its 40^th Annual Council meeting.

Three new IFAC Board Members are:

• Asmâa Resmouki, Morocco, nominated by Ordre Des Experts Comptables;
• ElbanoDe Nuccio, Italy, nominated by Consiglio Nazionale Dei Dottori Commercialisti Degli Esperti Contabili;
• YacoobSuttar, Pakistan, nominated by the Institute of Chartered Accountants of Pakistan.

Two existing IFAC Associates were admitted as Members:

• Association of Accounting Technicians of Sri Lanka, sponsored by the Institute of Chartered Accountants of Sri Lanka;
• Institute of Certified Accountants of Montenegro, sponsored by the Slovenian Institute of Auditors.

And a professional accountancy organization was admitted as an IFAC Associate:

• Lithuanian Association of Accountants and Auditors, sponsored by the Lithuanian Chamber of Auditors.

“We are delighted to welcome our newest Board Members, as well as two Member Organizations and an Associate,” said IFAC President Rachel Grimes. “Our Board Members bring passion and experience from their home countries to support the global accountancy profession in the public interest.”

“When IFAC was founded in 1977, it had 63 founding members. Today, we have more than 175 members. This tremendous growth has been made possible by thousands of volunteers—who like today’s Board and Committee Members and their Technical Advisors—are committed public interest champions,” she said.

IFAC’s Council meeting this year brought more than 100 member and associate organizations from around the world to Brussels. The next Council meeting will take place in Sydney, Australia, in November 2018, to coincide with the 20^th World Congress of Accountants.

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

 A new publication has been developed under the IFAC Professional Accountancy Organization (PAO) Capacity Building Program, currently funded by the UK Department for International Development (DFID). The guide will enable PAOs to develop information and communication technology (ICT) roadmaps that meet the individual needs of each PAO based on their infrastructure, level of development, regulatory obligations, and number of stakeholders, as well as consider external and environmental factors that may impact ICT planning.

The IFAC PAO Capacity Building Program supports the development and growth of PAOs around the world. By working with IFAC’s global stakeholders—PAOs, international donors, the international development community, and others—the Program works to solve the global need for growth and development of the accountancy profession, all in support of the public interest.