Continuing its commitment to strengthen the accountancy profession and professional accountancy organizations (PAOs), the International Federation of Accountants^® (IFAC^®) today issued its annual Call for Expressions of Interest for organizations wishing to partner in these efforts.

In 2014, IFAC, the global organization for the accountancy profession, and the UK Department for International Development (DFID), which leads the UK’s work to end extreme poverty, entered into an agreement to strengthen PAOs in emerging economies. Under the agreement, DFID will provide £4.935 million over seven years to strengthen PAOs in at least 10 DFID focal countries to play a greater role in furthering economic development.

IFAC invites organizations to indicate their interest in providing PAO capacity-building services under this DFID-funded program. IFAC’s role is to facilitate, coordinate, and supervise projects to strengthen developing PAOs’ managerial, financial, and technical capacity so they can drive improvements in professional and ethical standards. Such projects ordinarily include peer-to-peer support by more established PAOs.

Expressions of Interest can be submitted online. Interested organizations need to demonstrate that they have the required qualifications and relevant experience to perform the capacity-building services. Based on information in the Expressions of Interest, IFAC will evaluate interested organizations and select eligible organizations for the database. In the future, eligible organizations may be invited to bid on specific projects. Further information is available by emailing development@ifac.org and in a questions & answers webpage.

The deadline for submission of Expressions of Interest is November 20, 2015.

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. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.

About DFID
The Department for International Development (DFID) leads the UK’s work to end extreme poverty. We're ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information visit www.gov.uk/dfid.

The IFAC Member Compliance Program Strategy, 2016-2018 has been issued after consideration of the more than 70 responses received from a 60-day public consultation period and finalization with proper regard for the public interest. The Member Compliance Program and the Compliance Advisory Panel (CAP) were established by the IFAC Board more than ten years ago as part of IFAC’s commitment to support the growth of professional accountancy organizations and encourage member organizations to further the adoption and implementation of international standards.

The Program strategy reiterates the importance of its primary activities, which center on:

• Maintaining robust application and compliance processes;
• Gathering and sharing knowledge about the adoption of international standards and practices and fulfillment of the IFAC Statements of Membership Obligations (SMOs);
• Maintaining the SMOs as a global benchmark for the accountancy profession; and
• Developing assessment methodology, tools, and guidance to support the Program.

For 2016-2018, the Program’s strategy will place a greater focus on:

• Monitoring member organizations’ compliance with membership requirements, including the SMOs, to better understand challenges facing these organizations;
• Enhancing reporting on the status of adoption of international standards; and
• Identifying actions to address adoption and implementation challenges, including support for member organizations and national authorities.

The Program’s strategy is aligned with IFAC’s mission and strategy and benefits from the inputs received from member organizations and other stakeholders as part of IFAC’s strategic planning process. These activities fulfill the Program’s mandate and are expected to remain valid over the long term.

IFAC commends the Financial Services and Treasury Bureau (FSTB) of Hong Kong on issuing the consultation paper, Proposals to Improve Regulatory Regime for Listed Entity Auditors.

IFAC supports the PCAOB’s approach of innovation and seeking to enhance wide dialogue on audit quality. IFAC also raises several important matters for consideration and caution in the development, implementation and use of audit quality indicators.

The International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, today released the Guide to Compilation Engagements. The Guide aims to help professional accountants in practice, especially those operating in small- and medium-sized practices (SMPs), in conducting compilation engagements in compliance with ISRS^TM 4410 (Revised), an International Standard on Related Services developed exclusively by the International Auditing and Assurance Standards Board^® (IAASB^®).

“The regulatory environment is changing. As a result, increasingly small- and medium-sized entities (SMEs) may now be able to choose from an array of assurance and related services to meet their needs,” said IFAC SMP Committee Chair Giancarlo Attolini. “Accounting practices, especially SMPs that typically serve SMEs, need to be prepared to help their clients navigate this choice, while being prepared to meet clients’ changing demands. The Guide can help practitioners increase their knowledge and understanding of compilation engagements, thus broadening their service offerings and strengthening their practices in this important area.”

Practitioners can use the Guide as an introduction to compilation engagements, to deepen their prior understanding and knowledge, as a day-to-day reference guide, or as the basis for training modules. The Guide includes practical guidance on the application of the requirements in the standard and “Consider Points,” which offer suggestions to facilitate efficiency and address areas where practitioners often encounter difficulties. Featuring illustrative examples alongside relevant extracts from the standard, the Guide also includes appendices with key checklists and forms that practitioners can use as is or modify to meet the requirements of their particular jurisdiction.

Visit SMP Publications & Resources for access to the Guide, which forms part of IFAC’s suite of implementation support and includes comprehensive Guides covering the implementation of the IAASB’s audit, quality control, and review standards: ISA^TM, ISQC^TM, and ISRE^TM 2400 (Revised), respectively. For access to additional implementation resources from IFAC and notable organizations from around the world, see the Global Knowledge Gateway, in particular, the areas of audit & assurance and ethics.

About the SMP Committee
The SMP Committee of the International Federation of Accountants (IFAC) represents the interests of professional accountants operating in small- and medium-sized practices (SMPs). The committee develops guidance and tools and works to ensure the needs of SMPs are considered by standard setters, regulators, and policy makers. The committee also speaks out on behalf of SMPs to raise awareness of their role and value, especially in supporting SMEs, and the importance of the small business sector overall.

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. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing over 2.8 million accountants in public practice, education, government service, industry, and commerce.

IFAC provides its views on the draft law on accounting and auditing in Cambodia. It recognizes the important role that the profession plays in strong economies and capital markets; in particular with respect to the key function auditing plays in the development and publication of high-quality financial reporting.

TheIFAC Professional Accountants in Business (PAIB) Committee sees the Exposure Draft from IESBA as a significant improvement over the original Exposure Draft (Proposed Changes to the Code of Ethics for Professional Accountants Addressing Responding to a Suspected Illegal Act) in August 2012 and believe it addresses many of the significant concerns we raised in our previous response.

The Public Interest Oversight Board (PIOB) has issued Standard Setting in the Public Interest: A Description of the Model  to provide greater clarity and broaden the general understanding of the governance functions supporting standard setting following consultations with the Monitoring Group, IFAC, and the standard-setting boards. The document reflects the current state of the standard-setting model in audit, assurance, ethics, and education for accountants. It sets forth the aims and features of the governance arrangements, with links to governing or other documents that provide further details as appropriate. The document was produced at the request of the Monitoring Group as recommended in the 2013 Monitoring Group Statement on Governance.

The IFAC Member Compliance Program influences the actions and drives the behaviors of IFAC member bodies around the world by focusing attention and resources on the role of professional accountancy organizations (PAOs) in improving the quality of the accountancy profession, thereby supporting the IFAC mission and strengthening public confidence in the global profession.

The International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, today announced the selection of the Institute of Chartered Accountants in England and Wales (ICAEW) to help strengthen Ghana’s accountancy education, training, and qualification.

In 2014, IFAC received almost £5 million from the UK Department for International Development (DFID) to fund professional accountancy organization (PAO) capacity building in ten countries over a period of seven years. Today marks the first announcement of a partner to deliver on that promise.

ICAEW and the Institute of Chartered Accountants (Ghana) (ICAG), will join forces to blend international best practice and local knowledge and experience to bring Ghana’s professional accountancy education, training, and qualification in-line with the standard demanded by an expanding economy.

ICAEW will operate a project to assist ICAG in enhancing its professional accountancy qualification examination system, as well as develop roadmaps to enhancing accreditation of educational institutions and training offices, tuition provided by the ICAG School, and the practical training and experience of newly qualified professional accountants. The project will help ICAG develop its reach, influence, and capacity to fully support Ghana’s continued economic development.

Announcing the initiative in a keynote address to the annual ICAG Presidential Luncheon, IFAC President Olivia Kirtley said, “A critical component of IFAC’s global public interest mission is to support PAO capacity building.

“Today we reaffirm the importance of a robust professional accountancy education, training, and qualification to further enhance ICAG’s already strong reputation as a trusted advisor. Ghana is a regional leader, and it aspires to engage more deeply with the global economy. IFAC and DFID are committed to helping facilitate a sustainable supply of well-educated professional accountants in Ghana, who support high-quality accounting practices and financial information across all sectors. They will be crucial to boosting confidence in organizational transparency and to attracting investment,” Ms. Kirtley said.

ICAEW has extensive experience with PAO capacity building programs. It has completed more than 30 projects with PAOs, financial regulators, and government agencies, revising and launching professional qualifications, reforming regulatory and legal landscapes, and assisting with the adoption of international accountancy standards and best practices.

ICAEW Executive Director for Professional Standards Vernon Soare commented, “ICAEW’s work with ICAG and other national PAOs is aimed at strengthening public and private investor confidence, which is a key prerequisite for sustainable economic growth. We believe every country should have its own robust national PAO, complemented by a strong professional education, training, and qualification system. We look forward to working with ICAG to find the best possible combination of our respective experience to benefit the nation’s profession and economy.”

The selection of ICAEW was made following a global Call for Expressions of Interest and an extensive proposal and review process involving multiple global organizations and the IFAC PAO Capacity Building Program Oversight Committee and Independent Selection Panel. This partnership is the first in a series of projects around the world making use of funding IFAC received from DFID in 2014 to develop the accountancy profession in emerging economies.

In addition to Ms. Kirtley, ICAG’s Presidential Luncheon was attended by the Prof. Naana Jane Opoku-Agyeman, Minister for Education; Hon. Seth Terkper, Minister of Finance; ICAG Council members, Vernon Soare, Executive Director, Professional Standards, ICAEW; and more than 600 professional accountants and business leaders.

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. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.

About DFID
The UK Department for International Development (DFID) leads the UK’s work to end extreme poverty. They are ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information, visit www.gov.uk/dfid.

About ICAG
The Institute of Chartered Accountants (Ghana) is the sole regulator of the accountancy profession in Ghana. It was established by an Act of Parliament, Act 170, in 1963. Its members are the only persons recognized under the Companies Code, 1963 (Act 179), for the audit of company accounts. The Institute is a member of three international professional bodies, namely, International Federation of Accountants (IFAC), Association of Accountancy Bodies of West Africa (ABWA), and Pan-African Federation of Accountants (PAFA). ICAG’s current membership stands at close to four thousand while student membership is nearly ten thousand.

About ICAEW
ICAEW is a world leading professional membership organisation that promotes, develops and supports over 144,000 chartered accountants worldwide. It provides qualifications and professional development, shares knowledge, insight and technical expertise, and protects the quality and integrity of the accountancy and finance profession.