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  • Evaluating and Improving Governance in Organizations

    International Good Practice Guidance

    This International Good Practice Guidance provides a framework and principles-based guidance for professional accountants in business and their organizations in evaluating and improving governance. Although most organizations have a governance structure in place, it is often focused on conformance with regulations. This conformance is necessary but a governance structure should also support an organization’s efforts to improve performance. This guidance helps create a balance between performance and conformance.

    IFAC
    English
  • New IFAC Paper Highlights Roles of Regulators and Profession in Standard-Setting Process

    New York English

    A policy position paper released today by the International Federation of Accountants (IFAC) describes and explains the international standard-setting process, particularly for International Standards on Auditing (ISAs). The paper, International Standard Setting in the Public Interest, explains how responsibility is shared between public and private sector organizations to produce high quality standards that are in the public interest. The paper identifies the underlying principles of legitimacy, independence, accountability, transparency and performance that are key to a successful standard-setting process, and it describes how the structures and processes of the independent standard-setting boards in the areas of international auditing, ethics and accounting education are consistent with these principles.A policy position paper released today by the International Federation of Accountants (IFAC) describes and explains the international standard-setting process, particularly for International Standards on Auditing (ISAs). The paper, International Standard Setting in the Public Interest, explains how responsibility is shared between public and private sector organizations to produce high quality standards that are in the public interest. The paper identifies the underlying principles of legitimacy, independence, accountability, transparency and performance that are key to a successful standard-setting process, and it describes how the structures and processes of the independent standard-setting boards in the areas of international auditing, ethics and accounting education are consistent with these principles.

    In the immediate post Sarbanes-Oxley period, IFAC and the international regulatory community took initiatives to strengthen the international auditing standard-setting process in line with these principles. Among the most important actions was the establishment of the Public Interest Oversight Board (PIOB) to provide independent public interest oversight of the key elements of the standard-setting structure and process. The PIOB, formed in 2005, oversees the International Auditing and Assurance Standards Board (IAASB), the International Accounting Education Standards Board, the International Ethics Standards Board for Accountants, as well as the IFAC Member Body Compliance Program.

    "A system of shared responsibility for standard setting draws on the strengths of the profession and of the regulators. Each group brings different skills, experiences and authority to the standard-setting process," states IFAC Chief Executive Officer Ian Ball.  "The PIOB, for example, provides assurance that the standard-setting process is operating independently and in the public interest."

    In addition to the establishment of the PIOB, other significant elements of the standard-setting process include a highly transparent due process, a strong role for Consultative Advisory Groups that provide technical input from the perspective of external stakeholders, including regulators, and a composition of the standard-setting boards that has an appropriate balance of "practitioner" and "non-practitioner" members.

    Speaking about the system as a whole, Mr. Ball emphasizes, "The ultimate test of any system is that it works well, in this case meaning it produces high quality standards that operate in the public interest. The level of adoption and endorsement of the standards - also outlined in the paper - suggest that this test is being met."

     "IFAC and the regulators share a common goal: we want effective standard-setting processes," points out new IFAC President Robert Bunting. "To be effective they must operate in the public interest, they must be balanced, not resulting in excessive compliance costs for any group, and they must contribute to building public confidence in financial reporting. These criteria are ageless, but they are worth re-emphasizing in times of global crisis like these."

    International Standard Setting in the Public Interest may be downloaded from the IFAC website by going to http://www.ifac.org/Store/

    IFAC (http://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 158 members and associates in 122 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. The organization, through its independent standard-setting boards, sets international ethics, auditing and assurance, education, and public sector accounting standards. IFAC also issues guidance to encourage high quality performance by professional accountants in business.

  • IFAC Invites Professional Accountants in Business to Help Select the 2008 Article of Merit Award Winner

    New York English

    The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) is recognizing World Accountancy Week -- December 7-13, 2008 -- by launching an initiative to reach out to more professional accountants in business. The committee is inviting their participation in selecting the winner of its 2008 Articles of Merit Award Program. The program seeks to identify and promote outstanding articles on financial and management accounting topics that have been published by IFAC's 158 member bodies and associates.  This is the first time that individual accountants worldwide have been invited to be part of the selection process.

    "IFAC is dedicated to making its materials more useful and relevant to professional accountants in business," states Ian Ball, IFAC chief executive officer. "The best way to do that is to involve them more directly in our work." 

    Ten articles focused on leading-edge issues that PAIBs are addressing today have been selected by the PAIB Committee for global distribution and have been nominated for the top Article of Merit Award. Professional accountants in business are invited to rate their usefulness.  This input will be used to select the winning article.

    The ten articles may be viewed by going to http://web.ifac.org/PAIB/articles-of-merit-2008. They focus on the following topics, among others:

    • Outsourcing the finance and accounting function;
    • Measuring board performance;
    • Analyzing mergers and acquisitions;
    • Managing strategic risk;
    • Planning multi-year strategies; and
    • Achieving employee alignment and motivation.

    Individuals are requested to review and rate these articles by January 11, 2009. The winning article will be announced in early 2009.

    About IFAC
    IFAC is the worldwide 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 currently comprised of 158 professional accountancy bodies in 122 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. IFAC, through its independent standard-setting boards, sets international standards of ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

  • Global Accountancy Leaders Address Credit Crisis and Focus on Needs of Small Business

    New York English

    To mark the beginning of World Accountancy Week, the International Federation of Accountants (IFAC) has released the results of its 2008 Global Leadership Survey. This year's survey sought the views of leaders of accountancy institutes worldwide on the current credit crisis and other top issues for the profession. Chief executives and presidents of 110 accountancy organizations* worldwide responded to the survey. The majority of these organizations have been actively engaged, like IFAC, in identifying and executing appropriate responses to the crisis, supporting their members in understanding applicable international standards, and working with regulators, business groups and others to find solutions. Many of these initiatives are featured on IFAC's website in its new page on the global financial crisis (http://www.ifac.org/financial-crisis/).

    "According to survey respondents, the credit crisis is resulting in increased awareness of the value of professional accountants and the services they provide," says IFAC Chief Executive Ian Ball. "It is now up to the profession to continue to meet the expectations of those that depend on our work and to contribute to rebuilding confidence in financial markets."

    Leaders of accountancy organizations reported an increased trend in the need for services that are related in some way to the crisis. For example, in the coming year they expect their members in public practice to be more involved in corporate recovery and insolvency services, assurance services (other than audit), as well as risk and compliance related work. Members employed in business and industry are also expected to be more involved in risk management, as well as in the areas of corporate social responsibility and sustainability, internal control, and governance and compliance work.

    Respondents believe that the most important issues for the accountancy profession in the coming year are:

    • Addressing the needs of small and medium enterprises (SMEs) and small and medium practices (SMPs);
    • Meeting expectations to identify and prevent fraud;
    • Dealing with the changing regulatory landscape; and
    • Transitioning to International Standards on Auditing.

    They also believe it is increasingly important to address the transition to International Financial Reporting Standards, auditor liability issues, the use of new technologies like XBRL, and corporate social responsibility issues.

    Recently-appointed IFAC President Robert Bunting has indicated that addressing the needs of SMPs and SMEs will be a priority for IFAC over the next two years.

    "The survey confirms that meeting the needs of SMPs and SMEs is a global concern and a global goal. These entities are among those likely to suffer significantly from the current financial crisis yet they are among the least at fault. We must look for ways to mitigate the effect of the crisis on SMPs and SMEs," emphasizes Mr. Bunting.

    Other survey results point to an increase in the attractiveness of the profession to students. According to survey respondents, the factors positively influencing students are the career options available and earning potential. However, leaders of accountancy institutes indicated that the two factors having the most negative impact on the attractiveness of the profession are work/life balance and legal liability. Most respondents indicated that they have initiatives in place to address these issues.

    During World Accountancy Week, December 7, 2008 to December 13, 2008, accountancy institutes will be communicating the benefits of pursuing a career in accountancy and the role of professional accountants in contributing to economic growth and development.

    IFAC is the worldwide 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 currently comprised of 158 professional accountancy bodies in 122 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. IFAC, through its independent standard-setting boards, sets international standards of ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.


    * Note to Editors - List of IFAC 2008 Global Leadership Survey Participants

    Accountancy Institutes

    Country:Name of Organization:
    AlbaniaInstitute of Authorized Chartered Auditors of Albania
    ArgentinaFederación Argentina de Consejos Profesionales de Ciencias Económicas
    ArmeniaAssociation of Accountants and Auditors of Armenia
    AustraliaCPA Australia
    AustraliaNational Institute of Accountants in Australia
    AustraliaThe Institute of Chartered Accountants in Australia
    BangladeshThe Institute of Cost and Management Accountants of Bangladesh
    BelgiumInstitut des Experts-comptables et des Conseils fiscaux
    BelgiumInstitut des Réviseurs d'Entreprises
    BoliviaColegio de Auditores de Bolivia
    BotswanaBotswana Institute of Accountants
    BrazilInstituto dos Auditores Independentes do Brasil
    BrazilConselho Federal de Contabilidade
    BulgariaInstitute of Certified Public Accountants of Bulgaria
    CameroonOrdre National des Experts Comptables du Cameroun
    CanadaThe Canadian Institute of Chartered Accountants
    CanadaCertified General Accountants' Association of Canada
    Cayman IslandsCayman Islands Society of Professional Accountants
    ChinaChinese Institute of Certified Public Accountants
    ColombiaInstituto Nacional de Contadores Públicos de Colombia
    Costa RicaColegio de Contadores Públicos de Costa Rica
    CyprusThe Institute of Certified Public Accountants of Cyprus
    Czech RepublicChamber of Auditors of the Czech Republic
    EstoniaAudiitorkogu (Estonian Auditing Board)
    FijiFiji Institute of Accountants
    FinlandHTM-tilintarkastajat ry - GRM- revisorer rf
    FranceConseil Supérieur de l'Ordre des Experts-Comptables
    FranceCompagnie Nationale des Commissaires aux Comptes
    GeorgiaGeorgian Federation of Professional Accountants and Auditors
    GermanyInstitut der Wirtschaftsprüfer in Deutschland e.V.
    GhanaInstitute of Chartered Accountants - Ghana
    HaitiOrdre des Comptables Professionels Agrees d'Haiti
    Hong Kong Special Administrative Region of People's Republic of ChinaHong Kong Institute of Certified Public Accountants
    IndiaThe Institute of Cost and Works Accountants of India
    IndiaThe Institute of Chartered Accountants of India
    IndonesiaIndonesian Institute of Accountants
    IranIranian Association of Certified Public Accountants
    IraqIraqi Union of Accountants and Auditors
    IrelandThe Institute of Certified Public Accountants in Ireland
    IsraelInstitute of Certified Public Accountants in Israel
    ItalyConsiglio Nazionale dei Dottori Commercialisti e Degli Esperti Contabili
    JapanThe Japanese Institute of Certified Public Accountants
    KazakhstanChamber of Auditors of the Republic of Kazakhstan
    KenyaInstitute of Certified Public Accountants of Kenya
    KoreaKorean Institute of Certified Public Accountants
    KosovoSociety of Certified Accountants and Auditors of Kosovo
    LebanonLebanese Association of Certified Public Accountants
    LesothoLesotho Institute of Accountants
    LithuaniaLithuanian Chamber of Auditors
    MalawiThe Society of Accountants in Malawi
    MalaysiaMalaysian Institute of Accountants
    MalaysiaMalaysian Institute of Certified Public Accountants
    MaltaThe Malta Institute of Accountants
    MexicoInstituto Mexicano de Contadores Públicos, A.C.
    MoldovaAssociation of Professional Accountants & Auditors of the Republic of Moldova
    NamibiaInstitute of Chartered Accountants of Namibia
    NepalThe Institute of Chartered Accountants of Nepal
    New ZealandNew Zealand Institute of Chartered Accountants
    NigeriaThe Institute of Chartered Accountants of Nigeria
    NorwayDen Norske Revisorforening
    PakistanInstitute of Chartered Accountants of Pakistan
    PakistanInstitute of Cost and Management Accountants of Pakistan
    PolandAccountants Association in Poland
    PolandNational Chamber of Statutory Auditors
    RomaniaChamber of Financial Auditors of Romania
    RomaniaCorpul Expertilor Contabili si Contabililor Autorizati din Romania
    RussiaThe Institute of Professional Accountants of Russia
    Saudi ArabiaSaudi Organization for Certified Public Accountants
    SenegalOrdre National des Experts Comptables et Comptables Agréés du Sénégal
    SerbiaSerbian Association of Accountants and Auditors
    SingaporeInstitute of Certified Public Accountants of Singapore
    SloveniaThe Slovenian Institute of Auditors
    South AfricaSouth African Institute of Professional Accountants
    South AfricaThe South African Institute of Chartered Accountants
    SpainInstituto de Censores Jurados de Cuentas de España
    SwazilandSwaziland Institute of Accountants
    SwedenFAR SRS
    SwitzerlandTreuhand-Kammer
    TanzaniaNational Board of Accountants and Auditors - Tanzania
    TunisiaOrdre des Experts Comptables de Tunisie
    TurkeyExpert Accountants' Association of Turkey
    TurkeyUnion of Chambers of Certified Public Accountants of Turkey
    UgandaInstitute of Certified Public Accountants of Uganda
    UkraineUkrainian Federation of Professional Accountants and Auditors
    United KingdomAssociation of Accounting Technicians
    United KingdomInstitute of Chartered Accountants of Scotland
    United KingdomThe Association of Chartered Certified Accountants
    United KingdomThe Chartered Institute of Management Accountants
    United KingdomThe Institute of Chartered Accountants in England & Wales
    United KingdomThe Chartered Institute of Public Finance and Accountancy
    United StatesAmerican Institute of Certified Public Accountants
    United StatesInstitute of Management Accountants
    United StatesNational Association of State Boards of Accountancy
    11 AnonymousResponses from Members and Associates

    Regional Accounting Organizations and Groupings

    Eastern Central and Southern African Federation of Accountants
    Interamerican Accounting Association
    Confederation of Asian and Pacific Accountants
    Eurasian Council of Certified Accountants and Auditors
    The Institute of Chartered Accountants of the Caribbean
    The Association of Accountancy Bodies in West Africa

  • Developments in Performance Measurement Structures in Public Sector Entities

    This information paper contains the results of a survey conducted by the Professional Accountants in Business Committee (PAIB) in the spring of 2008, designed to identify similarities and differences in performance measurement structures in public sector entities and to assess the extent to which these structures help meet their objectives.

    IFAC
    English
  • Robert Bunting Assumes Presidency of IFAC; Council Names Göran Tidström Deputy President

    Rome and New York English

    Leaders of over 100 accountancy organizations worldwide met in Rome on November 11-14 to participate in the International Federation of Accountants' (IFAC) Board and Council meetings, where they addressed the global financial crisis, convergence to global auditing and ethics standards, and the profession's role in sustainable development. At the conclusion of the meeting, President Robert Bunting of the United States assumed the IFAC Presidency for a two-year term ending in November 2010. Göran Tidström of Sweden assumed the position of Deputy President. In addition, the Council approved the appointment of three new members to the IFAC Board and the reappointment of four members to a second term.*

    Newly elected IFAC President Robert Bunting, a past Chairman of the American Institute of Certified Public Accountants and an IFAC Board member since 2005, commented on the global financial crisis, pointing out "The financial crisis has clearly demonstrated how interconnected global markets are. This makes IFAC's initiatives to achieve convergence of international standards ever more urgent. Convergence to a common set of high quality accounting and auditing standards is essential to assuring the quality of the profession's services and is vital to the effective operations of markets and to promoting cross-border trade and investment."

    "I believe that IFAC has a key role to play in restoring confidence in the markets," emphasizes Mr. Bunting. "We must demonstrate that our standard-setting processes are rigorous. And we must continue to promote strong corporate governance and the highest quality practices by the world's accountants, whether they work in public practice or in business and industry. Additionally, we need to scrutinize ourselves and look at what we can do better or differently. And lastly, we must be even more engaged with all market participants and actively collaborate with them in identifying and implementing the solutions that can prevent future crises."

    Supporting these goals, the IFAC Council approved an updated Strategic Plan for 2009-2012. This plan has an increased focus on the implementation of international standards, on enhancing the relevance and sustainability of the profession, and on communicating more vigorously on regulatory, financial management, financial reporting, corporate governance, and other issues.

    "Another area of focus in the strategy and one to which I plan to give my attention is meeting the needs of small and medium practices (SMPs) and enterprises (SMEs)," adds Mr. Bunting. "The SMP/SME community did not cause the current financial crisis, but they will be very much affected by it. We must do what we can, including ensuring that they are not subject to overly burdensome regulatory requirements, to contribute to their health and effectiveness."

    The IFAC Strategic Plan for 2009-2012 is available on the IFAC website.

    IFAC is the worldwide 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 currently comprised of approximately 158 professional accountancy bodies in 122 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. IFAC, through its independent standard-setting boards, sets international standards of ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.


    * Note to Editors - IFAC Board Members (November 2008 - November 2009)

    Robert L. Bunting, President, United States

    Göran Tidström, Deputy President, Sweden

    Warren Allen, New Zealand**

    Abdeljelil Bouraoui, Tunisia

    Yugui Chen, China

    Roberto D'Imperio, Italy

    Kevin Dancey, Canada

    Ingrid Doerga, Netherlands

    Robert Hodgkinson, United Kingdom

    Gen Ikegami, Japan**

    Ved Kumar Jain, India*

    Japheth Katto, Uganda

    Olivia Kirtley, United States

    David Leonard, United Kingdom

    Bernadette McGrory-Farrell, Ireland**

    Joycelyn Morton, Australia**

    William Nahum, France

    Norbert Pfitzer, Germany

    Roberto Resa, Mexico

    Syed Asad Ali Shah, Pakistan*

    Luiz Carlos Vaini, Brazil

    Steve Vieweg, Canada*

     

    * New IFAC Board members as of November 2008
    ** IFAC Board members reappointed for a second term in November 2008

     

     

  • Address to IFAC Council

    Robert Bunting
    President, International Federation of Accountants
    Rome, Italy English

    Congratulations to Fermín del Valle on his successful and productive term as IFAC President.

    He had an eventful term of office and, under his leadership, IFAC accomplished many of its goals. In fact, he has been so energetic and committed to fulfilling the goals of IFAC that at times I wondered if he would leave anything for me to do. However, as inevitably happens, some of his initiatives will pass to me for further pursuit or implementation.

    I'm pleased to carry on and complete his good work, including advancing the process for delivering quality translations of IFAC standards, further examining how to enhance business reporting needs, and supporting initiatives addressing the needs of professional accountants in business and small and medium enterprises, to name only a few.

    I would also like to express my congratulations to Göran Tidström on his election as Deputy President.  We have already developed a strong working relationship and I look forward to a close association over the next two years.

  • IFAC Examines Developments in Public Sector Performance Measurement Structures

    New York English

    As part of its mission to serve all professional accountants in business, including those working in the public sector, IFAC's Professional Accountants in Business (PAIB) Committee has conducted a survey to obtain information about the development of financial and non-financial performance measurement and reporting structures in various public sector entities around the world.

    The results of this survey, contained in the information paper Developments in Performance Measurement Structures in Public Sector Entities, will help professional accountants in business, and others who work in the public sector, in evaluating and further improving their own financial and non-financial performance measurement structures. This will enable them to better plan, execute and control their organization's service delivery and to achieve a higher level of accountability. The results will also help IFAC's PAIB Committee to consider specific public sector aspects when developing International Good Practice Guidance for professional accountants in business.

    The survey received 250 responses from public sector organizations at all levels of government and in a variety of sectors, including local councils, public utilities and various ministries from countries all over the world. The survey results clearly demonstrate that respondents are much more satisfied with the performance measurement structures in the public sector entities for which they completed this survey, if these structures possess the following, more advanced elements:

    • A balanced combination of relevant financial and non-financial objectives, supported by specific measurement indicators (financial and non-financial KPIs);
    • Accrual accounting for the budgeting, the (legislative) appropriation and the financial reporting processes;
    • Capability for capturing, processing and reporting useful information on both financial and non-financial developments;
    • Independent external review of the figures to report on financial and non-financial performance;
    • A formal structure for measuring and assessing risk, and developing strategies to control it; and
    • A regular review to ensure that the performance measurement structure remains effective and efficient.

    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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

  • IFAC Supports Convergence in the Reporting of Financial Instruments

    New York English

    The International Federation of Accountants (IFAC) supports recent moves by the International Accounting Standards Board (IASB) to contribute to greater consistency in financial reporting and to work towards convergence of international standards, an objective which IFAC views as critical to the efficient operation of global capital markets.

    While accepting the value of moving rapidly to remove differences in the application of fair value accounting in different jurisdictions, IFAC strongly opposes attempts to change more radically, or to suspend, the use of fair value accounting without adequate due process. In particular, IFAC considers that making changes at a national or regional level that exacerbate reporting differences would serve to further confuse financial markets and would result in a reduction of confidence in financial reporting - exactly the opposite of what is required in current circumstances. "Reducing transparency is not the answer," says IFAC President Fermín del Valle, "and it will not serve the interests of investors."

    IFAC believes that the additional guidance given to those applying both accounting and auditing standards relating to fair values has been very valuable and will contribute to the public interest through more consistent application of the standards. This guidance has come from the IASB and the United States Financial Accounting Standards Board, as well as from the International Auditing and Assurance Standards Board in its Staff Audit Practice Alert, Challenges in Auditing Fair Value Accounting Estimates in the Current Market Environment.

    IFAC and its independent standard-setting boards are continuing to monitor the impact of the credit crisis and will consider whether further guidance is needed.

    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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business. For more information about IFAC, visit its website at www.ifac.org.

  • IFAC Supports a Single Set of Auditing Standards

    New York English

    The International Federation of Accountants (IFAC) today issued a policy position titled IFAC's Support for a Single Set of Auditing Standards: Implications for Audits of Small and Medium-sized Entities. The paper sets out IFAC's view that International Standards on Auditing (ISAs) are designed to be applicable to audits of financial statements of entities of all sizes, and highlights the ways in which the International Auditing and Assurance Standards Board (IAASB) considers the needs and perspectives of small- and medium-sized entities (SMEs) in the development of those standards.

    The paper emphasizes that the consistent use of the ISAs is essential to meeting the public interest expectations of an audit. If auditors intend to issue an ISA audit report, they must comply with the ISAs. This enables a consistent level of assurance to be associated with the word "audit," and allows users to make decisions in the light of a common understanding about the reliability of financial statements. The paper also emphasizes the importance of professional judgment in determining the most effective approach for a particular audit.

    The paper points out that SMEs have an alternative to obtaining an audit; they may obtain a review of their financial statements. International Standard on Review Engagements 2400, Engagements to Review Financial Statements, requires a different level of work effort by the practitioner and results in a different and lower level of assurance. The IAASB will be considering changes to this standard in light of the current needs of the marketplace. A new consultation paper, commissioned by the IAASB and developed by staff of several national auditing standard setters, seeks input on the elements that would provide a relevant and cost-effective assurance service that is an alternative to an audit for SMEs in particular. IFAC encourages the broader accountancy community to assist the work of the IAASB by responding to this consultation paper.*

    All IFAC policy positions may be downloaded from the IFAC website by going to http://www.ifac.org/Store/.

    About IFAC
    IFAC (http://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 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. The organization, through its independent standard-setting boards, sets international ethics, auditing and assurance, education, and public sector accounting standards. IFAC also issues guidance to encourage high quality performance by professional accountants in business.


    *The Consultation Paper, Matters to Consider in a Revision of International Standard on Review Engagements 2400, Engagements to Review Financial Statements, can be accessed at http://www.ifac.org/ED.