2016 is a crucial year for G-20 countries and the global economy, with new opportunities to create an environment of sustainable, inclusive growth. Given the increasingly interconnected economy, achieving this kind of growth depends on improving integrity and transparency and, in turn, restoring trust in business and government alike.

Given the essential role of professional accountants in business in strong and sustainable organizations, financial markets, and economies, this guidance assists professional accountancy organizations (PAOs) in strengthening engagement with accountants in business, the public sector, and academia as a means to expand their reach, influence, and contribution.

The Guide aims first and foremost to help IFAC member organizations and their members in practice, especially SMPs, with the implementation of ISRS™ 4410 (Revised), Compilation Engagements, which is one of the International Standards on Related Services™ developed exclusively by the International Auditing and Assurance Standards Board (IAASB). 

The voice of your professional accountancy organization (PAO) matters.

The accountancy profession is most successful and sustainable with the support of healthy national and regional professional accountancy organizations (PAOs) that have robust, effective relationships with their national and regional stakeholders, including government and regulators.

The success of any PAO relies in large part on its ability to effectively communicate, and demonstrate, its relevance to society. This begins early in a PAO’s development with promotion of:

Developed in conjunction with CPA Canada, this guide aims to help professional accountants in practice, especially those operating in small- and medium-sized practices (SMPs), in conducting review engagements in compliance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements. 

This guidance was written for all organizations, regardless of their size or structure, private or public, to support the accountancy profession’s facilitation of sustainable organizations, financial markets, and economies by providing guiding principles to manage the complexities of performing a robust project and investment appraisal. Greater rigor in the appraisal and decision process can be achieved by using the principles as a benchmark against which to assess an organization’s current practice.

A strong and well-governed professional accountancy organization (PAO) produces and sustains a strong accountancy profession that is able to serve the public interest and contribute to economic stability and growth. A successful PAO gains much of its strength from the sense of identity, benefits, and rights that members derive from membership; and from the contributions that individual members and firms make to the PAO in recognition of its public interest perspective.

This third edition of the guide features enhancements to the two sample manuals, as well as other refinements for clarity and consistency with International Standard on Quality Control (ISQC) 1. The guide contains the requirements set out in ISQC 1 in addition to implementation guidance, including discussion material and an integrated case study that can be used as the basis for education and training.

IFAC's Financial Statements are prepared in accordance with International Public Sector Accounting Standards (IPSAS) and include an independent auditor’s report.

As economies face converging challenges, global solutions must reflect regional realities.    

That’s the purpose of IFAC Connect, a global event series from the International Federation of Accountants (IFAC), that brings together professional accountancy organizations, regulators, businesses, investors, and other leaders to share insights and work together to drive meaningful change. 

Lee White, Chief Executive Officer, and Manuel Arias, Principal, Introduce IFAC Connect

Now in its second year, IFAC Connect is a platform for engagement and action. Stakeholders share insights and develop solutions that align with global baselines, and local leaders are empowered to drive transformation.   

In 2025, IFAC will hold four events in the series across the globe:  

• Africa: Nairobi, Kenya. August 19-20.  
• Middle East & North Africa (MENA): Riyadh, Saudi Arabia. October 2.  
• Latin America (IFAC Connect Global): Mexico City, Mexico. November 12-13.  
• Asia Pacific: Jakarta, Indonesia. December 5.  

Lee White, Chief Executive Officer of IFAC said, “Through IFAC Connect, we work alongside our members and the Forum of Firms to promote international standards, share best practices, and collectively shape the future of the profession in service of the public interest and stronger, more resilient economies. 

To meaningfully respond to global challenges, we must have alignment and cooperation with governments, regulators, standard setters, and the entire ecosystem. As our profession’s our collective voice, we are key drivers of positive momentum by breaking across those sector silos and creating real progress.”  

Participation is by invitation only. Visit IFAC Connect for more information or contact your IFAC regional manager.

About IFAC  
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.    

IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.    

IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.