To assist auditors in addressing the challenges of auditing fair value accounting estimates, the staff of the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), today released an audit practice alert. The alert was developed following consultation with the IAASB's Task Force on Fair Value Auditing Guidance, which is considering the need for new or modified guidance in light of current marketplace issues.

The purpose of the alert is to highlight areas within the International Standards on Auditing (ISAs) that are particularly relevant in the audit of fair value accounting estimates in times of market uncertainty.

James Sylph, Executive Director, Professional Standards, noted, "Recent events in some of the world's largest financial markets continue to call attention to the difficulties in establishing fair values. This Staff Audit Practice Alert responds to calls from the Financial Stability Forum and others for further guidance on the audit of fair value accounting estimates. I believe this alert will be relevant to auditors of entities of all sizes as they prepare for the next audit season."

The alert also directs auditors to the recently revised ISA 540 (Revised and Redrafted), Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures, which was influenced by the changes in the credit markets during 2007. While not effective until audits of financial periods commencing on or after December 15, 2009, it includes guidance that is likely to be useful to auditors planning their 2008 engagements.

The practice alert, Challenges in Auditing Fair Value Accounting Estimates in the Current Market Environment, may downloaded free of charge from the IFAC website (www.ifac.org). For more information on the other IAASB initiatives with regard to fair value, please visit http://www.ifac.org/IAASB/ProjectHistory.php?ProjID=0080.

About the IAASB and IFAC
The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

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. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), today released seven International Standards on Auditing (ISAs) following the consideration and approval of due process by the Public Interest Oversight Board (PIOB). The ISAs are in the new style following the conventions developed in the IAASB's project to improve the clarity, and therefore the application, of its standards. Some of the standards released today have been substantively revised, while others have been redrafted to apply the new conventions. The standards will provide further momentum toward achieving convergence and contribute to enhancing understanding of the purpose and scope of audits, and their effective conduct.

The New Standards

The clarified ISAs include ISA 200 (Revised and Redrafted), Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing. This fundamental ISA contains an overview of an audit to aid in understanding its purpose and scope; defines the respective authority of the requirements and guidance in ISAs; and contains the most fundamental requirements for auditors. It emphasizes the importance of sound and consistent professional judgment by the auditor, and the necessity for sufficient audit evidence to support the auditor's opinion.

John Kellas, IAASB Chairman, explained, "The issuance of ISA 200 (Revised and Redrafted) is a milestone for the IAASB in that it codifies the principles underpinning the interpretation of standards drafted using the clarity conventions. As the overarching standard to all other ISAs, ISA 200 (Revised and Redrafted) establishes the basic objective and obligations of the auditor, and sets out how the objectives, requirements and guidance in all ISAs are to be understood."

In addition to ISA 200 (Revised and Redrafted), the IAASB also released:

• ISA 320 (Revised and Redrafted), Materiality in Planning and Performing an Audit;
• ISA 450 (Revised and Redrafted), Evaluation of Misstatements Identified during the Audit;
• ISA 530 (Redrafted), Audit Sampling;
• ISA 610 (Redrafted), Using the Work of Internal Auditors;
• ISA 705 (Revised and Redrafted), Modifications to the Opinion in the Independent Auditor's Report; and
• ISA 706 (Revised and Redrafted), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report.

"In clarifying the ISAs, the IAASB aimed to eliminate any possible ambiguity within the extant standards and to drive more consistent application by auditors. The revisions released today in particular upgrade the standards in the important areas of materiality and misstatements and reporting by the auditor," noted Mr. Kellas.

These ISAs form part of the IAASB's program to redraft existing standards following the clarity drafting conventions. * To date, the IAASB has released 22 final clarity redrafted ISAs. The IAASB is on track to finalize its complete set of clarified ISAs by the end of this year. All clarified ISAs will be effective from a single date, for audits of financial statements for periods beginning on or after December 15, 2009.

The ISAs can be downloaded free-of-charge from the IFAC online bookstore at http://www.ifac.org/store.

About the IAASB and IFAC
The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

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. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

* Key elements of the clarity drafting conventions include: establishing an objective for the auditor with respect to the subject matter of each standard; clearly distinguishing requirements from guidance on their application; avoiding ambiguity through eliminating the present tense to describe actions by the auditor and using more imperative language where a requirement was intended; and other structural and drafting improvements to enhance the overall readability and understandability of the standards.

The International Federation of Accountants (IFAC) today released a consultation paper Matters to Consider in a Revision of International Standard on Review Engagements (ISRE) 2400, "Engagements to Review Financial Statements" developed by staff from the national auditing standard setters of New Zealand (Professional Standards Board), Canada (Auditing and Assurance Standards Board), and South Africa (Independent Regulatory Board for Auditors). It is expected that the responses to this paper will assist the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of IFAC, in its consideration of a relevant and cost-effective assurance service that is an alternative to an audit for small- and medium-sized entities in particular.

The paper, commissioned by the IAASB, focuses on a number of significant matters relevant to a revision of ISRE 2400, including the nature and extent of the work a practitioner should perform in an engagement to review financial statements, and how the level of assurance obtained should best be communicated to users.  It also raises numerous discussion points. In so doing, it helps to accelerate the IAASB’s work to revise ISRE 2400, a project that is included in the IAASB's Strategy and Work Program for 2009-2011.

"We are grateful for this collaborative effort on the part of auditing standard setters in South Africa, Canada, and New Zealand, and encourage practitioners, other national auditing standard setters, national professional accountancy bodies, end users of review services, and others with an interest in alternative assurance services, to review and respond to the issues discussed in this paper," emphasizes Jim Sylph, IFAC Executive Director, Professional Standards. "The preliminary input in response to this paper will help guide the Board’s work and enable it to address in a timely and efficient manner the needs of users, practitioners and other stakeholders for robust and appropriate standards," he adds.

How to Comment
Comments on the consultation paper are requested by December 15, 2008. The paper may be downloaded from the IFAC website at http://www.ifac.org/EDs. Comments on the consultation paper may be sent to reviewengagements@ifac.org. They may also be faxed to James M. Sylph, IFAC Executive Director, Professional Standards, at +1-212-286-9570 or mailed to him at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website

About the IAASB
The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

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.  In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

Following the consideration and approval of due process by the Public Interest Oversight Board (PIOB), the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), today released International Standard on Auditing (ISAs) 550 (Revised and Redrafted), Related Parties and three clarity redrafted ISAs.

Related Parties
The involvement of related parties in major corporate scandals encouraged the IAASB to revise its current auditing standard on the subject. The revised Related Parties standard clarifies the meaning of "related party" for purposes of an audit. It also makes clear the auditor's responsibility to obtain sufficient evidence about the required accounting and disclosure of related party relationships and transactions and to understand how such relationships and transactions affect the view given by the financial statements.

"The standard will strengthen current auditing practice in this area by emphasizing the need for the auditor to understand related party relationships and transactions in order to identify the risks of material misstatement to which these may give rise, and directing the auditor to focus work effort on the assessed risks of material misstatement, including those due to fraud," explains John Kellas, IAASB Chairman.

"The revised standard clarifies the auditor's responsibilities in those cases where the financial reporting framework establishes minimal or no related party requirements. In addition, it provides enhanced guidance to assist the auditor in understanding and responding to the risks of material misstatement that may arise in relation to related parties with dominant influence," emphasizes Kellas.

Clarity Redrafted ISAs
In addition to ISA 550 (Revised and Redrafted), the IAASB has also released the following clarity redrafted ISAs:

• ISA 250 (Redrafted), Consideration of Laws and Regulations in an Audit of Financial Statements;
• ISA 510 (Redrafted), Initial Audit Engagements-Opening Balances; and
• ISA 570 (Redrafted), Going Concern.

They form part of the IAASB's ambitious 18-month program to redraft existing standards following the clarity drafting conventions.* To date, the IAASB has released 15 final clarity redrafted ISAs. The IAASB is on track to finalize its complete set of clarified ISAs by the end of this year.

The complete set of clarified ISAs, including newly revised standards such as ISA 550 (Revised and Redrafted), will be effective for audits of financial statements for periods beginning on or after December 15, 2009.

The ISAs can be downloaded free-of-charge from the IFAC online bookstore at http://www.ifac.org/store. 

About the IAASB and IFAC
The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

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. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

* Key elements of the clarity drafting conventions include: establishing an objective for the auditor with respect to the subject matter of each standard; clearly distinguishing requirements from guidance on their application; avoiding ambiguity through eliminating the present tense to describe actions by the auditor and using more imperative language where a requirement was intended; and other structural and drafting improvements to enhance the overall readability and understandability of the standards.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), today released its Strategy and Work Program, 2009-2011. The three-year strategy includes an emphasis on the development of standards that contribute to the effective operation of the world's capital markets and that address the needs of small- and medium-sized entities and small and medium practices.

The Strategy and Work Program, issued following consideration and approval of its completeness from a public interest perspective by the Public Interest Oversight Board (PIOB)*, is consistent with the IAASB's overall objectives. ** It builds on the strong base of standards developed by the IAASB to date and focuses on three areas:

• The development of standards;
• The facilitation and monitoring of adoption of those standards; and
• Responding to concerns about the implementation of the standards by activities designed to improve the consistency with which they are applied in practice.

"The IAASB's vision is that the high quality standards on assurance, related services and, in particular, International Standards on Auditing that we develop in the public interest are adopted and applied internationally. The strategy and work program are consistent with this longer term vision," explains John Kellas, IAASB Chairman.

The Strategy and Work Program responds to significant developments in the environment in which audit and other assurance services are performed, and in which standards for such services are set. It also highlights the IAASB role in working toward global acceptance of and convergence with its standards and in establishing and maintaining relevant partnerships. It is underpinned by the IAASB's communications initiatives to keep stakeholders informed of its activities and to promote adoption and implementation of its standards.

The Strategy and Work Program reflects the outcome of an extensive consultation program to obtain the widest possible input into determining the IAASB's priorities over the next three years. A summary of the IAASB's conclusions with regard to significant matters raised during these consultations is presented in the Basis for Conclusions: IAASB Strategy and Work Program, 2009-2011.

"I am grateful to the many people and organizations that contributed to our strategy review consultations. I hope that the direction of our work will be seen as responding to the representations made to us, and to the public interest, which must be our overriding concern. Of course, events and circumstances may require us to amend our program, and for this reason it will be kept under constant review," notes Kellas.

The Strategy and Work Program, 2009-2011 can be downloaded free-of-charge from the IFAC online bookstore. To access the related Basis for Conclusions and other information on the IAASB's work, visit its home 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 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. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

Notes to Editors

* The PIOB was formally established in February 2005 to oversee IFAC's auditing and assurance, ethics, and education standard-setting activities as well as the IFAC Member Body Compliance Program. The objective of the PIOB is to increase confidence of investors and others that such activities, including the setting of standards by the IAASB, are properly responsive to the public interest. PIOB members are nominated by international institutions and regulatory bodies.

** The objective of the IAASB is: "To serve the public interest by setting, independently and under its own authority, high quality standards dealing with auditing, review, other assurance, quality control, and related services, and by facilitating the convergence of national and international standards." This objective contributes to enhanced quality and uniformity of practice in these areas throughout the world and to strengthened public confidence in financial reporting. The IAASB aims to achieve its objective through the following strategic initiatives:

(a) Development of Standards - Establish high quality auditing, review, other assurance, quality control, and related services standards.

(b) Global Acceptance, Convergence and Partnership - Promote the acceptance and adoption of IAASB pronouncements throughout the world and support a strong and cohesive international accountancy profession by coordinating with IFAC member bodies, regional organizations, and national standard setters to achieve the objective of the IAASB.

(c) Communication - Improve the quality and uniformity of auditing practices and related services throughout the world by encouraging debate and presenting papers on a variety of audit and assurance issues and increasing the public image and awareness of the activities of the IAASB.

The Board of the International Federation of Accountants (IFAC) has appointed Prof. Dr. Arnold Schilder, RA, to lead the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of IFAC, beginning January 1, 2009. Prof. Schilder's appointment to a three-year term as IAASB Chair was approved by the Public Interest Oversight Board (PIOB)*, which oversees the IAASB's activities, at its meeting in Madrid, Spain last week.

"Arnold Schilder brings both a breadth and depth of experience and strong integrity to the position of IAASB Chair," states Fermín del Valle, IFAC President. "As its next chair, he will lead the IAASB in continuing to develop high quality international audit standards to be used around the world."

Prof. Schilder is currently Executive Director of De Nederlandsche Bank NV, the prudential supervisor of financial institutions in the Netherlands. He is a member of the Basel Committee on Banking Supervision and served as Chairman of its Accounting Task Force from 1999 to 2006. Prof. Schilder has also served as a member of the PIOB and as Chairman of the European Interim Working Committee on Financial Conglomerates. In addition, he is a part-time professor of auditing at the University of Amsterdam and is a past President of the Koninklijk Nederlands Instituut van Registeraccountants, IFAC's member body in the Netherlands. Previously, he was a senior international audit partner in PricewaterhouseCoopers (PwC) in the Netherlands and worked for PwC and predecessor firms from 1972 to 1998.

As chair, Prof. Schilder will lead the IAASB in its initiatives in setting high quality auditing and assurance standards and facilitating the convergence of international and national standards. He will play a key role in guiding the IAASB as it strives to enhance the quality and uniformity of audit practice throughout the world and to build public confidence in financial reporting.

"I am delighted to chair the IAASB during the next three years as it continues to fulfill its public interest mission," states Prof. Schilder. "I will welcome the input of all our stakeholders, including users of IAASB standards, national standard setters, regulators, governments, and the public, as the IAASB addresses new assurance topics as well as promotes further the benefits of its standards to key constituencies that have not yet adopted them."

For more information about the work of the IAASB, visit its home page at http://www.iaasb.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 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.  In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

* Note to Editors
The Public Interest Oversight Board (PIOB) was formally established in February 2005 to oversee IFAC's auditing and assurance, ethics, and education standard-setting activities as well as the IFAC Member Body Compliance Program. The objective of the PIOB is to increase confidence of investors and others that such activities, including the setting of standards by the IAASB, are properly responsive to the public interest. PIOB members are nominated by international institutions and regulatory bodies.

French and Spanish translations of the press release are posted below.

Alta Prinsloo, CA (SA), has been named Director of Operations of the International Federation of Accountants (IFAC), the global organization for the accountancy profession, effective January 1, 2009. Ms. Prinsloo is currently Deputy Director of the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of IFAC. She joined the organization as an IAASB Senior Technical Manager in September 2002.

As Director of Operations, Ms. Prinsloo will oversee IFAC's planning, budgeting, and financial management and accounting processes, including supporting the activities of IFAC's Planning and Finance Committee and Audit Committee. She will direct the organization's day-to-day operations, play a key role in the strategic planning process, oversee its human resources and information technology activities, and manage preparations for IFAC Board and Council meetings.

 "Alta's strong international experience, together with the leadership and management skills she has demonstrated with the IAASB, will be of great value to IFAC as she assumes the role of Director of Operations," states Ian Ball, IFAC Chief Executive Officer. "In that capacity, Alta will play a central role in the effective management and operations of a global organization with more than 150 member organizations worldwide."

Prior to joining IFAC, Ms. Prinsloo was Technical Director of the South African Institute of Chartered Accountants, an IFAC member body, where she managed the Technical Department and oversaw the convergence of South African accounting and auditing standards with international standards. She also served as a technical advisor to the South African member of the IAASB from January 2001 to March 2002.

Alta Prinsloo will assume the position later this year, after she has completed her obligations with respect to work on the IAASB Clarity project. She will take over from Stephen Walker, who has served as IFAC Director of Operations since September 2002 and will be returning to his home country of New Zealand.

"Stephen has played a very significant role in strengthening IFAC's strategic planning and finance functions and improving our organization's efficiency. We are grateful for his many contributions to IFAC, and we wish him all the best for the future," states Mr. Ball.

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.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, is seeking nominations for two public member positions on the International Auditing and Assurance Standards Board (IAASB) beginning in January 2009. Individuals, organizations, accountancy firms, and IFAC member bodies and associates may submit nominations for the public member positions by June 22, 2008.

Nominees for the public member positions must have an appropriate level of knowledge about the work of the IAASB, although they need not have a professional accountancy designation. Public members are expected to act in the public interest and must be seen to be independent of any special interests and seen to be acting to represent society as a whole.

The IAASB serves the public interest by setting, independently and under its own authority, high quality international auditing and assurance standards and facilitating convergence to those standards, thereby enhancing the quality and uniformity of practice worldwide and strengthening public confidence in financial reporting. More than 100 countries use or are in the process of adopting or incorporating the IAASB's International Standards on Auditing into their national auditing standards, or are using them as a basis for preparing national auditing standards.

Public members of the IAASB will participate in the development of assurance standards on green house gas emissions and reports on controls at third party service organizations, as well as the development of other new and amended international standards following the IAASB's rigorous due process. Some IAASB members will also be engaged in liaison activities with key regulatory and other organizations, including meetings, presentations and participation in forums and workshops.

For more information about general qualifications for nominees, their responsibilities, and the process for submitting nominations, see the Call for Nominations on IFAC's website.
 
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. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

Thank you for inviting me to join this very distinguished panel.

Given that this is an audience not primarily made up of accountants, I thought it might be helpful if I spent just a few minutes explaining who the International Federation of Accountants is, and what we do. This will provide some context for the remarks that follow. 

First, IFAC is an organization of professional accountancy institutes. We have 14 members and associates in the Middle East, including two here in Jordan - the Jordanian Association of Certified Public Accountants and the Arab Society of Certified Accountants.  In total we have 157 members and associates spread across 123 countries, representing approximately 2 ½ million accountants. 

As to what IFAC does, a primary function of the organization is to set professional standards.  Most importantly we set, through our International Auditing and Assurance Standards Board, International Standards on Auditing (ISAs). We also establish a Code of Ethics for Professional Accountants, which is the basis for codes of ethics of our members. The other two areas in which we set standards are education (the International Education Standards) and public sector accounting, where we set International Public Sector Accounting Standards (IPSASs). The IPSASs are the equivalent of the International Accounting Standards Board's International Financial Reporting Standards, though the IPSASs apply to governmental organizations not companies. 

In addition, IFAC has activities that support its standard setting role.  In particular, we have a Small and Medium Practices Committee that provides input to the standard-setting bodies (and also to the International Accounting Standards Board) from the perspective of small- and medium-sized enterprises (SMEs) and small- and medium-sized accounting practices (SMP).  We believe it is critical that this perspective be reflected in our standard-setting processes. Also, we have a Developing Nations Committee which, similarly, seeks to ensure that our standard setting reflects the views and needs of developing and emerging economies.

I should note that in the post-Enron environment, IFAC made significant reforms to its standard-setting processes. These reforms could be characterized as moving from a self-regulatory model to a shared regulatory structure. A number of changes were made to our processes to ensure greater transparency but, most importantly, we established, along with the international regulatory community, an oversight structure that could ensure that our standard setting reflected the public interest. These reforms have now been in place for over three years and have done much to generate confidence in the standards set by the International Federation of Accountants. 

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), seeks to fill a key technical manager position.

The IAASB is made up of volunteer members from around the world. The technical manager's key responsibilities will include conducting project research; interacting with national standard setters and IFAC members and associates from various countries; and developing, editing and overseeing publication of IAASB exposure drafts, standards and guidance. Other responsibilities include:

• Drafting project proposals and presenting them to the IAASB and, as appropriate, to task forces;
• Attending IAASB meetings as well as task force meetings, participating in discussions and recording discussions and decisions;
• Preparing IAASB meeting agendas and papers and developing articles and speeches; and
• Assisting the Chairman and Executive Director, Professional Standards in responding to technical and process issues raised by the IAASB Consultative Advisory Group and the Public Interest Oversight Board.*

The ideal candidate for this position will have a professionally recognized accounting degree or other relevant qualification. An excellent knowledge of issues relating to auditing, and experience in the standard-setting process is a plus, as is an understanding of the special considerations relating to the audit of multinational entities, small and medium enterprises or public sector entities.

It is anticipated that the successful applicant will work at IFAC's headquarters in New York City. (About 25 day to 35 days per year of international travel are required.)

A complete job description, including additional information concerning preferred background and experience, is available on the IFAC website. Interested candidates should submit their résumé (CV) by June 20, 2008 to the IFAC Human Resources Manager.

About the IAASB and IFAC
The objective of the IAASB, an independent standard-setting board within IFAC, is to serve the public interest by setting high-quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB, and, as one element of that oversight, establishes the criteria for its due process and working procedures.

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.  In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

* Note to Editors
The Public Interest Oversight Board (PIOB) was formally established in February 2005 to oversee IFAC's auditing and assurance, ethics, and education standard-setting activities as well as the IFAC Member Body Compliance Program. The objective of the PIOB is to increase confidence of investors and others that such activities, including the setting of standards by the IAASB, are properly responsive to the public interest. PIOB members are nominated by international institutions and regulatory bodies.