IPSASB’s response provides some information on the IPSASB’s current actions related to public interest oversight of its activities. We believe that it is important to address the question of oversight first since this is of fundamental significance to the IPSASB and activities to implement oversight are well under way. It will be important that we can take these forward in a way which complements and reinforces the endorsement and implementation mechanisms that would be likely to be necessary for IPSAS adoption across EU Member States.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, welcomes the Spanish translation of the Code of Ethics for Professional Accountants of the International Ethics Standards Board for Accountants (IESBA).

This single, Spanish translation is the result of a collaborative effort by several IFAC member bodies. The translation was performed by Instituto de Censores Jurados de Cuentas de España and reviewed by Instituto Mexicano de Contadores Públicos, together with Federación Argentina de Consejos Profesionales de Ciencias Económicas and a review committee comprising representatives from IFAC member bodies in Argentina, Bolivia, Chile, Colombia, Costa Rica, Mexico, Panama, Paraguay and Uruguay, and other key stakeholders.

The translated publication includes an unofficial Table of Equivalencies showing differences between terminology used in Spain and that commonly used in Latin America.

Ian Ball, IFAC Chief Executive Officer said, “IFAC has received many inquiries regarding the availability of a Spanish translation of the Code of Ethics for Professional Accountants. We are delighted that these IFAC member bodies have cooperated to make this important pronouncement widely available to Spanish-speaking accountants and other interested parties.”

This publication in PDF format can be downloaded free of charge for personal use from the IFAC website. It has not been published in print format. Reproduction, distribution or dissemination of the publication requires permission of IFAC. Contact permissions@ifac.org for further information.

For an overview of translations of IFAC’s publications, please visit the IFAC Translations Database: www.ifac.org/about-ifac/translations-permissions/translations-database

About the IESBA
The IESBA serves the public interest by setting high-quality ethical standards for professional accountants and by facilitating the convergence of international and national ethical standards, including auditor independence requirements, through the development of a robust, internationally appropriate code of ethics.

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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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Presentation given by Paul Thompson, Deputy Director, SME and SMP Affairs, IFAC, at the Malaysian Institute of Accountants Conference, Auditing Micro-Entities Efficiently and Effectively, March 23, 2012, Kuala Lumpur.

Presentation given by Phil Cowperthwaite, IFAC SMP Committee member, at the Malaysian Institute of Accountants Conference, Auditing Micro-Entities Efficiently and Effectively, March 23, 2012, Kuala Lumpur.

The Monitoring Group (MG) has issued a public consultation on the governance arrangements for standard setting. IFAC recognizes the importance of ongoing review and dialogue to enhance these governance arrangements, and we welcome the opportunity to respond to this consultation.

IFAC encourages all key stakeholders and interested parties to consider responding to the MG consultation.

The updated second edition of this multi-part checklist  contains a new standalone section on environmental management. Other sections include financial tasks, strategic management tasks, and regulatory requirements, among other areas. The checklist is meant primarily for small- and medium-sized practices (SMPs), as a marketing or diagnostic tool to help them determine the advice a small business client may need, and also to help them in managing their own businesses. 

The International Auditing and Assurance Standards Board (IAASB) today released its 2011 Annual Report, Foundations for the Future.

The annual report highlights the IAASB’s work in the public interest to strengthen audits globally and build robust standards for audit, assurance and related services, and its commitment to enhance the communicative value and relevance of auditor reporting.

The report covers new and enhanced international standards issued by the IAASB, and draws attention to the IAASB’s new guidance material and implementation support.  It also spotlights IAASB’s continual outreach activities, efforts to maintain strong platforms for dialogue with stakeholders, and to promote the adoption and effective implementation of the clarified International Standards on Auditing (ISAs).

“In 2011, the IAASB continued building on the clarified ISAs. It has explored many new and challenging auditing topics, from auditor reporting and financial statement disclosures to new pronouncements on auditing financial instruments and using the work of internal audit functions.  Our work has been propelled by the global financial crisis and the renewed importance of strong financial infrastructures to support financial stability,” said IAASB chairman Prof. Arnold Schilder. “Our efforts have also extended to new standards supporting other assurance and related services engagements, particularly those of relevance to practitioners serving the needs of smaller entities. I am pleased how proactive the board has been in helping to address a number of the important issues facing the profession and its many stakeholders today, while laying the foundation for further progress in the future,” added Schilder.

The annual report details over 100 outreach activities undertaken during 2011, including liaisons with regulators and investor groups whose input is critical to the future of auditing. It includes a report from Prof. Linda de Beer, the chairman of the IAASB Consultative Advisory Group (CAG), which outlines the work of the CAG in providing input to the IAASB.

The 2011 IAASB annual report can be downloaded at www.iaasb.org.

 
About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by IFAC.

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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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Published in the Institute of Certified Public Accountants of Uganda (ICPAU)'s Journal Today's Accountant

The International Federation of Accountants (IFAC) values the opportunity to comment on the public consultation paper issued by Eurostat on February 15, 2012, on the suitability of International Public Sector Accounting Standards (IPSASs) for EU Member States.