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  • IAASB 2012-2014 Strategy and Work Program Sets Auditor Reporting as Top Priority and Highlights Other Relevant Audit and Assurance Initiatives

    New York, New York English

    The International Auditing and Assurance Standards Board (IAASB) today released its Strategy and Work Program, 2012–2014. Developed through wide public consultation, it sets the direction and priorities for the IAASB’s activities over the next three years with a focus on:

    • Supporting global financial stability;
    • Enhancing the role, relevance, and quality of assurance and related services in today’s evolving world; and
    • Facilitating adoption and implementation of the IAASB’s standards.

    “Our forward strategy is to build on the strong base of standards that has been developed to date, to address new assurance topics, and to further promote the benefits of the International Standards on Auditing (ISAs) and our other international standards,” said Prof. Arnold Schilder, IAASB chairman. “The IAASB is constantly challenged to respond to growing demands from a diverse range of stakeholders in a continuously changing international environment. The areas addressed in our strategy are those we have heard to be the most important in the public interest, in particular our work on auditor reporting.”

    As the main priority for 2012–2014, the IAASB’s Strategy and Work Program identifies the enhancement of auditor reporting standards, a topic that the IAASB will again deliberate intensively at its June 2012 meeting in Edinburgh. The strategy is in keeping with the IAASB’s commitment to continue work on a number of its key initiatives related to audit quality, disclosures, review engagements, and assurance engagements, including assurance on greenhouse gas statements. In addition, the IAASB will continue to monitor the adoption and implementation of ISAs globally and focus on standards and initiatives relevant to small- and medium-sized entities. It will also explore appropriate actions stemming from the global financial crisis relating to banking and fair values.

    “Constructive dialogue and collaboration with others will be critical to identifying areas for innovation and improvement and to finding solutions to global issues, both now and in the future,” explained James Gunn, IAASB technical director. “The IAASB also recognizes its responsibility to identify matters within its mandate that have significant longer-term implications and to ensure that assurance and related services are relevant and responsive to the public interest, for example in emerging areas like integrated reporting. I am confident that the IAASB’s strategy and planned initiatives will assist it in fulfilling this responsibility.”

    For additional information on the IAASB’s current projects and the current project timetable, visit the IAASB’s project pages on its website.

    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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  • IAASB Strategy and Work Program, 2012–2014

    This Strategy and Work Program sets the direction and priorities for the activities of the IAASB for the three-year period from January 2012 to December 2014, set within the stated objective and strategic initiatives of the IAASB’s Terms of Reference. It responds to significant developments in the environment in which audit, other assurance and related services are performed and in which standards for such services are set.

    IAASB
    English

  • Developing Global Solutions—a Shared Responsibility

    Warren Allen
    IFAC Deputy President
    22nd Audit & Assurance Conference, BAFA Auditing Special Interest Group
    London, UK English

    IFAC Deputy President Warren Allen discussed “Developing Global Solutions—a Shared Responsibility” at the 22nd Audit & Assurance Conference of the Auditing Special Interest Group of the British Accounting & Finance Association

  • IFAC Issues Proposed International Guidance to Help Accountants Improve Business Reporting Processes

    New York, New York English

    The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has issued proposed International Good Practice Guidance, Eleven Principles for Effective Business Reporting Processes, for public comment. The aim of this guidance is to establish a benchmark for good practice in implementing effective business reporting processes in an organization. The guidance will help professional accountants in business and their organizations create a cycle of continuous improvement for their business reporting processes to assist stakeholders in making informed decisions about the organization.

    “High-quality business reports are crucial for strong capital markets and sustainable economic growth,” said Roger Tabor, chair of the PAIB Committee. “And producing high-quality business reports requires organizations to have effective business reporting processes in place.”

    With this guidance, the PAIB Committee aims to provide principles-based guidance that supports professional accountants in business by helping them apply good practices. This guidance is directed at all organizations wishing to enhance their reporting processes—no matter their size or structure, or whether they are private or public.

    “This guidance will help professional accountants in business and their organizations ensure that they implement the most effective reporting processes,” said Karyn Brooks, chair of the PAIB Committee’s Business Reporting Task Force. “Implementing these processes will enable them to provide stakeholders—both internal and external—with high-quality financial and non-financial information.”

    Professional accountants, their professional organizations, and other interested parties are encouraged to respond to the proposed guidance to help improve its applicability to professional accountants in organizations of all sizes.

    How to Comment
    The PAIB Committee invites all stakeholders to comment. To access the exposure draft and submit a comment, visit the PAIB Committee section of the IFAC website at www.ifac.org/paib. Comments on the exposure draft are requested by August 23, 2012.

    About the PAIB Committee
    The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and the not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas. 

    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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  • Helping Small- and Medium-Sized Practices Meet the Challenges and Seize the Opportunities of Tomorrow

    Giancarlo Attolini
    Chair, IFAC SMP Committee
    Article for Member Bodies English

    In this interview, IFAC SMP Committee Chair Giancarlo Attolini discusses the current environment in which SMPs operate and advises on how they can best meet the challenges and seize the opportunities of tomorrow. 

    The article was released to IFAC member bodies to publish in their journals. See examples from the Malaysian Institute of Accountants and CPA Ireland. 

    Interview with Giancarlo Attolini, Chair, IFAC SMP Committee

  • IFAC Applauds the Pan African Federation of Accountants for its Adoption of International Accounting Standards

    New York, New York English

    International Federation of Accountants Chief Executive Officer Ian Ball today praised the Pan African Federation of Accountants (PAFA) for its recent decision to adopt international standards in accounting and auditing, calling it “an important benchmark in underscoring the value of accountancy and the accountancy profession to governments and to business on the African continent.”

    PAFA was launched in May 2011 and consists of 39 professional accountancy organizations from 34 African nations. Its General Assembly took the action at the inaugural meeting held May 4 in Tunis, Tunisia, resolving to adopt:

    • International Standards on Auditing (ISAs) developed by the International Auditing and Assurance Board (IAASB);
    • International Public Sector Accounting Standards (IPSASs) developed by the International Public Sector Accounting Standards Board (IPSASB);
    • International Education Standards (IESs) developed by the International Accounting Education Standards Board (IAESB);
    • International Financial Reporting Standards (IFRSs) developed by the International Accounting Standards Board (IASB);
    • International Financial Reporting Standards for Small and Medium Enterprises (IFRS for SMEs) developed by the IASB; and
    • Code of Ethics for Professional Accountants developed by the International Ethics Standards Board for Accountants (IESBA).

    “ISAs provide the framework against which the auditor examines a company’s financial statements and judges whether they can be relied upon by investors, capital market participants, and policymakers,” Ball said. “The adoption of IPSASs, along with international standards on education and ethics, is particularly important in Africa, and so this resolution by PAFA is an important milestone. A sound financial infrastructure—in the form of high-quality, recognized standards in auditing, ethics, public sector accounting, and related regulation—is the only way that sustainable economic development is truly achievable as Africa seeks a larger role in the global economy.”

    PAFA’s resolution reflects strong support for IFAC’s Statements of Membership Obligations (SMOs), which form the basis of the IFAC Member Body Compliance Program. SMOs serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest. PAFA’s resolution underscores the SMO requirements for IFAC members and associates to adopt and support implementation of international standards and maintain adequate enforcement mechanisms to ensure the professional behavior of their individual members.

    The SMOs are issued under the IFAC Board’s authority, and the Compliance Advisory Panel (CAP), together with IFAC Compliance staff, is responsible for reviewing their continuing relevance and sufficiency.

    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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  • Mentoring Insights - The Mentor Perspective

    Event Summary

    In February 2012, the PAO Development Committee hosted Mentoring Insights—The Mentor Perspective in Dubai, United Arab Emirates. The aim of the workshop was to facilitate and encourage information exchange regarding the various aspects of mentoring through a mixture of presentations and interactive discussion sessions.

    IFAC
    English
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