Robert L. Bunting, President of the International Federation of Accountants (IFAC), was recognized for his contributions to accounting ethics, governance, and the public interest by the Loyola Marymount University's (LMU) College of Business Administration in Los Angeles on March 17. In accepting the award from Dr. Lawrence Kalbers of the Center for Accounting Ethics, Governance, and the Public Interest, he offered some views on ways to solve the current worldwide financial crisis and discussed the role that the international accounting community must play in the global recovery.

Featured as a guest of the school's Distinguished Speaker Series, Mr. Bunting told students, faculty, and members of the general public, "It is important for regulators to resist knee-jerk reactions, scapegoats, and silver bullets as they seek to shift the direction of national regulation in the midst of our current financial crisis." He emphasized that "regulation must be pragmatic and cost effective" and its cost must not exceed the benefit to the public. In particular, he cautioned regulators about the unintended burdens that regulations can place on small and medium enterprises, which are vital to global economic growth.

Among the subjects Mr. Bunting covered was "fair-value accounting," which he feels has come under undue criticism for its unreliability in shallow, illiquid markets. He believes that this kind of assessment only deflects attention from the more meaningful aspects of the world's current financial woes.

He also spoke about the disadvantages of a practice under consideration in some quarters: mandatory audit firm rotation. "While firm rotation might seem to remove any bias that may be attached to past decisions, it makes no sense at all," he emphasized adding, "In most parts of the world there are not enough choices to allow for this without forcing companies to choose audit firms that have no expertise in their industry."

He explained that a number of countries have experimented with-and subsequently abandoned-the concept as almost impossible to implement. Yet, it is being considered as a remedy to the Satyam scandal in India. Mr. Bunting pointed out that it would not be a pragmatic solution and would certainly set the country apart from nearly all of its trading partners- and represent a step backwards from the creation of a true global economic community.

"We must resist a retreat back into a national focus, with such manifestations as protectionism, national carve-outs of standards and regulations, and other short-sighted political solutions," Mr. Bunting warned. He suggested strengthening the Financial Stability Forum, which brings together national bodies of sector-specific regulators, central bankers, and industry supervisors, and the International Federation of Independent Audit Regulators, a newer organization, to deal with the consequences of the increasingly integrated global economy.

Mr. Bunting added, "IFAC has experience in understanding how to make an international organization work, and we are ready and willing to help any groups, especially those who do not have experience in the standard-setting arena."

Robert L. Bunting was elected president of IFAC in November 2008 and has been an IFAC Board member since 2005. He is a past Chairman of the American Institute of Certified Public Accountants.

About IFAC
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 122 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 International Auditing and Assurance Standards Board (IAASB), IFAC sets ethics, education, and public sector accounting standards through its independent standard-setting boards. It also issues guidance to encourage high-quality performance by professional accountants in business.

Introduction
Good morning. I'd like to thank Dr. Kalbers and the Center for Accounting Ethics, Governance & the Public Interest for inviting me here today. I would also like to thank all of you for taking time from your busy schedules to hear what I have to say about restoring integrity to the global financial system, which, I'm sure you will agree, is in dire straits.

Before we get started, I would like to extend a particular welcome to the students in the audience. While it's true that you're inheriting a world that is in the worst financial shape that it has been in many decades, it's a great time to be entering the accountancy profession.

The importance of accounting and auditing is being reinforced as it never could be in times of plenty. For example, who in the accounting world ever would have thought that we would be asked to explain "fair value" to our non-accounting friends and even strangers who have a sudden interest in a financial reporting concept-let alone that they would be interested in our responses? This is, indeed, a rare time for the accountancy profession.

• You will be entering a truly global profession in terms of rapid convergence to a single set of auditing and financial reporting standards.
• You will be on the ground floor of new systems for regulating the profession and the global financial markets.
• And, you may be participating in a debate about the purpose of financial reporting: Is it for regulators and marketplace stability, or for investors and credit grantors?

Now, I'd like to focus specifically on the economic crisis.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), today issued its 2008 annual report that highlights the culmination of the Clarity Project. With the completion of the Clarity Project, the IAASB has issued all its auditing standards in a form designed to enhance the understanding and implementation of them, as well as to facilitate translation. The annual report also details the IAASB's strategy and future direction as it continues to promote the adoption of International Standards on Auditing (ISAs) and develops new standards in response to extensive public consultation undertaken during 2007 and 2008 with key stakeholders.The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), today issued its 2008 annual report that highlights the culmination of the Clarity Project. With the completion of the Clarity Project, the IAASB has issued all its auditing standards in a form designed to enhance the understanding and implementation of them, as well as to facilitate translation. The annual report also details the IAASB's strategy and future direction as it continues to promote the adoption of International Standards on Auditing (ISAs) and develops new standards in response to extensive public consultation undertaken during 2007 and 2008 with key stakeholders.

In the report, former Chairman John Kellas describes the significance of the completion of the Clarity Project and outlines the IAASB strategy and work program. Covering the period from 2009-2011, 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. In addition, a report from David Damant, Chairman of the IAASB Consultative Advisory Group, draws attention to the work of the advisory group in providing advice to the IAASB on its work program, technical projects, and other matters of relevance.

Jim Sylph, Executive Director, Professional Standards, remarked, "Now that the IAASB has completed the Clarity Project, there are a number of initiatives already underway that will grow in importance during 2009, such as the development of an alternative assurance standard for those entities that do not require an audit. In addition, new initiatives that are vital to the successful implementation of the clarified ISAs have been added to the IAASB's agenda, including the development of a process to assess the effectiveness of our standards."

Readers of the IAASB annual report are encouraged to visit the new Clarity Center on the IAASB website for more information on the Clarity Project and the full suite of standards that will come into effect for audits of financial statements for periods beginning on or after December 15, 2009.

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 (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 122 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.

Just before his untimely death in July 2008, Rashad Malik, the Commissioner of the SEC in Pakistan, wrote a very thought-provoking article on ethics and business.

In it, he suggested that ethics, as standards of society, do not exist in a vacuum but have to be evaluated with reference to accepted thresholds, actions, and feelings. To what extent, he asked, can the regulatory environment in a jurisdiction take account of ethical issues? At first sight, regulatory environment or statutory law do not give much attention to core ethical issues. The regulation in any system does not mention ethics and no legal texts refer to ethical concerns. The regulatory environment, however, does take account of ethics, for example, through enforcement and dispute settlement outcomes, which inevitably reflect certain values about how society perceives actions.

In today’s environment our thoughts on corporate governance immediately turn to visions of boards of directors rewarding themselves with lavish bonuses or unscrupulous owners creating corporate giants without substance. The names of Madoff and Satyam are on everyone’s lips today. In the papers this week, I have seen the initials of seven people accused of swindling Dh 1.8 billion from the Dubai Islamic Bank. A year ago, we were all talking about corporate failure at the Northern Rock Building Society. And before that, the discussion over coffee would have been Enron and WorldCom.

But corporate governance is much bigger than personal gain by a few key individuals in the upper levels of a company. The core of ethical concerns with regard to international economic relations usually comprise human rights, labor standards, environmental protection, and more recently extended to cooperation on anti-terrorism, anti money laundering, and transparency.

Many large companies have ethics and compliance officers. Why? Because there are so many expectations of business and so little public agreement on what ethics means at the detailed level that companies develop Codes of Conduct by which to govern their actions as corporate citizens and  as individuals working in that corporate culture. Of course, a written Code of Conduct does not mean much. Enron was loudly acclaimed as having a model Code with its Visions and Values platform encompassing Respect, Integrity, Communication, and Excellence values statement.

Where are we today?

While businesses brace for the worst and adjust their financial and operating strategies, the indicators from an ethics perspective are equally daunting:

• Business confidence has reached a record low
• 70% of workers in one recent study admitted they have already downloaded confidential company data for future personal use if they find themselves looking for a job
• 90% of compliance, legal, finance and risk executives surveyed say they expect fraud activity to increase in 2009

It is difficult to continue talking about the value of high ethical standards and the importance of individual action when the outlook for a company is grim.

Patricia Harned is President of the Ethics Resource Center. She has helped to shape ethics training for the securities industry in the U.S. She believes the Audit Committee can be a stabilizing influence in ethical matters today.

They must be alert to the fact that conditions are ripe for financial fraud – even in your business. I was talking to one senior partner from the national office of one of the Big 4 audit firms this week. He told me that his office had 200 open files of situations where they were considering a going concern qualification as part of the audit report. In all companies that are facing this trauma, the temptation to skirt the rules will grow. Pressures rising, revenue falling and a perception that the future will only be worse are the ingredients for taking “out of the box” survival strategies too far.

Transparency should be your company mantra. The media is fixated on the economic situation and, as a result, stakeholders are developing impressions of corporate activity from sources wholly apart from the Corporate Communications Department.

I am indebted to Dr. Saidi, who is not only Chief Economist of DIFC but also the Executive Director of the Hawkamah Institute of Corporate Governance, set up here in GCC in 2006. He referred me to their 2007–2008 survey report on corporate governance in MENA. I encourage you to read it.

The key to success will be stakeholder trust, and trust is built through consistent transparency. The ethics compliance officer and audit committee should help set the tone for communication and disclosure. The Hawkahma survey identified that most, but not all, companies provide financial statements but non-financial disclosure could be improved, 32% of GCC companies do not publish an annual report in English, only 23% of companies publicly preannounce the date of their AGM, only 25% of banks and listed firms provide information on their dividend policies on line, 19% of GCC companies have no website at all, and only 2% of GCC companies hold analyst meetings or conference calls. You cannot be a credible company on the world stage if you do not communicate. We heard from Dr. Nasser Saidi earlier today about his vision of the GCC creating a common currency, becoming the third global currency, and a global capital market center. I strongly suggest that the viability of the GCC, as a global market, will be dependent on local businesses listed on that center being seen at the leading edge of good corporate governance and leading proponents of full and complete disclosure of financial and non-financial information. Only then will businesses from around the world feel confident in seeking to raise money on this exchange.

There is no one country that has a perfect system of corporate governance. We can all learn from each other. Don’t reject one country’s model on the basis that it was not made here. Take the best elements from different frameworks and adopt them to your environment. And all countries have weaknesses that need to be overcome. Whether it is the U.S. preference for having the Chairman and CEO roles held by one person, in spite of overwhelming global views that this is a bad idea, or the GCC experience that only 25% of listed family-owned enterprises have a family council in place, we can all improve. I want to recognize good governance that I have seen since I arrived in Dubai last week. The Abu Dhabi Ship Building company announced its general meeting in the papers. I was pleased to note that one of the items on the agenda was a proposal to amend the company’s Articles of Association to comply with the Corporate Governance Code for Joint Stock Companies. In the same paper, Qatar Telecom announced its annual meeting, which included a proposal to determine the remuneration of the directors for the year ended December 2008.

So where do you look for good ideas? The Organisation for Economic Co-operation and Development (OECD) published the OECD Principles of Corporate Governance: 2004. They are intended to assist governments in their efforts to evaluate and improve the legal, institutional, and regulatory framework for corporate governance in their countries, and to provide guidance and suggestions for stock exchanges, investors, corporations, and other parties that have a role in the process of developing good corporate governance. Last month IFAC published International Good Practice Guidance (IGPG) that provides a framework and principles-based guidance for the professional accountant in business and their organizations on evaluating and improving governance in organizations. It is based on the OECD principles and can be downloaded free of charge from the IFAC website. Look to Appendix B for a list of useful resources.

I am a member of the Institute of Directors in my home country of Canada. To become a director of a publicly listed company there, it is very desirable, although not yet mandatory, that you take 12–15 days of training and pass an examination run by the Institute of Directors to show you have the overall skills needed to act properly as a corporate director. The companies that provide directors and officers liability insurance are beginning to ask how many directors on a board have had this training and rewarding companies who recruit these qualified directors by lowering premiums on the D&O insurance. Those boards are a better risk.

And finally, I call on each of you to lead by example. Your credibility as a professional has taken you a lifetime to achieve. It can take a single unethical action to destroy. And not only do you destroy your own reputation, but you damage the reputation of everyone from the same professional background or holding a similar job title. Headline journalism brands us all. The 999 members of boards of directors who act ethically and apply good corporate governance practices are forgotten in the 1 case that is reported in the press.

I liked the 5 Cs of Linda de Beer’s presentation. They are worth repeating:

• Conscience – acting with intellectual honesty
• Care
• Competence – knowledge and skills, but also a willingness to be reviewed
• Commitment – diligence in the performance of duties
• Courage – to always act with integrity

Thank you.

This handbook brings together for continuing reference background information about the International Federation of Accountants (IFAC) and the currently effective pronouncements for the public sector issued by IFAC as of February 15, 2009.

To further help small and medium practices (SMPs) in the implementation of international standards, IFAC has published a Guide to Quality Control for Use by Small- and Medium-sized Practices. This non-authoritative implementation guide is intended to help SMPs understand and efficiently apply International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services, as redrafted under the IAASB's Clarity Project* (http://web.ifac.org/clarity-center/index).

Developed by CGA-Canada for IFAC's Small and Medium Practices (SMP) Committee, the guide uses an integrated case study to illustrate how to implement the requirements of ISQC 1, and includes two sample firm policy manuals and key checklists and forms. It can be downloaded from IFAC's online bookstore at www.ifac.org/Store/. A Microsoft Word version is available to allow for translation and adaptation by institutes and small firms.

Sylvie Voghel, SMP Committee Chair, remarked, "the guide will help SMPs provide high-quality services to their clients and contribute to improving audit quality."

In December 2007, the committee published IFAC's first implementation guide, the Guide to International Standards on Auditing for Use in the Audits of Small- and Medium-sized Entities (ISA Guide). Last year, this was IFAC's second most popular publication and has been translated into over 10 languages. An updated version, to support the redrafted ISAs and accommodate feedback from users of the current edition, is scheduled for release in December 2009.

These guides form part of the SMP Committee's strategy to provide comprehensive practical support for SMPs, in the form of implementation materials and web-based resources. For more information, visit the International Center for SMPs at www.ifac.org/SMP/, read the committee's strategy, and keep updated by signing up for the free quarterly SMP eNews.

About IFAC
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 122 countries, 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 and those working in small and medium practices.

An important means to build capacity in the accountancy profession in developing countries is through the development of accounting technicians. As part of its strategy to develop the accountancy profession worldwide, the International Federation of Accountants' (IFAC) Developing Nations Committee has released a new good practice guide entitled, The Education, Training and Development of Accounting Technicians. The new guide is designed to raise awareness of the role and value of accounting technicians in both the public and private sectors.The guide promotes the importance of having accounting technician-level programs in both developed and developing economies so that individuals have access to education and training. The guide also encourages professional accountancy organizations to support the development of accounting technicians by offering technician programs that lead to certification and membership in the organization.An important means to build capacity in the accountancy profession in developing countries is through the development of accounting technicians. As part of its strategy to develop the accountancy profession worldwide, the International Federation of Accountants' (IFAC) Developing Nations Committee has released a new good practice guide entitled, The Education, Training and Development of Accounting Technicians. The new guide is designed to raise awareness of the role and value of accounting technicians in both the public and private sectors.

The guide promotes the importance of having accounting technician-level programs in both developed and developing economies so that individuals have access to education and training. The guide also encourages professional accountancy organizations to support the development of accounting technicians by offering technician programs that lead to certification and membership in the organization.

"In developing and emerging economies, individuals often do not have the resources to qualify as professional accountants, but there is a strong demand by governments and organizations for skilled individuals to contribute to the financial reporting and decision-making process. The development of accounting technicians is important to fulfilling this gap and setting a pathway for qualified accounting technicians to develop further as professional accountants," states Ignatius Sehoole, chairman of the Developing Nations Committee.

About IFAC
IFAC (www.ifac.org/store) 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 122 countries, 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.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), has completed its Clarity Project* with the release of the final seven clarified International Standards on Auditing (ISAs), following the consideration and approval by the Public Interest Oversight Board (PIOB) of due process.

As a result of this landmark achievement, auditors worldwide will have access to 36 newly updated and clarified ISAs and a clarified International Standard on Quality Control. The standards are all featured in a new Clarity Center on the IAASB website.

With the completion of the Clarity Project, the IAASB has issued all its auditing standards in a form designed to enhance the understanding and implementation of them, as well as to facilitate translation. The clarified standards are effective for audits of financial statements for periods beginning on or after December 15, 2009.

IAASB Chair Arnold Schilder remarked, "The significant accomplishment of bringing the Clarity Project to a close-on schedule-would not have been possible without the dedicated leadership of my predecessor, John Kellas, and the tireless efforts of the IAASB members and technical advisors. We are pleased to now make the full suite of standards available so that our stakeholders can take the necessary steps to ensure these standards are properly implemented in advance of their effective date."

Titles of the seven final clarified ISAs are as follows:

• ISA 210 (Redrafted), Agreeing the Terms of Audit Engagements;
• ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management;
• ISA 402 (Revised and Redrafted), Audit Considerations Relating to an Entity Using a Service Organization;
• ISA 700 (Redrafted), Forming an Opinion and Reporting on Financial Statements;
• ISA 800 (Revised and Redrafted), Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks;
• ISA 805 (Revised and Redrafted), Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; and
• ISA 810 (Revised and Redrafted), Engagements to Report on Summary Financial Statements.

The Clarity Center of the IAASB website features updated versions of each of the standards, which can be used as the basis for translations. These versions incorporate conforming amendments to the standards, as well as changes in the approved clarified ISAs as a result of a review for consistency and other matters of clarity agreed upon by the IAASB at its December 2008 meeting. The IAASB also plans to publish the set of clarified ISAs in a handbook, expected to be released in April 2009.

"We anticipate that the completion of the Clarity Project will bring further momentum to the convergence process," commented Jim Sylph, IFAC Executive Director, Professional Standards, emphasizing, "Implementation is the next priority and firms and others should take action at the earliest opportunity to deal with all the necessary aspects of implementation." National standard setters, IFAC member bodies, regulators and oversight bodies, and other stakeholders are encouraged to visit the Clarity Center for further information, including frequently asked questions (FAQs) and upcoming video modules.

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 (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 122 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.

* Key elements of the Clarity Project 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.

Members of the Forum of Firms are pleased to note the completion of the International Auditing and Assurance Standards Board's (IAASB) Clarity Project and are encouraging their members to plan now for the timely implementation of the revised International Standards on Auditing (ISAs).

"This is one of the most significant projects in the history of the IAASB.  Completion of this project will result in many improvements to the ISAs and significantly advance global convergence of auditing standards," states Forum of Firms Chair David Maxwell. "We congratulate the Board on its sustained efforts over the past two years to get the project completed on a timely basis."

The IAASB Clarity Project involves a comprehensive review of all ISAs and International Standards on Quality Control to improve their clarity and thereby their consistent application.

During the process, a number of standards, including those dealing with group audits, related parties, external confirmations, audit of accounting estimates, and the use of experts were also significantly revised in order to enhance audit quality in these key areas.

Thirty-six standards in all were revised or restated. The due process surrounding their development and approval has been reviewed and endorsed by the Public Interest Oversight Board, an independent body established by the international financial regulatory community. All 36 clarified ISAs come into effect for audits of financial statements for periods beginning on or after December 15, 2009.

"We have been encouraging Forum members to consider implementation matters as and when the standards were promulgated so they have sufficient time to update audit methodologies and training programs in advance of the effective date," emphasizes Nick Fraser, chairman of the International Federation of Accountants Transnational Auditors Committee, the executive arm of the Forum of Firms.  "However, there is no doubt that timely adoption of the ISAs by national regulators will also provide significant impetus in promoting  the convergence process, and we look forward to seeing rapid progress in this respect."

The Forum of Firms, formally established in 2002, is an association of international networks of accounting firms. These firms perform audits of financial statements that are or may be used across national borders. The Forum's goal is to promote consistent and high-quality standards of financial reporting and auditing practices worldwide. Accordingly, its members have committed to maintaining appropriate quality control standards in accordance with International Standards on Quality Control issued by the IAASB, to have policies and methodologies for the conduct of transnational audits that are based on ISAs, and to have policies and methodologies which conform to the IFAC Code of Ethics for Professional Accountants and national codes of ethics.

For additional details on the Forum of Firms, please visit: www.ifac.org/Forum_of_Firms/.

Financial leadership, measuring board performance, and managing strategic risk are among the topics covered in a new publication, Articles of Merit, released by the International Federation of Accountants (IFAC). This publication includes 11 previously published articles that were selected by IFAC's Professional Accountants in Business (PAIB) Committee as part of its annual Articles of Merit Award Program for Distinguished Contribution to the Roles and Domain of Professional Accountants in Business.

The winning article for 2008 is "Black Holes in Accounting" by Ron Lutka. First published in CMA Canada's monthly members' magazine, CMA Management, the article focuses on how professional accountants may better identify and address areas within their organizations that may be negatively impacting performance. It also aims to assist professional accountants in recognizing and preventing the causes of the problems within these areas.

For the first time in the history of the award program, professional accountants were invited to participate in the selection process. The PAIB Committee took into account these views when selecting the winning articles. Votes were collected through an online public voting process.

Although the articles were originally published before the extent of the financial crisis was fully known, many of the articles promote financial leadership and better practices for professional accountants in business, which are relevant in today's financial and economic climate. Other articles of merit cover topics and issues that have been highlighted as challenges for improving organizational performance and achieving sustainable growth.

The 2008 Articles of Merit, together with past issues, can be downloaded from the IFAC online bookstore (www.ifac.org/store). The 11 articles in the 2008 publication may also be individually downloaded from the IFAC bookstore.

About IFAC
IFAC (www.ifac.org) 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 157 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.