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About IFAC

About IFAC. IFAC is the worldwide organization for the accountancy profession. Founded in 1977 157 members and associates in 123 countries and jurisdictions ( 2.5 million accountants employed in public practice, industry and commerce, government, and academe). IFAC ’ s Mission.

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About IFAC

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  1. About IFAC • IFAC is the worldwide organization for the accountancy profession. • Founded in 1977 • 157 members and associates in 123 countries and jurisdictions (2.5 million accountants employed in public practice, industry and commerce, government, and academe).

  2. IFAC’s Mission To serve the public interest: • strengthen the worldwide accountancy profession • establishing and promotingadherence to high quality professional standards and furthering the international convergence of such standards • speaking out on public interest issues where the profession’s expertise is most relevant

  3. STANDARDS IFAC’s boards set the following standards: • International Standards on Auditing, Assurance Engagements and Related Services • International Standards on Quality Control • International Code of Ethics • International Education Standards • International Public Sector Accounting Standards

  4. Membership - open to national accountancy organizations and international organizationsthat have an interest in the international accountancy profession • Governance of IFAC • IFAC Council, which comprises one representative from eachmember • IFAC Board: sets policy and oversees IFACoperations, the implementation of programs, and the work of IFAC boards and committees.

  5. The IFAC Board established the Member Body Compliance Program as a means to evaluate the quality of members' and associates' endeavors to meet IFAC membership requirements. The program's primary objective is one of encouragement and improvement.

  6. SMOs • The Statements of Membership Obligations (SMOs) are issued by the IFAC Board and establish requirements for members and associates to promote, incorporate, and assist in implementing international standards issued by IFAC and the International Accounting Standards Board. The SMOs also establish requirements for quality assurance and investigation and discipline activities.

  7. PIOB The Public Interest Oversight Board oversees the workof IFAC’s Member Body Compliance Program and thefollowing standard-setting groups: • the InternationalAccounting Education Standards Board • International Auditing and Assurance Standards Board • International Ethics Standards Board for Accountants.

  8. PIOB • The PIOB was formally established in February 2005 as a result of a collaborative effort by the international financial regulatory community, working with IFAC, to ensure that international auditing and assurance, ethics and education standards for the accountancy profession are set in a transparent manner that reflects the public interest.

  9. PIOB Current members Dr. Stavros Thomadakis (Chairman)Professor of Finance, University of Athens, Greece. Former Chairman of Hellenic Capital Market Commission, the European Regional Committee of IOSCO, and the expert group on Market Abuse of the Committee of European Securities Regulators. Mr. Antoine BracchiPrésident, Conseil National de la Comptabilité, France. Mr. David A. Brown, Q.C.Former Chairman of the Ontario Securities Commission, Canada. Founding Chair of the Council of Governors of the Canadian Public Accountability Board. Member of the Council of Senior Advisors to the Auditor General of Canada. Mr. Fayezul ChoudhuryVice-President and Controller, The World Bank. Mr. Michael HafemanActuary and independent consultant on supervisory issues. Former Assistant Superintendent of Financial Institutions, Canada. Mr. Toshiharu KitamuraProfessor of Financial Economics, Waseda University, Japan. Ms. Sylvie MathératDirector of Financial Stability, Banque de France. Member of the Basel Committee on Banking Supervision. Chair of the Basel Committee's Accounting Task Force. Prof. Dr. Kai-Uwe Marten (Observer)Professor of Accounting and Auditing, University of Ulm, Germany. Deputy Chairman of the Auditor Oversight Commission, Federal Republic of Germany. Sir Bryan Nicholson (Observer)Former Chairman of the Financial Reporting Council, United Kingdom. The Hon. Aulana L. PetersRetired lawyer. Former Commissioner of the U.S. Securities and Exchange Commission and former member of the Public Oversight Board of the American Institute of Certified Public Accountants. Member, Accountability Advisory Board to U.S. Comptroller General.

  10. IFAC Committees • The Compliance Advisory Panel (CAP) oversees the implementation and operation of the IFAC Member Body Compliance Program. • makes recommendations to the IFAC Board about the membership application process and recommends new applicants for membership. • Members and associates are required to participate in the Member Body Compliance Program to demonstrate that they are maintaining their good standing and addressing the requirements of IFAC membership. • The program's activities include the submission of self-assessment information and, where necessary, the development of action plans that enable them to better meet IFAC's membership requirements.

  11. IFAC Committees Developing Nations Committee • Support capacity building of the accountancy profession in all regions of the world; • Produce guidance and materials to assist in the development of professional accountancy bodies; • Provide input to international standard setters to ensure that they are aware of and give due consideration to issues relevant to the profession in developing nations; and • Collaborate with the donor community.

  12. IFAC Committees • The Nominating Committee makes recommendations regarding the composition of IFAC boards and committees. It is guided by the principle of choosing the candidate with the best qualifications to fill these volunteer roles.

  13. IFAC Committees • The International Center for Professional Accountants in Business, hosted by IFAC's Professional Accountants in Business (PAIB) Committee, provides resources and facilitates the exchange of knowledge and best practices among the more than one million professional accountants worldwide employed in commerce, industry, the public sector, education, and the not-for-profit sector.

  14. IFAC Committees • The International Center for Small and Medium Practices (SMPs), hosted by IFAC's Small and Medium Practices Committee, provides resources and facilitates the exchange of knowledge and best practices among SMPs and other accountants who serve small and medium entities (SMEs).

  15. IFAC Committees Transnational Auditors Committee. Responsbilities • Identifying audit practice issues. When the issues suggest changes in auditing or assurance standards may be required, recommend to the appropriate IFAC standard setting boards that the issue be reviewed. • Providing a forum to discuss "best practices" in areas including quality control, auditing practices, independence, and training and development. • Participating in the IFAC Regulatory Liaison Group and identifying qualified candidates to serve on IFAC standard setting boards. • Acting as a formal conduit for interaction among transnational firms and international regulators and financial institutions with regard to audit quality, systems of quality control, and transparency of international networks.

  16. Standard Setting Bodies The International Accounting Education Standards Board (IAESB) develops guidance to improve the standards of accountancy education around the world and focuses on two key areas: • The essential elements of accreditation, which are education, practical experience and tests of professional competence; • The nature and extent of continuing professional education needed by accountants.

  17. Standard Setting Bodies The International Auditing and Assurance Standards Board (IAASB) serves 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 • facilitating the convergence of national and international standards. This contributes to enhanced quality and uniformity of practice in these areas throughout the world, and strengthened public confidence in financial reporting.

  18. Standard Setting Bodies • The International Ethics Standards Board for Accountants (IESBA) develops ethical standards and guidance for use by professional accountants. It encourages member bodies to adopt high standards of ethics for their members and promotes good ethical practices globally. The IESBA also fosters international debate on ethical issues faced by accountants.

  19. Standard Setting Bodies • The International Public Sector Accounting Standards Board (IPSASB) focuses on the accounting and financial reporting needs of national, regional and local governments, related governmental agencies, and the constituencies they serve. It addresses these needs by issuing and promoting benchmark guidance and facilitating the exchange of information among accountants and those who work in the public sector or rely on its work. • converge the IPSASs with the International Financial Reporting Standards (IFRSs) issued by the IASB. To facilitate this strategy, the IPSASB has developed guidelines or "rules of the road" for modifying IFRSs for application by public sector entities.

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