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IFAC Member Body Compliance Program Update

IFAC Member Body Compliance Program Update. Szymon Radziszewicz Senior Technical Manager, Compliance Program. IAASB Meeting. New York. March 18, 2010. Compliance Program. Map for Today. Background Where we are today Where are we heading Challenges & Success Factors

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IFAC Member Body Compliance Program Update

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  1. IFAC Member Body Compliance Program Update Szymon Radziszewicz Senior Technical Manager, Compliance Program IAASB Meeting New York March 18, 2010

  2. Compliance Program Map for Today • Background • Where we are today • Where are we heading • Challenges & Success Factors • Basis of ISA Adoption Chart • SMO Revisions

  3. Framework for Professional Accountancy Body Statements of Membership Obligations (SMOs) • SMO 1 Quality Assurance • SMO 2 International Education Standards • SMO 3 International Standards on Auditing • SMO 4 International Code of Ethics • SMO 5 International Public Sector Accounting Standards • SMO 6 Investigation and Discipline • SMO 7 International Financial Reporting Standards

  4. Benchmarking and Strategy Assessing Compliance • Part 1 – Self-assessment: Overview of regulatory and standard-setting framework in a member’s jurisdiction • Part 2 – Self-assessment: benchmarking against the 7 SMOs • Part 3 – Own Strategy: Action Plans for continuous improvement

  5. Sneak Peak into the Future Compliance Program 201X • Information Gathering Questionnaire • Strategy for Ongoing SMO Compliance • Monitoring • Enforcement

  6. Status in Numbers Status of Preparation of Action Plans as of March 17, 2010 • 81 – Published Action Plans • 36 – Drafts received and under review • 39 – In progress but no submitted draft • 2 – Suspensions • 1 – Expulsion Recommendation

  7. Status in Pictures – Beginning of the Road

  8. Monitoring of Published Action Plans • Soft updates • Done after six months • Based on interviews with key individuals • Obtain understanding of current progress • Encourage continuing communication • Offer to be of further assistance • Memorandum prepared for archives and CAP review

  9. Monitoring of Published Action Plans • 26 completed as of March 17, 2010 • Overall member bodies generally remain on track • Some delay caused by changes in regulatory environment or change in priorities • Also noted a number of positive developments • Annual progress reports • Include submission of updated Action Plans • 11 completed or actively in progress

  10. Challenges Overriding Lessons Learned • Member bodies operating in developing countries generally do not have the financial and technical means to achieve all desired actions • Adoption of international standards and practices is relatively easy; successful implementation can be extremely difficult • The basis of adoption of international standards can have an impact on the quality of implementation.

  11. Key to Achieve Desired Actions Need for Financial and Technical Resources • Meaningful execution of Action Plan depends on: • Ability of developing bodies to clearly communicate their challenges, required actions, and need for resources • Willingness of national government and donor agencies to provide support and financial resources • Development of useful implementation tools by the DNC and standard setters • Support of regional organizations and developed bodies serving as mentors

  12. http://web.ifac.org/isa-adoption/chart

  13. Developments Program to Review the SMOs (2010-2012) • Clarification and increased consistency including • “No less stringent standards” SMO 4 (Ethics) • Statement of applicability in SMO 7 (IFRS & IFRS-SMEs) • Member body governance practices • Corporate governance (OECD principles)? • Review of QA and I&D • Public oversight for auditors of PIEs?

  14. Thank youwww.ifac.org/ComplianceProgramMarch 2010

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