Enhancing International Standards through Stakeholder Engagement and Oversight
This presentation by Kelly Ånerud, Deputy Director at the International Federation of Accountants, focuses on the benchmarking of standard setting in international boards. It covers the considerations in stakeholder engagement, development processes, and the administrative support necessary for effective standards development. Key elements include the role of volunteer board members, the due process for standard setting, and the importance of oversight bodies. This comprehensive approach ensures that due process is followed, promoting integrity and public interest in the standards established.
Enhancing International Standards through Stakeholder Engagement and Oversight
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Presentation Transcript
Standard Setting – Input to Benchmarking Kelly Ånerud, Deputy Director International Federation of Accountants INTOSAI Professional Standards Committee Manama, Bahrain May 20-22, 2014
International Standard Setting Boards Standard Setting Benchmarking – Elements of Interest to INTOSAI • Stakeholders – how are views of external stakeholders taken into consideration? • Standards development – who develops the standards, who is doing the actual writing, how is the work organised, in what forums does the work take place, etc.? • Administrative support – what kind of administrative support is available to the people developing standards and how is it organised?
International Standard Setting Boards Standard Setting Benchmarking - Stakeholders • Volunteer Board members - Annual Call for Nominations • Best person for the job • Balance practitioner, non-practitioner, public members, regional, gender • Technical Advisors (TAs) and other experts • Due process for standard setting (wide consultation, exposure etc.) • Extensive outreach – roundtables, forums, seminars, presentations
International Standard Setting Boards Standard Setting Benchmarking - Stakeholders • Monitoring Group – public interest perspectives • Public Interest Oversight Board (PIOB) - ensures due process • Consultative Advisory Groups (CAG) - advises on strategy/work plan
International Standard Setting Boards Standard Setting Benchmarking - Oversight
International Standard Setting Boards Standard Setting Benchmarking – Standards Development • Independent standard setting boards • Subject to due process and oversight • Meetings open to the public • Development of standards • Members, Technical Advisors, other experts, IFAC staff • Expectation attendance at meetings - Board / task forces • Significant annual time commitment • Annual evaluation of members
International Standard Setting Boards Standard Setting Benchmarking – Standards Development • Phased approach: • Project proposal / issues paper • Exposure draft / analysis of responses • Possible re-exposure • PIOB approves due process • Final standard published • On average 2- 3 years to complete
International Standard Setting Boards Standard Setting Benchmarking – Resources • Role of Chairman: • IAASB and IPSASB full-time roles • IESBA and IAESB significant part-time roles • Board members, Technical Advisors, other experts • Technical staff - approximately 20 • Administrative staff - approximately 4 – 6 • IFAC provides significant financing and infrastructure support (e.g. HR, IT, Communications, IP)
