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International Federation of Accountants

International Federation of Accountants

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International Federation of Accountants

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  1. International Federation of Accountants Organizational Overview and Update April 2002

  2. IFAC Mission IFAC Overview IFAC’s mission is the worldwide development and enhancement of the profession with harmonized standards to enable it to provide services of consistently high quality in the public interest.

  3. IFAC Overview IFAC Today IFAC currently has 156 member bodies in 114 countries, representing more than 2.5 million accountants.

  4. Current Environment IFAC Overview The current and anticipated environment demands that the international profession: • Respond to globalization • Address investor and regulator needs • Meet expanding needs of business • Rebuild public confidence in the accountancy profession

  5. Current Action Plan IFAC Overview Strengthening activities in five key areas: • Standard Setting and Guidance • Regulation of the Profession • Development of the Profession • Meeting Needs of Accountants • Communications

  6. New International Auditing and Assurance Standards Board (IAASB) Standard Setting and Guidance • Comprised of 10 member body representatives, 5 from FoF and 3 public members • Strengthen internal technical resources • Develop high-quality auditing standards • Increase transparency in auditing-standard setting process • Obtain endorsement of ISAs from IOSCO

  7. Code of Ethics for Professional Accountants Standard Setting and Guidance • Serves as a benchmark for codes of conduct of accountants worldwide • Approved stronger independence rules last November - Conceptual framework approach (not prescriptive) - Highlight factors that pose threat to independence - Focus on safeguards to minimize threat

  8. Public Sector Accounting Standards (IPSAC) Standard Setting and Guidance • First authoritative international financial reporting standards for public sector (OECD, World Bank, etc.) • Designed to strengthen financial reporting and accountability of public sector • 17 standards issued to date

  9. Education Standards Standard Setting and Guidance • Action initiated to elevate education “guidelines” to “standards” • “Standards” designed to promote compliance (not only consideration) • Address pre- and post-qualification education requirements and emerging topics such as IT • New standards to be exposed for comment in June; Final issuance December 2002

  10. Current Action Plan IFAC Overview Strengthening activities in five key areas: • Standard Setting and Guidance • Regulation of the Profession • Development of the Profession • Meeting Needs of Accountants • Communications

  11. Regulatory Initiatives Regulation of the Profession Regulatory regime comprised of 4 primary bodies • Forum of Firms (FoF) • Transnational Auditors Committee (TAC) • Compliance Committee • Independent Oversight Board

  12. Forum of Firms Regulation of the Profession Objective • To promote consistently high standards of financial reporting and auditing worldwide in the interest of the users

  13. Forum of Firms Regulation of the Profession FoF members will work to achieve this objective by: • Comply with FoF Quality Standard • Subject policies, methodologies, and work to periodic external quality assurance review • Promote use of international auditing and assurance standards • Involve in IFAC activities

  14. Transnational Auditors Committee (TAC) Regulation of the Profession • IFAC Committee and executive arm of FOF • Responsibilities include: - Connect FoF and IFAC Board - Develop, maintain and administer the Quality Assurance Review program - Develop guidance regarding transnational audits

  15. Compliance Committee Regulation of the Profession Objective Encourage improvement and enhancement of standards within IFAC member bodies through greater compliance with standards, rules and guidelines issued by IFAC

  16. Regulation of the Profession Compliance Committee Responsibilities include: • Evaluate potential member applications for Board consideration • Review member bodies’ harmonization of IFAC pronouncements with local rules • Help member bodies comply with IFAC requirements • Work closely with TAC to monitor FoF member

  17. Independent Oversight Board Regulation of the Profession • Preserve and strengthen public confidence in financial reporting and the integrity of the audit process • Review FoF quality control process and IFAC activities • Draft charter was exposed for comment • Revisit framework in light of recent environmental changes.

  18. Current Action Plan IFAC Overview Strengthening activities in five key areas: • Standard Setting and Guidance • Regulation of the Profession • Development of the Profession • Meeting Needs of Accountants • Communications

  19. Development of the Profession International Forum on Accountancy Development (IFAD) • IFAD was created in 1999 to improve financial reporting, auditing practice and corporate governance • Currently comprised of over 30 public and private institutions • Developing and implementing country action plans

  20. Meeting the Needs of a Diverse Profession Support for Accountants • SMP Task Force established to address needs of Small and Medium-Sized Practices • Working group established to focus on meeting the needs of accountants in business, industry and commerce • IFAC’s web site provides a wide range of mostly free guidance for the world’s accountants

  21. Responding to Public ConcernEstablishing international task force to study and recommend principles of best practice in the areas of …… Communications • Financial and business reporting • Corporate governance • Auditor performance • Interim report expected in November 2002   Final report to be issued inMarch 2003

  22. Increased Spokesmanship Communications • Represent the profession to international bodies • Express profession’s view to IOSCO and other international institutions • Explain the profession’s role with respect to public interest and other responsibilities

  23. Current Action Plan IFAC Summary Strengthening • Standard Setting and Guidance • Regulation of the Profession • Development of the Profession • Meeting Needs of Accountants • Communications

  24. International Federation of Accountants