The IFAC Member Compliance Program serves the public interest by promoting the adoption and supporting the implementation of international standards on private and public sector accounting, auditing, ethics, and education, as well as related quality assurance and enforcement mechanisms establishment.

IFAC is pleased to respond to Independent Regulatory Board for Auditors (IRBA)’s Consultation Paper, Mandatory Audit Rotation.

IFAC recognizes the crucial role that audit plays in the financial reporting ecology. However, while vital, it is just one element of the supply chain for high-quality financial reporting. Others in the financial reporting supply chain include financial report preparers, organizational management, boards of directors, audit committees, regulators, standard setters, investors, and financial statement users.

A revised and updated version of IFAC’s Policy Position Paper 8, Enhanced Organizational Reporting: Integrated Reporting Key, is available on the IFAC website. The paper outlines IFAC position that integrated reporting is the way to achieve a more coherent corporate reporting system, fulfilling the need for a single report that provides a fuller picture of organizations’ ability to create value over time.

Other IFAC’s views detailed in the paper are:

• IFAC’s strong support for the International Integrated Reporting Council and implementation of its Framework;
• that the integrated report can be used as an “umbrella” report for an organization’s broad suite of reports and communications, enabling greater interconnectedness between different reports and recognizing that there is a range of different frameworks and regulations available, and under development;
• the importance of reporting that produces information on which assurance conclusions can be expressed, in accordance with high-quality international assurance standards; and
• the accountancy profession’s significant contribution, and its important role, in developing and implementing enhanced organizational reporting, with professional accountants playing an important role in broad-based organizational reporting arrangements, and in providing assurance.

This updated edition of the paper includes a new section, “A Coherent Corporate Reporting System with Integrated Reporting”, which describes integrated reporting in more detail and the connection to integrated thinking as a foundation.

Integrated reporting is the way to achieve a more coherent corporate reporting system, fulfilling a need for a single report that provides a fuller picture of organizations’ ability to create value. Integrated reporting can be used as an “umbrella” report for an organization’s broad suite of reports and communications, enabling greater interconnectedness between different reports. IFAC also strongly supports the International Integrated Reporting Council and the implementation of its Framework.

In early December, IFAC Professional Accountants in Business Committee Deputy Chair Sanjay Rughani gave the keynote address at the National Board of Accountants and Auditors Tanzania's annual conference. Mr. Sanjay addressed the importance of the accountancy profession, and professional accountancy organizations, remaining relevant to accountants in business.