A healthy economy needs a well-functioning accountancy profession, one supplying high-quality financial information produced by skilled professionals. These professionals are best supported by strong professional accountancy organizations (PAOs). A key success factor in achieving this is enhanced collaboration across the global, regional, and national levels of the accountancy profession and the involvement of the entire international development community.

2016 is a crucial year for G-20 countries and the global economy, with new opportunities to create an environment of sustainable, inclusive growth. Given the increasingly interconnected economy, achieving this kind of growth depends on improving integrity and transparency and, in turn, restoring trust in business and government alike.

Given the essential role of professional accountants in business in strong and sustainable organizations, financial markets, and economies, this guidance assists professional accountancy organizations (PAOs) in strengthening engagement with accountants in business, the public sector, and academia as a means to expand their reach, influence, and contribution.

The Guide aims first and foremost to help IFAC member organizations and their members in practice, especially SMPs, with the implementation of ISRS™ 4410 (Revised), Compilation Engagements, which is one of the International Standards on Related Services™ developed exclusively by the International Auditing and Assurance Standards Board (IAASB). 

The voice of your professional accountancy organization (PAO) matters.

The accountancy profession is most successful and sustainable with the support of healthy national and regional professional accountancy organizations (PAOs) that have robust, effective relationships with their national and regional stakeholders, including government and regulators.

The success of any PAO relies in large part on its ability to effectively communicate, and demonstrate, its relevance to society. This begins early in a PAO’s development with promotion of:

Developed in conjunction with CPA Canada, this guide aims to help professional accountants in practice, especially those operating in small- and medium-sized practices (SMPs), in conducting review engagements in compliance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements. 

This guidance was written for all organizations, regardless of their size or structure, private or public, to support the accountancy profession’s facilitation of sustainable organizations, financial markets, and economies by providing guiding principles to manage the complexities of performing a robust project and investment appraisal. Greater rigor in the appraisal and decision process can be achieved by using the principles as a benchmark against which to assess an organization’s current practice.

A strong and well-governed professional accountancy organization (PAO) produces and sustains a strong accountancy profession that is able to serve the public interest and contribute to economic stability and growth. A successful PAO gains much of its strength from the sense of identity, benefits, and rights that members derive from membership; and from the contributions that individual members and firms make to the PAO in recognition of its public interest perspective.

This third edition of the guide features enhancements to the two sample manuals, as well as other refinements for clarity and consistency with International Standard on Quality Control (ISQC) 1. The guide contains the requirements set out in ISQC 1 in addition to implementation guidance, including discussion material and an integrated case study that can be used as the basis for education and training.

The International Federation of Accountants (IFAC) warmly welcomes the appointment of Thomas Müller-Marqués Berger as Chair of the International Public Sector Accounting Standards Board (IPSASB) and extends its appreciation to Ian Carruthers, for his 10 years of service as Chair to the IPSASB. Thomas was selected through a rigorous selection process led by the Independent Search Committee under the oversight of the Public Interest Committee. The Search Committee submitted its recommendation to the Public Interest Committee for review, and the IFAC Board approved the selection. 

Thomas will lead the IPSASB in advancing high-quality International Public Sector Accounting Standards (IPSAS Standards) and Sustainability Reporting Standards (IPSASB SRS Standards) and advocating for their use, which support transparency, accountability, and decision-making in governments and public sector entities worldwide. Thomas has over 30 years of experience in public sector accounting and financial management. 

Lee White, IFAC Chief Executive Officer, said: “I thank Ian Carruthers for his exceptional leadership and unwavering dedication to improving public sector financial reporting across the globe. We are delighted to welcome Thomas Müller-Marqués Berger as the next Chair of the IPSASB. His deep expertise and long-standing commitment to the public interest will ensure the IPSASB continues to meet the evolving needs of governments, citizens, and the global accountancy profession.”  

Jon Blondal, co-chair of the Public Interest Committee, said: 
“The Public Interest Committee welcomes the appointment of Thomas Müller-Marqués Berger as the next Chair of the IPSASB. We extend our thanks to Vinod Rai, Search Committee Chair, its members, and IFAC leadership for their close cooperation and commitment throughout the process. The selection of Thomas follows a rigorous and transparent process that reflects public interest.” 

Incoming IPSASB Chair Thomas Müller-Marqués Berger said: 
“It is an immense honor to be selected as the next IPSASB Chair. For many years, I have been deeply passionate about the Board’s tremendous contribution to sound public financial management globally. I am fully committed to building on the strong foundation established by the Board to further strengthen transparency, accountability, and trust in public sector reporting worldwide. On a personal note, I look forward to working with Board members, the staff team, and all relevant stakeholder groups across the globe. I am driven by the conviction that our work is vital to ensuring governments have the tools they need to achieve sustainable development and sound financial management.”  

IFAC looks forward to its continuing support of the IPSASB under the leadership of Thomas Müller-Marqués Berger.  

About IFAC   

IFAC, by connecting and uniting its members, makes the accountancy profession truly global.      

IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.      

IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.      

About the Public Interest Committee 
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.