Proposed Redrafted International Education Standard
This memorandum provides background to, and an explanation of, the proposed International Education Standard (IES) 6, Assessment of Professional Competence, approved for exposure by the International Accounting Education Standards Board (IAESB) at its March 2011 meeting. The current version of IES 6 was published in May 2004 and became effective on January 1, 2005. IES 6 prescribes the requirements for a final assessment of a candidate's professional competence before qualification.
The program below provides links to speaker biographies, speeches, and presentations from the 2011 IFAC Small and Medium Practices (SMP) Forum held in Istanbul, Turkey, on March 21, 2011.
The following materials are also available:
Interviews conducted by SMP Committee Deputy Chair Giancarlo Attolini
Article, "IFAC SMP Forum Unites SMP Community, Facilitates Global Dialogue," on p. 10 of the April 2011 issue of IFAC News
Forum Program
8:00 – 9:00
Registration and Collection of Materials
Session 1 - Opening Session: Setting the Scene
9:00 – 9:10
Welcome from the Chair
Sylvie Voghel (powerpoint, speech), Chair, IFAC SMP Committee
9:10 – 9:30
Keynote Address: IFAC's Support for SMPs and SMEs
Göran Tidström (powerpoint), President, IFAC
9:30 – 9:45
Work of the IFAC SMP Committee
Paul Thompson (powerpoint), Deputy Director, SME and SMP Affairs, IFAC
9:45 – 10:00
An Overview of the Turkish Profession’s SMP/SME Activities
Nail Sanli (powerpoint), President, Union of Chambers of Certified Public Accountants of Turkey (TÜRMOB)
10:00 – 10:10
An Overview of FCM’s SMP/SME Activities
George Samothrakis (powerpoint), President, Fédération des Experts Comptables Méditerranéens (FCM)
10:10 – 10:40
Break Refreshments will be served in the foyer.
Session Video
Session 2 - Public Policy, Regulation, and Standards for SMPs and SMEs: Panel Discussion
10:40 – 12:30
Chair:
David Chitty (powerpoint), Member, IFAC SMP Committee
Panelists:
Henri Fortin, Program Manager, Centre for Financial Reporting Reform, The World Bank, Europe and Central Asia Region
Japheth Katto, Member, IFAC Board
Philip Johnson (powerpoint), President, European
The Federation of European Accountants (FEE)
Don Thomson (powerpoint), Member, International Ethics Standards Board for Accountants (IESBA)
Prof. Arnold Schilder (powerpoint), Chairman, International Auditing and Assurance Standards Board (IAASB)
Held in cooperation with the Union of Chambers of Certified Public Accountants of Turkey (TÜRMOB), the Expert Accountants' Association of Turkey (EAAT), and the Fédération des Experts Comptables Méditerranéens (FCM)
The International Public Sector Accounting Standards Board (IPSASB) published today its 2011Handbook of International Public Sector Accounting Pronouncements. In two volumes, the Handbook contains all current IPSASB pronouncements, including 31 accrual-based standards and the IPSASB's cash basis standard. The 2011 Handbook incorporates the amendments made as a result of the IPSASB’s 2010 Improvements Project, as well as?at the beginning of each accrual-based standard?a history of the amendments made to that standard.
“The 2011 Handbook provides a comprehensive set of accounting requirements and guidance developed specifically for preparers of public sector financial statements,” said IPSASB Chair Andreas Bergmann. “In addition, the Handbook has been updated to reflect the IPSASB’s Improvements Project, completed in November 2010.”
How to Order The Handbook can be downloaded in PDF format from the Publications and Resources page of the IFAC website. Print copies of volumes I and II of the Handbook are also available; however, shipping and handling charges apply. Orders can be placed at web.ifac.org/publications or by calling IFAC at +1 (212) 286-9344.
About the IPSASB The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC.
About IFAC IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
Proposed Redrafted International Education Standard
This memorandum provides background to, and an explanation of, the proposed International Education Standard (IES) 4, Professional Values, Ethics, and Attitudes, approved for exposure by the International Accounting Education Standards Board (IAESB) in March 2011. The current version of IES 4 was published in May 2004 and became effective on January 1, 2006. IES 4 prescribes the professional values, ethics, and attitudes that professional accountants should acquire during the education program leading to qualification.
International network of accounting firms Kreston International has been admitted as a full member of the Forum of Firms after confirming that it has met the Forum's membership standards. This includes reporting that it has implemented a globally coordinated quality assurance program, has policies and methodologies based on the International Standards on Auditing (ISAs), and has met other specific requirements of the Code of Ethics for Professional Accountants.
As of January1, 2011, twenty-one other international networks of accounting firms are full members of the Forum of Firms and continue to report their adherence to the Forum's membership obligations. A list of the Forum's members is available at www.forumoffirms.org.
The Forum of Firms is an association of international networks of accounting firms. These firms perform a major global share of the audits of financial statements that are or may be used across national borders. The Forum's goal is to promote consistent and high-quality standards of financial reporting and auditing practices worldwide. “We are delighted at Kreston’s decision to join the Forum and their public commitment to International Standards on Auditing and rigorous quality control standards,” says Robert Dohrer, chair of the Forum of Firms. “By taking part in the Forum’s activities, Kreston and other Forum members have an important role in contributing to public confidence in the accountancy profession and in financial reporting in general.”
In order to achieve full membership status, Kreston International had to commit to meeting the Forum's membership obligations, which require members to:
Maintain appropriate quality control standards in accordance with International Standards on Quality Control issued by the International Auditing and Assurance Standards Board (IAASB), in addition to relevant national quality control standards and conduct, to the extent not prohibited by national regulation, regular globally coordinated internal quality assurance reviews;
Have policies and methodologies for the conduct of transnational audits that are based, to the extent practicable, on ISAs issued by the IAASB; and
Have policies and methodologies that conform to the International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics for Professional Accountants and national codes of ethics.
For additional details on the Forum of Firms, please visit: www.forumoffirms.org.
About the Forum of Firms The Forum of Firms is an association of networks of international accounting firms that perform transnational audits. Members of the Forum have committed to adhere to and promote the consistent application of high-quality audit practices worldwide, including the use of International Standards on Auditing, and the maintenance of appropriate quality control standards in accordance with International Standards on Quality Control issued by the International Auditing and Assurance Standards Board. Through their organizations, members also conduct globally coordinated internal quality assurance reviews on a regular basis and have policies and methodologies that conform to the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants. The Transnational Auditors Committee is the Executive Committee of the Forum of Firms and a committee of the International Federation of Accountants (IFAC).
About IFAC IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
Roger Tabor, Chair of the Professional Accountants in Business Committee addresses the Institute of Chartered Accountants of Pakistan on their 50th anniversary. Mr. Tabor discusses the influence and reach of the accountancy profession, and the objectives and focus areas of the Committee.
IFAC's comments on the FSA (UK) Guidance Consultation: Code of Practice for the relationship between the external auditor and the supervisor submitted on March 25, 2011.
