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) has named Mr. Barry Melancon (United States) and Prof. Lumkile Wiseman Nkuhlu (South Africa) as the 2025 recipients of the IFAC Global Leadership Award, which recognizes individuals who have made a positive and lasting impact on the global accountancy profession.

Mr. Barry Melancon

Barry Melancon, CPA, CGMA, the former President and CEO of the American Institute of Certified Public Accountants (AICPA) and CEO of the Association of International Certified Professional Accountants, played a defining role for more than 30 years in advancing the accounting profession through a period of significant global, technological, and organizational changes.

For over three decades, he has championed innovation, public trust, and global collaboration, shaping strategic direction across such areas as digital transformation, audit quality, sustainability reporting, professional ethics, and competency development. His leadership helped unify the profession globally and strengthened its readiness to respond to a rapidly changing world.

Mr. Melancon now serves in several key advisory and governance roles, including Chair of the Board for Baker Tilly International and the Global Advisory Board at Caseware, where he continues to support innovation and excellence across the profession worldwide.

“Barry’s contributions have fundamentally shaped the modern accountancy profession,” said IFAC President Jean Bouquot. “His vision for a technology-enabled, globally connected profession has enhanced professional quality, helped prepare generations of accountants for the future, and strengthened the public’s trust.”

Professor Lumkile Wiseman Nkuhlu

Professor Lumkile Wiseman Nkuhlu, one of Africa’s most distinguished accounting pioneers and leaders, has dedicated his career to strengthening public trust, advancing education, and expanding opportunities within and beyond the profession.

As the first Black African chartered accountant in South Africa, he paved the way for generations of Black African accountants. His exemplary career spans academia, public service—including as Economic Advisor to President Thabo Mbeki—and senior leadership at major corporations, including KPMG South Africa, where he guided the organization through complex governance and public trust challenges.

Prof. Nkuhlu’s contributions strengthened public-sector governance across the continent and elevated the chartered accountant’s role in building resilient economies. His influence extends beyond South Africa. As the Chief Executive of the Secretariat of the New Partnership for Africa’s Development (NEPAD) and the first chairman of the NEPAD Steering Committee, he was at the forefront of African economic revival initiatives.  This underscores Prof. Nkuhlu’s commitment to the continent's economic development.  

“Prof. Nkuhlu’s legacy goes far beyond his pioneering work,” said Mr. Bouquot. “His leadership has strengthened governance, championed equity in the profession, and shaped accountancy education and public finance in Africa and globally.”

The Global Leadership Award was presented to Prof. Nkuhlu during IFAC’s Council meeting, held on November 12-13 in Mexico City, Mexico. Mr. Melancon will attend next year’s IFAC Council meeting in Seoul, South Korea, to receive his Award.

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.