The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting body that develops and issues the Code of Ethics for Professional Accountants. The Code includes standards on auditor independence but is intended to apply to the actions and decisions of all professional accountants, including those in business. The structures and processes that support the operations of the IESBA are facilitated by the International Federation of Accountants (IFAC).

On behalf of the IESBA, IFAC is seeking an exceptional individual to serve as a Chair on a remunerated basis, for a minimum of 100 days per year, beginning January 2013. By mutual agreement this commitment could be increased up to and including a full time role. The IESBA Chair is appointed for a three-year term by the IFAC Board with approval by the Public Interest Oversight Board.*

The objective of the IESBA is to serve the public interest by setting, independently and under its own authority, high-quality ethical standards for professional accountants and by facilitating the convergence of international and national ethical standards, thereby enhancing the quality and consistency of services provided by professional accountants throughout the world and strengthening public confidence in the global accountancy profession. The Chair provides leadership to the IESBA in achieving these objectives. A key function of the Chair is to enable, encourage, and promote a deeper understanding by stakeholders and the public of the strategies and activities of the IESBA.

The Chair will also lead the strategic direction of the IESBA, working closely with IESBA senior staff, and facilitate the deliberative and consultative processes that underpin the authority of the IESBA and the legitimacy of its standards and activities. In addition, the Chair will be involved in developing and maintaining effective relationships with national standard setters, regulators, and other key stakeholders.

The successful candidate should have effective leadership, communication, and strategic skills; demonstrated technical and professional competency; and a commitment to the IESBA and its mission to protect the public interest. He or she will have very significant and senior experience. Exposure to professional ethical issues at a national, regional, or international level would be an asset, as would familiarity with regulatory and standard-setting processes. Only individuals who possess the highest integrity will be considered. The position is not restricted to professional accountants. However, any professional accountant applying for the position must have had no direct relationship with an audit firm for at least three years.

For further information about the position, please see the Call for Applications, Chair of the IESBA on the IFAC website at www.ifac.org/careers. Applications are due by February 10, 2012.

*Notes to Editors

The international Public Interest Oversight Board (PIOB) was established in February 2005 to ensure that international auditing and assurance, ethics, and education standards for the accountancy profession are set in a transparent manner that reflects the public interest. The objective of the PIOB is to increase confidence of investors and others that such activities, including the setting of standards by the IESBA, are properly responsive to the public interest. PIOB members are nominated by international institutions and regulatory bodies.

About IFAC

IFAC is the worldwide 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’s current membership consists of over 164 professional accountancy bodies in 125 countries, representing approximately 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to supporting the setting of ethical standards through the IESBA, IFAC supports the setting of auditing and assurance, education, and public sector accounting standards and develops guidance to encourage high-quality performance by professional accountants in business.

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The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, today released revised versions of Policy Position Paper 1, Regulation of the Accountancy Profession, and Policy Position Paper 3, International Standard Setting in the Public Interest.

“In addition to working toward the development and acceptance of high-quality global professional standards, IFAC is committed to contributing to and shaping the debate about appropriate regulatory arrangements for international standard setting and regulation of the accountancy profession,” said Chief Executive Officer lan Ball.

Policy Position Paper 1, Regulation of the Accountancy Profession, was first issued by IFAC in December 2007. The revised paper includes a new section titled “Current Regulatory Environment.” The section highlights the importance of global regulatory convergence, including the adoption and implementation of high-quality standards. It describes recent developments in regulation and makes reference to the Independent Forum of Independent Audit Regulators (IFIAR) Core Principles. Lastly, the revised Policy Position Paper 1 includes a description of what would typically be included in shared regulation of auditing at a national level.

Policy Position Paper 3, International Standard Setting in the Public Interest, was issued by IFAC in December 2008. The revised and updated paper describes how current governance arrangements and independent standard-setting boards supported by IFAC operate in the public interest and address the need for legitimacy, transparency, and performance. It further includes discussion of the 2010 Monitoring Group (MG) review.

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.

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The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries is seeking an outstanding individual to become its next chief executive officer (CEO), based in New York City. The candidate will succeed current CEO Ian Ball, whose contract is set to expire in February 2013 and who is not seeking a further term.

The executive search firm Korn/Ferry has been retained for the search. IFAC’s management team will partner with Korn/Ferry to actively engage IFAC member bodies, the accountancy community, and other stakeholders in the recruitment process to encourage a diverse and international applicant base. IFAC is initiating the recruitment process in the fourth quarter of 2011 to allow time for a comprehensive search, Board approval, and relocation, and to provide the new CEO with a positive and seamless transition before Ian Ball’s departure.

IFAC’s mission is to serve the public interest by contributing to the development, adoption and implementation of high-quality international standards and guidance; contributing to the development of strong professional accountancy organizations and accounting firms, and to high-quality practices by professional accountants; promoting the value of professional accountants worldwide; and speaking out on public interest issues where the accountancy profession’s expertise is most relevant.

The IFAC CEO is responsible for developing and articulating policy positions on issues affecting the profession, implementing all projects approved by IFAC’s Board and Council, facilitating collaboration and cooperation with IFAC member bodies, and overseeing the administrative and operational management of IFAC’s activities. The CEO works in close cooperation with IFAC’s volunteer leadership to support the organization’s mission, and is responsible to the elected president and the IFAC Board.

Current CEO Ian Ball joined IFAC as its chief executive officer in March 2002, having previously served IFAC as chair of its Public Sector Committee (now the independent International Public Sector Accounting Standards Board) and as a member of its Nominating Committee. Prior to that, Mr. Ball was Professor of Accounting and Public Policy at Victoria University of Wellington, an international consultant in public management, an accounting standard setter, and a senior official in the New Zealand Treasury. “I am privileged to have led IFAC and the accountancy profession for nearly a decade and I am very proud of what we have achieved.  I look forward to serving IFAC for the remainder of my term.  However, for me personally, it will then be time to look to new professional challenges and also to devote some more time to family and to activities outside the profession,” said Mr. Ball.

“We are grateful for Ian Ball’s contributions to IFAC. During his tenure as CEO, Ian’s dedication and expertise steered a steady course, even in particularly challenging times such as the Enron crisis and the current global financial crisis. We are pleased to have a leader who worked side by side with our member bodies, standard setters, regulators, and governments worldwide to deliver IFAC’s message, support the global accountancy profession, and champion global convergence to international standards,” noted IFAC President Göran Tidström.

Interested candidates should contact Korn/Ferry Senior Client Partner Chuck Eldridge.

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.

About Korn/Ferry International

Korn/Ferry International, with a presence throughout the Americas, Asia Pacific, Europe, the Middle East and Africa, is a premier global provider of talent management solutions. Based in Los Angeles, the firm delivers an array of solutions that help clients to attract, deploy, develop and reward their talent. Visit www.kornferry.com for more information on the Korn/Ferry International family of companies, and www.kornferryinstitute.com for thought leadership, intellectual property and research.

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The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) today published Competent and Versatile: How Professional Accountants in Business Drive Sustainable Organizational Success, which supports the global accountancy profession in responding to changing expectations of society, financial markets, and organizations, and promotes the value of professional accountants in business to their organizations.

Organizational needs are evolving faster than ever, and professional accountants need to adapt to these changes to best serve their employers, and maintain relevance and public trust. With this new publication, the PAIB Committee is striving to support the global accountancy profession and help its members guide their organizations to create sustainable value.

"In today's tough global economic climate, organizations can fail because their drive for short-term success causes them to overlook factors vital for their long-term survival,” commented Roger Tabor, IFAC PAIB Committee chair. “So, in Competent and Versatile, we focus on achieving success that can be sustained. Professional accountants have the right instincts and tools to help their organizations maintain the right balance to do this. But they must—and can—be adaptable to new challenges and supported in this by their professional associations."

This publication identifies eight drivers of sustainable organizational success—what organizations need to do to achieve and sustain success in light of opportunities and challenges in the business environment. These drivers are the focus of organizations striving to achieve lasting success, and, therefore, provide a basis for determining the expected key areas of competency for professional accountants in business.

This employer-driven approach is aimed at helping the global accountancy profession facilitate sustainable organizational success through the education, training, and development of professional accountants. The publication, and accompanying employer-focused brochure, is intended to support IFAC members and associates in understanding and promoting the diverse contribution of professional accountants in business as creators, enablers, preservers, and reporters of sustainable value.

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

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.

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(New York/August 1, 2011) – The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) today released an updated version of its Guide to Quality Control for Small- and Medium-Sized Practices (QC Guide). Intended to help SMPs successfully and cost effectively implement International Standard on Quality Control (ISQC) 1, the third edition of the guide features enhancements to the two sample manuals as well as other refinements for clarity and consistency with ISQC 1.

First released in 2009 and developed with CGA-Canada, the guide contains the requirements set out in the standard in addition to implementation guidance, including discussion material and a case study that can be used as a basis for training. It also contains a range of tools, including checklists and two sample manuals, which have been modified to better illustrate their compatibility with ISQC 1.

“With their limited resources, SMPs may feel burdened by the requirements in ISQC 1. The guide is intended to help mitigate that burden and help SMPs obtain the most benefit from implementing the standard,” said SMP Committee Chair Sylvie Voghel. “Effective quality control systems are key to helping ensure SMPs provide their clients with high-quality assurance and related services, which contributes to the quality of the profession overall and our mission to serve the wider public interest.”

The updated QC Guide, as well as an article with tips for implementing ISQC 1, can be downloaded free of charge from the SMP Publications and Resources area of IFAC’s website. See the Translations Database for translations of the guides by member bodies and other organizations. In addition to the guide, the International Center for Small and Medium Practices provides access to numerous free resources from IFAC and our member bodies (see relevant links).

About the SMP Committee
The SMP Committee of the International Federation of Accountants represents the interests of professional accountants operating in small- and medium-sized practices and other professional accountants who provide services to small- and medium-sized entities. The committee develops guidance and tools, and works to ensure the needs of the SMP and small- and medium-sized entity (SME) sectors are considered by standard setters, regulators, and policy makers. The committee also speaks out on behalf of SMPs to raise awareness of their role and value, especially in supporting SMEs, and the importance of the small business sector overall.

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. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

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ISACA and the International Federation of Accountants (IFAC)’s Professional Accountants in Business (PAIB) Committee have jointly developed a paper, Leveraging XBRL for Value in Organizations, to provide guidance on how to leverage the value of eXtensible Business Reporting Language (XBRL) through effective implementation.

XBRL is a universal language of business reporting that is increasingly being used for both external and internal reporting by organizations and is gaining traction worldwide.

“Understanding how to embed XBRL within an organization’s information processes can enhance management communication, increasing the value of the information used within an enterprise,” said Roger Debreceny, Ph.D., FCPA, CGEIT, member of ISACA and co-developer of the XBRL paper. “ISACA collaborated with IFAC to develop this paper to provide accounting and assurance professionals with guidance they can rely on from trusted sources to leverage value from XBRL initiatives and compliance requirements.”

“Many organizations have not yet realized how useful XBRL can be for them; professional accountants in business can assist them in navigating and making the most of XBRL,” said Roger Tabor, chair of IFAC’s PAIB Committee. “This paper can serve as a starting place to integrate XBRL and help organizations leverage its value.”

The paper can be downloaded from the ISACA and IFAC web sites.

About ISACA
With 95,000 constituents in 160 countries, ISACA^® is a leading global provider of knowledge, certifications, community, advocacy, and education on information systems (IS) assurance and security, enterprise governance and management of IT, and IT-related risk and compliance. Founded in 1969, the nonprofit, independent ISACA hosts international conferences, publishes the ISACA^® Journal, and develops international IS auditing and control standards, which help its constituents ensure trust in, and value from, information systems. It also advances and attests IT skills and knowledge through the globally respected Certified Information Systems Auditor^® (CISA^®), Certified Information Security Manager^® (CISM^®), Certified in the Governance of Enterprise IT^® (CGEIT^®) and Certified in Risk and Information Systems Control^™ (CRISC^™) designations. ISACA continually updates COBIT^®, which helps IT professionals and enterprise leaders fulfill their IT governance and management responsibilities, particularly in the areas of assurance, security, risk and control, and deliver value to the business.

Follow ISACA on Twitter: https://twitter.com/ISACANews
Join ISACA on LinkedIn: ISACA (Official)

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.

The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

Contact:
ISACA: Kristen Kessinger, +1.847.660.5512, kkessinger@isaca.org

IFAC: Laura Wilker, +1.212.471.8707, laurawilker@ifac.org

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The International Auditing and Assurance Standards Board (IAASB) today released its consultation paper, Enhancing the Value of Auditor Reporting: Exploring Options for Change, to obtain views on enhancing the quality, relevance and value of auditor reporting on an international basis.

The consultation paper seeks to determine whether there are common views among users of audited financial statements and other stakeholders about the usefulness of auditor reporting. It describes issues with current financial reporting, including a perceived “information gap,” identified by some stakeholders. It then sets out possible options for change and seeks input as to whether such options might be effective in enhancing auditor reporting and the communicative value of the auditor’s report.

“The auditor communicates to financial statement users primarily through the auditor's report,” noted Prof. Arnold Schilder, IAASB Chairman. “Over the past several years, the IAASB has developed International Standards on Auditing addressing auditor communication and reporting with the aim to address the expectations gap and, more recently, to promote international consistency in auditor reporting. The IAASB believes that now is the time for a more fundamental review of auditor reporting to ensure, in the public interest, that it can meet the information needs of financial statement users in a global business environment with increasingly complex financial reporting requirements.”

The IAASB is also seeking information about the potential implications of changes in auditor reporting, as well as about possible implementation challenges. The paper recognizes that not all of the options explored are able to be implemented by the IAASB on its own—some would require collaboration with national standard setters, regulators and/or legislators to develop or implement.

“This consultation is aimed at gathering views from around the world to inform the IAASB about whether there is consensus about the need to enhance auditor reporting and, if so, how an enhanced model might be achieved,” said James Gunn, IAASB Technical Director. “Investors and financial analysts have signalled to us they want additional, and more pertinent, information for their decision making. The IAASB wants to better understand these views as well the views of others, including users of audited financial statements of small- and medium-sized entities and public sector organizations, preparers, auditors and other key participants in the financial reporting process.”

How to Comment
The IAASB invites all stakeholders to respond to its consultation paper. To access the consultation paper or submit a comment, visit the IAASB’s website at www.ifac.org/publications-resources/enhancing-value-auditor-reporting-exploring-options-change. Comments on the Consultation Paper are requested by September 16, 2011.

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB 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. It 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.

CPA Australia and the Institute of Chartered Accountants in Australia, together with the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC), hosted a forum for local professional accountants this week. The focus of the forum was on how professional accountants in business can support their organizations to improve governance practices through the integration of financial and non-financial information into their reporting, including a focus on environment, social, and governance (ESG) factors.

The forum and subsequent PAIB Committee meeting, held in Melbourne, included speakers from National Australia Bank, VicSuper (a retirement/pension provider), Macquarie Securities, KPMG, the University of Melbourne, the Water Accounting Standards Board (Australia), and the International Integrated Reporting Committee's content working group. A key focus of the discussions was how integrated reporting can drive good governance practices, including new systems and processes to measure, analyze, and report an organization’s environmental, social, and economic performance.

“Professional accountants help their organizations recognize the importance of incorporating ESG factors into functions and processes—from strategic planning and goal setting to external communications and reporting,” said Roger Tabor, chair of the PAIB Committee. “The speakers at the PAIB Forum and subsequent committee meeting served to help us better understand how organizations and their investors are managing ESG issues, and incorporating ESG into valuations and decision making.”

The forum was attended by approximately 150 delegates and the main conclusions were:

• Integrated reporting needs to reflect an organization’s strategy and values, as well as how it is managed in all social, environmental, and economic dimensions of performance;
• The process of integrated reporting, in turn, is a powerful tool to help drive an organization’s strategic agenda, providing management with key drivers of performance;
  Integrated reporting has to be open and transparent by reflecting both improvements in performance as well as weaknesses; and
• Pension fund investors, as well as some other institutional investors, are increasingly looking for financial implications of ESG factors to understand how an organization’s strategy and operations are affecting the numbers and key measures of performance.

The International Integrated Reporting Committee (IIRC), of which IFAC is a participant, is moving quickly and with wide stakeholder support to develop a globally accepted international framework for integrated reporting that brings together the various ESG reporting dimensions. The framework will be designed to make reporting more relevant for organizations, their shareholders, and their other stakeholders, to reduce the cost and complexity of reporting, and to provide a better basis to determine the cost of capital. The IIRC’s discussion paper is expected in 2011 and will be available at on the IIRC website.

Integrated Reporting and Sustainability Resources

• CPA Australia
• The Institute of Chartered Accountants in Australia
• International Federation of Accountants

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

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.

The launch of the Pan-African Federation of Accountants (PAFA)/Fédération Panafricaine des Experts-Comptables (FEPEC) is a historical event for the accountancy profession and the African continent, according to the International Federation of Accountants (IFAC). IFAC is the global organization for the accountancy profession, with members and associates in 125 countries.

PAFA is composed of 37 professional accountancy organizations from 35 countries, which have joined together to give voice to Africa’s economies and strategy on the global stage.

The PAFA President, Major General Sebastian Owuama, Institute of Chartered Accountants of Nigeria, stated: “As the economies of African countries continue to grow, the contribution of the accountancy profession to sound corporate and public sector financial reporting and good governance is now more important than ever. PAFA will accelerate the development of the profession and strengthen the voice of the profession within Africa and worldwide.”

The PAFA launch in Dakar, on May 5, 2011, was hosted by Ordre National des Experts Comptables et Comptables Agrées du Sénégal (ONECCA) with the strong support of IFAC and the World Bank. Dr. Mussa J. Assad, National Board of Accountants and Auditors, Tanzania, was named vice president. The PAFA Secretariat will be hosted by the South African Institute of Chartered Accountants in Johannesburg.

“The formation of PAFA demonstrates the commitment of the African accountancy profession, acting in the public interest, to strengthen its means of collaboration and to further develop the profession to support the emerging economies on the continent,” said Göran Tidström, IFAC President.

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.

The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has issued proposed International Good Practice Guidance titled Predictive Business Analytics: Forward-Looking Measures to Improve Business Performance. The guidance is designed to help professional accountants working in commerce, industry, financial services, education, and the public and not-for-profit sectors, as well as their organizations, embrace predictive analytics to achieve better forward-looking performance insights.

Predictive business analytics help professional accountants anticipate future events, forecast possible outcomes, and select actions and decisions to improve the performance of their organizations in response to changing market and industry dynamics.

“Today, more than ever, professional accountants in business must be capable of assisting their organizations to implement and utilize predictive business analytics,” said Roger Tabor, chair of the PAIB Committee. “The guiding principles steer an organization in executing its strategies and facilitating decision making to improve strategy execution and operations throughout the organization.”

The PAIB Committee undertook this project to help contend with the rising expectations of professional accountants in business. The quality of management information expected by internal business users is expanding, both in terms of the range of data to be considered and the level of required analysis. From strategic issues to routine tasks, all executives, managers, and operational staff expect higher-quality information from professional accountants to support management and organizational decision making.

Professional accountancy organizations and other interest parties are encouraged to respond to the proposed guidance and help improve its applicability to professional accountants in organizations of all sizes.

How to Comment
The PAIB Committee invites all stakeholders to comment. To access the exposure draft and submit a comment, visit Professional Accountants in Business on the IFAC website. Comments on the exposure draft are requested by July 29, 2011.

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and the not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

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.