The International Ethics Standards Board for Accountants (IESBA), an independent standard-setting board within the International Federation of Accountants (IFAC), is seeking comment from IFAC member bodies, regulators, national ethical standard setters, accountants in professional practice and accountants in business and other interested parties on an exposure draft of its Strategic and Operational Plan for the period 2008-2009.The International Ethics Standards Board for Accountants (IESBA), an independent standard-setting board within the International Federation of Accountants (IFAC), is seeking comment from IFAC member bodies, regulators, national ethical standard setters, accountants in professional practice and accountants in business and other interested parties on an exposure draft of its Strategic and Operational Plan for the period 2008-2009.

The objective of the IESBA is to serve the public interest by setting 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. In considering which new projects and activities should be undertaken, the IESBA conducted a survey of interested parties, including accountants in public practice (from large and small firms), accountants in business, regulators, IFAC members and associates, ethical standard setters and academics, to solicit views on matters that the IESBA should consider in the next few years to achieve its objective.

"In addition to suggestions for specific projects, there was a strong message from the approximately 120 survey respondents that the IESBA should place more emphasis on our convergence objective," states Richard George, IESBA Chair. "The IESBA, therefore, plans to hold four regional forums, starting in late 2008, with the objective of gaining a better understanding of the steps necessary to facilitate convergence of international and national ethical standards and achieve greater global acceptance of the Code."

How to Comment
Comments on the exposure draft are requested by August 31, 2007. The exposure draft may be viewed by going to https://www.ifac.org/EDs. Comments may be submitted by email to edcomments@ifac.org. They can also be faxed to the attention of the IESBA Senior Technical Manager at +1 (212) 286-9570 or mailed to IFAC, 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on IFAC's website.

About the IESBA and IFAC
The IESBA develops ethical standards and guidance for use by professional accountants. It encourages member bodies of IFAC to adopt high standards of ethics for their members and promotes good ethical practices globally. The Public Interest Oversight Board oversees the activities of the IESBA and, as one element of that oversight, establishes the criteria for its due process and working procedures.

Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Federation of Accountants (IFAC), the World Bank and the Inter-American Development Bank undertook a significant collaborative effort last week by organizing an event in Mexico City titled Accounting and Accountability for Regional Economic Growth (Contabilidad y Responsabilidad para el Crecimiento Económico Regional or "CReCER" in Spanish). Over 450 individuals, including representatives of the accountancy profession, governments, the donor community, and academia from 27 Latin American and Caribbean countries as well as 16 other countries participated in this event.

"This conference was a landmark event for the Latin American and Caribbean region. Never before have public and private sector representatives from the accounting and auditing profession come together under one roof to discuss the issues facing the region," states IFAC President Fermín del Valle.

Participants indicated that combating poverty and developing stable economies are the two fundamental and interrelated challenges facing Latin American and Caribbean nations. Discussions focused on achieving quality financial reporting in the private and public sectors, the needs of the accountancy profession in the region, the role of the government in accountancy and accountancy development, and the importance of sustaining good governance and ethics.

"The conference resulted in a unanimous commitment by international stakeholders to support the improvement of financial reporting and to actively foster economic development in the region. We also heard a clear commitment from participants for convergence to international standards," added Mr. del Valle.

Other outcomes of the meeting included agreement on the following:

• The need for increased input from the Latin American and Caribbean region into international standard setting;
• The development of a single set of high quality Spanish translations of all international standards; and
• Collaboration among countries in the region as well as sustaining relationships with regional and international partners as a requisite for success.

IFAC's Developing Nations Committee and staff will be considering the outcomes of the conference as it advances its work program in the region. Copies of all presentations made at CReCER will be available here shortly.

Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA), both standard-setting bodies within the International Federation of Accountants (IFAC), seek to fill a key technical manager position. The technical manager will devote approximately 50 percent of his/her time to the activities of each of the boards, which are made up of volunteer members from around the world. The technical manager's key responsibilities will include conducting project research; interacting with standard setters, IFAC members and associates around the world; and developing, editing and overseeing publication of IAASB and IESBA exposure drafts, standards and guidance. Other responsibilities include:

• Drafting project proposals and presenting them to the IAASB/IESBA and, as appropriate, to task forces;
• Attending IAASB/IESBA meetings as well as task force meetings, participating in discussions and recording discussions and decisions;
• Preparing IAASB/IESBA meeting agendas and papers and developing articles and speeches; and
• Assisting the Chairman and Executive Director, Professional Standards, in responding to technical and process issues raised by the IAASB Consultative Advisory Group, IESBA Consultative Advisory Group, and the Public Interest Oversight Board.*

The ideal candidate for this position will have a professionally recognized accounting degree or other relevant qualification. An excellent knowledge of issues relating to auditing and ethics, and experience in the standard-setting process is a plus, as is an understanding of the special considerations relating to the audit of multinational entities, small and medium enterprises or public sector entities.

It is anticipated that the successful applicant will work at IFAC's headquarters in New York City. (About 25 days to 35 days per year of international travel are required.)

A complete job description, including additional information concerning preferred background and experience, is available on the IFAC website. Interested candidates should submit their résumé (CV) by July 31, 2007 to Dawn Tishkoff, IFAC Human Resources Manager (jobs@ifac.org).

About the IAASB, IESBA and IFAC
The objective of the IAASB, an independent standard-setting board within IFAC, is to serve the public interest by setting high-quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The IESBA develops and issues in the public interest high-quality ethical standards and other pronouncements for professional accountants for use around the world. The Public Interest Oversight Board oversees the activities of the IAASB and the IESBA, and, as one element of that oversight, establishes the criteria for its due process and working procedures.

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. It is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. IFAC, through its independent standard-setting boards, sets international standards of ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high-quality performance by professional accountants in business.

*Note to Editors
The Public Interest Oversight Board (PIOB) was formally established in February 2005 to oversee IFAC's auditing and assurance, ethics, and education standard-setting activities as well as the IFAC Member Body Compliance Program. The objective of the PIOB is to increase confidence of investors and others that such activities, including the setting of standards by the IAASB and IESBA, are properly responsive to the public interest. PIOB members are nominated by international institutions and regulatory bodies.

Professional accountants in business worldwide will get added assistance from the International Federation of Accountants (IFAC) in the form of new international principles-based good practice guidance. A newly released exposure draft (ED), Preface to IFAC's International Management Accounting Statements and International Good Practice Guidance, developed by IFAC's Professional Accountants in Business (PAIB) Committee, sets out the objective, scope and due process of two new types of guidance: International Management Accounting Statements and International Good Practice Guidance. The PAIB Committee seeks input on the approach to representing good practice to professional accountants in business and the proposed document types.Professional accountants in business worldwide will get added assistance from the International Federation of Accountants (IFAC) in the form of new international principles-based good practice guidance. A newly released exposure draft (ED), Preface to IFAC's International Management Accounting Statements and International Good Practice Guidance, developed by IFAC's Professional Accountants in Business (PAIB) Committee, sets out the objective, scope and due process of two new types of guidance: International Management Accounting Statements and International Good Practice Guidance. The PAIB Committee seeks input on the approach to representing good practice to professional accountants in business and the proposed document types.

Together with the draft Preface, the PAIB Committee has released new guidance on developing codes of conduct and has issued an exposure draft of the first International Management Accounting Statement. (See below.)

International Management Accounting Statements and International Good Practice Guidance establish fundamental principles and provide supporting application guidance to reflect good practice. In addition, the new guidance signposts other sources of information, such as those developed by national professional accountancy bodies. The guidance documents may also serve as a leadership tool that professional accountants can use in promoting sound financial and management accounting practices within their organizations.

"The release of the proposed Preface represents the start of a significant work program for the committee," says Edward Chow, Chair of the PAIB Committee. "The new pronouncements will contribute to better decisions in organizations and enhance the level of support to and competence within the global community of professional accountants in business. I encourage professional accountants in business to use these pronouncements to promote good practices in the organizations in which they work."

New Guidance on Developing Codes of Conduct
The PAIB Committee has released the first International Good Practice Guidance, Defining and Developing an Effective Code of Conduct for Organizations. This guidance will assist professional accountants and their organizations in developing and implementing a code of conduct within a values-based culture. It can be downloaded from the IFAC online bookstore at https://www.ifac.org/store. The PAIB Committee welcomes further feedback on this document during the exposure period for the Preface.

Exposure Draft on Project Appraisal Using Discounted Cash Flow
In addition to the above, the PAIB Committee has also issued an ED of a proposed International Management Accounting Statement, entitled Project Appraisal Using Discounted Cash Flow. The proposed International Management Accounting Statement aims to support professional accountants in business in applying and promoting the use of discounted cash flow and net present value to evaluate investments. It sets an international benchmark for using discounted cash flow in project appraisal and provides principles that reflect widely accepted good practice, supported by guidance to facilitate their application. The ED asks for feedback on both the content and approach.

Looking Ahead
Over the next year, the PAIB Committee plans to develop proposed principles-based pronouncements on internal control from a risk management perspective, using cost information effectively, and enterprise governance. The PAIB Committee is also using the proposed International Management Accounting Statement on Project Appraisal Using Discounted Cash Flow to solicit feedback on future topic selections to support this document.

How to Comment
Comments on the proposed Preface and proposed International Management Accounting Statement are requested by September 12, 2007. The EDs may be viewed by going to https://www.ifac.org/EDs. Comments may be submitted by email to EDComments@ifac.org. They may also be faxed to the attention of the PAIB Committee Technical Manager at +1-212-286-9570 or mailed to PAIB Committee Technical Manager at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. The organization, through its independent standard-setting boards, sets international ethics, auditing and assurance, education, and public sector accounting standards. Through its Professional Accountants in Business Committee, IFAC issues guidance to encourage high quality performance by professional accountants in business.

Note to Editors:
Attached to this press release is a questions and answers document developed by the Professional Accountants in Business Committee to explain the rationale for and approach to its new program to develop principles-based good practice pronouncements.

The International Federation of Accountants (IFAC) is inviting all participants in the financial reporting supply chain, including investors and other users of financial reports, standard setters, preparers, auditors, academics, and regulators to complete a global survey designed to obtain information that could strengthen the financial reporting process.The survey, which may be completed through July 6, 2007, is part of an IFAC project designed to analyze the financial reporting supply chain and to develop recommendations to further improve the quality of financial reporting. It can be accessed online in Publications & Resources.

Specifically, the survey seeks the views of those in the financial reporting supply chain on corporate governance, financial reporting, and financial auditing and asks what actions they think will further improve the quality of the financial reporting process. The survey will be complemented with a number of in-depth one-on-one interviews.

"The survey and interviews also seek opinions on the usefulness of financial reports and how these reports might be made more relevant, understandable and reliable. This information is especially valuable as, ultimately, it is the financial reports that influence investors and other stakeholders in their decisions about public companies," states project chair Norman Lyle. Mr. Lyle recently retired as Group Finance Director of Jardine Matheson Holdings Limited in Hong Kong and is a former President of the Chartered Institute of Management Accountants (CIMA) in the United Kingdom, an IFAC member body.

This global initiative will evaluate past recommendations made by IFAC to improve the quality of the various links in the financial reporting supply chain, including those expressed in the IFAC reports, Rebuilding Public Confidence in Financial Reporting: An International Perspective(2003) and Challenges and Successes in Implementing International Standards: Achieving Convergence to IFRSs and ISAs (2004). It will also identify newly emerging issues and innovations and develop proposals to further improve the quality of the financial reporting process. A final report will be issued by the end of the year and will be posted on the IFAC website.

Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

To enhance the quality and consistency of audits, the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is continuing to advance its project to clarify its auditing standards. At its meeting in April 2007, the IAASB approved for public comment exposure drafts of proposed International Standard on Auditing (ISA) 200 (Revised and Redrafted), Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing; proposed ISA 250 (Redrafted), The Auditor's Responsibilities Relating to Laws and Regulations in an Audit of Financial Statements; and proposed ISA 500 (Redrafted), Considering the Relevance and Reliability of Audit Evidence. These have all been redrafted in accordance with the IAASB's new drafting conventions designed to enhance the clarity of its pronouncements.

Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with ISAs

The Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services (Preface) was reissued in January 2007 to reflect the effect of the new drafting conventions being used for the purposes of ISAs. It contains important statements about the authority of ISAs and the obligations of auditors who follow those standards. Because the amended Preface may not be adopted in certain jurisdictions, the IAASB decided that these statements should be incorporated within the ISAs themselves. Accordingly, proposed ISA 200 (Revised and Redrafted) incorporates the provisions of the amended Preface relevant to ISAs. The proposed ISA also describes the nature of an audit of financial statements and related concepts that provide the basis for a proper understanding of the conduct of an audit, the overall objective of the auditor, and the objectives and requirements stated in the ISAs. "The proposed standard provides a clearer explanation of relevant concepts which should be helpful to auditors and others with an interest in audits and auditing standards. By incorporating the relevant provisions of the Preface into this ISA, we hope to give them greater prominence and to ensure that the obligation of auditors using ISAs to follow all their requirements is directly imposed through the standards themselves," states John Kellas, IAASB Chairman.

Status of the Clarity Project

The proposed ISAs have been drafted in accordance with the IAASB's new drafting conventions. These conventions include the specification of an objective within each ISA and separate sections for requirements and application and other material. With the release of the exposure draft of proposed ISA 200 (Revised and Redrafted), the IAASB has issued a complete list of the objectives to be contained in each ISA for the information of respondents. These are subject to revision as relevant exposure drafts are developed and exposed for comment. The IAASB has now issued four final ISAs drafted in accordance with the new conventions and, including the three just released, 15 exposure drafts of ISAs. The IAASB expects to issue a further 15 exposure drafts this year, and to complete all 34 ISAs as final standards by the end of 2008. As a result of this project, 21 extant ISAs will have been fully revised or updated and redrafted in the last five years and the remaining 11 will have been redrafted in accordance with the new conventions, providing more clarity as to their requirements and thereby improving the consistency of their application. Further information on the Clarity project may be obtained from the IAASB Clarity Status Report.

How to Comment

Comments on the exposure drafts of proposed ISA 200 (Revised and Redrafted) and proposed ISA 500 (Redrafted) are requested by September 15, 2007. The comment period for proposed ISA 500 (Redrafted) is tied to that of proposed ISA 200 (Revised and Redrafted), because it is proposed that the requirement of extant ISA 500 for the auditor to obtain sufficient appropriate audit evidence be transferred to proposed ISA 200 (Revised and Redrafted). Comments on the exposure draft of proposed ISA 250 (Redrafted) are requested by July 31, 2007. The exposure drafts may be viewed by going to https://www.ifac.org/EDs. Comments should be submitted by email to EDComments@ifac.org. They may also be faxed to IAASB ED Comments, at +1-212-286-9570 or mailed to IAASB ED Comments at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

About the IAASB and IFAC

The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures. 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 is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business. Further information about IAASB may be obtained from its website: https://www.iaasb.org. The PIOB website address is https://www.ipiob.org.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), has issued a communication on auditors' reports on special purpose audit engagements. The purpose of the communication is to advise auditors that reports for special purpose audit engagements can, with appropriate amendments, be issued in the form of the illustrative report in paragraph 60 of International Standard on Auditing (ISA) 700, The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements. The communication provides additional information in this regard as well as links to the relevant ISAs. The communication can be viewed on the IAASB website.

About the IAASB and IFAC

The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures. 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 is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

IFACnet, the global, multilingual search engine developed by the International Federation of Accountants (IFAC) and its members, has expanded its resources to address the needs of small and medium accounting practices (SMPs), in addition to professional accountants in business. IFACnet enables SMPs to easily locate information on a wide range of technical, marketing, human resource and other matters, including such topics as succession planning, managing a small firm, staff recruitment and retention, and promoting firm services.

IFACnet has also added three new features to help accountants worldwide stay current on technical, professional and marketplace issues and to make the search engine more user friendly. These include a "Latest News" page with links to a variety of business, management and accounting media and other websites; a search box that enables users to search IFACnet directly from their Internet browser; and a "What's News" section to inform visitors of new IFACnet features and content.

"There are many high quality resources available from within IFAC as well as through collaboration with our members that can help the global accountancy community carry out their professional responsibilities," states Ian Ball, IFAC Chief Executive Officer. "IFACnet's customized search features provide an efficient means to give professional accountants, including SMPs and professional accountants in business, in every part of the world, access to these timely and relevant resources."

Launched in October 2006, IFACnet provides one-stop access to free, high quality guidance, management tools and articles developed by professional accountancy bodies from around the world. Since its launch, IFACnet has attracted nearly 42,000 individuals from more than 190 countries worldwide. Currently, IFAC and twenty-three of its members (see attachment) provide IFACnet with access to information from their websites. In the coming months, new content will continue to be added to IFACnet as it expands the number of participating organizations.

IFACnet can be accessed free-of-charge online and on the websites of participating organizations.

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 is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

IFACNET PARTICIPATING ORGANIZATIONS
(As of March 30, 2007)

American Institute of Certified Public Accountants
Association of Chartered Certified Accountants
CGA Canada
Chartered Institute of Management Accountants
CMA Canada
Consiglio Nazionale dei Dottori Commercialisti
CPA Australia
Hong Kong Institute of Certified Public Accountants
International Federation of Accountants
Institute of Certified Public Accountants in Ireland
Institute of Certified Public Accountants of Singapore
Institute of Chartered Accountants in Australia
Institute of Chartered Accountants in England & Wales
Institute of Chartered Accountants in Ireland
Institute of Chartered Accountants of India
Institute of Chartered Accountants of Pakistan
Institute of Chartered Accountants of Scotland
Institute of Management Accountants
Japanese Institute of Certified Public Accountants
Koninklijk Nederlands Instituut van Registeraccountants
Malaysian Institute of Accountants
Malta Institute of Accountants
South African Institute of Chartered Accountants
Union of Chambers of Certified Public Accountants of Turkey

The latest compilations of international auditing, ethics and public sector accounting standards are now available in print and electronic formats from the International Federation of Accountants (IFAC). The 2007 editions of the Handbook of International Auditing, Assurance, and Ethics Pronouncements and the Handbook of International Public Sector Accounting Pronouncements can be ordered in print or downloaded in PDF format from the IFAC website at https://www.ifac.org/store. In addition, the 2007 auditing and ethics handbook can be ordered in a fully searchable electronic eComPress version.The latest compilations of international auditing, ethics and public sector accounting standards are now available in print and electronic formats from the International Federation of Accountants (IFAC). The 2007 editions of the Handbook of International Auditing, Assurance, and Ethics Pronouncements and the Handbook of International Public Sector Accounting Pronouncements can be ordered in print or downloaded in PDF format from the IFAC website at https://www.ifac.org/store. In addition, the 2007 auditing and ethics handbook can be ordered in a fully searchable electronic eComPress version.

Auditing and Assurance Handbook
The 2007 Handbook of International Auditing, Assurance, and Ethics Pronouncements contains all pronouncements of the International Auditing and Assurance Standards Board (IAASB) as of December 31, 2006, including the first four International Standards on Auditing redrafted under the IAASB's clarity drafting conventions. The handbook also contains an updated IFAC Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants in July 2006.

The 2007 handbook can be ordered in print for US$120.00 plus shipping. The handbook is also available in an electronic eComPress format that is fully searchable, easy to navigate, and can be annotated by the reader using the unique "Notes" feature. The eComPress handbook can be ordered for US$50.00 or as a package with the print version for US$150.00 plus shipping. Network versions are also available.

Public Sector Accounting Handbook
The 2007 Handbook of International Public Sector Accounting Pronouncements contains all pronouncements of the International Public Sector Accounting Standards Board (IPSASB) as of December 31, 2006 as well as the updated IFAC Code of Ethics for Professional Accountants. The 2007 handbook features several new International Public Sector Accounting Standards (IPSASs) issued in 2006 as well as 11 IPSASs that were revised as part of the IPSASB's project to converge the IPSASs with their related International Financial Reporting Standards where appropriate for the public sector. The public sector handbook is available in print at no charge, except for a US$15.00 shipping cost.

How to Order The 2007 handbooks can be downloaded in PDF format or print and electronic versions can be ordered from the IFAC online bookstore (https://www.ifac.org/Store). You can also place your order by calling IFAC at +1 (212) 471-8722.

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 is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is seeking comments on an exposure draft (ED) of proposed International Standard on Auditing (ISA) 550 (Revised and Redrafted), Related Parties. The IAASB is also seeking comments on proposed ISA 570, Going Concern, which has been redrafted in the new style designed to enhance the clarity of IAASB pronouncements.

Related Party Relationships and Transactions

The involvement of related parties in major corporate scandals encouraged the IAASB to review its current auditing standard on the subject. Following earlier consultations, the IAASB has decided to re-expose its revised proposals because of the significance of the changes made in response to the consultations. The overall aim of the project is to enhance the auditor's consideration of related parties and related party transactions in an audit of financial statements, establishing an approach that requires the auditor to assess the risks of misstatement and direct audit work accordingly. The proposals in the re-exposure draft are intended to make the auditor's responsibilities clearer, distinguishing those cases where the accounting framework includes disclosure and other reporting requirements, and those where it includes no or inadequate requirements. The exposure draft includes a new definition of a "related party" to serve as a minimum level for the purposes of the audit. It also improves the delineation between the auditor's procedures to identify relevant risks of material misstatement and his or her responses to the assessed risks. The proposed standard also emphasizes the need for the auditor to be aware of related parties and the extent to which they affect the financial statements, even where the financial reporting framework applied in preparing the financial statements does not establish requirements for related parties (or does so inadequately). John Kellas, Chairman of the IAASB, explains: "The proposed standard makes clear that the auditor has three objectives in considering related parties: to obtain sufficient evidence about the required accounting and disclosure of related party information and transactions; to understand how related party transactions and relationships affect the view given by the financial statements; and to identify fraud risk factors arising from related party relationships that may require further consideration."

New Clarity Exposure Draft

As part of its comprehensive program to enhance the clarity of its standards and facilitate convergence, the IAASB has also issued an exposure draft of proposed ISA 570 (Redrafted). The exposure draft forms part of the IAASB's ambitious 18-month program to redraft existing standards and to develop new and revised standards following the new drafting conventions, which were developed after extensive consultation with interested parties, such as the IAASB's Consultative Advisory Group and national auditing standard setters, and public consultation. The new drafting conventions are explained in the Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, which was issued in January 2007. How to Comment Comments on the exposure draft of proposed ISA 550 (Revised and Redrafted) are requested by June 30, 2007. Comments on the exposure draft of proposed ISA 570 (Redrafted) are requested by May 31, 2007. The EDs may be viewed by going to https://www.ifac.org/EDs. Comments should be submitted by email to EDComments@ifac.org. They may also be faxed to IAASB ED Comments, at +1-212-286-9570 or mailed to IAASB ED Comments at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

About the IAASB and IFAC

The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures. 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 is comprised of 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.