The next issue of IFAC News will include an article on the translation activities of the International Arab Society of Certified Accountants (IASCA) and the Saudi Organization for Certified Public Accountants (SOCPA), two of the designated bodies for Arabic translation of publications from IFAC and the independent standard-setting boards. Both organizations seek to advance the professions of accountancy, auditing, and related fields through the distribution of professional knowledge in Arabic. These translations serve professional accountants in 25 Arabic-speaking nations. IFAC would like to extend its gratitude to SOCPA and IASCA for their efforts in producing high-quality translations for the Arabic speaking world.

Additionally, several resources have recently been made available in Arabic, including the Handbook of International Public Sector Accounting Pronouncements (2012); Handbook of International Quality Control, Auditing, Review, other Assurance and Related Services Pronouncements (2012); and the Handbook of the Code of Ethics for Professional Accountants (2012). For more information regarding Arabic translations, please see the upcoming edition of IFAC News. Register and subscribe on the IFAC website.

IFAC recently held a workshop on the IFAC Statements of Membership Obligations (SMOs) with members of the Fédération International des Experts-Comptables Francophones (FIDEF) during FIDEF’s General Assembly and the 68^th Congrès des Experts-Comptables in Dijon, France. The event gathered 31 participants representing 20 professional accountancy organizations. The workshop promoted knowledge exchange and offered an open forum for the participants to share experiences and discuss challenges and lessons learned. The translation of IFAC guidance and international standards into French was also an important topic of discussion during the event.

In September, the Code of Ethics for Professional Accountants (2012) and the Handbook of International Quality Control, Auditing, Reviewing, Other Assurance, and Related Services Pronouncements were made available in Chinese. The 2012 Sixth Annual Global Leadership Survey was recently made available as well. High-quality translations in Chinese are crucial to supporting the accountancy profession. IFAC would like to extend its gratitude to the Chinese Institute of Certified Public Accountants for its time and effort in translating these materials.

The Russian Collegium of Auditors (RCA) has finalized its translation of Part I of the 2012 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements. Part II of the translated handbook is expected to be released before the end of 2013. IFAC thanks the RCA for its instrumental efforts in producing Russian translations. For more information on the RCA and its translations efforts, please see the feature article, “RCA: Leveraging Translation Expertise,” in the August edition of IFAC News.

In October 2012, IFAC and its member bodies in Argentina, Mexico, and Spain agreed to establish an Ibero-American Cooperation Framework to collaborate on a sustainable process for producing a single Spanish translation for international standards and IFAC publications (the “IberAm project”). Spanish is widely spoken around the world, with the second largest number of native speakers, after Chinese. The availability of high-quality Spanish translations of international standards is, therefore, essential to facilitate effective adoption and implementation.

The IberAm project includes a broad representation of Spanish-speaking countries and seeks to collaborate and coordinate the translating resources of relevant member bodies more efficiently. The project’s Executive Committee sets the strategic direction of the project and a Review Committee has been established for the purpose of quality assurance of translations. Representatives from member bodies in Argentina, Bolivia, Colombia, Costa Rica, El Salvador, Mexico, Nicaragua, Spain, and Uruguay participate in the Review Committee. The chair of the Review Committee is an appointed delegate from IFAC’s Argentinian member body, the Federación Argentina de Consejos Profesionales de Ciencias Económicas. More than 1,500 pages of materials are scheduled to be translated into Spanish before the end of 2013. Many of the translated materials are currently under review by the Review Committee and subject to the approval of the Executive Committee before their formal publication.

IFAC, in cooperation with the World Bank and the Department of Accounting and Finance at the University of Zaragoza, Spain, has recently finalized the Spanish translation of the 2013 Handbook of International Public Sector Accounting Pronouncements, issued by the International Public Sector Accounting Standards Board (IPSASB). The translation was reviewed by an international committee consisting of public sector experts from Argentina, Chile, Mexico, Spain, and Uruguay. IFAC is very grateful for the valuable contributions and kind assistance of all those involved.

We anticipate the printed version of the translated handbook being available for sale on the IFAC website in the fourth quarter of 2014. Please contact permissions@ifac.org for more information.

• Arabic—Evaluating and Improving Internal Control in Organizations (2012); Good Practice Checklist for Small Business (2012); Handbook of International Public Sector Accounting Pronouncements (2012); Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2012); Handbook of the Code of Ethics for Professional Accountants (2012)
• Bulgarian—“Boosting the Quality and Efficiency of Smaller Entity Audits” (2013); “How to Cope with Pressure to Lower Fees” (2012); Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2012); Handbook of the Code of Ethics for Professional Accountants (2012)
• Chinese—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2012); Sixth Annual Global Leadership Survey (2012); Code of Ethics for Professional Accountants (2012)
• Czech—“IAASB Proposals for Enhancing the Auditor’s Report: Potential Impact on Audits of Unlisted Entities” (2013)
• Danish—International Standard on Auditing (ISA) 610 (Revised), Using the Work of Internal Auditors and Related Conforming Amendments (2013)
• Dutch—ISA 610 (Revised), Using the Work of Internal Auditors (2012); ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (2012); International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements (2012); International Standard on Related Services (ISRS) 4410 (Revised), Compilation Engagements (2012); “How to Cope with Pressure to Lower Fees” (2012)
• Estonian—Handbook of the Code of Ethics for Professional Accountants (2009)
• Icelandic—Handbook of the Code of Ethics for Professional Accountants (2009)
• Latvian—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2012); Handbook of the Code of Ethics for Professional Accountants (2012)
• Macedonian—International Public Sector Accounting Standards (IPSAS) 1-25 (2012)
• Polish—International Good Practice Guidance, Principles for Effective Business Reporting Processes (2013)
• Portuguese—Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition (2011); Handbook of International Public Sector Accounting Pronouncements (2012)
• Romanian—“Boosting the Quality and Efficiency of Smaller Entity Audits” (2013)
• Russian—“Russian Collegium of Auditors: Leveraging Translations Expertise” (2013)
• Slovak—Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (2012)
• Spanish—“International Auditing and Assurance Standards Board (IAASB)’s Proposals for Enhancing the Auditor’s Report: Potential Impact on Audits of Unlisted Entities” (2013); Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing (2013); Global Digest June 2013 (2013); IFAC Update June 2013 (2013); International Ethics Standards Board of Accountants (IESBA) eNews June 2013 (2013); Professional Accountants in Business (PAIB) Committee eNews June 2013 (2013); International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information in Documents Containing or Accompanying Audited Financial Statements and the Auditor’s Report Thereon (2012); IFAC Update April 2013 (2013); Global Digest April 2013 (2013); Global Digest May 2013 (2013); PAIB Committee eNews April 2013 (2013)
• Thai—Guide to Quality Control for Small- and Medium-Sized Practices, Third Edition (2011); Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities, Third Edition (2012)
• Turkish—International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements (2012)

The Ethics Board considered an alternative to the approach set out in the Exposure Draft, Responding to a Suspected Illegal Act, regarding a professional accountant’s responsibilities when encountering a suspected illegal act. Among other matters, the Ethics Board:

• Discussed and agreed to align the term “illegal act” with the term “non-compliance with laws or regulations” used in the International Standards on Auditing (ISAs);
• Explored the possibility of establishing a presumption, which can be rebutted, that disclosure will be made under certain conditions by professional accountants for clients that are public interest entity audit clients; and
• Discussed documentation, changes to other sections of the Code of Ethics for Professional Accountants (the Code), and communication between successor and predecessor accounting firms.

The Ethics Board is considering releasing a revised draft of the proposed standard for public comment and will review this draft at its December 2013 meeting

The Ethics Board received an update on the Structure of the Code Working Group’s preliminary analysis of research findings regarding ways to improve the usability of the Code. Among other matters, the board discussed enhancing the visibility of the Code’s requirements; clarifying responsibility for compliance with the Code’s requirements; simplifying the language in the Code; repackaging parts of the Code; and an electronic Code. The Ethics Board will receive the Working Group’s preliminary report at its December 2013 meeting.

The Ethics Board is reviewing the long association provisions in Section 290 of the Code to ensure that they continue to provide robust and appropriate safeguards against the familiarity and self-interest threats arising from long association with an audit client. Following research conducted by the working group, the Ethics Board discussed preliminary issues, including:

• Potential structural changes affecting the profession in the context of external regulatory developments relating to audit reform;
• The involvement of those charged with governance in rotation decisions;
• Who on the engagement team should be subject to rotation with respect to audits of public interest entities (PIEs);
• The duration of the “time on”  and “cooling off” periods;
• Permissible activities during the “cooling off” period;
• Exceptions to rotation requirements; and
• The need for rotation requirements for audits of entities that are not PIEs.

The board will continue its deliberation of the issues at its December 2013 meeting.

The Ethics Board discussed and broadly supported proposals for processes to deal with emerging issues and outreach. At its December 2013 meeting, the board will consider refinements to the proposed processes and draft Terms of Reference for a standing working group to oversee emerging issues and outreach activities going forward.

As part of the first phase of this project, the Ethics Board discussed adding a potential new section to Part C of the Code, aimed at professional accountants in business, that would address pressure from superiors and others to engage in unethical or illegal acts and related issues. Among other matters, the board discussed the scope of the guidance, and how it would be applied using a threats and safeguards approach. As part of the same phase of the project, the board will consider issues relating to the preparation and reporting of information at its December 2013 meeting.

The Ethics Board approved a project proposal to review the non-assurance services (NAS) provisions in the independence sections of the Code (Sections 290 and 291) as these relate to the following three areas: management responsibilities; services of a routine or mechanical nature; and emergency exceptions for bookkeeping and taxation services. The board also discussed producing a paper that would set out its views and positions on NAS and related matters. The Ethics Board will review a first draft of proposed changes to the Code related to the above three areas at its December 2013 meeting.

The Ethics Board discussed a number of matters arising from the International Auditing and Assurance Standards Board (IAASB)'s Audit Quality project that may have implications for the Ethics Board’s future strategy and work plan. These matters included: the need for additional guidance to expand upon some of the fundamental principles in the Code as these apply to auditors; information sharing by auditors with respect to shareholders and regulators, and between auditors when there is a change of auditors; the need for, and who should be involved in developing, guidance on audit firm governance; and the need for a process to analyze root causes of audit failures.

The Ethics Board also discussed an initial draft of the Consultation Paper, IESBA Strategy and Work Plan 2015-2018, setting out the context for the board’s future strategy, proposed strategic themes, and potential actions and priorities. The board will consider a revised draft of the Consultation Paper for approval at its December 2013 meeting.

Last month, the Ethics Board released a revised definition of “those charged with governance” in, and related changes to, the Code. The amendment is intended to more closely align the definition in the Code with that in the International Auditing and Assurance Standards Board (IAASB)’s International Standard on Auditing (ISA) 260, Communication with Those Charged with Governance, thereby eliminating any potential confusion. The Ethics Board does not expect any changes will be necessary to accounting firms’ systems and methodologies or common practice. 

Meetings of the Ethics Board and the Ethics Board’s Consultative Advisory Group (CAG) are open to the public. The next meeting of the board will be held in New York, USA, on December 4-6, 2013. The next meeting of the CAG will be held via teleconference on October 10, 2013. The next physical meeting of the CAG will be held on March 10, 2014, in New York, USA.

For more information and to register to attend an Ethics Board or Ethics Board CAG meeting as an observer, visit Ethics Board Meetings  and Ethics Board CAG Meetings respectively. 

The 2013 Handbook of the Code of Ethics for Professional Accountants is now available to download or purchase. The 2013 edition contains the final revised pronouncements addressing a breach of a requirement of the Code and conflicts of interest, and the revised definition of “engagement team.” These changes will be effective in 2014; see the individual pronouncements for details. To download a free electronic copy of the handbook for personal use or purchase print copies, see Handbook of the Code of Ethics for Professional Accountants.   

The next World Congress of Accountants (WCOA) will be hosted by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) in Rome, Italy in 2014. Themed 2020 Vision: Learning from the Past, Building the Future, the 2014 WCOA will be held November 10-13 at the Auditorium Parco della Musica. More than 4,000 professionals from around the world will convene at this quadrennial IFAC event. WCOA 2014 will look back to explore the evolution of the accountancy profession and forward to showcase the innovations that will shape the future of the profession. Register Now.

The WCOA also provides a global platform for organizations and firms to share their projects and visions via various sponsorship opportunities. For more information, please contact info@wcoa2014rome.com or Dimarco@wcoa2014rome.com.

Good Governance in the Public Sector, issued as a Consultation Draft by IFAC and the Chartered Institute of Public Finance and Accountancy (CIPFA), looks to establish a relevant benchmark at both the government and individual public sector entity levels. The Consultation Draft is designed as a reference document for those who develop and set national governance codes for the public sector when updating and reviewing their own codes. Where codes and guidance do not exist, the framework provides a shared understanding of what constitutes good governance in the public sector as well as a powerful stimulus for positive action.

Public sector representatives and other public sector stakeholders are especially encouraged to respond to the proposed framework to help improve its applicability to public sector entities at all levels internationally. The deadline for comments is Monday, September 16, 2013.

To further support the accountancy profession’s facilitation of sustainable organizations, financial markets, and economies, IFAC has released the International Good Practice Guidance, Project and Investment Appraisal for Sustainable Value Creation. The guidance helps professional accountants provide greater rigor in their appraisal and decision processes by serving as a benchmark against which to assess an organization’s current practice. 

Accountants in business play a crucial role in helping organizations ensure a systematic and analytical approach to project and investment appraisal. In practice, fundamental principles of corporate finance are often breached, leading to the destruction of value for shareholders and other stakeholders. Far too frequently, decisions ignore the costs and benefits associated with wider external impacts—social (e.g., labor practices in the supply chain), economic (e.g., in communities), and environmental (e.g., pollution). By introducing greater rigor, organizations can assess all important aspects of a project or investment.

Project and Investment Appraisal for Sustainable Value Creation, and its accompanying executive summary, are available for local customization and/or translation. If your organization is interested, please visit IFAC’s Translations and Permissions page for the permission request form. Additionally, if your organization is interested in publishing an IFAC-authored article on the guidance and its implementation, please contact Stathis Gould (stathisgould@ifac.org).

IFAC has published an executive summary of the International Good Practice Guidance, Principles for Business Reporting Processes, which summarizes the key issues professional accountants in business need to address when implementing effective reporting processes in their organizations. The guidance was written for all organizations, regardless of their size, structure, or private/ public status, to address the need for effective reporting processes to produce high-quality reports.

The executive summary is available for local customization and/or translation. If your organization is interested, please visit the Translations and Permissions page for the permission request form.

The International Integrated Reporting Committee (IIRC) received 359 submissions in response to its Consultation Draft of the International Integrated Reporting Framework. The IIRC reports that the submissions were from every region of the world , as well as a wide variety of sectors, including report preparers, investors, analysts, assurance providers, non-governmental organizations, consultants, and regulators. All submissions are available on the IIRC website, as is the IFAC comment letter on the Consultation draft.

The Association of Corporate Treasurers (ACT) is hosting a free webinar, Reporting of Derivatives Trades: Are You Up to Speed?, on September 12, 2013, at 12:30 PM GMT. The webinar will help prepare participants for the upcoming changes to the European Markets Infrastructure Regulation, which will require all European companies to report derivatives trades to a recognized trade repository. Register online to participate; email events@treasurers.org with questions. When registering, please state that you heard about the webinar from IFAC.

The International Auditing and Assurance Standards Board (IAASB) has released proposals that could fundamentally transform the auditor's report, greatly enhancing its communicative value. The Exposure Draft (ED) proposes a new standard, International Standard on Auditing (ISA) 701, Communicating Key Audit Matters in the Independent Auditor’s Report, and a number of revisions to existing standards, including ISA 700, Forming an Opinion and Reporting on Financial Statements. While the proposals stand to significantly change the shape of auditor reporting for listed entities, the impact on unlisted entities is likely to be much smaller. Nevertheless, there are proposed requirements that apply to all audits. These are intended to help demonstrate the value of the audit and, furthermore, may improve service and promote engagement efficiency.

This article summarizes this impact and suggests how SMPs and small- and medium-sized entities (SMEs) can get involved to help ensure the best possible outcome. Read Full Article  

The IAASB believes that the proposed ISAs can be implemented in a manner proportionate to the size and complexity of an entity and welcomes the views of both preparers and auditors of financial statements of unlisted entities, including SMEs, in this regard. The IFAC SMP Committee has been providing regular and robust input to the IAASB throughout the ED's development, starting with a response letter to the Invitation to Comment, and encourages SMPs to comment: Submit a comment. Comments are due by November 22, 2013. Please also join the discussion in the IFAC SMP Community on LinkedIn.

The mid-year IFAC SMP Quick Poll showed that the vast majority (73%) of the nearly 4,000 SMPs surveyed are either currently providing or have plans to provide sustainability services to their clients, suggesting that there’s a sizeable market for these services among the small businesses that SMPs typically serve. Of those who offer sustainability services, many offer more than one service; the most common service provided, indicated by over 75% of respondents, is advisory services. Reporting and assurance are the next most commonly provided services. Read more in the IFAC SMP Quick Poll: Mid-Year 2013. Due to different response rates in different geographic areas, results may not be statistically representative of global or regional populations of SMPs. IFAC wishes to thank the many member and regional organizations that helped with translation and distribution of the poll.

In November, IFAC will open the year-end SMP Quick Poll to find out if business performance met expectations and to check in on the current challenges facing SMPs and their clients, among other topics. To see the complete results of the last poll and participate in the next one, see the SMP Committee home page.

The International Auditing and Assurance Standards Board (IAASB) recently released The Clarified ISAs—Findings from the Post-Implementation Review. This report summarizes feedback and the main themes that have emerged, and will be an important input to the IAASB’s future planning process, including its 2015–2019 strategy deliberations, which are included on the agenda for their meeting later this month in New York. (See their Meeting Page for agenda papers and to register to attend as an observer.)

The report included a summary of responses from a survey of SMPs on the application of the clarified ISAs. Seventy SMPs from ten jurisdictions responded to the survey, which covered two audit cycles. The survey found that the introduction of the clarified ISAs had a positive impact on their work, in particular in relation to audit planning, quality control, and an improved focus on risk. Views on the proportionality of the ISAs varied, and roughly half of the survey respondents did not believe that further changes to the ISAs were necessary. 

The SMP Committee continues to monitor and provide input to the International Ethics Standards Board for Accountants (IESBA, the Ethics Board). At the last Ethics Board meeting in June, the board considered, among other things, a proposed alternative to the approach set out in the Exposure Draft, Responding to a Suspected Illegal Act, regarding a professional accountant’s responsibilities when encountering a suspected illegal act.

In addition, the IESBA approved the terms of reference for the working group formed to advise the board on ways to improve the usability of the Code, which could include changing the structure and/or presentation of the Code. The project responds to concerns from SMPs and others regarding the Code’s readability, understandability, and accessibility.

The IESBA will continue its deliberation on responding to a suspected illegal act and receive an update on the working group’s research at its September 2013 meeting. For additional meeting highlights, listen to the podcast summary or read the summary on the IESBA Meeting Page. See also the IESBA’s recently released 2012 Annual Report, Connecting and Engaging with Our Global Stakeholders.

The International Accounting Standards Board (IASB) has finalized its deliberations around its comprehensive review of the International Financial Reporting Standard for Small- and Medium-Sized Entities (IFRS for SMEs). At its July meeting, the IASB agreed that due process had been followed in developing the proposed amendments and an Exposure Draft (ED) is planned for publication in September. See a summary of decisions in the July IASB Update. The SMP Committee is likely to lead the drafting of IFAC’s response to the ED.

In the United States, the American Institute of CPAs (AICPA) introduced a new accounting framework for SMEs in June. The Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) provides a new accounting option for preparing streamlined, relevant financial statements for privately held, owner-managed businesses that are not required to use US Generally Accepted Accounting Principles (GAAP).

The SMP Committee contributed to IFAC’s response to the Consultation Draft on the International Integrated Reporting Framework. IFAC strongly supports the principles-based approach presented in the draft Framework and notes that taking this approach is more likely to result in a Framework that will be capable of application in a manner proportionate with the size of an entity. See the Consultation Draft on the International Integrated Reporting Council (IIRC)’s website. 

Globalization is not a new phenomenon, but what is new is both its velocity and how it affects small- and medium-sized entities (SMEs). The impact on SMEs has significant implications for the accounting practices, in particular SMPs, that typically serve SMEs. According to the Edinburgh Group (EG)’s recently published report, Growing the Global Economy through SMEs, SMPs may need to carefully critique the services they provide to SMEs seeking to internationalize. As a starting point, the report suggests specific actions for SMPs that include developing more understanding and expertise internally, strengthening relationships with funding institutions, and building international networks of trusted professional and business contacts. SMPs have the potential to become a key agent for the internationalization of small business if they are able to provide SMEs with the advice they need.

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The above article, 7 Tips for Accountants on Supporting the Globalization of Small Business, is available for publication by IFAC member organizations. It can also be tailored to suit the needs of your organization and membership. This article, and previously released articles, are available on the IFAC Extranet (under Resources, see Member Bodies—Articles for Member Body Publication). If you plan to reproduce or adapt an article, email communications@ifac.org with publication details, including the title, when and where you plan to publish, and any changes tracked for our review. Email permissions@ifac.org for permission to translate.

In “Global Insights from IFAC SMP Committee,” at CReCER in Cartagena, Colombia (August 2013), SMP Committee Chair Giancarlo Attolini spoke about the importance of SMEs and SMPs and the challenges they face, citing the results of the latest IFAC SMP Quick Poll, and the role of IFAC SMP Committee, including the committee’s implementation guides.

Over 175 delegates from 33 professional accountancy organizations in 30 countries met in Kampala, Uganda, for the seventh annual IFAC SMP Forum in June. Co-hosted with the Institute of Certified Public Accountants of Uganda (ICPAU) and the Pan African Federation of Accountants (PAFA), delegates convened to learn, debate, and collaborate on a global stage regarding the unique opportunities and challenges facing SMPs and their small- and medium-sized entity (SME) clients. The agenda, presentations, and photos are available on online.

IFAC co-hosted a complementary event with ICPAU and PAFA. See Tips for Trainers on ISAs—International Perspectives, Local Insights  to learn more and view presentations.  

The SMP Committee has commissioned the Canadian Institute of Chartered Accountants (CICA) to develop a new publication that will help IFAC member organizations support their SMP constituents with the implementation of the revised International Standard on Review Engagements (ISRE) 2400, Engagements to Review Historical Financial Statements. The publication, which will supplement the committee’s existing implementation guides by assisting SMPs in efficient and effective implementation of ISRE 2400, is expected to be released in late 2013. The guide will include comprehensive and concise guidance, illustrations including practical examples and/or specimen documentation, and appendices with key checklists and forms.

The next World Congress of Accountants (WCOA) will be hosted by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC) in Rome, Italy, in 2014. Themed 2020 Vision: Learning from the Past, Building the Future, the 2014 WCOA will be held November 10-13 at the Auditorium Parco della Musica. More than 4,000 professionals from all over the world will convene at this can’t-miss IFAC event, held every four years. WCOA 2014 will look back to explore the evolution of the accountancy profession and forward to showcase the innovations that will set the tone for the future.

The WCOA also affords an unparalleled opportunity for organizations and firms to share their projects and visions with the world by taking advantage of one of our carefully crafted sponsorship packages. There are numerous options so you’ll be able to select the one that best suits your organization’s unique strategy and goals.