The IAASB's June 2012 Invitation to Comment: Improving the Auditor’s Report provided an indicative direction of the board’s future standard-setting proposals to improve how and what auditors report. Starting on page 9, the ITC featured an illustrative auditor’s report with the IAASB’s suggested improvements, and provided the board’s rationale for them. It also discussed the potential value and impediments of each of the suggested improvements.

At the heart of the suggested improvements is the need for transparency on matters specific to the audited financial statements and the audit that was performed. A proposed new section in the auditor’s report, “Auditor Commentary,” is envisaged to be the mechanism by which auditors may call attention to matters that are, in the auditor’s judgment, likely to be most important to the users’ understanding of the audited financial statements or the audit. There are also suggested improvements with respect to new statements regarding going concern and other information in documents containing the audited financial statements, the description of the responsibilities of the auditor and key features of the audit itself, and enhancement to the format of the auditor’s report.

To further inform this important initiative, the IAASB held three global roundtables in 2012. These events brought together representatives from a broad range of stakeholder groups to share perspectives on the IAASB’s suggested improvements to the auditor’s report.

• New York, USA—September 10, 2012
  • Slide presentation
  • Podcast 
  • Welcome & Overview and Auditor Commentary (124.9 MB)
  • Clarification & Transparency (69.8 MB)
  • Going Concern (124.9 MB)

• Brussels, Belgium—September 14, 2012
  • Slide Presentation
  • Podcast
  • Welcome & Overview and Auditor Commentary Part 1 (66.1 MB)
  • Auditor Commentary Part 2 (91.1 MB)
  • Going Concern (74.8 MB)
  • Clarification & Transparency (66.5 MB)

• Kuala Lumpur—October 8, 2012
  • Slide Presentation
  • Podcast
  • Welcome & Overview and Auditor Commentary (149.1 MB)
  • Auditor Commentary (continue) (75 MB)
  • Clarification & Transparency (134.1 MB)
  • Going Concern (150.2 MB)

The Western Balkan professional accountancy organizations (PAOs)—a group of PAOs comprising both IFAC members and non-members—have expressed interest in furthering their regional cooperation in the area of accountancy education and professional development in order to accelerate the development of the accountancy profession in the region.

Both IFAC and the World Bank Centre for Financial Reporting Reform (CFRR) have been working with the PAOs through their respective programming. In April 2018, the two organizations joined together to host a joint one-day Education Community of Practice workshop. Over 60 participants, including the leadership of PAOs from all over Europe, international experts, and members of IFAC’s Compliance Advisory Panel and PAO Development Committee participated in the event.

The workshop hosted panel sessions and open discussions where participants exchanged experiences, best practice examples, and the vision for the future.  

IFAC staff presented its recent International Standards: 2017 Global Status Report and the opportunities and challenges that lie ahead for the accountancy profession at both a global level and for the Western Balkan region in particular. The report also highlights available resources, guidance, examples of best practice, and observations, including the need for multi-stakeholder collaboration and support from national, regional and global organizations to maintain the progress made thus far in the adoption and implementation of international standards.

Further details and materials from the workshop are available on the CFRR’s website.

The future of business lies with the accounting profession. Join the world’s leading financial experts in Sydney, Australia, November 5-8, 2018 for the next World Congress of Accountants. This year’s theme, Global Challenges. Global Leaders., will inspire and inform your thinking on the future of accounting and our profession, and provide a unique opportunity to help shape that future.

Five reasons to attend:

• Learn, adapt and accelerate your career through a technology-enabled curated conference experience.
• Ignite new business opportunities via thought leadership, turning ideas into solutions, and shaping the future of the profession.
• Network with 6000+ motivated professionals from 130 countries. Join the conversation at the Business Connect Hub and stay in touch with the Congress app.
• Explore cutting edge technology across more than 50 exhibits, expo presentations, activity and chillout zones, and barista coffee lounges.
• Be delighted by Sydney at its best through an immersive social program, from cruising the world’s largest natural harbour to our premier Gala event.

Full details and the latest news, including the Program, is available on the World Congress of Accountants 2018 website.

In July 2017, more than 80 representatives representing 15 professional accountancy organizations (PAOs) in the ASEAN region and neighboring Asia-Pacific countries, regional bodies, and donor and development agencies gathered in Hanoi, Vietnam to participate in a Statements of Membership Obligations (SMO) workshop, co-organized by the IFAC Quality & Development (Q&D) staff and the Vietnam Association of Certified Public Accountants (VACPA).

 Under the theme of Realizing the Power of PAOs: Credibility, Competency, and Collaboration, the one day workshop provided PAOs and key stakeholders the opportunity to take stock of the current state of the accountancy profession in the region and discuss challenges and successes affecting the profession. The main discussion points and conclusions from the workshop are available, which will be helpful to those working to strengthen PAOs.

The Instituto Nacional de Contadores Públicos de Colombia (INCP), with IFAC’s support, will hold a Regional SMP Forum on November 24, 2017 to bring practitioners from small- and medium-sized accountancy practices (SMPs) together for a day-long seminar to focus on audit quality and how practitioners can build a successful practice.

When/Where? The event will be held November 24, 2017, at the Casa Dann Carlton Hotel in Bogota, Colombia

What? An international and regional line-up of subject matter experts will steer the forum and share important insights on pertinent areas of audit quality and practice management.

The line-up of speakers includes:

• Hugo Ospina INCP - CEO – President
• Jose Sanabria – KPMG Partner
• Cristobal Uribe – Amezquita Partner
• Wilmar Franco – CTCP
• Jorge Casteblanco – Crowe Horwarth Partner
• Jorge Pineiro – EY Partner
• Edgar Villamizar – Baker Tilly Partner
• Paola Vacca – BDO Marketing Director
• Monica Foerster – IFAC SMP Committee Chair
• Dawn McGeachy – IFAC SMP Committee Member
• Beverley Bahlmann – International Auditing and Assurance Standards Board Deputy Director
• Christopher Arnold – IFAC Head of SME/SMP and Research

Who Should Attend? The forum is open to accounting practitioners, as well as other professionals, who work directly or indirectly with SMP/SME affairs. 

Why? The event will examine the structure of the ISA pronouncements and how they can be applied proportionately. Additionally, the forum will include a session on building a successful practice, including evolving to be future ready and building capacity to offer to advisory services. Both sessions will include an overview of relevant guidance, including the IFAC Guide to Practice Management.

See the INCP Forum page for more information. 

Accountancy education involves many different elements, from syllabus development to producing learning materials, from establishing tuition arrangements to delivering examinations and requiring practical experience. It can take years to build the foundation for a professional qualification, and while PAOs may not have the legal authority for every aspect of accountancy education, they play a key role in supporting educational programs and delivering qualifications.

To support PAOs and this central role they play, more than 80 professional accountancy organization (PAO) representatives from 25 countries came together for a half-day, interactive workshop to discuss accountancy education successes and challenges. The workshop, organized by IFAC and the Pan African Federation of Accountants, and held alongside the 4th Africa Congress of Accountants in Kampala, Uganda.

The workshop generated discussion on PAO efforts to design, develop and maintain their professional qualifications, as well as IFAC member organizations’ work to adopt and implement the International Education Standards (IES)—a requirement for all IFAC members as part of IFAC’s Statements of Membership Obligation—issued by the International Accounting Education Standards Board.

Facilitated by IFAC PAO Development Committee members, workshop participants navigated:

• pathways to entry and enrollment requirements;
• branding and marketing qualifications;
• syllabus content, learning materials, and tuition arrangements;
• examination content, delivery, and marking and administration;
• practical experience requirements and delivery arrangements; and
• continuing professional development (CPD) to keep members’ knowledge current.

The stories told and lessons learned provided useful insight and demonstrate PAOs’ ability to drive positive change and introduce international good practice regardless of their unique country circumstances. 

The Institute of Chartered Accountants of the Caribbean (ICAC) and IFAC held a joint workshop on June 21, 2017 in Guyana with representatives from 10 professional accountancy organizations in the region. Participants gathered together with the twin objectives of examining the role of the accountant in a changing world along with the trends (technological, economic, social, etc.) impacting the profession and tomorrow’s accountant as well as to discuss the challenging issues facing the accountancy profession and the future-readiness of today’s accountant and professional accountancy organizations.

The 122^nd ASEAN Federation of Accountants (AFA) Council meeting in Singapore in June 2016 included presentations by IFAC staff on a variety of membership matters. Staff provided an update on the IFAC Member Compliance Program, including the approved IFAC Member Compliance Program Strategy, 2016-2018, the online Member Organization and Country Profiles, and the new enhanced enforcement framework.

Attendees included 15 members of AFA as well as Christopher Fabling, Senior Financial Management Specialist with the World Bank, who provided an update on current World Bank initiatives in the ASEAN region, and Dan Montgomery, former Deputy Chairman of the International Auditing and Assurance Standards Board, who addressed the New Auditor’s Report.

While in Singapore, IFAC also met with several member organizations to discuss elements of the Compliance Program and other professional accountancy organizations in the region that are interested in membership.

IAASB Acting Technical Director Beverley Bahlmann hosts the December 2016 audio podcast featuring Chairman Arnold Schilder and IAASB Members Fiona Campbell, Karin French, Rich Sharko, and Megan Zietsman to discuss key activities and events from the board's December 5-9, 2016, meeting in New York.

• 0:00 to 0:38 Introduction
• 0:38 to 2:22 Chairman’s overview
• 2:22 to 5:22 ISA 540
• 5:22 to 9:07 ISA 315 (Revised)
• 9:07 to 21:15 Enhancing Audit Quality—Group Audits and Quality Control
• 21:15 to 26:43 2017-2018 Work Plan Consultation, changes in IAASB members
• 26:43 to 28:47 Closing remarks and next meeting