IFAC raises questions about the claims made in the article, "The Virtues of Mandatory Audit Rotation," and focuses the debate on evidence-based measures to further enhance audit quality--and ultimately the quality of financial reporting--as well as regulatory consistency across jurisdictions.
The International Accounting Bulletin (IAB) recently presented its 2014 Lifetime Achievement Award to Prof. Arnold Schilder, chairman of the International Auditing and Assurance Standards Board®(IAASB®).
Prof. Schilder was honored for his contributions to the accountancy profession, which include serving as president of the Dutch professional body NIVRA (1995-1996), as a member of the Managing Board of the Dutch Central Bank (1998-2008), as chair of the Basel Committee on Banking Supervision's Accounting Task Force (1999-2006), and as a member of the Public Interest Oversight Board (2005-2008).
In the narrative that accompanies the award, the IAB also recognized Prof. Schilder for his leadership of the IAASB since assuming its chairmanship in 2009.
"He has played a key role in guiding the IAASB as it strives to enhance the quality and consistency of practice throughout the world," the narrative reads. "Ninety jurisdictions around the world already use or are in the process of adopting or incorporating IAASB's International Standards on Auditing™."
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IAASB Chairman Arnold Schilder accepts the IAB 2014 Lifetime Achievement Award from Accountancy Group Editor Ana Gyorkos.
The IFAC website is now mobile friendly, having undergone a series of adjustments over the last few months.
The website is also now using Google Translate, which makes the entire site available in 80 languages. The Google Translate button is located on the upper right of the IFAC website, near the search field.
Please note, if you wish to reproduce or translate materials published by IFAC, you must still submit a request to the Translations & Permissions Department.
IFAC CEO Fayez Choudhury discusses the convergence of accounting standards and their central role in contributing to financial stability in an article published in The Australia Summit: Brisbane, to coincide with the November 2014 G-20 Leaders’ Summit.
The Australia Summit: Brisbane provides an in-depth analysis of the current views and future ideas of the leaders of the G-20, including introductions from current and future G-20 summit hosts, Australian Prime Minster Tony Abbott, and Turkish Prime Minister Ahmet Davutoglu—as well as other government and business leaders and others.
Read his article, “Building Resilience in Financial Systems.”
The International Federation of Accountants (IFAC), the global organization for the accountancy profession, has launched its 2014 IFAC Global SMP Survey (www.surveygizmo.com/s3/1800424/IFAC-GLOBAL-SMP-SURVEY-2014) to investigate current opportunities and challenges faced by small- and medium-sized practices (SMPs) in the accounting profession worldwide. Available in 21 languages, the survey is open through December 15, 2014, and takes less than 10 minutes to complete.
Conducted annually, the survey tracks prominent trends and developments and generates an overview of the financial health of SMPs in the industry. This year, survey questions were designed with the assistance of several academics and lead researchers at the University of Dayton in the US.
Results from the survey, which will be published by IFAC in early 2015, will help IFAC to better understand the country-specific and industry-wide needs and challenges of SMPs, and shape future programs and initiatives.
The UK Department for International Development (DFID), which leads the United Kingdom’s work to end extreme poverty, and IFAC, the global organization for the accountancy profession, have entered into an agreement to strengthen professional accountancy organizations (PAOs) in developing countries. Under this agreement, DFID will provide £4.935 million to IFAC over seven years. The funding will be used to strengthen PAOs in at least 10 DFID focal countries to play a greater role in furthering economic development. These focal countries are currently being selected by IFAC, in consultation with its regional organizations and DFID.
On September 30, 2014, IFAC invited organizations to indicate their interest in providing PAO capacity-building services under this agreement. IFAC will facilitate, coordinate, and supervise projects, including peer-to-peer support by more established PAOs, to build developing country PAOs’ managerial, financial, and technical capacity so that they are able to drive improvements in professional and ethical standards. Expressions of Interest can be submitted online prior to November 19, 2014. (Please note, the deadline for submitting an Expression of Interest has passed; there will be an additional Call in 2015.)
On October 17, 2014, IFAC held a webinar to answer questions regarding and clarify instructions for the Expressions of Interest to partner with IFAC to build the capacity of PAOs. An overview of the capacity-building program was also provided.
The IFAC website is now using Google Translate, which makes the entire site available in 80 languages. The Google Translate button is located on the upper right of the IFAC website, near the search field.
Please note, if you wish to reproduce or translate materials published by IFAC, you must still submit a request to the Translations & Permissions Department.
The IFAC Small and Medium Practices (SMP) Committee supports the implementation of international standards by developing comprehensive guides and supplementary resources to help SMPs and other practitioners provide high-quality services, including:
As part of its future strategy, the Committee is considering what additional resources could most assist practitioners in efficiently and effectively implementing some of the other standards from the International Auditing and Assurance Standards Board, including:
Agreed-Upon Procedures (AUP)—ISRS 4400, Engagements to Perform Agreed-Upon Procedures Regarding Financial Information
Other Assurance Engagements—International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information
Compilation Engagements—International Standard on Related Services (ISRS) 4410, Compilation Engagements
Do you need comprehensive guides, case studies or other support material? Please take the SMP Committee’s short poll to rank the need and demand for potential new guidance in these areas by August 15 in the Global Knowledge Gateway: "Supporting the Implementation of International Standards—What’s Next?"
