May / 04

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In this Issue:
  1. IFAC Seeks Public Members for Public Interest Activity Committees
  2. New International Standard Mandates CPD for Professional Accountants
  3. Enterprise Governance is the Focus of New International Study
  4. IFAC Launches Member Body Compliance Program
  5. IFAC Addresses the Implementation of International Standards
  6. Latest International Auditing and Ethics Pronouncements Available in Several Formats
  7. Compendium of International Public Sector Accounting Standards Now Available
  8. IFAC Addresses Anti-Money Laundering and the Role of Accountants

 


1. IFAC Seeks Public Members for Public Interest Activity Committees

IFAC is seeking public members to serve on the International Auditing and Assurance Standards Board (IAASB) and on the Education and Ethics Committees for terms of up to three years beginning November 2004 for the Education and Ethics Committees and January 2005 for IAASB. Public members should have experience that can be applied to the objectives of the respective committee. The deadline for nominations is June 1, 2004. Additional information, including a Candidate Information Sheet, is contained in the Call for Nominations.

 


2. New International Standard Mandates CPD for Professional Accountants

IFAC's Education Committee has released a new standard emphasizing the public-interest responsibility of all accountants to maintain the skills and knowledge necessary to perform competently. International Education Standard 7, Continuing Professional Development (CPD): A Program of Lifelong Learning and Continuing Development of Professional Competence, prescribes mandatory CPD for all members of the profession, indicating that it must be relevant and appropriate given the professional accountant's responsibilities. All IFAC member bodies are expected to comply with the standard, which is effective from January 1, 2006.

 


3. Enterprise Governance is the Focus of New International Study

Enterprise Governance: Getting the Balance Right, published by IFAC and The Chartered Institute of Management Accountants (CIMA), seeks to define the emerging concept of enterprise governance, determine its role in preventing or contributing to corporate failures and recommend actions that can strengthen governance and performance. It includes an in-depth analysis of corporate successes and failures in 27 case studies from 10 countries. The "tone at the top", the chief executive, the board of directors and the internal control system are identified as the four key determinants of corporate success and failure.

 


4. IFAC Launches Member Body Compliance Program

IFAC has launched the first phase of its Member Body Compliance Program with the distribution of a fact-based questionnaire, "Assessment of the Regulatory and Standard-Setting Framework," to its member organizations. The questionnaire seeks information on the roles of the member bodies and other organizations in the regulation of the accounting profession and in the setting of auditing, accounting, ethics, public sector accounting, and education standards. Responses, which are due by June 1, will assist the organization and stakeholders in better understanding the frameworks that support the accounting profession in carrying out its public interest responsibilities.

The second phase of the program -- the completion of a self-assessment by each member body as to the member body's compliance with IFAC's membership obligations – will be implemented later in 2004.

 


5. IFAC Explores Issues Pertaining to the Implementation of International Standards

The IFAC Board has requested that Peter Wong from Hong Kong (a former IFAC Board member) lead a project to obtain the views of individuals and various groupings of professional accountants and other stakeholders on the extent to which they have seen challenges and successes in the implementation of International Standards on Auditing (ISAs), issued by the IAASB, and International Financial Reporting Standards, issued by the International Accounting Standards Board.

IFAC leadership and management are in the process of conducting a series of focus groups and interviews with members of regional accountancy organizations as well as with professional accountants from different backgrounds (large firms, medium-sized firms, small firms, members in business, national accounting and auditing standard setters), as well as regulators, users and other interested parties. Individuals who would like to provide input should send an email to implementationstandards@ifac.org.

 


6. Latest International Auditing and Ethics Pronouncement Available in Several Formats

The 2004 Handbook of International Auditing, Assurance, and Ethics Pronouncements, featuring all pronouncements issued by the International Auditing and Assurance Standards Board (IAASB) and the Ethics Committee through December 31, 2003, is now available in print and in a new fully searchable, interactive electronic format.

The pronouncements in this new edition of the handbook have been restructured by the IAASB to better reflect the services covered by them. Additions to this year's handbook include the new audit risk standards, assurance standards, assurance framework, and an interpretation to IFAC's Code of Ethics for Professional Accountants.

 


7. Compendium of International Public Sector Accounting Standards Now Available

The 2004 Handbook of International Public Sector Accounting Pronouncements is available at no charge in a downloadable PDF and print format. It features International Public Sector Accounting Standards (IPSASs) 1-20, along with a glossary of terms, summary of occasional papers and studies, and a selected bibliography.

For information about Public Sector Committee (PSC) activities, view the latest PSC Update, which is available in English, French and Spanish.

 


8. IFAC Addresses Anti-Money Laundering and the Role of Accountants

Governments, regulators and the global business community are increasingly calling on accounting practitioners to contribute to the battle against money laundering. A new IFAC paper, Anti-Money Laundering 2nd Edition, addresses the increased expectations of legislators and regulators with respect to the profession's role in detecting money laundering and the implementation of controls and safeguards against it.

This paper and other documents mentioned above may be downloaded at no charge from the IFAC website: www.ifac.org.

 


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About IFAC

The International Federation of Accountants (IFAC) is dedicated to serving the public interest, strengthening the worldwide accountancy profession, and contributing to the development of strong international economies. Its current membership consists of 158 professional accountancy bodies in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. The organization sets ethics, auditing and assurance, education, and public sector accounting standards.