IFAC News in Brief
1. IFAC Signs Strategic Agreement with IIA
The International Federation of Accountants (IFAC) and the Institute of Internal Auditors (IIA) have signed a Memorandum of Understanding (MoU) to create a formal basis for the advancement of risk management and internal controls toward a common goal of enhanced governance. Signed at the IIA’s International Conference, the IFAC-IIA MoU outlines a new plan for enhanced coordination, collaboration, and resource sharing that will draw on the strengths and expertise of the two organizations. Both are engaged in the restoration of public confidence in business reporting and enhancing governance processes in the private and public sectors.
2. 2013 Handbook of International Public Sector Accounting Pronouncements and 2013 Handbook of the Code of Ethics Now Available
3. IAASB Reports on Findings From Post-Implementation Review of the Clarified ISAs
The International Auditing and Assurance Standards Board (IAASB) released its
Post-Implementation Review—a Report that highlights the results of the IAASB’s efforts to learn whether the clarified International Standards on Auditing (ISAs) are being consistently understood and implemented in a way that achieves the IAASB’s goals in clarifying and revising them. The Report summarizes feedback from those most directly involved in the audit process in jurisdictions that have implemented the clarified ISAs. It describes the IAASB’s process in summarizing the comments and identifies the main themes that have emerged.
4. IPSASB Issues Recommended Practice Guidelines 1 and 2
5. New Chair Appointed for Ethics Board Consultative Advisory Group
Kristian Koktvedgaard has been appointed chair of the Consultative Advisory Group (CAG) to the
International Ethics Standards Board for Accountants (IESBA or the Ethics Board). As a senior advisor focusing on auditing and accounting with the Confederation of Danish Industry, Kristian Koktvedgaard currently represents BUSINESSEUROPE on the CAGs of the IESBA and the International Auditing and Assurance Standards Board. He was elected by the IESBA CAG membership to succeed the current chair, Richard Fleck, who has served as the first independent chair of the IESBA CAG since May 2006. Kristian Koktvedgaard’s appointment—a three-year term effective July 1, 2013—has been approved by the Public Interest Oversight Board (PIOB), which oversees the activities of the Ethics Board and of the CAG.
6. IESBA Chair Talks to EL País
IESBA Chair Jörgen Holmquist was interviewed recently by David Fernandez of El País, a leading Spanish language news source in Spain. The interview covers the upcoming project to revise the structure of the Code of Ethics for Professional Accountants, lessons learned from the financial crisis, auditor independence, and audit market concentration, among other topics. The article is available in
English and on the El País website in
Spanish.
7. New Article, 7 Tips for Accountants on Supporting the Globalization of Small Business, Available for Publication
A new article,
7 Tips for Accountants on Supporting the Globalization of Small Business, has been made available for publication by IFAC member organizations. The article discusses the rapid increase in international activity among small businesses and the implications for the SMPs that serve them. It shares seven tips for SMPs from the Edinburgh Group (EG)’s recently published report,
Growing the Global Economy through SMEs. The article 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.
8. SMP Quick Poll Report Now Available
The latest IFAC
SMP Quick Poll results showed that the vast majority, 73%, of the nearly 4,000 small- and medium-sized accounting practitioners (SMPs) surveyed are either currently providing or have plans to provide sustainability services to their clients, suggesting that there is a sizeable market for these services among the small businesses that SMPs typically serve. Results varied somewhat by size of practice and region. The larger the size of the SMP, the more likely it was to be offering sustainability services.
The mid-year 2013 poll received 3,678 responses and was conducted in 16 languages from May 29 to July 8. The poll, conducted twice annually, is intended to take a snapshot of key challenges and trends influencing SMPs globally. IFAC wishes to thank the many member and regional organizations that helped with translation and distribution of the poll.
9. Forum of Firms Announces Re-Election of Chair
The Forum of Firms announced the election of
Robert Dohrer to a second term as Forum of Firms chair beginning July 2013. During his first three-year tenure, Mr Dohrer oversaw continued growth in the Forum’s membership; four new organizations joined since 2010—taking the current total to 23 networks. All members must agree to the Forum’s audit quality membership obligations. During his second three-year term, Mr Dohrer will work to maintain the Forum’s high-quality threshold for new member admission and continue to advance activities and initiatives aligned with the Forum’s audit quality mandate—a more notable example from his first term being the 2013 release of the Forum’s Information Paper,
Engagement Quality Control Reviews: Practical Considerations.
10. IFAC Is Hiring
IFAC is hiring for a number of different positions, including technical managers in multiple areas. While positions require a familiarity with the accounting profession and global financial issues, an accounting degree is not required for all positions. Visit
Working at IFAC to learn more. Qualified candidates should send a resume and salary requirements to
jobs@ifac.org.
11. Newly Available Translated Publications
Recent and Upcoming Events
1. Registration Now Open for World Congress of Accountants 2014; Sponsorship Opportunities Available
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. Watch the
video for more information on the 2014 WCOA.
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.
Open Consultation and Exposure Drafts
1. IAASB Exposure Draft
The International Auditing and Assurance Standards Board (IAASB) released proposals to enhance the future auditor’s report. The IAASB’s Exposure Draft,
Reporting on Audited Financial Statements: Proposed New and Revised International Standards on Auditing (ISAs), responds to calls from investors, analysts, and other users of audited financial statements in the wake of the global financial crisis for the auditor to provide more relevant information in the auditor’s report based on the audit that was performed. The IAASB’s deliberations on the proposed new and revised ISAs were informed by international research, two public consultations, stakeholder outreach including three public roundtables held in 2012, and the 165 responses to the
June 2012 Invitation to Comment: Improving the Auditor’s Report.
Comment Deadline: November 22, 2013
2. IAESB Exposure Draft
The International Accounting Education Standards Board (IAESB) has published for comment an Exposure Draft of its proposed
2014-2016 IAESB Strategy and Work Plan. The IAESB’s proposed strategy focuses on projects and activities aimed at providing adoption and implementation guidance on the revised IESs to interested stakeholders in professional accounting education. This will assist IFAC’s member bodies in increasing the capacity and capability of the global accountancy profession, contributing to strengthened public trust.
Comment Deadline: October 4, 2013
3. IPSASB Exposure Draft
The International Public Sector Accounting Standards Board (IPSASB) released the fourth Exposure Draft (ED) related to the IPSASB’s project to develop a Conceptual Framework for the general purpose financial reporting of public sector entities. Published April 17, the Conceptual Framework Exposure Draft 4,
Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Presentation in General Purpose Financial Reports, further develops and modifies the conceptual approach highlighted in the Consultation Paper published in 2012. The ED describes presentation as the selection, location, and organization of information that is displayed and disclosed in General Purpose Financial Reports (GPFRs). GPFRs include both financial statements and other reports providing additional information that enhances, complements, and supplements the financial statements. The ED also describes display and disclosure, and identifies three presentation decisions—information selection, location, and organization.
Comment Deadline: August 15, 2013
4. PAIB Committee Consultation Draft
IFAC and the Chartered Institute of Public Finance and Accountancy (CIPFA) have issued a Consultation Draft,
Good Governance in the Public Sector, to promote the development of robust governance. The Draft looks to establish a benchmark for good governance in the public sector at both the government and individual public sector entity levels. This Consultation Draft was developed after an initial review of relevant governance literature and with input from a joint International Reference Group, whose members are listed in the Framework. Public sector representatives and other public sector stakeholders are encouraged to respond to the proposed Framework to help improve its applicability to public sector entities at all levels internationally.
Comment Deadline: September 17, 2013