IFAC FOCUS AREAS
- Accountability. Now.
- Adoption of International Standards
- Developing the Global Profession
- Global Representation and Advocacy
- Professional Accountants in Business
- Small and Medium Practices
Independent Standard-Setting Boards
The International Auditing and Assurance Standards Board sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.
The International Accounting Education Standards Board establishes standards, in the area of professional accounting education, that prescribe technical competence and professional skills, values, ethics, and attitudes.
The International Ethics Standards Board for Accountants sets high-quality, internationally appropriate ethics standards for professional accountants, including auditor independence requirements.
The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements.
|Global Knowledge Gateway||
Risk Management & Internal Control
Proper risk management and internal control help organizations understand the risks they are exposed to, put controls in place to counter threats, and effectively pursue their objectives. They are therefore an important aspect of an organization’s governance, management, and operations. Professional accountants can and should play a leading role in helping their organizations achieve an integrated, organization-wide approach to risk management and internal control—which ultimately helps create, enhance, and protect stakeholder value. See the full overview.
by Vincent Tophoff, Senior Technical Manager, IFAC | October 12, 2016
The COSO Exposure Draft on enterprise risk management does not yet live up to its intentions—but could with some changes.
There are 29 articles
How to Manage Risk More Effectively—Make it Part of How You ManageManaging risk is already a natural part of how people make decisions and execute them; risk management is already “integrated”. Risk management tools and processes should be adapted to suit the needs of the decision makers and their existing...
by Grant Purdy, Associate Director, Broadleaf | July 3, 2014
Of Scenarios and Accountants: The Importance of Scenario Analysis for OrganizationsProfessional accountants can play a key role in risk management by engaging in scenario analysis exercises. They can use scenario analysis to improve the efficient management of resources, corporate governance, and the facilitation of information.
by Eli R. Khazzam, Editor-in-Chief, IFAC Global Knowledge Gateway and Vincent Tophoff, Senior Technical Manager, IFAC | June 23, 2014
A Ball of Confusion: What Is Your Appetite for Risk Appetite?The problem with specialist terminology is it often confuses, rather than clarifies, risk management.
by Vincent Tophoff, Senior Technical Manager, IFAC | June 18, 2014
New Zealand Treasury Uses IFAC Guidance for Government-wide Internal Control AssessmentThe Chief Accounting Advisor at the New Zealand Treasury details how IFAC’s internal control guidance was effectively incorporated into the New Zealand government’s thinking and approach to internal control.
by Ken Warren, Chief Accounting Advisor, New Zealand Treasury | May 13, 2014
Defending against Business Failure: Effective Risk Management and Internal ControlOne of the best defenses against business failure is effective risk management and internal control, which professional accountants are positioned to plan, implement, execute, evaluate, and improve. A recent article by the authors in the...
by J. Stephen McNally, Finance Director and Controller, Campbell Soup Company and Vincent Tophoff, Senior Technical Manager, IFAC | May 13, 2014
News and Resources
There are 600 news/resources
5 Steps to Strengthen Internal Controls at Small Businesses and Not-for-Profits
CGMA Magazine - October 3, 2016
Cyber Attack Survival Guide
Financial Times - October 3, 2016
Fraud Risk Management Guidance Updated by COSO
Journal of Accountancy - October 3, 2016
Handling Client Data Is Top of the Public's Concers about Business Practice
Association of Accounting Technicians - September 28, 2016
Top Five Cyber Risks for Small Businesses
Institute of Chartered Accountants in England and Wales - September 27, 2016
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