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IFAC FOCUS AREAS
- Accountability. Now.
- 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.
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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. Read More
Assists management, boards of directors, external stakeholders, and others interacting with the entity by providing both understanding of what constitutes a system of internal control and insight into when internal control is being applied effectively.
Evaluating and Improving Internal Control in Organizations
June 28, 2012 - IFAC
Highlights areas where the practical application of existing internal control standards and frameworks often fails in many organizations. The guidance assists professional accountants in business as they work with their organizations to continuously evaluate and improve internal control, and ensure that it is an integrated part of the organization's systems of governance and risk management.
Evaluating and Improving Governance in Organizations
January 31, 2009 - IFAC
Includes a framework-consisting of a series of fundamental principles, supporting guidance, and references-for how professional accountants can contribute to evaluating and improving governance in organizations.
Provides principles-based guidance to assist professional accountants and their organizations in developing and implementing a code of conduct in a values-based culture.
What CFOs Should Know About Foreign Exchange Risks
May 21, 2015 - CFO.com
Understanding foreign exchange risk in the context of enterprise risk management enables finance chiefs to avoid overhedging their forex risks.
A new publication from Chartered Professional Accountants of Canada helps small and medium-sized enterprises (SMEs) tackle the challenges associated with collecting and appropriately securing customer information.
This paper positions the management of risk as an indispensable and integral part of decision making and subsequent execution in order for boards and management to ensure their organization makes the best decisions and achieves its objectives.
- New Report from IFAC Tackles Risk Management
May 19, 2015 - Accounting Web
- IFAC Offers Advice on Risk Management
May 11, 2015 - Accounting Today
- Materiality Matters: Why Don't Companies Have to Disclose Sustainability Risk?
April 28, 2015 - Green Biz
- US: “Pervasive” Pressure Challenges Internal Audit’s Objectivity
March 18, 2015 - Journal of Accountancy
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