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    Jun 10, 2010


    PAIB Committee


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    sustainability, risk management and internal control, PAIB, business reporting

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    PAIB eNews

    In This Issue:
    1) IFAC Launches Survey on International Alignment of Risk Management and Internal Control Guidelines
    2) Views Sought on IFAC's 2010-2012 Strategy and Work Plan to Serve Professional Accountants in Business
    3) Recommendations to Improve Business Reporting from Key Business Leaders Now Available
    4) IFAC and A4S Collaborate to Promote Sustainable Organizations
    5) IFAC Sustainability Framework to be Updated
    6) Other Sustainability News from Around the World
    7) IFAC Releases 2009 Annual Report 
    8) Share PAIB eNews With Your Colleagues

    1) IFAC Launches Survey on International Alignment of Risk Management and Internal Control Guidelines

    The PAIB Committee, with the assistance of the Committee of Sponsoring Organizations (COSO), has launched a survey to assess the need for international alignment of risk management and internal control guidelines.

    Through this survey, the PAIB Committee seeks to:

    • Investigate how risk management and internal control frameworks, standards and/or guidance are used around the globe;
    • Identify the strengths and weaknesses of existing risk management and internal control systems; and
    • Determine the need for international alignment among the various national frameworks, standards and guidance that already exist in this area.

    The survey will be open until July 10, 2010. It is available online and can be accessed online. We encourage you to share this survey, which only takes about 20 minutes to complete, with your colleagues.

    2) Views Sought on IFAC's 2010-2012 Strategy and Work Plan to Serve Professional Accountants in Business

    IFAC has released for comment the exposure draft (ED) Professional Accountants in Business Strategy and Work Plan for 2010-2012. This public consultation document, prepared by the PAIB Committee, offers IFAC member bodies and other key stakeholders an opportunity to comment on the proposed vision, strategic direction and corresponding work plan for this key constituency for the first time.

    The proposed strategy focuses on enhancing the profile, influence, and relevance of professional accountants in business. It also identifies two key objectives:

    • Increase awareness of the important roles professional accountants play in creating, enabling, preserving, and reporting value for organizations and their stakeholders; and
    • Support the professional accountants in business within IFAC member bodies by facilitating the communication and sharing of good practices and ideas.

    The comment period is open until July 14, 2010.

    3) Recommendations to Improve Business Reporting from Key Business Leaders Now Available

    IFAC has started issuing a series of articles on business reporting. The articles are based upon interviews with 25 key business leaders from the around the world, featuring their practical recommendations for improving corporate governance, business reporting, and auditing in the aftermath of the financial crisis. The articles will be posted on the IFAC website and will link to the full interviews.

    IFAC plans to issue the articles and interviews over the next months. We encourage you to read the interviews, review the recommendations, and provide comments. Building upon the interview recommendations and the subsequent reader input, IFAC will develop an overall conclusion article, an action plan, and a principles-based International Good Practice Guidance, Evaluating and Improving Business Reporting in Organizations.

    The first of these articles, together with the underlying interviews, can be found on the IFAC website.

    4) IFAC and A4S Collaborate to Promote Sustainable Organizations

    IFAC and The Prince's Accounting for Sustainability (A4S) Project have entered into a memorandum of understanding to support the global accountancy profession's role in developing sustainable organizations. IFAC and A4S will work together on initiatives to help professional accountants embed sustainable practices into their organizations.

    Key priorities of this collaboration include:

    • Raising awareness of sustainability issues and facilitating sharing and collaboration across the global accountancy community, primarily through the development of a community website, which is currently under development;
    • Establishing an international integrated reporting committee to develop a new reporting model that will better reflect the interconnected impact of financial, environmental, social, and governance factors on the long-term performance and condition of an organization; and
    • Incorporating accounting for sustainability within professional training and education.

    5) IFAC Sustainability Framework to be Updated

    The IFAC Sustainability Framework, launched in 2009, is being updated to reflect the latest developments in the field. To make any suggestions for these updates, including the addition of any new issues or good practice examples, please contact Stathis Gould, at

    The framework provides guidance on how to inject sustainability leadership into the management cycle, from making and executing strategic decisions to reporting on performance to stakeholders. It will continue to highlight the issues that organizations must address to make sustainability an integral element in their business models. The framework will also be available as a virtual paper later in 2010.

    6) Other Sustainability News from Around the World

    Member Bodies

    a. Association of Chartered Certified Accountants
    The ACCA Pakistan and the World Wildlife Fund (WWF) hosted an event to mark Earth Day that featured debates on current trends in sustainability and the evolving nature of business reporting.

    b. American Institute of Certified Public Accountants
    The AICPA has updated the content of its Sustainability News web page, including the addition of an MIT Sloan article The Change Leadership Sustainability Demands.

    c. Canadian Institute of Chartered Accountants
    The CICA is now accepting entries for an expanded version of the Corporate Reporting Awards. Included in this competition will be an award for sustainable development reporting.

    d. Chartered Institute of Management Accountants
    The CIMA has published a case study examining the sustainability strategy of Australian bank Westpac. The study provides insights into the ways that management accountants help develop, implement, and communicate a corporate sustainability strategy. Further, CIMA has released the results of a survey, conducted jointly with the Prince's Accounting for Sustainability Project, which examines how financial professionals can help their organizations mitigate and adapt to climate change. This project was nominated for a Globe Sustainability Award.

    e. Chartered Institute of Public Finance and Accounting
    The CIPFA has established the CIPFA Carbon Finance Network - a subscription service giving members access to a variety of resources addressing the subjects of climate change and greenhouse gas emissions, in particular how these issues impact public sector finance. In addition, CIPFA's sustainability web pages have been updated.

    f. CPA Australia
    CPA Australia has published its second GRI-based sustainability report. The organization has also published the first of a three-part research project on current and future developments in non-financial information disclosure: Corporate non-financial reporting processes: An analysis of the emerging modes by which organisations engage with their stakeholders. Parts two and three, on sustainability report assurance practices and corporate water reporting, are expected to be released in June.

    g. South African Institute of Chartered Accountants
    SAICA operates and regularly updates an information hub for business users: The primary focus is on sustainability reporting, while continuing to raise further awareness of sustainability issues among its members.

    International Organizations

    a. McKinsey & Company
    McKinsey has published the results of a global survey on how companies manage sustainability. In the survey, more than half of the executives polled considered sustainability to be "very" or "extremely" important as a management issue, but only 30 percent were actively addressing the issue.

    b. Securities and Exchange Commission
    In an announcement, the SEC said that it has approved interpretive guidance on climate change disclosures. The guidance clarifies what publicly-traded companies need to disclose to investors in terms of climate-related material effects on business operations.

    c. The Sustainability Consortium
    Over 50 major companies and other organizations from around the globe have joined together to establish the Sustainability Consortium, which promotes sustainability in all stages of the development and marketing of consumer products. Wal-Mart supported the establishment of the not-for-profit Consortium and Safeway recently announced it was joining this group. Other Consortium members include BASF, The Walt Disney Company and Cargill.

    7) IFAC Releases 2009 Annual Report

    IFAC has recently released its annual report for 2009. This document highlights IFAC's response to the global financial crisis as well as initiatives that have positioned the organization as a more influential voice for the global accountancy profession.

    Featuring messages from IFAC President Robert Bunting, Chief Executive Officer Ian Ball, and Public Interest Oversight Board Chairman Stavros Thomadakis, the annual report provides a detailed account of all the services delivered by IFAC in 2009.

    The annual report, which was developed digitally for the first time this year, also provides noteworthy interactive features such as "The Year at IFAC," a timeline that captures significant events and accomplishments in 2009, and "Structure, Oversight, and Consultation," a chart depicting IFAC's governance structure and an overview of its oversight and consultation processes.

    You can access the annual report here.

    8)  Share PAIB eNews with Your Colleagues

    The PAIB issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and let them know that they can subscribe to this and other eNews bulletins at the eNews sign-up page at


    The 18th World Congress of Accountants, hosted by the Malaysian Institute of Accountants and IFAC, is November 8-11, 2010.  The Congress will offer more than thirty panel discussions and speakers from The World Bank, Transparency International, the Financial Stability Board, the European Commission, IFIAR, and the IASB, among others. Thousands of delegates representing the profession from around the world will attend.

    Register now!

    For more information about any of the items mentioned above or other information about the PAIB Committee, please contact

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