Apr 08, 2013
CAP Meeting Held in Bangkok, Thailand
The Compliance Advisory Panel (CAP) held its recent meeting in Bangkok, Thailand, April 8-9, 2013, adjacent to the Association of Southeast Asian Nations (ASEAN) Federation of Accountants (AFA) Council meeting. The scheduling allowed both AFA and the Thai Federation of Accounting Professions (FAP), an IFAC member, to give presentations to the CAP. The chair of the IFAC Compliance Advisory Panel (CAP), James Dickson, also gave a presentation during the AFA Council meeting on the IFAC Member Body Compliance Program.
The presentation from AFA leadership featured the strategic objectives of the organization as well as the legal and regulatory framework for accountancy in ASEAN member states (Brunei, Cambodia, Indonesia, Lao, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam). AFA’s leaders also outlined some of the requests ASEAN has made of AFA, including analyzing accountancy requirements in member nations, coordination between nations in setting up new professional accountancy organizations, and surveying accounting and auditing systems in the region. AFA also detailed The Roadmap for an ASEAN Community: 2009-2015, One Vision, One Identity, One Community.
The presentation from FAP leadership included background information on FAP and its structure and strategic goals. Information on how FAP is working to apply the IFAC Statements of Membership Obligations was also detailed.
A joint workshop session focused on the revised IFAC Statements of Membership Obligations (SMOs) and the SMO Action Plan process was also held, which allowed AFA member bodies to share ideas and discuss their own approaches to addressing the SMOs.
While in the region, IFAC also held individual meetings with existing and potential member bodies from across the region.