The IFAC Member Compliance Program serves the public interest by promoting the adoption and supporting the implementation of international standards on private and public sector accounting, auditing, ethics, and education, as well as the establishment of related quality assurance and enforcement mechanisms. It does this through the Statements of Membership Obligations (SMOs), which serve as a framework for credible and high-quality professional accountancy organizations (PAOs) focused on serving the public interest
The Program recognizes that well-developed PAOs promote economic growth and development; enhance transparency and accountability in local, national, and regional financial systems; and help attract foreign investment to developing nations. Strong PAOs also develop and produce capable accountancy professionals and promote robust ethical standards.
The Program, in which IFAC Members and Associates are required to participate, works with PAOs around the world at various stages of development to continuously improve—this includes through adoption and implementation of international standards and best practices.
The Program provides the opportunity to report progress, challenges, and insights taken in support of the SMOs, includingresource, governance, or other organizational structure enhancements undertaken. In doing so, the Program helps Members and Associates demonstrate that they are meeting IFAC requirements and continuing to strengthen the global accountancy profession.
The Program is the responsibility of the IFAC Quality & Membership staff and operates in accordance with agreed upon due process and working procedures, and is overseen by the Compliance Advisory Panel, which—as one of IFAC's public interest activities—is overseen by the Public Interest Oversight Board (PIOB).