Federation of CPA Associations of Chinese Taiwan

Member | Established: 1946 | Member since 1977

Founded in December 1946, the FCPAACT is the only professional accountancy organization in Taiwan. The FCPAACT is a national federation representing four provincial member associations: the Taiwan Provincial CPA Association, Taipei CPA Association, Taichung CPA Association, and Kaohsiung CPA Association. The objectives of the FCPAACT are to enhance the functions of CPAs, improve the operational abilities of CPAs, contribute to economic development, promote international exchanges of research and experience to the accountancy profession, and to develop the careers of CPAs in Taiwan. The role and responsibilities of the FCPAACT are governed under the Certified Public Accountant Act of 2009, and include maintaining a registry of all CPAs and CPA firms, setting continuing professional development requirements, establishing quality assurance and investigation and discipline systems, and prescribing a Code of Ethics. Membership in the FCPAACT is mandatory for all CPAs and CPA firms.

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Statements of Membership Obligation (SMO)

The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.

Last updated: 02/2016
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SMO Action Plan

Status of Fulfillment by SMO

  • SMO 1: Quality Assurance

    With shared responsibility for quality assurance (QA) reviews in Chinese Taiwan, the FCPAACT and its Peer Review Committee is responsible for conducting QA Practice Reviews of its members and member firms.

    The Peer Review Committee includes representatives from local CPA firms, university academics, and experts in the profession who perform inspections via the practice review program. Annual reviews are carried out every five years for member firms. In addition, the committee maintains an ongoing process to review the structure of the practice review program to ensure that it operates in line with Republic of China Generally Accepted Accounting Principles. The FCPAACT also offers its member CPAs continuing professional development programs on quality control policies and procedures and the analysis of common audit deficiencies.

    The FCPAACT has reviewed the requirements of SMO 1 and has identified that its system meets most of the requirements except that the QA system is not linked to the investigation and discipline function.

    The FCPAACT is encouraged to consider actions to address areas of less than full compliance with the requirements of SMO 1.

    Current Status: Execute

  • SMO 2: International Education Standards

    In Chinese Taiwan, the responsibility to set IPD and CPD requirements is shared by the Financial Supervisory Commission and the FCPAACT. The FCPAAT’s Professional Education Committee (PEC) has adopted most of the IES in 2015, except for IES 1 and IES 8.

    The PEC develops and facilitates CPD courses for its members and has an ongoing process to implement disciplinary measures for members who do not comply with CPD requirements. This includes enhancing the monitoring and verification mechanisms to ensure that members comply with CPD requirements.

    The FCPAACT is encouraged to review the revised IES and establish plans to adopt the revised standards.

    Current Status: Execute

  • SMO 3: International Standards on Auditing

    With no responsibility to set auditing standards in Chinese Taiwan, the FCPAACT supports the Accounting and Research Development Foundation (ARDF), which is responsible for setting national auditing standards.

    Other FCPAACT activities include reviewing the Clarified ISA and ensuring that they are incorporated into the continuing professional development program, and responding to exposure drafts issued by the IAASB. As well, to educate auditors and the public on ISA developments, the FCPAACT has organized seminars and courses, and disseminated updates to members.

    The FCPAACT is encouraged to promote the adoption of Clarified ISA to the ARDF.

    Current Status: Review & Improve

  • SMO 4: Code of Ethics for Professional Accountants

    With direct responsibility to set ethical standards for Certified Public Accountants, the FCPAACT is currently reviewing its Code of Ethics and is considering the 2013 IESBA Code of Ethics during development.

    To seek feedback from members during the revision of the Code, the FCPAACT has released drafts of its proposed Code on its website.

    The FCPAACT has organized continuing professional development training on the Code of Ethics and is considering future training, education, and activities to further raise awareness of professional ethical requirements.

    The FCPAACT is encouraged to adopt the latest IESBA Code of Ethics in its entirety and to participate in the international standard-setting process by reviewing and responding to IESBA Exposure Drafts.

    Current Status: Execute

  • SMO 5: International Public Sector Accounting Standards

    As IPSAS are currently not adopted in Chinese Taiwan, the FCPAACT is working to keep the Directorate General of Budget, Accounting and Standards informed of relevant IPSASB pronouncements. As well, an FCPAACT representative sits on the Government’s Public Sector Accounting Standards Committee. The FCPAACT is also identifying other opportunities to engage with relevant government agencies to promote the adoption of IPSAS and has held informal training on IPSAS for its members who work in the public sector.

    Current Status: Review & Improve

  • SMO 6: Investigation and Discipline

    With shared responsibility for investigation and discipline (I&D) in Chinese Taiwan, the FCPAACT ensures that it maintains a consistent evaluation and review process of its I&D process to ensure that it operates effectively and is aligned with the requirements of SMO 6.

    After conducting a review of its I&D system against the requirements of SMO 6, the FCPAACT has identified that the following do not align with those requirements; linking quality assurance review results with the I&D process; ensuring that the public is made aware of results of investigations and ensuring that there is a process for an independent review of complaints where there is no follow up; and liaising with external bodies on possible serious violations that have occurred. To continue the evaluation and review of its system to align with the requirements of SMO 6, the FCPAACT plans to undergo a bench-marking exercise against the I&D systems of other PAOs in developed countries.

    The FCPAACT also proactively investigates underground firms that are not licensed to operate, and reports these firms to the Financial Supervisory Commission for violation of the rules and regulations prescribed in the Certified Public Accountants Act of 2009. To educate members, the FCPAACT has been conducting training seminars to raise awareness of discipline requirements to members.

    The FCPAACT is encouraged to consider the results of the review and develop plans to address areas of less than full compliance with the requirements of SMO 6.

    Current Status: Execute

  • SMO 7: International Financial Reporting Standards

    With no responsibility to set accounting standards in Chinese Taiwan, the FCPAACT supports the implementation of IFRS by its members by conducting training seminars on IFRS, including continuing professional development (CPD) courses on IFRS, and participating in the IASB work program.

    In addition, the FCPAACT has organized training seminars on IFRS for SMEs.

    The FCPAACT is encouraged to participate in the national standard-setting process by working with the Accounting and Research Development Foundation in any capacity as standards are being adopted. The FCPAACT is also encouraged to provide further information on the types of CPD courses it offers and whether pronouncements on IFRSs are disseminated to members via any and all means available (technical newsletters, website, emails).

    Current Status: Execute


IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.



9 F-1, No.1, Nanhai Rd.,
Taipei City 100
Chinese Taiwan
Tel: 886-2/2321-5041
Fax: 886-2/2358-2884


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