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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
Cybercrime is on the rise, and accountants are in a position to help their clients take steps to prevent it. In a panel discussion at Pace University, co-sponsored by the Association of Chartered Certified Accountants, academics, law enforcement officials and security experts discussed the growing threat. Vincent Tophoff, Senior Technical Manager at the International Federation of Accountants, discussed the need for risk management and how easy it is for the “good guys” to turn into the “bad guys” and how important it is to turn them back into “good guys.”
Argues that implementation of (risk management ) standards can have great value in the context of disaster risk reduction. Standards are important tools for resilience and crisis preparedness, and increase the effectiveness and efficiency of both regulators and economic operators. They facilitate the adoption of risk management methodologies and provide a common language and sound metrics, allowing for comparisons across different areas of regulation and across different geographical locations, and for measuring progress towards agreed goals
Analyses the corporate governance framework and practices relating to corporate risk management, in the private sector and in state-owned enterprises.
Highlight several of the common pitfalls to effective risk management and internal control that many organizations experience and defines and discusses current thinking on risk management and internal control.
UHY Insights paper on Cyber Security which highlights the importance to businesses of protecting the critical information assets and contains useful information and recommendations to help.
The steady barrage of headlines about cybersecurity underscores a topic viewed with wary eyes by many executives, board members, and investors.
- 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
- New Internal Control Standards Deadline Passes Unmarked, for Some
March 3, 2015 - Wall Street Journal CFO Journal
- Nearly One in Three a Financial Fraud Victim: CPA Canada Survey
February 27, 2015 - CPA Canada
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