Partnering with ASEAN to Help PAOs Adopt and Implement International Standards

Beginning in October 2021, the ASEAN Federation of Accountants (AFA) hosted a series of seven monthly workshops focusing on IFAC’s requirements for member organizations, the Statements of Membership Obligations (SMOs). The last workshop was held in May 2022.

These workshops helped AFA member professional accountancy organization’s (PAOs) follow and maintain IFAC’s requirements as all AFA primary and associate members are also IFAC member organizations. The workshops also served as a refresher from the 2017 in-person workshop held in Hanoi, Vietnam and allowed new PAO staff and volunteers to familiarize themselves with IFAC’s requirements, appreciate IFAC’s approach in assessing compliance, and hear from their fellow AFA members on best practices.

IFAC requires its members support adoption and implementation of international standards and other pronouncements issued by the International Auditing and Assurance Standards Board, International Ethics Standards Board for Accountants, International Public Sector Accounting Standards Board, International Financial Reporting Standards Foundation, and the International Education Standards, as well as establishing quality assurance and investigation and disciplinary systems.

Workshops featured IFAC staff presentations and guest presenters from AFA member PAOs, the Pan African Federation of Accountants’ CEO. IFAC’s PAO Development Advisory Group member, and IESBA.

Workshop slides as well as discussion summaries are available below.

• Quality Assurance
  • Presentations: CPA Australia and MIA Malaysia
  • Workshop summary
• International Education Standards for Professional Accountants and Aspiring Professional Accountants
  • Presentations: IAI Indonesia and ICAEW
  • Workshop summary
• International Standards and Other Pronouncements Issued by the IAASB
  • Presentations: MICPA Malaysia and TFAC Thailand
  • Workshop summary
• International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the IESBA
  • Presentations: CAANZ and MIA Malaysia 
  • Workshop summary
• International Public Sector Accounting Standards and Other Pronouncements Issued by the IPSASB
  • Presentations: IAPI Indonesia and PAFA
  • Workshop summary
• Investigation and Discipline Systems
• • Presentations: ACCA and ISCA Singapore
  • Workshop summary
• International Financial Reporting Standards (IFRS) and Other Pronouncements Issued by the IFRS Foundation
• • Presentations: JICPA Japan and PICPA Philippines
  • Workshop summary

Workshop participants walked away with a greater understanding of the difference between adopting standards and the implementation activities that support adoption. PAOs walked away with a greater sense of their responsibility for adoption and implementation and how their actions and initiatives support and shape their members and the overall profession in their respective jurisdictions. At the same time, PAOs found value in the opportunity to engage their regional peers on best practices, discussing challenges and learning from global experts.

IFAC supports adoption and implementation efforts, especially in areas that have lower rates of adoption. All PAOs, regardless of level of development, are encouraged to utilize self-assessments that are available for quality assurance review systems (SMO 1), International Education Standards (SMO 2), and Investigation and Discipline (SMO 6).

Lastly, regional organizations such as AFA serve a valuable purpose to promote collaboration, sharing and co-operations amongst fellow PAOs.

“We appreciate the opportunity to working closer with IFAC on our ongoing PAO capacity building effort. These workshops served as a platform for mutual learning and sharing as we continue working on our shared challenges in complying with requirements of the SMOs.” said Aucky Pratama, Executive Director of AFA.