Developing the Accountancy Profession

Self-Assessment Against Main Requirements of SMO 6 – Investigation & Discipline Systems

Mar 01, 2022 | Guidance & Support Tools

All IFAC member organizations are required to establish, operate, or otherwise demonstrate plans to meet IFAC Statement of Membership Obligation 6 (SMO 6) on Investigation & Discipline (I&D).

This self-assessment checklist will help professional accountancy organizations:

  • Facilitate a high-level assessment of the I&D system(s) in their jurisdictions against the SMO 6 global benchmark, with a view to develop roadmaps to close gaps as necessary, thus furthering public trust in their jurisdiction;
  • Raise awareness about SMO 6 and its requirements among stakeholders, and assisting them in understanding how the SMO 6 requirements should be incorporated to I&D systems; and
  • Encourage open collaboration and communication in jurisdictions where enforcement is carried out by a public oversight board, the government, or other regulatory agency.

This checklist supplements the detailed requirements contained in SMO 6 and does not cover all the requirements in relevant professional standards. IFAC member organizations should familiarize themselves with the SMOs and the international standards directly. IFAC member organizations can find success stories from PAOs related to I&D on the IFAC Global Knowledge Gateway under Developing the Accountancy Profession.


Copyright © 2023 The International Federation of Accountants (IFAC). All rights reserved.


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