IFAC Member Body Compliance Program: 2017 Work Program
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 related quality assurance and enforcement mechanisms establishment. 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.