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IFAC Issues Proposed Member Body Compliance Program Strategy for 2016-2018

Proposed Strategy Shifts to Focus on Progress in Adoption, Implementation

May 4, 2015 | New York, New York | English

As part of ongoing efforts to promote the adoption and support implementation of international standards in accounting, auditing, ethics, and education, and the establishment of related quality assurance and investigation and discipline mechanisms, the International Federation of Accountants® (IFAC®) today released the Proposed IFAC Member Body Compliance Strategy, 2016-2018.

This proposed strategy incorporates fundamental upgrades to monitoring and reporting mechanisms. It will help professional accountancy organizations (PAOs) meet the IFAC Statements of Membership Obligations (SMOs), highlight adoption efforts in their jurisdictions, and help all global stakeholders understand adoption status, as well as improvements or setbacks, on a timely basis.

“Following more than ten successful years of the IFAC Member Body Compliance Program, the new strategy represents a turning point,” according to Fayez Choudhury, IFAC CEO. “The proposed changes to the Program, including the creation and publication of Dashboard Reports, will increase the accessibility and usability of relevant and up-to-date information, as well as leverage the Program's value as a global source of knowledge on the status of adoption of international standards and best practices by jurisdictions.”

The Program serves the public interest by promoting the adoption and supporting implementation of international standards. It influences the actions and drives the behaviors of IFAC member bodies around the world by focusing attention and resources on the role of PAOs in improving the quality of the accountancy profession, thereby supporting the IFAC mission and strengthening public confidence in the global profession.

In developing the strategy, the IFAC Compliance Advisory Panel (CAP) and IFAC staff follow an agreed-upon due process under the oversight of the Public Interest Oversight Board (PIOB).

How to Comment
IFAC invites all stakeholders to comment on the proposed strategy. Respondents are asked to submit comments electronically through an online survey or the IFAC website, using the “Submit a Comment” link. Although IFAC prefers that comments are submitted via the online survey or its website, responses can also be sent to IFAC staff at Comments and survey responses are requested by July 3, 2015.

About the IFAC Member Body Compliance Program
The IFAC Member Body Compliance Program is recognized as the global platform supporting adoption and implementation of international standards and best practices. It shapes agendas and actions with a goal of developing strong professional accountancy organizations and strengthening the accountancy profession around the world. The Program is the responsibility of the IFAC Compliance Staff, reporting to the Chief Executive. It is overseen by the Compliance Advisory Panel, which—as one of IFAC’s public interest activities—is overseen by the Public Interest Oversight Board.

About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.