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IFAC Member Compliance Program Strategy Approved

Sep 30, 2015 | New York, New York | English

The IFAC Member Compliance Program Strategy, 2016-2018 has been issued after consideration of the more than 70 responses received from a 60-day public consultation period and finalization with proper regard for the public interest. The Member Compliance Program and the Compliance Advisory Panel (CAP) were established by the IFAC Board more than ten years ago as part of IFAC’s commitment to support the growth of professional accountancy organizations and encourage member organizations to further the adoption and implementation of international standards.

The Program strategy reiterates the importance of its primary activities, which center on:

  • Maintaining robust application and compliance processes;
  • Gathering and sharing knowledge about the adoption of international standards and practices and fulfillment of the IFAC Statements of Membership Obligations (SMOs);
  • Maintaining the SMOs as a global benchmark for the accountancy profession; and
  • Developing assessment methodology, tools, and guidance to support the Program.

For 2016-2018, the Program’s strategy will place a greater focus on:

  • Monitoring member organizations’ compliance with membership requirements, including the SMOs, to better understand challenges facing these organizations;
  • Enhancing reporting on the status of adoption of international standards; and
  • Identifying actions to address adoption and implementation challenges, including support for member organizations and national authorities.

The Program’s strategy is aligned with IFAC’s mission and strategy and benefits from the inputs received from member organizations and other stakeholders as part of IFAC’s strategic planning process. These activities fulfill the Program’s mandate and are expected to remain valid over the long term.