Ms. Luzvi Chatto joined the International Public Sector Accounting Standards Board in January 2019. She was nominated by the Commission on Audit (COA), the Supreme Audit Institution of the Philippines, and the Philippine Regulatory Board of Accountancy. She returned as an independent member in 2022 following her retirement from the COA. 

Ms. Chatto is the retired Assistant Commissioner of the Commission on Audit (COA). During her career spanning 41 years with the COA, Ms. Chatto also led audits of various government agencies, the United Nations and its agencies in New York, Pakistan, Costa Rica, Nicaragua, Ivory Coast, and Guinea, and foreign-based Philippine government agencies. She also headed COA’s Human Resource Management Office, Information Technology Office, Cordillera Administrative Region, Accounting Systems Development and Other Services Office, and Government Accountancy Office.

Ms. Chatto has been actively involved in and immensely contributed to the conceptualization and implementation of the Philippine Public Financial Management Reform Roadmap since 2010. She was COA’s focal person in the 2015/2016 Public Expenditure and Financial Accountability Assessment conducted by the World Bank Group. She is an IntoSAINT (INTOSAI Self-Assessment on INTegrity) Moderator; a member of various inter-agency committees including the PFM Committee, Budget and Treasury Management System Steering Committee and Technical Working Group on Government eReceipt and ePayment Project; a member of the Philippine Institute of Certified Public Accountants and Government Association of Certified Public Accountants; and Executive Vice President of the Government Financial Management Innovators’ Circle, Inc.

Ms. Chatto is a Certified Public Accountant. She graduated from the Baliuag University with a Bachelor’s Degree in Commerce (Cum Laude) in 1977 and obtained her Graduate Diploma in Development Administration from the Australian National University in 1997 as an AusAID scholar.

Watch former International Accounting Education Standards Board Chair Chris Austin reflect on his four years leading efforts to enhance professional development and education for the accountancy profession.

The global search for an exceptional individual to lead the International Auditing and Assurance Standards Board (IAASB) is in its final weeks with all applications from qualified candidates due by January 31, 2019.

The Chair leads the IAASB’s strategic direction and development of high-quality international audit standards, as well as facilitates the consultative processes that underpin the board’s credibility and activities. The Chair develops and maintains effective relationships with international oversight authorities and regulatory bodies, national standard setters, investor and preparer communities, the audit practitioner community and other key stakeholders.

The successful candidate has significant, senior-level experience and is well recognized within professional and regulatory communities. He or she has effective leadership, diplomacy, communication and strategic skills; demonstrated professional competency; and a strong commitment to the IAASB’s public interest mission. He or she also understands the significant travel commitment involved.

The IAASB Chair is appointed for a renewable three-year term, commencing May 1, 2019. A complete job description, along with application instructions, is available on the IAASB website. Applications are due January 31, 2019.

This global search is being conducted by the Interim Nominating Committee, which was formed in February 2018 to conduct the process for the next IAASB Chair. The search has recently restarted after the designated appointee decided not to assume the post for personal reasons. More information on the Committee is available online.

Alexandra Penuela became a member of the IFAC Small and Medium Practices Committee in January 2019. She was nominated by the National Institute of Public Accounts of Colombia (INCP).

Alexandra is the Director for GCMS for KPMG Colombia. She has more than 20 years of experience in audit, accounting, outsourcing and advisory services across different economic sectors with a focus on the oil & gas industry working for PwC, BDO and Arthur Andersen, among other entities in Colombia and England.

She also served as Technical Director for INCP for several years.

She is part of Audit and IFRS Technical Committees serving as Chair or as well as Technical Secretary.

Alexandra is a Public Accountant from the Santo Tomas University in Colombia with a MSc in Computer Systems Auditing from London Metropolitan University and Management Studies of the O&G industry from the University of Texas at Dallas.

John Nagy became a member of the IFAC Small and Medium Practices Committee in January 2019. He was nominated by Chartered Professional Accountants of Canada (CPA Canada).

Mr. Nagy is a Shareholder and Director in Reid Hurst Nagy Inc, a Richmond B.C.-based SMP accounting practice. He has over 30 years of experience in the accounting profession as a professional advisor to owner-managed businesses and not-for-profit organizations.

Mr. Nagy most recently served on the Board of Directors of CPA Canada until 2018. He is a past President of the Certified General Accountants of British Columbia and past Chair of CGA Canada. He has served 6 years on the Accounting Standards Oversight Council of Canada and 6 years on the Real Estate Council of B.C.

Mr. Nagy is a Fellow of CPA Canada, and is a Life Member and Fellow of CPA BC.

Alex Peal became a member of the IFAC Small and Medium Practices Advisory Group (SMPAG) in January 2019 having previously served as a technical advisor to the Committee. He was nominated by CCAB in the UK.

Alex is a Partner and Joint Managing Partner at James Cowper Kreston a SMP accounting practice based in London and the South of England. He has over 20 years of experience in the accounting and audit profession and is responsible for a wide ranging portfolio of clients including owner-managed UK companies, not-for-profit entities such as charities and schools and small listed companies. He is an active member of Kreston International and regularly performs quality reviews on behalf of the Kreston network as well as presenting on technical matters at conferences.

Alex is a member of The Institute of Chartered Accountants in England & Wales (ICAEW) Audit Faculty Board and attends the ICAEW Technical and Practical Auditing Committee as an alternate. He has delivered lectures and webinars on behalf of ICAEW.

Alex holds a Bachelor of Science degree and is a Fellow of the ICAEW. He also holds the ICAEW Diploma in Charity Accounting.

Professional accountants have a meaningful opportunity to enable more effective Enterprise Risk Management (ERM) within their organizations, according to a report published today by IFAC (the International Federation of Accountants).

Businesses face rapid change and increasing uncertainty driven by a myriad of factors, including geopolitical events, volatile financial markets, technology developments, cybersecurity, data privacy concerns, and climate change. According to the report, professional accountants can play an amplified role within their organizations to identify, measure and mitigate emerging risks through robust ERM practices.

The report underscores the reality that risk management remains underdeveloped in many organizations. A survey of mainly US-based organizations, conducted by North Carolina State University and the American Institute of CPAs, found that less than 20% of organizations view their risk process as being integrated with strategy and objectives, and 69% of organizations do not have a comprehensive ERM process in place.

To drive more effective ERM, management must draw upon the Chief Financial Officer and finance function to ensure risk management practices provide a holistic understanding of opportunity and risk linked to objectives and value creation.

“This is a particularly uncertain time for businesses as the global economy experiences heightened volatility and rapid change. In this environment, proper risk management will be increasingly important for organizations to ensure their resiliency and success over the long term,” said Kevin Dancey, IFAC CEO. “Professional accountants are well positioned to better serve the organizations they work for by enabling effective enterprise risk management that identifies both risks and opportunities for the business.”

CFOs and accountants with clear risk management responsibilities are in a better position to make individually and functionally greater contributions to risk management. The report identifies three ways in which CFOs and finance functions can enhance their contribution to ERM:

• Align risk management with value creation and preservation;
• Drive insights and enable decisions through provision of risk modeling and analytics, data governance and identification of organizational risk appetite; and
• Enable integration and interconnectivity by breaking down siloes across the organization to share information.

Enabling effective ERM will require accountants to employ various competencies, including strong leadership and interpersonal skills, and to commit to lifelong learning on risk management and emerging risk issues. In the coming decades, it will be critical to better integrate risk management into professional education and training for accountants, and to improve the relevance and quality of Continuing Professional Development (CPD). 

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. IFAC is comprised of over 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

Ardiana Bunjaku became a member of IFAC’s PAO Development & Advisory Group in January 2024, having previously served as a member of the Advisory Group for two terms (2011-2016) as well as a technical advisor (2017-2019). She also served on IFAC’s Compliance Advisory Panel from 2019 to 2020.

Ms. Bunjaku is the executive Director of the Society of Certified Accountants and Auditors of Kosovo (SCAAK), as well as, a board member and audit committee member of NLB Bank and Chair of Audit committee at OneFor.

Ms. Bunjaku has led SCAAK since its establishment in 2001, introducing Kosovo to the concept of an accountancy profession and professional education. Since 2001, she has established SCAAK as a center of excellence by expanding its service portfolio with diverse certifications for private, public accounting profession, general audit office, insolvency practitioners, and internal auditors.

Ms. Bunjaku is actively engaged in various national and international committees and organizations, including the Kosovo Development Strategy Committee, the Kosovo National Qualification Framework working group, and the Advisory Committee to the Tax Administration Authority.

Ms. Bunjaku played a key role in higher education reform at the University of Prishtina and served as a chair in the University Council. Additionally, she served on the quality assurance committee in the Kosovo Board for Standards and Financial Reporting and held positions on the board of the American University in Kosovo, American Chamber of Commerce. She is also one of the founders of the Kosovo Women's Chamber of Commerce - G7.

Ms. Bunjaku holds a doctoral degree in Economics and Management, an Insolvency Practitioner's Certificate, is a member of INSOL International, and is licensed as a First-grade Appraiser in Kosovo

Andrew has been the Chief Executive Officer of IPA since May 2009, which at the time made him the youngest CEO of a public entity at the age of 28. He has been recognized for IPA’s transformation from its former name, National Institute of Accountants, into a leading and legally recognized professional accountancy body in Australia and the region. His leadership of IPA led to the organization’s recognition as the most innovative accounting body in Australia by Business Review Weekly (BRW).

Prior to working with IPA, Andrew was an Australian Government Treasury Ministry Chief of Staff and Senior Advisor and began his career in education and as an accountant for an insolvency firm. Andrew holds academic appointments as  a Professor of Accounting at the Shanghai University of Finance and Economics (honoris causa); Adjunct Professor Deakin University and Vice Chancellors' Distinguished Fellow at Deakin University. Andrew is also regularly called upon to speak on a range of topics including small business policy, wellbeing and artificial intelligence having completed a post-graduate degree in AI in 2022. 

00:12 - Introduction: Diane Jules, IESBA Deputy Technical Director
00:56 - Highlights & Key Developments: Stavros Thomadakis, IESBA Chairman
03:38 - Non-Assurance Services: Richard Fleck, IESBA Deputy Chair
05:00 - Role & Mindset: Richard Fleck, IESBA Deputy Chair
06:17 - Technology: Patricia Mulvaney, IESBA Member
09:57 - eCode: Don Thomson, eCode Working Group Chair
12:04 - Alignment of Part 4B with ISAE 3000: Caroline Lee, IESBA Member
16:03 - Final thoughts: Stavros Thomadakis, IESBA Chairman
16:36 - Closing Remarks: Diane Jules, IESBA Deputy Technical Director