Gail McEvoy served on the IFAC board from November 2013 to November 2019, having been nominated by the Institute of Certified Public Accountants in Ireland (CPA Ireland).

Ms. McEvoy previously served as a Technical Advisor for the IFAC Small and Medium Practices Committee. She is a Principal Partner of McEvoy Craig Accountants & Auditors. Ms. McEvoy is also a Director of the Drogheda Port Company.

A member of CPA Ireland since 1997, Ms. McEvoy served as its President and Vice President from 2010 to 2012. She was elected a Life Member of CPA Ireland in 2015.

Note to Editors: This article is available for IFAC member organizations to publish in their journals and/or websites. Email permissions@ifac.org for access and copyright information. 

An ­­­audit is probably the most common form of assurance worldwide but it’s not the only one, and in some cases, it might not be the right one. Small- and medium-sized entities (SMEs) are often not required by legislation to have an audit. Lacking the complexity of their larger counterparts, an audit doesn’t necessarily make sense for an SME, and the costs may outweigh the value added for these small operations. There are other forms of assurance that may be more cost-effective and better suited to meet their needs. SMEs can look to their accountants and their statement users to help them determine what level of assurance on their financial statements is most appropriate.

A review engagement, for example, is another form of assurance that can meet the needs of some SMEs without putting an undue strain on time and other resources.

What is a Review Engagement?

A review is a limited assurance engagement. It provides less assurance than an audit but more than a compilation engagement, which offers no assurance. The International Auditing and Assurance Standards Board (IAASB) revised International Standard on Review Engagements (ISRE) 2400, Engagements to Review Historical Financial Statements, in 2012. ISRE 2400 (Revised) is designed not only to provide an effective and consistent level of limited assurance on financial statements but also to allow for efficient delivery of the service proportionate to the complexity of the statements reviewed. The revised standard includes strengthened requirements and additional guidance to promote a clearer understanding of the nature of a review engagement.

Merits of a Review Engagement

SMEs that are not required by law to have an audit may still want some level of independent assurance to increase the credibility of their financial statements, for example, when seeking a loan from a bank. In these cases, a review can be an ideal solution. Additionally, since the work effort involved in performing a review engagement is generally less than that in conducting an audit, a review should be a more cost-effective option while still involving the financial reporting expertise of an independent professional accountant.

When to Conduct a Review Engagement

Under ISRE 2400 (Revised), a review engagement may only be performed when it both serves a rational purpose and is appropriate under the circumstances. An engagement without a rational purpose, for example, is one in which management unreasonably restricts the practitioner’s inquiries to specific individuals. A review may not be appropriate, for example, for complex entities, such as banks or insurance companies, for which inquiry and analytical procedures alone may not reduce engagement risk sufficiently. In these cases, an audit or a compilation engagement may be more appropriate.

Where Can I Learn More?

The IFAC Small and Medium Practices (SMP) Committee has developed a comprehensive guide to help IFAC member organizations and their members in practice, especially SMPs, understand and implement ISRE 2400 (Revised). The Guide to Review Engagements is planned for release in December 2013, which is also when the updated standard goes into effect (effective for periods ending on or after December 31, 2013).

Practitioners can use the guide to develop a deeper understanding of a review engagement conducted in compliance with ISRE 2400 (Revised) through explanation and illustrative examples. The guide also includes a number of appendices with key checklists and forms that practitioners can adapt to meet the requirements and circumstances in their particular jurisdiction.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, held its 36^th Council Meeting in Seoul, South Korea, last week. As part of the meeting, IFAC held its annual seminar, Strengthening the Links of the Financial Reporting Supply Chain.

The seminar focused on the elements necessary to support high-quality financial reporting, including the drivers of audit quality, and the importance of oversight and regulation.

“Financial reporting and analysis are the foundations of economic development and efficient capital markets. They contribute to the integrity, accountability, and sustainability of our global economy,” said IFAC CEO Fayez Choudhury. “This year’s seminar looked at certain components of the financial reporting supply chain, how they can each be strengthened, and how the links and interactions between them can also be strengthened. This is essential for economic and social progress.”

“The speakers identified two important overarching challenges: understanding the interconnectedness of the components of the financial reporting supply chain, and the importance of sufficient talent and capacity at every stage of the chain,” continued Choudhury.

The seminar included high-profile speakers, including Albert Au, Chair, BDO Limited and SMP Committee member; Kenneth Chatelain, Partner, PwC Public Policy & Regulatory Affairs; Robert Dohrer, Global Leader, Quality & Risk, RSM International Limited; In-Ki Joo, Professor of Accounting, Yonsei University; Olivia Kirtley, Deputy President, IFAC; David Maxwell, Partner, Grant Thornton; Hwi Joon Park, former Vice President, Woori Investment & Securities; Tong-Wook Shim, Senior Vice President and Head of Finance, POSCO; Janine van Diggelen, Vice Chair, International Forum of Independent Audit Regulators; Kenneth Yap, CEO, Singapore Accounting and Corporate Regulatory Authority; Jae-hoon Yoo, Standing Commissioner of the Securities and Futures Commission under the auspice of the Financial Services Commission; and Kyung-Sik Yoon, Head of the Audit Quality Control Supervisory Service, KICPA. Warren Allen, IFAC President, Arnold Schilder, IAASB Chairman, and Lee White, CEO, Institute of Chartered Accountants Australia, moderated the sessions.

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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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The International Federation of Accountants (IFAC), the global organization for the accountancy profession, today announced its new Board members and new member bodies, decided at its annual Council Meeting.

Four members were elected to the IFAC Board: Gail McEvoy (Ireland), Michael Hathorn (United Kingdom), Sebastian Owuama (Nigeria), and Wienand Schruff (Germany). The IFAC Council also re-elected Ana Maria Elorrieta (Brazil) and Robert Harris (United States). In addition to enhancing  the diversity of the IFAC Board—in terms of gender, geography, and professional experience—these Board members contribute skills and expertise that will help IFAC move forward in its areas of strategic focus.

IFAC admitted the Institute of Management Accountants as a member. In addition, three existing associates were admitted to the organization as members:

• Cayman Islands Society of Professional Accountants
• Institute of Certified Auditors of the Republic of Macedonia
• Ordre National des Experts Comptables et Comptables Agréés du Sénégal

Five new associates were admitted to the organization:

• Association of Accountants of the Republic of Latvia
• Chamber of Auditors of Uzbekistan
• Colegio de Contadores Públicos y Auditores de Guatemala
• Moscow Audit Chamber
• Palestinian Association of Certified Public Accountants

Finally, the Association of Corporate Treasurers became an IFAC affiliate. For a full listing of IFAC members, see the membership section of IFAC’s website.

“We are delighted to include these organizations,” said IFAC Chief Executive Officer Fayez Choudhury. “IFAC has many synergies with the Institute of Management Accountants and Association of Corporate Treasurers, particularly in light of our focus on the important role played by professional accountants in business in the global economy. In addition, many of the new members and associates are based in emerging and transitioning countries, and the profession plays a critical role in supporting the development of their local economies and societies. We welcome them into the global profession and look forward to working together to advance IFAC’s mission of supporting global economic growth and development.”

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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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Note to Editors – IFAC Board Members November 2013-November 2014:

Warren Allen (President)
Olivia Kirtley (Deputy President)
Carol Bellringer, Canada
Norunn Byrkjeland, Norway
Dr. Yugui Chen, China
Pamela Monroe Ellis, Jamaica
Ana Maria Elorrieta**, Brazil
Rachel Grimes, Australia
Ahmadi Hadibroto, Indonesia
Robert Harris**, United States
Michael Hathorn*, United Kingdom
Prof. In-Ki Joo, Republic of South Korea
Russell Loubser, South Africa
Gail McEvoy*, Ireland
Sebastian Owuama*, Nigeria
Jacques Potdevin, France
Ganapathy Ramaswamy, India
Marta Rejman, United Kingdom
Wienand Schruff*, Germany
Makoto Shinohara, Japan
Masum Turker, Turkey
Steven Vieweg, Canada

* New IFAC Board members as of November 2013

** IFAC Board member reappointed for a second term in November 2013

Prof. Linda de Beer has been approved as the chair of the Consultative Advisory Group (CAG) to the International Auditing and Assurance Standards Board (IAASB) by the Public Interest Oversight Board (PIOB)* on the recommendation of the members of the IAASB CAG**. The approval of Prof. de Beer extends her leadership, the first term of which commenced on October 1, 2010, for an additional 18-month period that will end on March 31, 2015.

The IAASB CAG is an independent body of 32 key stakeholders of the IAASB—including regulators, preparers, international investor and user groups, and others with an interest in international auditing and assurance—that provides strategic and technical advice in the public interest to the IAASB. The chair of the CAG plays a key role to ensure that the views of the CAG are heard and considered in the IAASB’s deliberations. The IAASB is an independent standard-setting board that establishes International Standards on Auditing (ISAs) and other pronouncements for use by professional accountants around the world. The PIOB oversees the activities of the IAASB and of the CAG.

Prof. de Beer, who, before her election as chair represented the World Federation of Exchanges on the CAG, is an independent director on a number of listed company boards in South Africa and an advisor on reporting and corporate governance matters, inter alia, the Johannesburg Stock Exchange (JSE).  She is also a visiting professor in Audit and Accounting at the University of the Witwatersrand in Johannesburg, and a member of the King Committee on Corporate Governance and a number of South African standard-setting structures. She was also recently appointed as chairman of the Financial Reporting Investigations Panel.

“I am humbled and honored to be re-elected into this position by my CAG colleagues. The esteemed CAG Member Organizations and their Representatives bring a broad range of skills and experiences from across sectors and jurisdictions to the table in informing the work of the IAASB and serving the interest of the public at large. The CAG plays a vital role in ensuring that recipients of assurance services—including preparers and users of financial information as well as regulators—have an appropriate voice in the process of setting standards,” said Prof. de Beer. “In the past three years I have represented the CAG at the IAASB meetings, I have seen remarkable progress, under Arnold’s leadership, in the honest and serious attention that is given to the views of non-auditor stakeholders in the setting of standards for auditors.  As a result, significant strides have been made in enhancing the value of an audit, the legitimacy of the auditing profession and thus in serving the public interest.”

Commenting on Prof. de Beer's re-appointment, Prof. Arnold Schilder, chairman of the IAASB, said, “Linda brings a wealth of experience to her leadership role on the IAASB CAG. Her experiences, in South Africa and globally, give her valuable insight, and we are very pleased to be able to continue to work with her. ”

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC).

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 173 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

* The Public Interest Oversight Board (PIOB)
Established in 2005 as the oversight board for the global accountancy profession, the PIOB oversees IFAC's public interest activities with the objective of increasing the confidence of investors and others that such activities, including the setting of standards, are properly responsive to the public interest. The PIOB oversees the activities of the IAASB and of the CAG and, as one element of this oversight, establishes the criteria for their due processes and working procedures. PIOB members are nominated by international institutions and regulatory bodies.

** IAASB CAG Members

• Asian Financial Executives Institutes
• Associação Brasileira de Instituições Financeiras de Desenvolvimento
• Basel Committee on Banking Supervision
• BUSINESSEUROPE
• CFA Institute
• European Commission
• European Federation of Accountants and Auditors for SMEs
• European Financial Executives Institutes
• Fédération des Experts Comptables Européens
• Gulf States Regulatory Authorities
• Information Systems Audit and Control Association
• Institute of Internal Auditors
• International Accounting Standards Board
• International Actuarial Association
• International Association of Insurance Supervisors
• International Bar Association
• International Corporate Governance Network
• International Organization of Securities Commissions
• International Organization of Supreme Audit Institutions
• International Valuation Standards Council
• Islamic Financial Services Board
• Japan Securities Dealers Association
• National Association of State Boards of Accountancy
• North American Financial Executives Institutes
• Organisation for Economic Cooperation and Development
• Sri Lanka Accounting and Auditing Standards Monitoring Board
• United Nations Conference on Trade & Development
• World Bank
• World Federation of Exchanges

IAASB CAG Observers

• Financial Services Agency, Japan
• International Monetary Fund
• US Public Company Accounting Oversight Board

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Note to Editors: This article is available for IFAC member organizations to publish in their journals and/or websites. Email permissions@ifac.org for access and copyright information. 

The acquisition of new clients continues to be a dominant driver of profitability for small- and medium-sized practices (SMPs). Indeed, in the latest edition of the IFAC SMP Quick Poll, the largest portion of respondents identified acquisition of new clients as the main driver of practice profitability—by a wide margin (see chart below).

While SMPs understand the importance of improving operational leverage (doing more with less), improving productivity (e.g., changing work practices or introducing technology), reducing overheads, and better utilization of assets, these are not the main drivers of profitability for most SMPs. This is not surprising given the fact that practice overheads are relatively fixed.

The poll results seem to question the wisdom of many practice management “gurus” who say that the cost of acquiring a new client is far higher than the cost of retaining, or selling more services to, an existing client. What those “gurus” may be failing to recognize is the full potential and cost effectiveness of a marketing campaign that includes low-cost social media.

This article looks at promotion and marketing and, in particular, the role of social media in acquiring new clients and driving practice profitability. 

Branding

The first step of a marketing strategy is to identify your target customers and what they need. You then have to determine how you can satisfy those needs at a profit and, at the same time, differentiate yourself from your competitors. This becomes your brand. The aim of your marketing strategy is to have people associate your brand with their needs and desires, choose you over the competition, and, if you do it right, pay a premium for your services.

Promotion and Marketing

An organic growth strategy involves leveraging promotion and marketing activities to build brand and attract new clients or sell additional services to existing clients. Remember that most businesses in the market are likely to already have an accountant. In the majority of cases, that means for you to grow your practice you will need to win clients from rival practices. And, in order to do that, you must offer a compelling reason for them to switch. This makes promotion and marketing more important than ever—and demands that practices build the capability to proficiently promote and market their brand and service offerings. You will likely be faced with the classic “make-or-buy” dilemma, that of using (and training as needed) existing staff to do promotion and marketing, or else recruiting or outsourcing for the requisite skills.

Promotion and marketing efforts are most effective when a number of activities and channels are used simultaneously: this harnesses the momentum of such efforts and is likely to be more impactful. There are many “tried and true” strategies for marketing but the newest one, social media, has already broken the mold. Social media marketing has rapidly grown in prominence and gone from marginal to mainstream in the marketing space. Social media is a low-cost channel with a very wide reach into your target market.

Social Media Marketing

Social media essentially has taken traditional word-of-mouth marketing (historically the norm for accountants) and moved it to a digital space, exponentially increasing opportunities to influence. It is one of the most powerful tools to engage customers and drive revenue growth. But according to Steven D. Strauss, small business expert and author of The Small Business Bible, while small business owners recognize how important social media is to their success, they’re not taking advantage of social media’s full potential.¹ And, chances are, the same applies to SMPs: after all, SMPs are effectively small businesses in the accountancy sector.

Getting started in social media marketing and deciding whether it can benefit your practice can be quite overwhelming—even scary, at first. Here are some steps to take when building a social media presence:

1. Set aside preconceived notions—social media carries risks but the rewards are greater: it will take time and expense to plan and execute but there are many tools, resources, and articles to help.
2. Learn about the what, why, and how—take the time to read and educate yourself about social media, including Twitter (see Twitter’s Small Business Guide), LinkedIn, Facebook, and blogging, and see what your peers are doing.
3. Check out the tools and resources available to help—there is a growing suite of tools, resources, and guidance available, for example, the AICPA PCPS has developed a number of resources, many of which are available for free, including a social media toolkit and articles.
4. Create a strategy and action plan—define goals, decide how you will measure success and allocate responsibility, then start out small by, for example, pilot testing one of the tools. See “10 Questions to Ask When Creating a Social Media Marketing Plan.”
5. Implement the plan—aim to provide content that creates conversation rather than advertises and involve staff from the millennial generation as they often have the most experience.
6. Periodically evaluate, analyze, and update the plan—track your efforts and monitor the return on investment using common metrics including likes, shares, followers, traffic, and conversions.
7. Consider the need for a policy—this can help manage the risks and reap the rewards.

Resources

IFAC’s website hosts a range of resources and tools to help SMPs grow their practices, especially the Guide to Practice Management for Small- and Medium-Sized Practices).

My fellow board members and I are here for a meeting of the International Ethics Standards Board for Accountants, the Ethics Board for short. It is great to be in Sydney, for many of us for the first time.

The Ethics Board is an independent board that sets the ethical standards for all accountants who are affiliated with the International Federation of Accountants, or IFAC. That is 2.5 million accountants in 129 countries around the world and in different lines of work. Virtually all auditors are covered by our ethics standards, but also many other accountants in public practices—such as tax advisors, corporate finance specialists, and IT systems advisors—and many accountants in business.

Twenty-three of the largest international accounting networks, including the Big 4, have also committed to following our ethics standards on transnational audits. This means that virtually all listed companies around the world are audited by a firm that has made the commitment to follow our ethics standards with respect to such audits.

The very first sentence in our Ethics code is: “A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest.” This is not a new idea. When a number of men got together in Edinburgh in 1864 to create the world’s first institute of professional accountants, they had the same idea.

They phrased it slightly differently:

…the Petitioners were induced to form themselves into a Society called the Institute of Accountants in Edinburgh, with a view to unite into one body those at present practicing the profession and to promote the objects which they entertain in common; and that the Petitioners conceive that it would tend to secure in the members of the profession the qualifications which are essential to the proper performance of its duties, and would consequently conduce much to the benefit of the public….. [1]

Their brethren in England were a little bit behind, but in the Charter of the Institute of Chartered Accountants in England and Wales, it was stated that:

That the said societies were not established for the purposes of gain nor do the members thereof derive or seek any pecuniary profit from their membership but the societies aim at the elevation of the profession of public accountants as a whole and the promotion of their efficiency and usefulness by compelling the observance of strict rules of conduct as a condition of membership and by setting up a high standard of professional and general education and knowledge … [and it] would be for the public benefit if the members thereof were incorporated as one body… [which] would … tend to gradually raise [the profession’s] character and thus to secure for the community the existence of a class of persons well qualified to be employed in the responsible and difficult duties often devolving on Public Accountants. [2]

This commitment to serve the public interest is like a strong red thread, running throughout the profession’s history and connecting the past to the present. The public interest is as important today as it was 160 years ago in Edinburgh. Today, it is of course phrased slightly differently.

The Institute of Certified Public Accountants of Rwanda became as associate member of IFAC last year. And the institute’s mission statement starts: “To empower our members and partner with stakeholders to serve the public interest….”

Few other professions have voluntarily and formally taken on such a strong commitment to serve the public interest. Physicians have, obviously, but no other professions really, at least not to the same degree.

This is a very big strength for the accountancy profession, its most important attribute for building goodwill. The general public has the sense—probably very vague and unarticulated—that accountants, and especially auditors, act in the public interest.

This, in my view, helps to explain in large part why auditors and accountants have fared much better than bankers, rating agencies, corporate CEOs, or politicians during and after the financial crisis of the last six years.

Our Code of Ethics is a very robust code:

• It covers all the main ethics issues.
• It is demanding.
• It is regularly updated to address new concerns.
• It is enforced.
• And accountants abide by it—at least the vast majority of them.

But can it really be true that almost all accountants abide by our Code? If so, why didn’t the auditors and the accountants warn about the impending financial crisis? The answer, I believe, is that many people were caught flat-footed—bankers, regulators, policy-makers, and also auditors and accountants.

They were not skeptical enough. They hadn’t experienced anything like it before. They were swept away by the euphoria of the pre-2007 boom. They were in the same situation as most everyone else.

When you informally talk to audit regulators about why auditors failed to see and warn about the financial crisis, these are the kind of explanations they often put forward. The view is that cases of unethical behavior were very few. The failings were of a different kind.

Still there is a problem. The goodwill created by the profession’s commitment to act in the public interest has to be continually reinforced. My personal view is that the profession is currently slowly depleting its long-standing goodwill, not by design but by not forcefully and publicly enough making the case that it is committed to acting in the public interest.

The accountancy profession should much more actively make the case that:

• it has a strict Code of Ethics;
• it is adhering to it;
• this code is set by an independent body; and
• it welcomes that those accountants who do not comply with the Code are disciplined.

Surely, this is not an easy road to take. On the other hand, not making the case that the profession is committed to acting in the public interest will most likely slowly reduce the public trust in the profession and thus the profession’s standing. It will be weaker when facing problems and criticism.

So I believe that the Ethics Board and the profession should make the case more strongly than we do today that:

• the profession’s Ethics Code is strong; and
• the profession does act in the public interest.

To stimulate a global debate on preparing accountants for finance leadership, IFAC, the global organization for the accountancy profession, today released a new Discussion Paper, The Role and Expectations of a CFO. The paper features five principles that highlight the changing expectations, scope, and mandate of the chief financial officer (CFO) and finance leadership roles and recommends actions professional accountancy organizations and employers can take to prepare professional accountants for career progression to finance leadership.

These principles and recommended actions raise awareness of the implications for the education, training, and development of professional accountants. The Discussion Paper will be used as a basis to engage professional accountancy organizations, employers, and other stakeholders to share and enhance approaches to preparing professional accountants for finance leadership.

The Discussion Paper is also important to the regulatory community, which strives for well-governed and managed organizations. The CFO is a critical part of a chain of actors—including the governing body, chief executive officer, audit committee, and auditor—that share responsibility for ensuring sustainable value creation, as well as relevant organizational reporting. The advantages that professional accountants’ training, expertise, and experience bring to the CFO role are not always recognized, especially professional accountants’ combination of ethical and technical mindsets with business acumen and organizational awareness.

“In these tough economic times, the objectivity and values of the professional accountant can be of enormous value to finance leadership positions in organizations in every economic sector,” said Roger Tabor, chair of IFAC’s Professional Accountants in Business (PAIB) Committee. “But professional accountants in finance leadership roles aren’t universal and, in some parts of the world, their numbers are declining. So it is more important than ever for the profession to develop outstanding professionals who are well equipped to work in business and government, and to take on finance leadership roles.”

“Working closely with employers to understand their needs and requirements helps the accountancy profession to deliver business-ready accountants,” according to Susanna Chiu, chair of the PAIB Committee’s Role, Domain, and Competency Advisory Group, president of the Hong Kong Institute of Certified Public Accountants, and director of Li & Fung Development (China) Ltd. “The education and training of professional accountants should incorporate broader managerial capabilities and skills. Professional accountancy organizations should foster a commitment to lifelong learning and become more innovative in how they engage and serve professional accountants in business.”

A panel of finance leaders from China and the PAIB Committee will debate the key requirements and expectations of finance leadership and highlight what professional accountants need to do to prepare for leadership roles at the Global PAIB Forum, hosted by the Chinese Institute of Certified Public Accountants in Beijing, China, on October 16, 2013. The Forum will facilitate discussion and encourage closer relationships between professional accountants, professional accountancy organizations, employers, and other stakeholders.

An At a Glance publication is also available to provide an overview of the Discussion Paper, key discussion questions, and additional details relating to this initiative.

How to Participate
IFAC will use the Discussion Paper in conjunction with outreach to initiate a global debate among professional accountancy organizations, professional accountants, and other stakeholders. Respondents can also submit their comments electronically through the IFAC website, using the “Submit a Comment” button on the Discussion Paper page.

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and the not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

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 173 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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