The International Auditing and Assurance Standards Board (IAASB) today released its 2012 Annual Report, Responding to the Needs of an Interconnected World. 

The annual report highlights the IAASB’s work in the public interest to enhance the quality and consistency of practice throughout the world, and thereby strengthen the public’s confidence in the global auditing and assurance profession.

The report covers new and enhanced international standards issued by the IAASB during the year, and the board’s progress on its current standard-setting projects and related initiatives. It also summarizes the IAASB’s outreach activities to obtain input on its deliberations and to keep stakeholders informed of its activities. 

“Meeting the often diverse needs of stakeholders in today’s world means that the IAASB’s efforts must be clear in their objectives, and impactful in their design. This involves acting on opportunities to engage and dialogue with a broad range of stakeholders, and focusing on what truly matters,” said IAASB chairman Prof. Arnold Schilder. “In 2012, the IAASB made progress on topics relevant to supporting global financial stability – such as improving auditor reporting and the development of an audit quality framework – and on topics that serve to enhance the role, relevance, and quality of assurance and related services, and to facilitate adoption and implementation. Our efforts have been, and will continue to be, inspired by the opportunities that arise from these challenging, yet highly relevant, topics.”

The annual report also includes a report from the Prof. Linda de Beer, chairman of the IAASB Consultative Advisory Group (CAG), which outlines the work of the CAG in providing input to the IAASB.

The 2012 IAASB annual report can be downloaded at www.iaasb.org.

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 172 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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Today over 175 delegates from 33 professional accountancy organizations in 30 countries convened in Kampala, Uganda, for the seventh annual IFAC Small and Medium Practices (SMP) Forum. Co-hosted with the Institute of Certified Public Accountants of Uganda (ICPAU) and the Pan African Federation of Accountants (PAFA), this year’s event featured a keynote address by Right Honorable Rebecca Kadaga, Speaker of the Parliament of Uganda.

The SMP Forum brings together representatives from the regulatory community, regional and national professional accountancy bodies, standard setters, and thought leaders and experts in their fields to collaborate on solutions to the challenges and pressures facing SMPs, both regionally and globally. This year’s event focused on trends that may impact the growth of small business and the way SMPs deliver their services. In addition to the co-hosts, the event was made possible by the generous support of our gold sponsor, the Association of Chartered Certified Accountants; and silver sponsors, Corpul Expertilor Contabili si Contabililor Autorizati din Romania (CECCAR), Hong Kong Institute of Certified Public Accountants (Hong Kong Institute of CPAs), and Institute of Chartered Accountants in England and Wales (ICAEW).

IFAC CEO Fayez Choudhury noted, “The IFAC SMP Forum is an important event that allows us to learn how we can best support professional accountancy organizations in the development of their SMP members globally. The focus on innovative solutions to the unique challenges SMPs face is essential for helping SMPs to continue to adapt and create value. With this event, we aim to facilitate capacity development, which has long been a focus for IFAC, through the sharing of ideas and best practices on a global platform.”

Naru Thakkar, president of ICPAU, and Dr. Mussa J. Assad, president of PAFA, said, “We are proud to host this year’s SMP Forum with IFAC, as supporting the development of SMPs is at the core of our mission and values. Africa has sustained continued growth over the last fifteen years despite economic volatility and crisis elsewhere in the world. While parts of Africa have seen explosive growth and other areas are still developing, the accountancy profession is crucial to providing a sound financial infrastructure to support both.”

IFAC SMP Committee Chair Giancarlo Attolini added, “The world is changing and standard setters, practitioners, and regulators are responding. There are vast opportunities for SMPs, including internationalization and expanded business lines. Now is the time to position SMPs for growth so that by the time the economic recovery gains more momentum globally, SMPs and the small businesses they serve can lead the way.”

For more information on the IFAC SMP Forum, including the agenda and speakers, see www.ifac.org/2013SMPForum. Presentations will be made available in the week following the event. A Trainers’ Seminar was also held in conjunction with the Forum for a smaller group of attendees.

About PAFA
The Pan African Federation of Accountants (PAFA) was established to accelerate the development of the accountancy profession in Africa and strengthen the voice of the profession within Africa and worldwide. PAFA believes that good governance, accountability, good financial management, and transparency are principal pillars in the acceleration of economic development and reduction of poverty.

About ICPAU
The Institute of Certified Public Accountants of Uganda (ICPAU) is the national body for professional accountants in Uganda. It currently offers two qualifications: the professional qualification  (CPA Uganda) and the accounting technician certificate (ATC). These qualifications are based on IAESB standards thus providing graduates with an excellent foundation of core accountancy skills that meet international benchmarks. ICPAU’s focus is to produce individuals who exhibit professional excellence and integrity, who are committed to service and good governance, and who are socially responsive to the environment in which they operate. 

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 172 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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AccountacyAge has published an in-depth interview with IFAC’s new CEO, Fayezul Choudhury, which discusses some of his goals as he takes the reins at IFAC.

The International Federation of Accountants today announced that the Chartered Global Management Accountant (CGMA) designation—a joint venture of the American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA)—has been awarded the top sponsorship for the 2014 World Congress of Accountants by the Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili (CNDCEC).

Held every four years, the World Congress of Accountants (WCOA) is among the most prestigious events in the profession and attracts more than 5,000 global delegates each time it meets. WCOA 2014, hosted by the CNDCEC, will take place November 10-13 in Rome’s Auditorium Parco della Musica. The theme—2020 Vision: Learning from the Past, Building the Future—will explore the pivotal role of accounting amid rapid economic, political, and social change. Delegates will discuss and debate best practices of the future and how accountants can lead the way in driving innovative and successful organizations.

“We are very excited by CGMA’s Imperial Sponsorship of WCOA 2014 and commend CNDCEC for its efforts in securing it,” said IFAC CEO Fayezul Choudhury. “The World Congress provides a unique opportunity for accountants from around the world to network, interact, and share knowledge. We appreciate CIMA’s and AICPA’s support for the Congress’ goals of fostering global unity and collegiality among professional accountants.”

In a joint statement on behalf of CGMA, Barry Melancon, CPA, CGMA, president and CEO of the AICPA, and Charles Tilley, FCMA, CGMA, chief executive of CIMA, said, “We are honored to sponsor the World Congress of Accountants next year and look forward to showcasing the unique perspective that CGMA designation holders bring to business. Professional accountants in business are on the front lines of the future, navigating the challenges of complexity and uncertainty to guide their organizations toward sustainable market opportunity. We believe our growing community of CGMA designation holders have the skill set of the future.”

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

About CNDCEC
CNDCEC represents the accountancy profession in Italy. It is a public entity regulated by law, under the supervision of the Ministry of Justice. CNDCEC is one of the founding members of IFAC, FEE (Fédération des Experts Comptables Européens) as well as of other Regional and sectoral international Organizations. It has oversight powers over 140 local chapters.

The main fields of activity of the Italian accountancy profession are: accounting, taxation, auditing, corporate governance, management consulting, and insolvency.

About CIMA
The Chartered Institute of Management Accountants, founded in 1919, is the world’s leading and largest professional body of Management Accountants, with more than 203,000 members and students operating in 173 countries, working at the heart of business. CIMA members and students work in industry, commerce, the public sector and not-for-profit organizations.

About AICPA
The American Institute of Certified Public Accountants (AICPA) is the world’s largest association representing the accounting profession, with nearly 386,000 members in 128 countries and a 125-year heritage. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

About CGMA
The AICPA and CIMA launched the CGMA designation in January 2012 to elevate the profession of management accounting and establish global criteria for quality. The CGMA designation distinguishes accounting professionals who have achieved demanding levels of education and experience and provides organizations the consistency and confidence they need to operate across borders, around the world. There are more than 128,000 CGMA designation holders globally and they are helping shape 95 of the world’s top 100 brands. 

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