This questions and answers (Q&As) publication was released by the staff of the International Ethics Standards Board for Accountants (IESBA) to support the adoption and implementation of the IESBA’s Code of Ethics for Professional Accountants (the Code). These Q&As cover issues related to materiality, partner rotation, public interest entities, and network firms, among several other topic areas.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, today released for comment the Professional Accountants in Business Strategy and Work Plan for 2013-2016.

Since more than half of all professional accountants in the world work in business and the public and not-for-profit sectors, addressing their needs is of great importance to IFAC and the international accountancy organizations that comprise IFAC’s membership.

The strategy and specific initiatives aim to improve recognition of the diverse roles professional accountants in business perform and how they need to be positioned to drive successful and sustainable organizations. Professional accountants in business can be found working as employees or advisors, often at senior levels such as chief financial officer or controller. They have the collective power to significantly influence their organizations in implementing effective governance and an ethical culture supported by integrated risk management and internal control, sustainable leadership, and effective reporting and performance management.

“The Strategy and Work Plan for 2013–2016 sets out a vision to achieve global recognition of the contribution of professional accountants in business as partners in facilitating sustainable organizational success,” said Roger Tabor, chair of the Professional Accountants in Business (PAIB) Committee, which is tasked with carrying out the strategy and initiatives. “The key theme supporting this vision is that professional accountants in business should facilitate integrated governance, thinking, and management, as well as reporting, in organizations. These are the critical areas that organizations are grappling with and require the accountancy profession to raise awareness of their contribution and ensure that their competency matches the needs and expectations of their employing organizations.”

The proposed Strategy and Work Plan for 2013-2016 includes specifics for planned projects and initiatives. IFAC member organizations and other stakeholders are invited to provide feedback on the proposals.

How to Comment
IFAC and the PAIB Committee invite all stakeholders to comment. To access the Exposure Draft and submit a comment, visit the PAIB Committee section of the IFAC website. Comments on the Exposure Draft are requested by January 31, 2013. You must register on the IFAC website to submit a comment.

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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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