This guidance was written for all organizations, regardless of their size or structure, private or public, to support the accountancy profession’s facilitation of sustainable organizations, financial markets, and economies by providing guiding principles to manage the complexities of performing a robust project and investment appraisal. Greater rigor in the appraisal and decision process can be achieved by using the principles as a benchmark against which to assess an organization’s current practice.

A strong and well-governed professional accountancy organization (PAO) produces and sustains a strong accountancy profession that is able to serve the public interest and contribute to economic stability and growth. A successful PAO gains much of its strength from the sense of identity, benefits, and rights that members derive from membership; and from the contributions that individual members and firms make to the PAO in recognition of its public interest perspective.

This third edition of the guide features enhancements to the two sample manuals, as well as other refinements for clarity and consistency with International Standard on Quality Control (ISQC) 1. The guide contains the requirements set out in ISQC 1 in addition to implementation guidance, including discussion material and an integrated case study that can be used as the basis for education and training.

Emma is a Manager at the International Public Sector Accounting Standards Board (IPSASB).

Prior to joining the IPSASB, Emma worked at Deloitte Toronto, where she specialized in complex financial statement audits for large public companies across a range of industries – primarily in asset management, real estate, and financial services.  At the start of her career, Emma worked as a dental hygienist, gaining practical insight into the healthcare sector.

Emma is a Canadian Chartered Professional Accountant and holds a Bachelor of Business Administration - Accounting degree from the University of Winnipeg (Manitoba, Canada).

Ms. Chongwon Yoon joined the Small and Medium Practices Advisory Group (SMPAG) in January 2025, nominated by the Korean Institute of Certified Public Accountants (KICPA).

She currently serves at the Center of Quality Control in Grant Thornton Daejoo Korea, bringing over 30 years of experience in accounting and auditing, with expertise in audit methodology, risk management, and quality control.

Prior to joining Grant Thornton, Ms. Yoon worked at PwC for nearly 20 years, primarily as a technical advisor in the Risk & Quality department at PwC Korea, where she specialized in audit methodology, risk management, and quality control. She also spent two years at PwC U.S. National Office, focusing exclusively on risk management-related functions. After leaving PwC, she joined KICPA, where she served as an inspector for very small entities and was actively involved in research on auditing and quality control standards. Her work included participating in research projects, serving on research committees, and supporting their operations.

Camila Santos is a Chartered Professional Accountant (CPA) with over 15 years of experience in both private sector auditing and public sector accounting standard-setting. She serves as a Principal at Canada’s Public Sector Accounting Board (PSAB), where she develops high-quality public sector accounting standards that serve the public interest.

Camila also leads the implementation of PSAB’s International Strategy, which involves adapting International Public Sector Accounting Standards (IPSAS) principles when developing future Canadian standards. She brings strong technical expertise and a deep commitment to advancing public sector financial reporting, supporting consultations with Canadian interested and affected parties on IPSASB initiatives, including the Strategy and Work Program and Climate-Related Disclosures.