Nov 16, 2022 | Annual Reports and Plans
In 2020 we produced an evergreen Strategic Plan: one that has the flexibility to adapt to emerging opportunities and risks, but which is also anchored in our Vision, Purpose, Values, and Strategic Objectives, which have proven durable and stood the test of time.
Several factors influenced our thinking as we worked on updating the Strategic Plan for 2023.
- First, we agreed with a group of key stakeholders (the Monitoring Group, the Public Interest Oversight Board, the large firms’ Global Public Policy Committee, and IAASB and IESBA) on a set of recommendations to strengthen the global standard-setting process for audit, assurance and ethics standards. We are very pleased to be moving forward with implementation of these recommendations and we reiterate that there has been no change to our strategy as a result of the recommendations. IFAC has supported an independent international standard-setting process for many decades, and we will continue to do so going forward.
- Second, we introduced our IMPACT approach earlier this year. Derived directly from our Vision and Purpose, the IMPACT approach is a framework to better articulate IFAC’s value proposition to our various stakeholders, and to ensure all stakeholders and IFAC staff appreciate the public interest purpose of the work we do. Our IMPACT approach is not a new strategy; rather, it is meant to better prioritize the work that is helping us execute against our strategy and communicate the impact we are having. It also provides a framework for IFAC and its members to work together to align global and local initiatives to achieve the impacts on a global basis.
- Third, we restructured the organization to better coordinate and align our human capital to achieve desired outcomes and impacts.
- And finally, we regularly reviewed our priorities and specific actions in response to both longer-term trends, which are covered later in this plan, as well as near terms events including ongoing impacts of the pandemic, climate change, geopolitical conflicts, and inflation, amongst others.
Accordingly, our Strategic Plan is a framework designed to guide the specific actions we take in any year as we respond to evolving circumstances, and sets out the way we will act in the public interest to achieve desired outcomes and enhance trust in our profession.
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