At its Council and Board meetings in Mexico City last week, the International Federation of Accountants (IFAC) announced new resources to support professional accountants working in small and medium practices (SMPs) and approved a policy paper outlining its position on professional regulation. IFAC also approved three new associates and a new affiliate and announced the appointment of five new members to its Board.

To mark the 30th anniversary of IFAC’s founding, a special anniversary seminar was held during the Council meeting on the topic of The Financial Reporting Environment in the 21st Century. More than 200 individuals from IFAC member bodies and the Mexican accountancy profession attended the seminar, which addressed such topics as business reporting models of the future, the state of public sector financial reporting, and effective regulation. Speeches and presentations made at the seminar will be available on the IFAC website (https://www.ifac.org) in the coming weeks.

New Guide to Applying International Standards to SME Audits
At the Council meeting, IFAC SMP Committee Chair Sylvie Voghel reported that the committee had completed its review of new guidance to assist SMPs and other practitioners in delivering high quality audits of small and medium entities (SMEs). The new implementation guidance, Guide to Using ISAs in the Audit of Small- and Medium-sized Entities, is in the production stages and will be available in early December. The guide, developed by the Canadian Institute of Chartered Accountants on IFAC’s behalf, is designed to support SMPs and other practitioners in applying International Standards on Auditing (ISAs) to audits of SMEs.

Establishing Accountancy Bodies
During the meeting, IFAC also released a 2007 edition of its good practice guidance on establishing and developing professional accountancy organizations. This updated and expanded toolkit, entitled Establishing and Developing a Professional Accountancy Body, addresses the roles and responsibilities of a professional accountancy body, education and examination, and capacity development. It also includes new guidance on enhancing the public sector focus of the profession. French, Russian and Spanish translations of the guidance are also available from the bookstore. The toolkit is available in downloadable format and on CD-ROM from the IFAC online bookstore (https://www.ifac.org/store).

Professional Regulation
The Board approved an IFAC position on professional regulation. The paper formalizes its view that professional accountancy bodies and governments share a common objective of ensuring that professional accountants serve the public interest and meet high standards in the quality of the services they provide and that both professional accountancy organizations and governments need to work together to ensure an effective and efficient regulatory mix. The paper will be posted to the IFAC website in the next few weeks.

New IFAC Associates and Affiliate
The Council accepted three new organizations as associates of IFAC:

• Cayman Islands Society of Professional Accountants;
• Mauritius Institute of Professional Accountants; and
• Ordre National des Experts Comptables et Comptables Agréés du Sénégal.

In addition, the Council accepted the Nederlandse Orde van Register EDP-Auditors as an affiliate.

New IFAC Board Members Appointed
The IFAC Council also approved the nomination of five new members to the IFAC Board to serve three-year terms. They are Luiz Carlos Vaini of Brazil, Abdeljelil Bouraoui of Tunisia, Japheth Katto of Uganda, Robert Hodgkinson of the United Kingdom, and Olivia Kirtley of the United States. In addition, the IFAC Council approved the reappointment of two IFAC Board members for a second term: Roberto D’Imperio of Italy and Göran Tidström of the Nordic Federation. A complete list of the members of the November 2007 to November 2008 IFAC Board is available as an appendix to this release.

About IFAC
Founded in 1977, 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 158 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

IFAC Board (November 2007 – November 2008)
Fermín del Valle, President
Robert Bunting, Deputy President
United States
Joycelyn Morton, Australia
Luiz Carlos Vaini, Brazil
Kevin Dancey, Canada
Sylvie Voghel, Canada
Yugui Chen, China
William Nahum, France
Norbert Pfitzer, Germany
Kamlesh Vikamsey, India
Bernadette McGrory-Farrell, Ireland
Roberto D’Imperio, Italy
Gen Ikegami, Japan
Roberto Resa, Mexico
Ingrid Doerga, Netherlands
Warren Allen, New Zealand
Göran Tidström, Nordic Federation
Abdeljelil Bouraoui, Tunisia
Japheth Katto, Uganda
Robert Hodgkinson, United Kingdom
David Leonard, United Kingdom
Olivia Kirtley, United States

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is seeking candidates for the position of IAASB Chair for a three-year term commencing January 1, 2009. The chair is appointed by the IFAC Board with the approval of the Public Interest Oversight Board (PIOB)*.

The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in financial reporting and auditing. The chair provides leadership in the fulfillment of these objectives.

One of the primary responsibilities of the chair is to promote and develop a greater understanding of the IAASB’s strategy and objectives with key stakeholders. The chair provides leadership in the implementation of the IAASB’s strategy, including promoting its International Standards on Auditing as a global benchmark for audit quality, and in the development of international standards. He or she chairs meetings of the IAASB and proactively leads debate and seeks consensus from among its members. The chair is also responsible for establishing and maintaining effective and constructive relationships with key stakeholders, including international and national standard setters and regulators. In addition, the chair serves as the IAASB’s primary spokesperson and primary liaison with the IFAC Board, other boards and committees of IFAC, and the PIOB.

The successful candidate should have significant senior-level experience and be well recognized within the accountancy profession. Strong leadership and effective communication and strategic skill, as well as technical and professional competence are also required. The chair must possess the highest integrity, be dedicated to protecting the public interest, and be committed to the IAASB’s mission.

Candidates should submit their résumé (CV) via email. All submissions must be received by February 15, 2008. For further details on the role of the IAASB Chair and the selection process, see the Call for Nominations/Applications on the IFAC website. Further information about IAASB may be obtained from its website: https://www.iaasb.org.

About IFAC
Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

* Note to Editors:
The Public Interest Oversight Board (PIOB) was established in February 2005 to oversee IFAC’s auditing and assurance, ethics, and education standard-setting activities, as well as the IFAC Member Body Compliance Program. The PIOB oversees the activities of the IAASB and, as one element of that oversight, approves its membership (including the chair), its due process and its working procedures. The PIOB website address is https://www.ipiob.org.

A new publication released by the International Federation of Accountants (IFAC) addresses a wide range of topics that can assist professional accountants in business with their management, strategic and financial decision making. The publication, 2007 Articles of Merit, includes 10 previously published international articles that were selected by IFAC's Professional Accountants in Business (PAIB) Committee as part of its annual Articles of Merit Award Program for Distinguished Contribution to the roles and domain of professional accountants in business.A new publication released by the International Federation of Accountants (IFAC) addresses a wide range of topics that can assist professional accountants in business with their management, strategic and financial decision making. The publication, 2007 Articles of Merit, includes 10 previously published international articles that were selected by IFAC's Professional Accountants in Business (PAIB) Committee as part of its annual Articles of Merit Award Program for Distinguished Contribution to the roles and domain of professional accountants in business.

The winning article for 2007 is "Finding the Right Mix: How to Match Strategy and Management Practices to Enhance Firm Performance" by Kip R. Krumwiede and Shannon L. Charles. It was first published in the Institute of Management Accountants' monthly magazine, Strategic Finance. The authors' investigation into the use and adoption of popular management practices finds that highly rated practices such as target costing, the balanced scorecard, and activity-based costing have had relatively low adoption. However, their research identified that those organizations that did adopt these practices found that they produce valuable results. Using this research as a basis, the article suggests a five-step process to facilitate the matching of management practices to organizational strategy.

Other articles of outstanding merit cover topics such as key performance indicators, the art of management accounting, evaluating the return on information technology investments, XBRL, environmental management accounting, and board processes.

The 2007 Articles of Merit, together with past issues, can be downloaded from the IFAC online bookstore (www.ifac.org/store). The 10 articles in the 2007 publication can also be downloaded individually from the IFAC bookstore.

Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. The organization, through its independent standard-setting boards, sets international ethics, auditing and assurance, education, and public sector accounting standards. Through its Professional Accountants in Business Committee, IFAC issues guidance to encourage high quality performance by professional accountants in business.

At its most recent meeting in Madrid, Spain in September, the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), approved two sets of new proposals. The first exposure draft addresses concerns about the use and reliability of external confirmations as audit evidence. External confirmations are written responses to the auditor from a third party. The second exposure draft proposes stricter requirements when an auditor uses an expert to obtain audit evidence.

"The proposed standards represent significant steps by the IAASB designed to enhance auditor performance in important areas of the audit of financial statements. Confirmations have sometimes proved to be less reliable than expected and the proposals are intended to assist in making them effective when an auditor decides to use them. In a more complex world, especially where fair values feature in financial reporting, the auditor may have more need of the assistance of experts in other disciplines for the purposes of the audit. The new proposals are therefore timely," explains John Kellas, IAASB Chairman.

These proposed International Standards on Auditing (ISAs) are drafted in accordance with the IAASB's new conventions designed to improve the clarity of its pronouncements. They may be viewed by going to https://www.ifac.org/eds.  

External Confirmations
Recent experience has indicated that external confirmations may not always be as reliable as expected as audit evidence, giving rise to requests for more rigorous requirements governing the auditor's use of external confirmations. The auditor's decision about whether to use external confirmation procedures is based upon the identification and assessment of risks of material misstatement in accordance with other ISAs. Proposed ISA 505 (Revised and Redrafted), External Confirmations, is directed at the effective performance of external confirmation procedures when the auditor determines that such procedures are an appropriate response to an assessed risk of material misstatement.

Use of the Work of an Auditor's Expert
Proposed ISA 620 (Revised and Redrafted), Using the Work of an Auditor's Expert, deals with the auditor's use of the work of a person or organization possessing expertise in a field other than accounting or auditing, employed or engaged by the auditor to assist the auditor to obtain sufficient appropriate audit evidence. It places particular emphasis on the need for the auditor to evaluate the expert's objectivity, and to establish a proper understanding with the expert of the expert's responsibilities for the purposes of the audit.

How to Comment
Comments on the exposure drafts are requested by February 15, 2008. Comments should be submitted by email to EDComments@ifac.org. They may also be faxed to IAASB ED Comments at +1-212-286-9570 or mailed to IAASB ED Comments at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

About the IAASB and IFAC
The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

Further information about IAASB may be obtained from its website: https://www.iaasb.org. The PIOB website address is https://www.ipiob.org.

New requirements designed to enhance the quality of audits of group financial statements were released today by the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC). International Standard on Auditing (ISA) 600 (Revised and Redrafted), Special Considerations - The Audit of Group Financial Statement (Including the Work of Component Auditors), assists the group engagement partner in taking responsibility for the direction, supervision and performance of the group audit and the issue of an auditor's report that is appropriate in the circumstances.

To assist the group engagement team to obtain sufficient appropriate audit evidence on which to base the group audit opinion, the ISA specifies the types of work that the group engagement team, or component auditors on its behalf, should perform on the financial information of significant components. It also requires the group engagement team to be appropriately involved in the work that component auditors perform. The ISA is effective for audits of financial periods commencing on or after December 15, 2009. This date is consistent with the effective date for all the standards being redrafted under the IAASB's Clarity project.

The ISA, which was developed over a period of five years, was influenced by the responses to three exposure drafts. The new ISA takes account of regulatory and standard-setting developments around the world, the interests of small entities, and the expectations of various stakeholders, including those represented on the IAASB Consultative Advisory Group.

John Kellas, Chairman of the IAASB, explains: "The new standard clearly explains the responsibility of the group engagement partner to direct and control the group audit, even when component auditors may be involved. It responds to public expectations for continuous improvement in auditing standards. The project has not been an easy one, but we are confident that the standard will enhance current practice and promote consistency worldwide."

ISA 600 (Revised and Redrafted) can be downloaded free-of-charge from the IFAC online bookstore at https://www.ifac.org/store.

About the IAASB and IFAC

The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures. Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business. Further information about IAASB may be obtained from its website: https://www.iaasb.org.

The PIOB website address is https://www.ipiob.org.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), has determined that its complete set of clarified International Standards on Auditing (ISAs) will be effective for audits of financial statements for periods beginning on or after December 15, 2009. In announcing the definitive date, the IAASB hopes to eliminate uncertainty about when the new standards will apply. This will allow standard setters, regulators and auditors to plan for the adoption and implementation of the standards.

“In setting the date, we have balanced the desire to benefit from improvements in the standards as soon as practicable against the necessity for implementation to be effective. The date may seem a long way off, but there is much to be done to ensure that implementation is smooth. This is clearly understood by auditors and others who have asked us to allow a reasonable time for implementation. We have listened to their concerns and have done so,” explains John Kellas, IAASB Chairman. Mr. Kellas continued, “We are making the final standards available as soon as they have been approved by IAASB and, in respect of appropriate due process, by the Public Interest Oversight Board. This is intended to allow all concerned to take such steps as are necessary for effective implementation, including national adoption, translation, amendment of manuals and processes and training. I urge everyone to take advantage of the time available for implementation to ensure that it is a success.”

The IAASB continues to advance the clarification of its auditing standards and is on track to complete its Clarity project by the end of 2008 as planned. For more information about the IAASB’s Clarity project and its timetable, see the October 2007 communiqué, Effective Date for IAASB’s Clarified International Standards on Auditing, which is posted on the IAASB website.

About the IAASB and IFAC The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business. Further information about IAASB may be obtained from its website: https://www.iaasb.org. The PIOB website address is https://www.ipiob.org.

The International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of the International Federation of Accountants (IFAC), is seeking comments on its proposed future strategy as a basis for its work program. The consultation paper proposes that the IAASB’s future strategy focus on:

• Contributing to the effective operation of the world’s capital markets;
• Assisting with the implementation of standards; and
• Addressing the needs of small- and medium-sized enterprises.

“The proposed strategy, developed after initial consultations, confirms the IAASB’s public interest role by responding to the needs of users of financial information by promoting quality in auditors’ work,” says IAASB Chairman John Kellas. “Recognizing that the effective operation of the world’s capital markets remains a matter of high public interest, the IAASB intends to continue to make auditing standards its first priority. A significant theme arising from the initial consultations has been the need to encourage effective implementation of the International Standards on Auditing. The IAASB recognizes the importance of this and is proposing not to issue further new auditing standards until auditors have had two years experience in applying the standards redrafted under the Clarity project, which is due for completion in late 2008.”

Over the last few years, the focus of the IAASB has been on the development of high quality International Standards on Auditing (ISAs) that are accepted globally and that facilitate convergence. This included significant revisions to the audit approach to risk assessment, together with responses to accounting developments such as the greater use of fair values in financial reporting, and enhanced audit requirements for group audits and using the work of experts. Furthermore, efforts to enhance the consistent application of the standards around the world gave rise to a project to improve the clarity of ISAs.

The IAASB plans to complete the Clarity and other current projects by the end of 2008. To prepare for the period after 2008, the IAASB embarked on an extensive consultation process to obtain the widest possible input into determining its future strategy and to gauge the needs and concerns of the public and the profession. This consultation paper forms the final stage of the consultation process. It presents the proposed strategy for 2009 – 2011, possible actions to implement the proposed strategy, and the basis for those actions. The proposed strategy and possible actions, amended in the light of comments received, will form the basis for the IAASB’s work program for 2009 – 2011.

How to Comment
Comments on the consultation paper are requested by November 30, 2007. The consultation paper may be viewed by going to https://www.ifac.org/eds. Comments should be submitted by email to EDComments@ifac.org. They may also be faxed to IAASB ED Comments at +1-212-286-9570 or mailed to IAASB ED Comments at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

About the IAASB and IFAC
The objective of the IAASB is to serve the public interest by setting high quality auditing and assurance standards and by facilitating the convergence of international and national standards, thereby enhancing the quality and uniformity of practice throughout the world and strengthening public confidence in the global auditing and assurance profession. The Public Interest Oversight Board oversees the activities of the IAASB and, as one element of that oversight, establishes its due process and working procedures.

Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international auditing and assurance standards through the IAASB, IFAC, through its independent standard-setting boards, sets international ethics, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

Further information about IAASB may be obtained from its website: https://www.iaasb.org. The PIOB website address is https://www.ipiob.org.

The International Public Sector Accounting Standards Board (IPSASB), an independent standard-setting board within the International Federation of Accountants (IFAC), is seeking comments on an exposure draft (ED) developed as part of its project to enhance the clarity and usability of its International Public Sector Accounting Standard (IPSAS) that addresses accounting for fluctuations in exchange rates. ED 33, Amendments to IPSAS 4, The Effects of Changes in Foreign Exchange Rates, proposes updates to IPSAS 4 to reflect, as appropriate for the public sector, the latest revisions to the corresponding International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB). Key proposals in ED 33 reflect amendments made by the IASB to International Accounting Standard 21, The Effects of Changes in Foreign Exchange Rates.

"Converging IPSASs with IFRSs, where appropriate for the public sector, is one of the key objectives of our standards development program," states Mike Hathorn, Chair of the IPSASB. "This exposure draft proposes a number of changes to IPSAS 4, most notably, to clarify and amend the existing guidance for situations where the public sector entity has an interest in a foreign operation."

How to Comment
Comments on the ED are requested by December 31, 2007. The ED may be viewed by going to https://www.ifac.org/EDs. Comments may be submitted by email to publicsectorpubs@ifac.org. They can also be faxed to the attention of the IPSASB Technical Director at +1 (416) 977-8585, or mailed to the IPSASB Technical Director at 277 Wellington Street West, 6th Floor, Toronto, Ontario M5V 3H2, Canada. All comments will be considered a matter of public record and will ultimately be posted on the IFAC website.

Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

The International Federation of Accountants (IFAC) is requesting proposals for the development of a practice management guide for use by small and medium accounting practices (SMPs). The purpose of the guide will be to assist SMPs in managing their practices in an efficient, profitable and professional manner. It is intended that the guide will cover a range of topics, such as strategic planning, management structure, client relationships, managing finances and risk, partnership issues, networking, and succession planning.

“The development of this practice management guide is part of the SMP Committee’s plan to provide a series of explanatory guides aimed at helping SMPs to comply efficiently with international standards and to deliver high quality, cost-effective services,” states Sylvie Voghel, Chair of the IFAC SMP Committee. The guide will be made available to all IFAC member bodies at no charge for end use by practitioners, in particular, those managing the practice.

The specifications for the Request for Proposal: Development of a Practice Management Guide for Use by Small and Medium Practices are available on the IFAC website at https://web.ifac.org/download/Practice_Management_Guide_RFP.pdf. The deadline for submitting proposals is 12:00 pm (EDT), Friday, October 19, 2007. Submissions can be emailed to Paul Thompson, Senior Technical Manager of the SMP Committee, at paulthompson@ifac.org.

Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. The organization, through its independent standard-setting boards, sets international ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business and those working in small and medium practices.

One of the best defenses against business failure and an important driver of business performance is strong internal control. This is true for organizations globally. Recognizing this, the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has released a new publication on Internal Control from a Risk-Based Perspective.

This information paper features interviews conducted by Robert Bruce, a leading financial journalist, with 10 senior-level professional accountants in business on their experiences and views on establishing effective internal control systems. The interviews help to demonstrate the importance of a risk-based approach to internal control in helping an organization manage its overall risk. They also shed light on the nature of risk in organizations, how to establish an internal control system focused on driving performance and supporting the delivery of strategic objectives, and success stories that can help organizations in considering improvements to their approach.

"The flood of rules and requirements that resulted from past corporate failures, and the often time-consuming and costly compliance efforts, make us easily forget that the right kind of internal controls - focused on the real risks of an organization - actually can save time, money and ensure creation and maintenance of value," emphasizes Edward Chow, Chair of the PAIB Committee.

"These interviews will help professional accountants in business and their organizations to benchmark their own organizations' internal control efforts and philosophy." This interview-based information paper is part of a larger PAIB Committee project on internal control. In 2006, the committee published an overview paper, Internal Controls - A Review of Current Developments, which reviewed current developments and some of the latest thinking in the area of internal control.

These two publications form the groundwork for the development of principles-based good practice guidance on internal control, which the PAIB Committee plans to issue in 2008. Internal Control from a Risk-Based Perspective can be downloaded free-of-charge from the IFAC online bookstore at https://www.ifac.org/store. A range of other publications on topics of interest to professional accountants in business is also available from the IFAC bookstore.

Founded in 1977, 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 155 members and associates in 118 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. The organization, through its independent standard-setting boards, sets international ethics, auditing and assurance, education, and public sector accounting standards. Through its Professional Accountants in Business Committee, IFAC issues guidance to encourage high quality performance by professional accountants in business.