Opportunities, lessons learned, and ongoing challenges in the adoption and implementation of international standards and best practices across the Middle East and North Africa (MENA) region were recently explored during a Statements of Membership Obligations (SMOs) workshop held in Sweimeh, Jordan, on January 21. A number of common concerns highlighted the importance of, and clear opportunities for, collaboration to drive solutions that benefit current and future auditors and accountants.

The workshop facilitated a cross-border exchange of experiences, ideas, and solutions, and highlighted the possibilities for regional cooperation to address challenges such as:

• fragmented and outdated legal frameworks;
• a need to define small- and medium-sized entities and implement suitable standards;
• keeping adopted international standards up to date;
• a lack of unified and timely translations;
• insufficient technical and financial resources; and
• inadequate resources for independent quality assurance and investigation and discipline systems.

The workshop, held in cooperation with the Jordanian Association of Certified Public Accountants (JACPA) and the World Bank Group’s Global Governance Practice, included more than 55 representatives from 27 organizations in the MENA region, including 20 professional accountancy organizations. Representatives from the Gulf Cooperation Council Accounting and Auditing Organization, Pan African Federation of Accountants, and the Arab Federation of Accountants and Auditors also participated to discuss regional issues and share their experiences.

Workshop presentations are available below. 

• Strengthening Quality and Support for IFAC Membership (English)
• Yemen Association for Certified Public Accountants: Proactivity in IFRS Adoption and Implementation (English)
• Promoting the Adoption of IPSAS in Palestine ­– PACPA’s Experience (English)
• La régulation indépendante de l’audit en Tunisie: le débat continue (French)
• Kuwait Association of Accountants and Auditor’s Involvement with Government Regulators to Support an Investigation and Discipline System (Arabic)
• Lebanese Association of Certified Public Accountants: Supporting Implementation of IESBA Code of Ethics during the Adoption Process (English)
• JACPA’s Professional Development and Certification of Accountants and Auditors (English)

Detailed discussion notes, including challenges and solutions in a number of different areas, are also available.

IFAC staff will soon publish an article on the Knowledge Gateway detailing the workshop and learnings.

The International Ethics Standards Board for Accountants^® (IESBA^®, the Ethics Board) today announced completion of the major first phase of its strategic project to restructure its Code of Ethics for Professional Accountants™ (the Code). In addition, it also released new proposals that will enhance and complete the fully restructured Code with strengthened ethics requirements for accountants.

The outcome of the first phase is a new structure and drafting convention, as well as a major restructured portion of the Code. The IESBA’s overall restructuring efforts are intended to result in a Code that is more understandable and easier to use, thereby facilitating its adoption and effective implementation globally. At the same time, the IESBA has agreed revisions to a number of provisions pertaining to safeguards in the Code, including enhancements to the conceptual framework of “threats and safeguards.”

The IESBA now enters the final stage of this project. Comprised of three Exposure Drafts (EDs), this final stage sets out new proposals that:

• Restructure select sections of the Code, including recently finalized provisions addressing accountants’ response to non-compliance with laws and regulations (NOCLAR), long association of audit firm personnel with an audit or assurance client, and ethical issues that professional accountants in business (PAIBs) often face (Structure ED-2);
• Revise the safeguards-related provisions in the independence sections of the Code pertaining to non-assurance services provided to audit and other assurance clients (Safeguards ED-2); and
• Clarify the applicability of PAIB provisions to professional accountants in public practice (Applicability ED).

“The board has committed to timely delivery of the restructured Code,” said IESBA Chairman Dr. Stavros Thomadakis. “This major upgrade will lead not only to a Code that is more understandable and easier to use but also to a more robust Code with important substantive improvements in many areas, including auditor independence. These goals ultimately underpin the public interest role of the global accountancy profession.”

The IESBA is targeting December 2017 for completion of this work to restructure and strengthen the Code. The restructured Code, which will be renamed International Code of Ethics for Professional Accountants (including International Independence Standards), will contain significant new requirements and revised provisions that the IESBA has already finalized, including:

• A greater emphasis on compliance with the fundamental principles in the Code;
• Clarified and strengthened provisions regarding application of the conceptual framework, including safeguards;
• A strengthened partner rotation regime for audits of public interest entities;
• Provisions addressing accountants’ responsibilities regarding NOCLAR;
• More comprehensive provisions addressing PAIBs’ responsibilities when preparing or presenting information; and
• New requirements and guidance for PAIBs regarding pressure to breach the fundamental principles.

“Close coordination among the board’s various Task Forces has been critical to achieving this important milestone on the journey to a restructured and strengthened Code,” noted IESBA Technical Director Ken Siong. “The board is grateful to its Consultative Advisory Group and other stakeholders who have provided input and advice to the board in charting its course to this stage.”

Highlights of the main improvements to date, including details of how the different work streams are being coordinated and related timelines, are set out in the January 2017 IESBA Update.

The IESBA has also made available on its website the restructured and revised portions of the Code it has agreed to so far. These, together with a staff-prepared compilation of the proposed restructured Code, Basis for Conclusions documents, mapping tables, and other resources, are intended to support stakeholders’ timely adoption and implementation efforts, and consideration of the EDs.

How to Comment

The Ethics Board invites all stakeholders to comment on the EDs. To access the EDs and submit a comment, visit the Ethics Board’s website at www.ethicsboard.org/restructured-code.

Comments on Safeguards ED-2 and the Applicability ED are requested by April 25, 2017. Comments on Structure ED-2 are requested by May 25, 2017.

About the IESBA

The International Ethics Standards Board for Accountants is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing approximately 3 million accountants in public practice, education, government service, industry, and commerce.

A revised and updated version of IFAC’s Policy Position Paper 8, Enhanced Organizational Reporting: Integrated Reporting Key, is available on the IFAC website. The paper outlines IFAC position that integrated reporting is the way to achieve a more coherent corporate reporting system, fulfilling the need for a single report that provides a fuller picture of organizations’ ability to create value over time.

Other IFAC’s views detailed in the paper are:

• IFAC’s strong support for the International Integrated Reporting Council and implementation of its Framework;
• that the integrated report can be used as an “umbrella” report for an organization’s broad suite of reports and communications, enabling greater interconnectedness between different reports and recognizing that there is a range of different frameworks and regulations available, and under development;
• the importance of reporting that produces information on which assurance conclusions can be expressed, in accordance with high-quality international assurance standards; and
• the accountancy profession’s significant contribution, and its important role, in developing and implementing enhanced organizational reporting, with professional accountants playing an important role in broad-based organizational reporting arrangements, and in providing assurance.

This updated edition of the paper includes a new section, “A Coherent Corporate Reporting System with Integrated Reporting”, which describes integrated reporting in more detail and the connection to integrated thinking as a foundation.

The IAASB has continued its extensive outreach program contemplated in its five-year Strategy for 2015-2019: Fulfilling Our Public Mandate in an Evolving World. The following is a detailed listing of events IAASB representatives participated in or presented at for January-November 2016.

IAASB Presentation and Outreach Activities from January 2016–November 2016

IAASB representatives participated in, or presented, at the following events:

January 2016

• Meeting with KPMG Global Assurance Leadership – London, United Kingdom (Schilder)
• Meeting with representatives of the International Accounting Standards Board – London, United Kingdom (Pickeur, Sharko, Shannon, James, van den Hout)

February 2016 

• Teleconference with International Organization of Securities Commissions Committee 1, Auditing Subcommittee (Sharko, Healy, James, van den Hout)
• Participation in the Association of Chartered Certified Accountants Audit and Assurance Global Forum – by teleconference (Murtagh)
• Participation in the International Federation Of Accountants' panel at the American Accounting Association International Accounting Section 2016 Mid-Year meeting – New Orleans, United States (Bahlmann)
• Presentation at the International Forum of Independent Audit Regulators' Inspection Workshop Working Group meeting – Abu Dhabi, United Arab Emirates (Schilder, Bahlmann)
• Participation in INTOSAI’s Financial Audit Subcommittee meeting – Abu Dhabi, United Arab Emirates (Bahlmann)
• Meeting with representatives of Institut der Wirtschaftsprüfer – Düsseldorf, Germany (Schilder, Murtagh, Thomadakis, Fleck, Gunn (by teleconference), Healy)
• Participation in the International Association of Insurance Supervisors Accounting and Auditing Working Group meeting – Basel, Switzerland (Köhler, Sharko (by teleconference), van den Hout (by teleconference))

 March 2016 

• Participating in the United Nations Conference on Trade and Development's Consultative Group on Sustainable Development Goals – Geneva, Switzerland (Kamp-Roelands)
• Roundtable on Enhancing Audit Quality at Nederlandse Beroepsorganisatie voor Accountants – Amsterdam, Netherlands (Schilder, Köhler, Sharko, Zietsman, Bahlmann)
• IAASB Consultative Advisory Group Meeting – Paris, France (Schilder, Landes, Campbell, Dohrer, Kelsall, Köhler, Murtagh, Salole, Sharko, Waldron, Gunn, Healy, Bahlmann, Kamp-Roelands, van den Hout)
• Meeting with representatives of Compagnie Nationale des Commissaires aux Comptes and Conseil Supérieur de l'Ordre des Experts-Comptables – Paris, France (Schilder, Landes, Gunn, Healy)
• IAASB Roundtable on Enhancing Audit Quality– Paris, France (Schilder, Landes, French, Köhler, Sharko, Zietsman, Gunn, Healy, Bahlmann, Kamp-Roelands)
• Public Interest Oversight Board Meeting – Madrid, Spain (Schilder, Sharko, Zietsman, Gunn, Healy)
• Presentation at International Federation of Accountants Small and Medium Practices Committee meeting – New York, United States of America (Murtagh)
• Presentation at Business Week at the University of North Carolina-Wilmington – Wilmington, USA (Dohrer)

April 2016 

• Meeting with International Integrated Reporting Council – London, United Kingdom (Schilder, Landes, Grabowski, Kelsall (by teleconference), Healy, Kamp-Roelands (by teleconference))
• Meeting with Chartered Institute of Management Accountants – London, United Kingdom (Schilder, Landes, Healy)
• Attendance at the United Kingdom Financial Reporting Council’s Event on Enhancing Audit Quality – London, United Kingdom (Schilder, Landes, Grabowski, Jackson, Healy)
• Meeting with Association of Chartered Certified Accountants – London, United Kingdom (Schilder, Landes, Healy)
• Meeting with Institute of Chartered Accountants in England and Wales – London, United Kingdom (Schilder, Landes, Healy)
• Presentation at Crowe Horwath International’s Regional Meeting – Bali, Indonesia (Chiew)
• Meeting with Representatives from the Dubai Financial Services Authority – Dubai, United Arab Emirates (Sharko, James)
• Presentation at Unione Giovani Dottori Commercialisti ed Esperti Contabili Convention – Padova, Italy (Vanbeveren)
• Joint Association of Chartered Certified Accountants / Malaysian Institute of Accountants / IAASB Roundtables on Enhancing Audit Quality – Kuala Lumpur, Malaysia (Schilder, Kelsall, Murtagh, Zietsman, Chiew)
• Participation in Panel at the International Forum of Independent Audit Regulators' Plenary Meeting – London, United Kingdom (Schilder)
• Participation in the Public Accountants and Auditors Board's Roundtable on New Auditor's Report – Harare, Zimbabwe (Bahlmann)
• Presentation at Zimbabwe Accountants Conference 2016 – Harare, Zimbabwe (Bahlmann)
• Presentation at Pan African Federation of Accounting Technical Meeting – Livingstone, Zambia (Bahlmann)
• Meeting with US Securities and Exchange Commission – Washington D.C., United States of America (Schilder, Landes, Zietsman, Healy)
• Meeting with United States Public Company Accounting Oversight Board Members and Staff – Washington D.C., United States of America (Schilder, Landes, Zietsman, Healy)
• Presentation to the Governing Board of the Center for Audit Quality – Chicago, United States of America (Schilder, Healy)
• Meeting with Chairman of United States Auditing Standards Board – Chicago, United States of America (Schilder, French, Healy)
• Meeting with Grant Thornton Leadership – Chicago, United States of America (Schilder, French, Healy)

 May 2016 

• Presentation at Crowe Horwath International’s Regional Meeting – Miami, United States of America (Jones)
• Meeting with Representatives of the International Association for Accounting Education & Research and Institute of Chartered Accountants of Scotland – Amsterdam, Netherlands (Köhler, Kamp-Roelands)
• Attendance at the Foundation for Audit Research Conference – Breukelen, Netherlands (Schilder)
• Presentation at the Forum of Firms – Paris, France (Schilder, Zietsman, Montgomery, Bahlmann, Klonaridis)
• Participation in the International Association of Insurance Supervisors Accounting and Auditing Working Group Meeting – Teleconference (Dohrer, Pickeur, James, Williams)
• Meeting with the Basel Committee on Banking Supervision's Accounting Experts Group – Madrid, Spain (Sharko, van den Hout)
• Participation in Forum of Firms Group Audits Symposium – Paris, France (Zietsman, Burzenski, Bahlmann)
• Presentation to the Annual Congress of the European Accounting Association – Maastricht, Netherlands (Schilder)
• Meeting with Representatives of the Global Public Policy Committee on Auditor Reporting Implementation – Paris, France (Montgomery, Sylph, Shannon, Weber, Klonaridis,)
• Meeting with International Accounting Standards Board Leadership – London, United Kingdom (Schilder, Blascos, Grabowski, Sharko)
• Participation at the Fédération des Experts-Comptables Européens, Consultative Committee of Accountancy Bodies and Chartered Financial Analyst Institute's Joint Event on the Future of Corporate Reporting – London, United Kingdom (Grabowski)
• Panelist at Global Reporting Initiative's Corporate Leadership Group Meeting – Amsterdam, Netherlands (Kamp-Roelands)
• Participation in the United States Public Accounting Oversight Board's Standing Advisory Group Meeting – Washington D.C., United States of America (Schilder, Zietsman, Healy)
• Presentation at 2016 Deloitte Foundation / University of Kansas Auditing Symposium – Kansas City, United States of America (Bahlmann)
• Meeting with the International Forum of Independent Audit Regulators' Standards Coordination Working Group – Amsterdam, Netherlands (Schilder, Köhler, Sharko, Zietsman, Gunn, Healy, Williams)
• Participation in International Organization of Supreme Audit Institutions Professional Standards Committee's Steering Committee Meeting – Copenhagen, Denmark (Gunn)
• Participation in the Institute of International Finance's Three-way Dialogue Meeting – London, United Kingdom (Sharko, van den Hout)

 June 2016 

• 11^th Turkish Accountancy Forum – Ankara, Turkey (Sylph)
• Meeting with Auditing Sub-Committee of the International Organization of Securities Commissions – London, United Kingdom (Grabowski, Campbell (by teleconference), Healy, Williams, Klonaridis and Kirpalani (by teleconference))
• Meeting with Committee 1 of the International Organization of Securities Commissions – London, United Kingdom (Schilder, Gunn, Healy)
• Meeting with Representatives from the Confederation of Netherlands Industry and Employers (VNO-NCW) – The Hague, Netherlands (Sharko)
• Presentation at American Institute of Certified Public Accountants Practitioners Symposium and Tech Conference – Las Vegas, United States of America (French, Bahlmann)
• Presentation to the American Institute of Certified Public Accountants’ Assurance Services Executive Committee Meeting – New York, United States of America (Kamp-Roelands)
• Presentation at Small and Medium Practices Committee Meeting – Las Vegas, United States of America (French, Bahlmann)
• International Federation of Accountants Board Meeting – New York, United States of America (Schilder, Gunn)
• Presentation at Instituto dos Auditores Independentes do Brasil 6^th Brazilian Conference on Accounting and Independent Auditing – Sao Paulo, Brazil (Gunn)
• National Auditing Standards Setters Meeting – New York, United States of America (Schilder, Landes, Campbell, Dohrer, Healy, Kamp-Roelands, Bahlmann, Williams, Kirpalani, Klonaridis, Simms)
• Panelist at the International Symposium on Audit Research Conference – Singapore, Singapore (Montgomery)
• Panelist at the Association of Chartered Certified Accountants' ASEAN Conference – Singapore, Singapore (Montgomery)
• Presentation to ASEAN Federation of Accountants' Council Meeting – Singapore, Singapore (Montgomery)
• Presentation to the Integrated Reporting Network for Professional Accountancy Organizations – Webinar (Kamp-Roelands)
• Joint session with IAASB and Center for Audit Quality at the International Corporate Governance Network Conference – San Francisco, United States of America (Köhler, Zietsman)
• Participation in Global Auditor Investor Dialogue Auditor Reporting Session at the International Corporate Governance Network Conference – San Francisco, United States of America (Montgomery, Healy)
• Public Interest Oversight Board Meeting – Madrid, Spain (Schilder, Waldron, Gunn)

 July 2016 

• Meeting with Representatives of the International Accounting Standards Board on International Financial Reporting Standard 4, Insurance Contracts (by teleconference), (Sharko, Pickeur, Shannon, James, Van den Hout)
• Meeting with representatives of Compagnie Nationale des Commissaires aux Comptes– Paris, France (Pickeur)
• Meeting with Representatives of the Fédération des Experts-Comptables Européens – Brussel, Belgium (Schilder, Gunn)
• Meeting with Representative of the European Commission – Brussel, Belgium (Schilder, Gunn)

August 2016 

• Participation at the Nordic Federation of Public Accountants' Annual Assembly – Naantali, Finland (Schilder)
• Discussion Leader and Presentation at the Instituto Nacional de Contadores Públicos de Colombia Summit – Cartagena, Colombia (Schilder)
• Panel Participant at the Instituto Nacional de Contadores Públicos de Colombia Summit – Cartagena, Colombia (Zietsman)
• Meeting with Representatives of the Columbian Ministry of Commerce, Industry and Tourism, Technical Council of Accountancy, Company Superintendence, Accounting Firms, Central Board of Accountants and Instituto Nacional de Contadores Públicos de Colombia – Cartagena, Colombia (Schilder, Zietsman)
• Meeting with the Basel Committee on Banking Supervision's Accounting Experts Group -  Basel, Switzerland (Pickeur, Sharko (by teleconference), van den Hout)

September 2016

• Presentation at the Centre for Financial Reform of the World Bank – Vienna, Austria (Pickeur)
• Participation in the International Association of Insurance Supervisors Accounting and Auditing Working Group Meeting (by teleconference) (Sharko, Campbell, James, Williams, Kirpalani)
• International Federation of Accountants Board Meeting – Sydney, Australia (Gunn)
• International Auditing and Assurance Standard Board Consultative Advisory Group Meeting – New York, United States of America (Schilder, Landes, Campbell, French, Köhler, Sharko, Zietsman, Waldron, Gunn, Healy, Bahlmann, van den Hout)
• World Bank Centre for Financial Reporting Reform―Audit Training of Trainers Virtual Workshop: New and Revised Auditor Reporting Standards – (Montgomery)
• Public Interest Oversight Board Meeting – New York, United States of America (Schilder, Waldron, Zietsman, Gunn)
• Meeting with Members of the Monitoring Group – New York, United States of America (Schilder, Gunn)
• Participation in Participation in Roundtables on Auditor Reporting organized by the Malaysian Institute of Certified Public Accountants ‒ Kuala Lumpur, Malaysia (Montgomery)
• Meeting with Representatives from Hong Kong Exchanges and Clearing Limited, Securities and Futures Commission, Financial Reporting Council and Hong Kong Institute of Certified Public Accountants ‒ Hong Kong, China (Schilder, Landes, Zietsman, Campbell, Kelsall, Murtagh, Bahlmann)
• Meeting with International Organization of Securities Commissions' Chair ‒ Hong Kong, China (Schilder, Landes, Gunn)
• Presentation at Certified Public Accountants Australia ‒ Hong Kong, China (Schilder, Zietsman, Kelsall)
• Presentation to International Federation of Accountants' Professional Accountants in Business Committee ‒ Dubai, United Arab Emirates (Köhler)
• Presentation Fédération des Experts Comptables Européens ‒ Brussel, Belgium (Pickeur, Sharko (by teleconference))

October 2016

• Panelist at the International Standards of Accounting and Reporting's Workshop on Accounting and Financial Reporting Standards ‒ Geneva, Switzerland (Grabowski)
• Presentation and Panelist at Annual Meeting of the Swiss Association of Certified Public Accountants ‒ Bern, Switzerland (Köhler)
• Presentation at International Federation of Accountants Small-and-Medium Practices Committee meeting ‒ New York, United States of America (Murtagh, Sharko, Zietsman)
• Presentation at Nijenrode University ‒ Breukelen, Netherlands (Schilder)
• World Bank Centre for Financial Reporting Reform―Audit Training of Trainers Workshop: The IAASB’s Data Analytics Project ‒ Virtual workshop (Young)
• Meeting with the Forum of Firms/ Transnational Auditors Committee ‒ New York, United States of America (Zietsman, Campbell, Bahlmann, Williams)
• Presentation at Russell Bedford International Annual Conference ‒ Mexico City, Mexico (Sylph)
• Meeting with Representative from the Monitoring Group ‒ Toronto, Canada (Schilder (by teleconference), Gunn)

 November 2016

• Presentation at the Accounting Academy's 3rd Annual Practice Management Conference for Accountants ‒ Johannesburg, South Africa (Vanker)
• Presentation at PKF's International Assurance and Accounting Conference ‒ Warsaw, Poland (Dohrer)
• Meeting with European Audit Inspection Group ‒ Limasol, Cyprus (Zietsman, Gunn)
• Panel Participants at  the Central Bank of Russian Federation's International Audit Conference ‒ Moscow, Russia (Zietsman, Sharko)
• IAASB Update Presentation (to Russian Government Officials, Practitioners and Academics) ‒ Moscow, Russia (Zietsman, Sharko)
• Panelist at Association of Chartered Certified Accountants / Grant Thornton Event :The Future of Audit ‒ Brussels, Belgium (Schilder)
• Teleconference with Global Auditor Investor Dialogue (Schilder, Zietsman)
• Auditor Reporting Presentation to Russell Bedford International ‒ Jakarta, Indonesia (Sylph)
• Auditor Reporting Presentation to Russell Bedford International ‒ Perth, Australia (Sylph)
• Auditor Reporting Presentation to Russell Bedford International ‒ Melbourne, Australia (Sylph)
• Presentation/moderator/panelist/attendance at Auditor Roundtable at CPA Australia ‒ Melbourne, Australia (Sylph, Campbell, Kelsall)
• Presentation/moderator/panelist/attendance at Auditor Roundtable at Chartered Accountants Australia and New Zealand ‒ Sydney, Australia (Sylph, Campbell, Kelsall)
• Presentation/participation in Auditor Roundtable at the New Zealand External Reporting Board ‒ Auckland, New Zealand (Sylph, Campbell)
• Presentation/participation in Auditor Roundtable at the New Zealand External Reporting Board ‒ Wellington, New Zealand (Sylph, Campbell)
• Attendance at the United States Public Company Accounting Oversight's Board's Standing Advisory Group ‒ Washington D.C., United States of America (Zietsman)

The International Auditing and Assurance Standards Board (IAASB)’s Agreed-Upon Procedures (AUP) Working Group has released its Discussion Paper, Exploring the Demand for Agreed-Upon Procedures Engagement and Other Services, and the Implications for the IAASB’s International Standards.

“The demand for AUP engagements is growing as the business and regulatory environment evolves. The need for credible information also drives the need for alternative services by practitioners that are not audits or assurance engagements,” said IAASB Chairman Prof. Arnold Schilder. “Working to ensure that the IAASB’s International Standards are capable of being applied in these evolving circumstances continues to be highly important.”

“The IAASB’s standard addressing AUP engagements was developed over 20 years ago and continues to be widely used in many jurisdictions, in particular, by small- and medium-sized practitioners,” said Ron Salole, Chair of the AUP Working Group. “In addition to modernizing and enhancing the IAASB’s AUP standard, establishing a deeper understanding of the needs of those who use AUP reports will help the IAASB determine necessary changes to keep its International Standards relevant in a continually evolving environment.”

The Discussion Paper sets out the key features of an AUP engagement and explores how AUP engagements are undertaken, including the extent to which practitioners find existing requirements and guidance helpful or challenging. In addition, the IAASB is seeking an understanding of how reports on factual findings are used to determine the needs of users of these reports. The Discussion Paper also explores the demand for engagements that combine reasonable assurance, limited assurance, and non-assurance engagements, and whether the IAASB’s existing International Standards are appropriate.

The Working Group seeks input from investors, preparers, those in governance roles, standard setters, practitioners, internal auditors, regulators, academics, and other stakeholders. The input will assist the IAASB in determining what is needed to meet stakeholder’s needs, including standard setting and other possible actions. Comments on the Discussion Paper are requested by March 29, 2017.

More information and updates on the project are available on the IAASB’s project page.

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).

The International Federation of Accountants^® (IFAC^®) is seeking exceptional candidates committed to the public interest and the strength and vitality of the global accountancy profession to fill 33 volunteer vacancies on its Board and committees.

The Call for Nominations for the IFAC Board and Committees in 2018, issued today, sets out the upcoming opportunities for membership on the IFAC Board, Compliance Advisory Panel (CAP), and four committees—Professional Accountancy Organization (PAO) Development Committee, Professional Accountants in Business Committee (PAIBC), Small and Medium Practices Committee (SMPC), and Nominating Committee.

All vacancies on the IFAC Board and committees are open for nominations by IFAC member organizations.

“The dedicated efforts of IFAC’s volunteers guide the strategy and mission of IFAC, and are central to its ability to function effectively,” said IFAC President Rachel Grimes. “Their commitment to the public interest and the accountancy profession is laudable. We thank them, and our member organizations, for devoting the time and resources to nominate highly-qualified individuals, and look forward to receiving their nominations.”

The Nominating Committee encourages all IFAC member organizations to review the Call for Nominations, including the detailed information on vacancies and composition targets as well as specific membership qualifications and requirements. The companion guide offers strategic guidance in selecting candidates, including identifying the most qualified nominee for each available position.

Nominations can be submitted online via the Nominations Database by February 15, 2017.

Additional information on the Nominating Committee and its open, transparent selection process is available on the Nominating Committee web page.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, today announced the election of Rachel Grimes (Australia) as its President, for a two-year term effective through November 2018. Ms. Grimes is IFAC’s second female President. IFAC also announced the election of In-Ki Joo (South Korea) as Deputy President.

“I am honored to serve as IFAC’s President at a time of great global challenges. There are also remarkable opportunities to strengthen the accountancy profession and further the adoption of global standards in the public interest,” Ms. Grimes said. “As President, I look forward to working with our member organizations and other stakeholders as we continue to put trust at the heart of all we do, and at the heart of the global economy.”

Ms. Grimes is a Fellow of the Institute of Chartered Accountants in Australia and a Fellow of CPA Australia. She is CFO of Technology at Westpac, a multinational financial services firm, and previously served as Director of Mergers and Acquisitions. She brings more than 25 years of experience across the financial services sector, at Westpac/BT Financial Group as well as at PwC. Ms. Grimes has served the Australian accounting profession for over a decade, having been elected in 2011 as President of Chartered Accountants Australia & New Zealand (formerly the Institute of Chartered Accountants in Australia) after serving on its Board since 2006. An IFAC Board member since 2011, Ms. Grimes was elected Deputy President in 2014 and previously chaired IFAC’s Planning and Finance Committee.

Dr. In-Ki Joo is Professor, Emeritus, of Accounting at the Yonsei University School of Business, after serving as Dean of various departments. He has served as President of a number professional institutions in Asia, notably the Confederation of Asian and Pacific Accountants, the Korean Accounting Association, and the Korean Academic Society of Business Administration. He was a member of the Advisory Committee to the Republic of Korea General Audit Bureau and the Vice President, International Affairs, at the Korean Institute of Certified Public Accountants (KICPA). A member of both the American Institute of CPAs and KICPA, Dr. Joo received the Decoration of Excellent Achievement from the President of Korea in 2004 and Honor from the Deputy Prime Minister and the Ministry of Finance and Economy in 2001. As an IFAC Board member since 2012, he has chaired the Governance Committee and served on the Nominating Committee. As Deputy President, he will chair the Planning and Finance Committee.

New Board Members Elected
The IFAC Council elected three new members to the IFAC Board: Philippe Arraou (France), Tommye Barie (United States), and Idesio da Silva Coelho (Brazil). Wienand Schruff (Germany), Michael Hathorn (UK), Gail McEvoy (Ireland), and Sebastian Owuama (Nigeria) were reappointed for a second term of service.

IFAC Admits New Members
The IFAC Council admitted three new members (previously IFAC associates):

• Mauritius Institute of Professional Accountants;

• Ordem dos Contabilistas Certificados (Portugal); and

• Union of Accountants, Auditors and Financial Workers of Federation of Bosnia and Herzegovina.

For a full listing of IFAC members, see the membership section of IFAC’s website.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

Two years ago, following the 2014 World Congress of Accountants in Rome, Pope Francis invited thousands of professional accountants to a private audience at the Vatican and challenged the global profession’s leaders to do more in the global fight against fraud and corruption.

As International Federation of Accountants^® (IFAC^®) President Olivia F. Kirtley (USA) today prepares to hand her office over to President-Elect Rachel Grimes (Australia), IFAC releases her open letter to His Holiness outlining all that the profession has done to support his call to action.

In his remarks, His Holiness said that in uncertain economic times, “There is a stronger temptation to defend one’s interest without concern for the common good, without paying much heed to justice and legality. For this reason everyone, especially those who practice a profession which deals with the proper functioning of a country’s economic life, is asked to play a positive, constructive role in performing their daily work.”

Ms. Kirtley’s letter stated, “I am pleased to report that following our meeting with you, IFAC has focused on intensifying the profession’s activities in several ways that we believe will have lasting impact in reducing both the supply and demand side of fraud and corruption.”

These efforts have been concentrated across three key fronts:

1. Capacity Building: accelerating the profession’s long-term vision of increasing professional accountancy capacity in developing countries.
2. Governance: greater participation in—and advocacy for—stronger governance across all organizations.
3. Public Sector Financial Management: more transparent and complete public sector financial information, including use of International Public Sector Accounting Standards^™ (IPSAS^™).

“Serving the public interest is at the very heart of IFAC’s mission. Combatting fraud and corruption is clearly a public interest mission where our profession can provide valuable skills and experience,” Ms. Kirtley said.

“We also recognize that this many-decades old fight is one we can’t win alone. There is real need to join forces with other organizations to both make meaningful progress and yield faster results. Combatting this problem requires intense, coordinated action across all civil society institutions. The accountancy profession will continue to vigorously do its part.”

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

As we rapidly approach the 8.5 billion people on Earth expected by 2030, sustainable development challenges, such as inequality and extreme poverty, climate change, and trust in business and government, pose challenges for societies, economies, organizations, and financial markets. The 17 Sustainable Development Goals represent the means to sustain people, planet, and prosperity to 2030, and include a clear call for partnerships between the public, private, and voluntary sectors to address these challenges.

A new report from the International Federation of Accountants^® (IFAC^®) provides a snapshot of the accountancy profession’s contribution to achieving these Goals. “Accountancy is the basis of strong and sustainable organizations, financial markets, and economies,” said IFAC Chief Executive Officer Fayez Choudhury. “It is important for our profession to be conscious of how we contribute, both directly and indirectly, to the Goals. The skillset, experience, and influence professional accountants possess gives them enormous scope to shape solutions to sustainable development challenges.”

“‘Business as usual’ is no longer sustainable—if business ignores the Goals, they do so at their own peril,” said Charles Tilley, Chair of the IFAC Professional Accountants in Business Committee, which contributed to the report, as did the IFAC Professional Accountancy Organization Development Committee. “The public and private sectors should embrace the opportunities presented by the Goals to act in the public interest as well as create value for business and investors. What we do as accountants benefits society and contributes to the resilience of the organizations we work in, both of which are key themes of this publication.”

IFAC looks forward to a continuing dialogue within and beyond the profession on its role in mainstreaming, implementing, and monitoring the Goals, starting with a workshop on this topic at the IFAC Annual Council meeting in Brasilia, Brazil, November 16-17. 

About this Report
The 2030 Agenda for Sustainable Development: A Snapshot of the Accountancy Profession’s Contribution highlights the importance of the Goals to business and the profession, and considers how accountancy contributes to eight specific Goals. It features existing activities and initiatives within the profession that support the Goals and poses questions for professional accountancy organizations and professional accountants to consider.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

Are you seeking an exceptional opportunity that combines your understanding of the public interest role of accountancy with your desire to make a difference on a global stage? The high-quality international standards that underpin the global accountancy profession are developed by the independent standard-setting boards, for which today’s Call for Nominations for 2018 is released.

The Call sets out the upcoming opportunities for membership on the International Auditing and Assurance Standards Board (IAASB), International Accounting Education Standards Board (IAESB), International Ethics Standards Board for Accountants (IESBA), and International Public Sector Accounting Standards Board (IPSASB).

For 2018, there are 26 vacancies on the independent standard-setting boards—7 each on the IAASB, IESBA, and IAESB, and 5 on the IPSASB. The current member can be re-nominated for 17 of these vacancies and, if considered appropriate, re-appointed for a second term of service.

These volunteer vacancies on the boards are open for nominations by all stakeholders, including professional accountancy and international organizations, governmental agencies, firms, and the public. Nominations of non-accountants for the public member vacancies are strongly encouraged. Travel support is available to qualified candidates from developing nations, self-nominees, and public members.

Candidates should have knowledge of the subject matters considered by a particular board, as well as English proficiency. Each board meets up to four times per year and the required time commitment is approximately 300 to 850 hours per year, depending on the board and task force involvement, including preparation and travel time. Although each candidate will ultimately be selected based on experience, nominations of highly qualified candidates from Africa, Asia, the Middle East, and Latin America are strongly encouraged. Nominations of female candidates for all boards and from all regions are particularly welcome. For more information on openings and geographic targets of a particular board, please see the Vacancy Overview table on p. 9-12 of the Call.

Nominations can be submitted through the Nominations Database. All nominations need to be submitted before January 31, 2017.

To provide nominating organizations and nominees with some insights on the nominations process and the value of serving on the standard-setting boards, the following documents are available on the Nominating Committee web page: Developing a Nominations Strategy and Giving Back to the Profession: The Value of Serving.

The Nominating Committee follows an open and transparent process with public interest oversight to select the most suitable candidates for the available positions, while also aiming to achieve gender, regional, and professional balance. For more information about the Nominating Committee, its due process, or guidance in selecting the best candidate, please visit the Nominating Committee web page.

About the IAASB
The IAASB is an independent standard-setting board that 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 the IAESB
The IAESB is an independent standard-setting board that develops education standards, guidance, and information papers for use by IFAC member organizations under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB 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 IAESB are facilitated by IFAC.

About the IESBA
The IESBA is an independent standard-setting board that develops ethical standards and other pronouncements for professional accountants worldwide under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the standards and guidance.. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC.

About the IPSASB
The IPSASB is an independent standard-setting board that develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland. The IPSASB receives advice from the Public Interest Committee, which promotes the public interest in the IPSASB’s standard-setting activities, and advice from the IPSASB 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 IPSASB are facilitated by IFAC.

About the PIOB
The Public Interest Oversight Board (PIOB) is the global independent oversight body that seeks to improve the quality and public interest focus of the international standards formulated by the IAASB, IAESB and IESBA in the areas of audit and assurance, education, and ethics. Through its oversight activities, the PIOB works to bring greater transparency and integrity to the audit profession, thereby contributing to the enhanced quality of international financial reporting.

About the PIC
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.