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July 14, 2008

IFAC members set out action plans

Accounting bodies in six countries have released action plans to further converge to international standards as part of a three-step compliance programme organised by the International Federation of Accountants (IFAC).

The Federación Argentina de Consejos Profesionales de Ciencias Económicas; Botswana Institute of Accountants; Chinese Institute of Certified Public Accountants (CICPA); Chamber of Auditors of the Czech Republic; Institute of Certified Public Accountants of Kenya; and Corpul Expertilor Contabili si Contabililor Autorizati din Romania are the first six bodies to submit action plans.

The programme is a means to evaluate the quality of IFAC members’ and associates’ endeavours to meet membership requirements. In the first phase the organisations provided self-assessment information about the regulatory and standard-setting framework in their countries. In phase two they provided details of their organisations’ activities in addressing IFAC’s membership requirements. Based on an analysis of the first two phases, they have developed the action plans for continuous development and improvement.

The plans are prepared by IFAC members and associates for their own use based on the national frameworks, priorities, processes and challenges specific to each jurisdiction.

An example of a feature in the CICPA plan is changing to a three-year quality assurance review cycle, studying the impact of the change and its feasibility, then putting forward the draft of the revised practice inspection system.

IFAC compliance advisory panel chair Robert Mednick said: “These action plans demonstrate the leadership of the profession in engaging country stakeholders, such as regulators, government officials, academics and others in further enhancing the quality of the profession and ensuring greater consistency worldwide.

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