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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