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November 14, 2007

IFAC unveils new resources and admits member bodies

IFAC unveils new resources and admits member bodies

The International Federation of Accountants (IFAC) announced new resources for accountants working in small- and medium-sized practices (SMPs) and welcomed new member bodies and board members at a council and board meeting in Mexico this month.

IFAC SMP committee chair Sylvie Voghel said the new SMP implementation guidance, entitled ‘Guide to Using ISAs (International Standards on Auditing) in the Audit of Small- and Medium-sized Entities’, is in production and will be available in December. It was developed by the Canadian Institute of Chartered Accountants on IFAC’s behalf and is designed to support SMPs and other practitioners in applying ISAs to audits of SMEs.

At the meeting, IFAC also released a 2007 edition of its good practice guidance on establishing and developing professional accountancy organisations. IFAC said the 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 have been made available.

IFAC’s council has accepted three new organisations as associates: the Cayman Islands Society of Professional Accountants, the Mauritius Institute of Professional Accountants and the Ordre National des Experts Comptables et Comptables Agréés du Sénégal. In addition, the council has accepted the Nederlandse Orde van Register EDP-Auditors as an affiliate.

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 UK and Olivia Kirtley of the US. It also approved the reappointment of two IFAC board members – Roberto D’Imperio of Italy and Göran Tidström of the Nordic Federation – for a second term.

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