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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