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IFAC acts to strengthen international accounting profession

  • IFAC (International Federation of Accountants) (lt gray) Image

19 Jul 2003

At its meeting last week in Quebec City, the Board of the International Federation of Accountants (IFAC) took the following actions: Approved a compliance program designed to provide clear benchmarks to assist IFAC member organisations in ensuring high quality performance by accountants worldwide.

A key component of the compliance program is a requirement that each of IFAC's 155 member bodies evaluate and report on the extent to which they are monitoring compliance by their members with international standards through a quality assurance mechanism and an investigations and discipline process.
  • Approved for public comment seven proposed Statements of Membership Obligations regarding quality assurance, investigations, discipline, and member responsibilities for promoting and implementing international standards developed by IFAC and by the IASB.
  • Approved an exposure draft of a revised IFAC Code of Ethics.
  • Approved the establishment of permanent task forces to represent the interests of developing nations and small-and medium practices.
  • Approved proposals to strengthen IFAC's structure and governance, including expanding the size of the Board and including public members.
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