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  1. The Instituto Nacional de Contadores Públicos de Colombia (INCP), with IFAC’s support, will hold a Regional SMP Forum on November 24, 2017 to bring practitioners from small- and medium-sized accountancy practices (SMPs) together for a day-long seminar to focus on audit quality and how practitioners can build a successful practice. When/Where? The event will be held November 24, 2017, at the Casa Dann Carlton Hotel in Bogota, Colombia What? An international and regional line-up of subject matter experts will steer the forum and share important insights on pertinent areas of audit quality and practice management. The line-up of speakers includes: Hugo Ospina INCP - CEO – President Jose Sanabria – KPMG Partner Cristobal Uribe – Amezquita Partner Wilmar Franco – CTCP Jorge Casteblanco – Crowe Horwarth Partner Jorge Pineiro – EY Partner Edgar Villamizar – Baker Tilly Partner Paola Vacca – BDO Marketing Director Monica Foerster – IFAC SMP Committee Chair Dawn McGeachy – IFAC SMP Committee Member Beverley Bahlmann – International Auditing and Assurance Standards Board Deputy Director Christopher Arnold – IFAC Head of SME/SMP and Research Who Should Attend? The forum is open to accounting practitioners, as well as other professionals, who work directly or indirectly with SMP/SME affairs. Why? The event will examine the structure of the ISA pronouncements and how they can be applied proportionately. Additionally, the forum will include a session on building a successful practice, including evolving to be future ready and building capacity to offer to advisory services. Both sessions will include an overview of relevant guidance, including the IFAC Guide to Practice Management. See the INCP Forum page for more information. أضغط على الرابط لزيارة موقع الخبر
  2. The International Auditing and Assurance Standards Board (IAASB)’s Group Audits Task Force has issued an update of the group audit project. The Project Update outlines the issues under consideration in the revised International Standard on Auditing (ISA) 600, Special Considerations‒Audits of Group Financial Statements, and other projects that address additional international standards. This includes: ISA 220, Quality Control for an Audit of Financial Statements, and International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements. The Project Update also explains the linkages between these projects as they relate to group audit issues. Key Takeaways ISA 600 deals with special considerations that apply in audits of group financial statements (group audits). Many of the requirements of ISA 600 are, therefore, drafted in the context of requirements in other standards. As noted in Enhancing Audit Quality: Project Proposal for the Revision of the IAASB’S International Standards Relating to Quality Control and Group Audits (project proposal), the IAASB recognizes that there is a strong linkage between the IAASB’s work to clarify and strengthen ISA 600 and the projects to revise other standards, in particular ISQC 1, ISA 220, and ISA 315 (Revised). Some foundational issues to be dealt with in the ISA 600 revisions need to be first considered and addressed in these other projects, i.e., such that the Group Audits Task Force can appropriately build on the revised requirements and application material in making necessary revisions to ISA 600. The Group Audits Task Force is working cooperatively with the task forces responsible for the revisions of ISQC 1, ISA 220, and ISA 315 (Revised) and providing input as proposed revisions to these standards progress. This interaction with the other task forces will enable the Group Audits Task Force to be well positioned to reflect the revisions to these other standards in the context of ISA 600, and provide the additional context of the special considerations relevant to their application to group audits. أضغط على الرابط لزيارة موقع الخبر
  3. The International Public Sector Accounting Board (IPSASB) held its third meeting of the year from September 19-22 in Toronto. أضغط على الرابط لزيارة موقع الخبر
  4. The International Accounting Education Standards Board™ (IAESB™) is pleased to announce the reappointment of its Chair, Chris Austin, CBE, for a one-year renewable term commencing January 1, 2018. As Chair, Mr. Austin will continue to lead the Board’s work developing accountancy education standards and support materials and ensuring the current and next generations of professional accountants around the world are able to fulfill their roles supporting organizations and economies. “Under Mr. Austin’s leadership, the board developed a new five-year strategy and work plan that lays out new strategic areas of focus on standards development, implementation support, and stakeholder engagement,” said James Gunn, Managing Director, Professional Standard. “Mr. Austin has also helped change how the board accomplishes its goals by empowering tasks forces, emphasizing proactivity, and ensuring use of all IAESB members’ expertise.” "I am incredibly honored to be reappointed, and to continue to work with some of the best in the industry as together we improve, expand, and shape how the next generation of budding accountants are taught," said Mr. Austin. “The Board is passionate about the important role accountants play in developing high-quality financial and non-financial information. We have designed an ambitious work plan that seeks to advance accountancy education and we look forward to implementing it.” Mr. Austin is a senior civil servant with more than 30 years of experience. He was recently appointed Head of the UK Taskforce on Hurricane Irma and Maria, UK Department for International Development (DFID). Immediately prior, he was the DIFD Country Director for Afghanistan, based in Kabul, where he managed the UK’s £178 million annual support for economic development. Previous positions include Head of the UK’s Stabilisation Unit, providing policy and operational support to the UK’s responses to conflict and crises, and Director, G8, covering negotiations with G8 partners and engaging with governments, non-governmental organizations, and the private sector on extractives, land governance, and open data. Mr. Austin was appointed CBE in the 2017 New Year Honours. About the IAESB The IAESB develops education standards, guidance, and information papers for use by IFAC member organizations under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAESB are facilitated by IFAC. About IFAC IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce. أضغط على الرابط لزيارة موقع الخبر
  5. Dr. Stavros B. Thomadakis has been reappointed Chair of the International Ethics Standards Board for Accountants® (IESBA®) for a renewable one-year term commencing January 1, 2018, the key post Dr. Thomadakis has held since 2015. Over the past three years, Dr. Thomadakis has championed the key role ethics play for the global accountancy profession in the public interest. He has also led the IESBA through significant projects relating to the Code of Ethics for Professional Accountants (the Code) and enhancing its understandability and accessibility, including responding to non-compliance with laws and regulations (NOCLAR) and restructuring the Code. James Gunn, Managing Director, Professional Standards, said, “Dr. Thomadakis’ re-appointment is very much welcome. He has provided extraordinary dedication to this role and delivered tremendous leadership for various projects that have not only elevated awareness of the Code of Ethics but also enhanced the reputation of the IESBA as an independent standard setter.” “I am honored to continue this journey with the Ethics Board, and have the opportunity to support the evolution and implementation of the global Code of Ethics. Our hard work is far from complete, and we will need to continue to be innovative and responsive to the evolving global public interest by achieving and maintaining high-quality ethics standards. The formulation of IESBA’s new Strategy and Work Plan is a major challenge for the next year. The pursuit of innovative and challenging new projects and the wider adoption of the Code will serve to solidify the reputation of the global profession of all accountants and their commitment to the global public interest,” said Dr. Thomadakis. To access the Ethics Board Strategy and Work Plan, visit the Ethics Board’s website: www.ethicsboard.org. About the IESBA The IESBA is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board. About IFAC IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce. أضغط على الرابط لزيارة موقع الخبر
  6. Thank you for the privilege of being with you today. I’m honored to address such a distinguished group of dignitaries and professional accountants during my first visit to Nigeria. In my time with you today, I’m going to set out a number of ways in which accountability and good governance go hand-in-hand. I will talk about: how this institute is a crucial part of the Nigerian economy, the standards that govern our profession are vital to the public interest, public sector accountability is crucial to rebuilding trust between citizens and institutions, the UN’s Sustainable Development Goals are an important lens for our profession, good governance is crucial to the fight against fraud and corruption; and, finally, how fighting fraud and corruption is an excellent demonstration of both our public interest mission, and our ability to bring people and organizations together to fight a common foe. And after all that, I will set out some challenges for you! Institute of Chartered Accountants of Nigeria Let’s begin with the role of the Institute of Chartered Accountants of Nigeria—or ICAN—in Nigeria’s economy and public life. I want to acknowledge its contributions at the global, regional, and national level, and its commitment to the public interest. First, as a leading professional accountancy organization, ICAN contributes at the global level through its membership of IFAC, and representation on international boards and committees. ICAN contributes at the regional level through its membership of the Association of Accountancy Bodies in West Africa (ABWA) and the Pan African Federation of Accountants (PAFA)—two valuable forums for sharing best practices—and through the support it provides to professional accountancy organizations in neighboring countries. I thank you for sharing your knowledge and experience beyond your national borders. It is the valuable contribution of leading organizations such as ICAN that makes ours a truly global profession. Second, I wish to acknowledge ICAN for its commitment to the public interest at the national level—a commitment clearly demonstrated by your role in national reform and contribution to Nigeria’s international economic integration. Nigeria’s adoption of International Financial Reporting Standards or IFRS, including IFRS for Small and Medium-sized Entities, and the International Standards on Auditing is significant. I commend the Ministry of Finance for the decision to adopt accrual-based International Public Sector Accounting Standards—or IPSAS—as the government’s reporting framework. It is vital that governments have high-quality information on which to base decisions. It is also important that citizens have easy access to understandable financial information on which they can base their decisions—often at the ballot box—and hold their governments accountable. These two necessities lie at the heart of IFAC’s Accountability. Now. initiative—a global call for change. It challenges policy makers and governments around the world to recognize the importance of financial reporting that meets international standards. Accountability This brings me to my third acknowledgement of ICAN. I thank you for embracing the Accountability. Now. initiative at the national level, and taking the lead at the regional level. Accountability. Now. Nigeria.—the theme of this 46th Annual Accountant’s Conference—is evidence of your commitment to play a key role in public sector transparency, accountability, and governance. Given the large sums that flow through governments on both the supply and demand sides, there is an acute and urgent need for public financial management (PFM) reform. Recently, the Nigerian Director-General, Bureau of Public Service Reforms, said government should be open with information especially in relation to contracts and procurement because people deserved to know how their money was spent. He said, “Citizens actually know very little about what government does and how they do it, and that breeds suspicion. When you proactively disclose information, it lessens that suspicion. Being open with information requests helps us to engage better with citizens.” As accountants, we know that it’s not only important to be open with the information—but that the information must be correct to begin with. All too often we see the consequences of poor PFM—poor public services, sovereign debt crises, and municipal bankruptcies—resulting in loss of trust by citizens that their governments are able to create a sustainable future. PFM reform—including implementing internationally accepted standards for budgeting, accounting, and financial reporting—supports public sector accountability and transparency. It provides complete, high-quality information, enabling governments to develop policy, make informed spending decisions, and manage assets and liabilities, both now and for future generations. And it’s vital to ensuring sustainable public services and economically stronger societies. Our profession’s support for high-quality public financial reporting—the cornerstone of sound PFM—is vital to enabling sustainable public services and stronger societies. ICAN is ideally positioned to act in the public interest by establishing partnerships between government and the accountancy profession, with the profession acting as a trusted advisor to government. And IFAC gladly collaborates with you. We facilitate and participate in events that bring together accountancy and governmental leaders to explore working together to advance PFM. We facilitate capacity building by engaging with professional accountancy organizations to develop a pipeline of well-trained professional accountants to work with or in government to bring about needed changes. This last part—building public sector accountancy capacity at a country level—is key. Countries that have the most to benefit from PFM reforms often lack the accountancy capacity necessary to execute reforms. A great deal of what we do at IFAC is facilitating the advancement and growth of professional accountancy organizations in parts of the world that desperately need more accountants. As IFAC President, it has been my pleasure to visit many countries that have really grasped the PFM challenge. Let me highlight a few examples of how our profession—even in small countries with scarce resources—can achieve great things. In Sri Lanka, the Chartered Institute of Public Finance and Accountancy is working with CA Sri Lanka and the government to develop a new qualification to help professionalize public sector personnel, increase the understanding of accrual accounting, and build a framework for accounts preparation and audits. In Malta, the government is getting its “ACT” together—with ACT being an acronym for Accountability, Credibility, and Transparency. The Ministry of Finance is implementing International Public Sector Accounting Standards across the government and believes strongly that it will improve overall decision making. In Kosovo, the Society of Certified Accountants and Auditors of Kosovo has partnered with the government and supreme audit institution to develop professional qualifications in the public sector. The program has helped build the profession’s numbers and attract new students, and the external certification has helped enhance the perception of independence of the Auditor General’s office. In Uganda, the Institute of Certified Public Accountants of Uganda is partnering with government to build public sector accountancy capacity. These activities are extending to other African countries with the Accountant General seconding staff to Somalia and South Sudan, and the Auditor General seconding staff to South Sudan and the African Organisation of English-speaking Supreme Audit Institutions. Under the IFAC PAO Capacity Building program, we are funding a project to strengthen public sector accountancy capacity in Zimbabwe. Almost all of our other projects under the program have a public sector component. Nigeria, similar to many other nations with dependency on commodities, is experiencing significant budgetary pressure, especially in a year that saw both the highest budget ever and a significant drop in oil prices. This pressure firmly places the spotlight on fiscal responsibility, making transparency and accountability absolutely necessary, and, as mentioned earlier, a significant opportunity for our profession. Nations around the world are facing significant lack of trust in governments. Citizens do not trust governments to make sound decisions, or to do the right thing. They are losing faith that governments are able to chart a sustainable future. This is both a cause and effect of global events that, more recently, include the Brexit vote, the impeachment of the president of Brazil, and the rise of unlikely political leaders. In some cases, it is because of national events, such as the failure to provide essential public services, a sovereign debt crises, or municipal bankruptcies. In other cases, it is because of fraud and corruption (An audit of the Nigerian National Petroleum Corporation showed that from 2011 until 2015, the company withheld more than US $25 billion from the public, according to The Economist). These events create uncertainty and instability. Our profession plays an important role in helping to establish and supporting effective public sector accountability and governance. UN SDGs And this brings me to the UN Sustainable Development Goals—or SDGs. While they are about many topics that we positively impact either directly or indirectly as professional accountants, it is a global action framework into which we can—indeed MUST—be seen to be actively supporting. I know anti-corruption initiatives are top-of-mind—not just for leaders, but for everyday citizens all over the world who desire—and deserve—the best possible leadership. I commend your nation for the steps it has taken, and the high profile President Buhari has placed on fighting the scourge of fraud and corruption. He has appointed ministers who place the same importance on fighting corruption as he does, and some former officials have even been charged for past offenses. The Nigerian Ministry of Finance has instituted a “treasury single account,” consolidating all inflows from ministries, departments, and agencies into a single account at the Central Bank of Nigeria. The Minister of Finance—who knows something about accounting!—a fellow of this institute and of the Institute of Chartered Accountants in England and Wales, requires governors to make their finances public before receiving additional federal funds. And the Nigerian National Petroleum Corporation is also now publishing monthly financial reports. But it is Nigeria’s leadership on the global stage in relation to the United Nations Sustainable Development Goals that I want to touch on now. The Goals are not only good for the nation, they are good for you as professional accountants. Firstly, President Bhuari’s speech at last month’s UN General Assembly in New York was warmly received. He said, Fighting corruption remains a cardinal pillar of our administration. Corruption freezes development, thereby undermining the achievement of the Sustainable Development Goals. I am pleased that our efforts in fighting corruption are yielding positive results including significant stolen assets recoveries. The recovered funds are being channeled towards the development of critical infrastructure and the implementation of social inclusion programs for our people. We are also strengthening our capacity of government entities to institutionalize reforms to ensure transparency and good governance. He is right on three fronts. The Sustainable Development Goals are worth achieving, corruption is blight that prevents their attainment, good governance is key achieving the SDGs and preventing corruption. I recently returned from Geneva, where—on behalf of the global accountancy profession—I articulated the need for greater developing world accountancy capacity as crucial to SDG delivery. At their heart, SDGs are an agenda for people, planet, and prosperity at a time when corporate responsibility is high on board agendas. The goals frame the areas of sustainable development and market failure that help governments and business determine what they do, and what they invest in. What is clear is that SDGs will require heightened accountability from governments and companies, a broader perspective from boards and management, strong leadership and culture, and increased transparency. And in all these things, ICAN’s members—as I’m sure you have already understood—have an extremely significant role to play. Before moving on to speak about good governance, I want to touch on another reason why it’s important for our profession to speak in terms of its role supporting the SDGs: young people. Youth This Institute has always been a tremendous supporter of young Nigerians. In all that you do, you fulfill your public interest mandate. But in your physical and practical support, you demonstrate that Nigeria’s professional accountants offer real, tangible initiatives that inspire young people to learn, and to consider accountancy as a calling. ICAN provides professional accountancy education, scholarships, books, and computers to higher education institutions; learning materials, library development projects, construction of lecture theaters in institutions across the country; and even a national essay competition for undergraduates. These are wonderful examples of action, not just words. Into this mix, the linking of our daily and strategic work and vision to the Sustainable Development Goals will further enhance our relevance to young people—the next leaders of our profession. Good Governance So now, to good governance—vital to the economic health and prosperity of any nation, and to any organization: public, private, not-for-profit. I have devoted many years to governance—both serving as a non-executive director of several publicly listed companies, and as a consultant to businesses, boards, and governments. I have seen firsthand how robust governance greatly enhances decision making and accountability in any organization. Embedding strong governance into a country’s DNA, and expecting it in government and every organization and business, is one of the most important steps that can be taken. Sustainably growing Nigeria’s economy and solidifying its position in an internationally integrated economy is going to require a strong, decisive, and embedded governance culture. Again, this is something President Bhuhari noted in his General Assembly speech, referencing the nation’s public wealth inherent in your rich, diverse natural resources: Nigeria remains committed to the Extractive Industries Transparency Initiative (EITI), a global coalition which promotes transparency and accountability in the management of revenues from the oil, gas and solid minerals sectors. We voluntarily signed up to EITI because we are convinced that transparent governance is an imperative for resource-rich developing countries like ours. The National EITI has been empowering citizens with critical information they can use to hold government and other players in the extractive industries to account, and make recommendations that drive reforms in these strategic sectors of our national life. The International Framework: Good Governance in the Public Sector issued by IFAC and CIPFA in 2014 provides a framework for governance codes for the public sector. To deliver good governance in the public sector, both governing bodies and individuals working for public sector entities must try to achieve their entity’s objectives while acting in the public interest at all times, consistent with the requirements of legislation and government policies, avoiding self-interest and, if necessary, overriding a perceived organization interest. Acting in the public interest implies primary consideration of the benefits for society, which should result in positive outcomes for service users and other stakeholders. It therefore requires two things: 1) behaving with integrity, demonstrating strong commitment to ethical values, and respecting the rule of law; and 2) ensuring openness and comprehensive stakeholder engagement. In addition to the overarching requirements for acting in the public interest achieving good governance in the public sector also requires effective arrangements for: Defining outcomes in terms of sustainable economic, social, and environmental benefits; Determining interventions necessary to optimize the achievement of the intended outcomes; Developing the entity’s capacity, including the capacity of its leadership and the individuals within it; Managing risks and performance through robust internal control and strong public financial management; and Implementing good practices in transparency, reporting, and audit to deliver effective accountability. Professional accountants are uniquely qualified and stand ready to help establish and ensure good governance. In 2012, I was part of a Corporate Governance Study Group sponsored by the Rockefeller Foundation. Our charge was to examine and suggest ways to bridge governance gaps. During one of our meetings, the Dean of Columbia University Business School in New York made the observation that: “There are three kinds of gaps that [those charged with governance] must address: gaps in information, gaps in oversight, and gaps in expertise.” The accountancy profession is uniquely positioned to help address those gaps. Financial expertise and professional skepticism are our core competencies. Information is our business. We help organizations understand the essential elements, structures, and processes of strong governance. It is in the accountancy profession’s best interest to play a significant leadership role. Effective governance leads to high-quality information and transparency that enables professional accountants to do a better job. It is essential that our profession is involved at every level. I encourage you to read IFAC’s latest submission to the G-20: Trust and Integrity—The Accountancy Profession’s Call for Action by the G-20. Our #BuildTrust social campaign recognizes: Accountancy plays a critical role in achieving transparency in the global economy, contributing almost USD $600 billion in gross value added each year, and enabling capital flows, economic activity, and higher standards of living; and Organizations and individuals must be empowered by strong governance in the business and public sectors, underpinned by a coherent public policy and regulatory environment. To these ends, IFAC—as representative of the global accountancy profession—called on the G-20 to enhance sustainable growth through stronger governance for trust and integrity in business and public sector and creation of a cooperative, consistent, and smart global regulatory environment. Strong financial management, transparency, accountability and enhanced governance are essential for sustainable, long-term economic growth that benefits the world’s citizens. To achieve this, we must not only have good intentions; we must act intentionally. I would like to close by challenging each of you to act intentionally by finding ways to #1—ADVOCATE for strong governance and to position your national profession as trusted advisors in the PFM reform process. Be interested in all aspects of governance, talk about what changes should be made, what works well for others, and share experiences. #2—EVALUATE. Review your current governance arrangements and identify areas for improvement. Seek out what has been effective elsewhere, highlight existing gaps, and create an action list to bridge those gaps. #3—PARTICIPATE. Talk to your government representatives. Make sure they understand the importance of high-quality financial reporting as cornerstone of sound PFM. Support them in their PFM reform efforts. Be visible leaders, and lead by example. As I have witnessed many times throughout my career—individually, we may be ordinary individuals, but together we can achieve extraordinary things. Thank you once again for the invitation to be with you today. It is indeed a pleasure and privilege for IFAC to be a small part of this chapter as your story continues to unfold. أضغط على الرابط لزيارة موقع الخبر
  7. Thank you for the privilege of being with you today. I’m honored to address such a distinguished group of dignitaries and professional accountants during my first visit to Nigeria. In my time with you today, I’m going to set out a number of ways in which accountability and good governance go hand-in-hand. I will talk about: how this institute is a crucial part of the Nigerian economy, the standards that govern our profession are vital to the public interest, public sector accountability is crucial to rebuilding trust between citizens and institutions, the UN’s Sustainable Development Goals are an important lens for our profession, good governance is crucial to the fight against fraud and corruption; and, finally, how fighting fraud and corruption is an excellent demonstration of both our public interest mission, and our ability to bring people and organizations together to fight a common foe. And after all that, I will set out some challenges for you! Institute of Chartered Accountants of Nigeria Let’s begin with the role of the Institute of Chartered Accountants of Nigeria—or ICAN—in Nigeria’s economy and public life. I want to acknowledge its contributions at the global, regional, and national level, and its commitment to the public interest. First, as a leading professional accountancy organization, ICAN contributes at the global level through its membership of IFAC, and representation on international boards and committees. ICAN contributes at the regional level through its membership of the Association of Accountancy Bodies in West Africa (ABWA) and the Pan African Federation of Accountants (PAFA)—two valuable forums for sharing best practices—and through the support it provides to professional accountancy organizations in neighboring countries. I thank you for sharing your knowledge and experience beyond your national borders. It is the valuable contribution of leading organizations such as ICAN that makes ours a truly global profession. Second, I wish to acknowledge ICAN for its commitment to the public interest at the national level—a commitment clearly demonstrated by your role in national reform and contribution to Nigeria’s international economic integration. Nigeria’s adoption of International Financial Reporting Standards or IFRS, including IFRS for Small and Medium-sized Entities, and the International Standards on Auditing is significant. I commend the Ministry of Finance for the decision to adopt accrual-based International Public Sector Accounting Standards—or IPSAS—as the government’s reporting framework. It is vital that governments have high-quality information on which to base decisions. It is also important that citizens have easy access to understandable financial information on which they can base their decisions—often at the ballot box—and hold their governments accountable. These two necessities lie at the heart of IFAC’s Accountability. Now. initiative—a global call for change. It challenges policy makers and governments around the world to recognize the importance of financial reporting that meets international standards. Accountability This brings me to my third acknowledgement of ICAN. I thank you for embracing the Accountability. Now. initiative at the national level, and taking the lead at the regional level. Accountability. Now. Nigeria.—the theme of this 46th Annual Accountant’s Conference—is evidence of your commitment to play a key role in public sector transparency, accountability, and governance. Given the large sums that flow through governments on both the supply and demand sides, there is an acute and urgent need for public financial management (PFM) reform. Recently, the Nigerian Director-General, Bureau of Public Service Reforms, said government should be open with information especially in relation to contracts and procurement because people deserved to know how their money was spent. He said, “Citizens actually know very little about what government does and how they do it, and that breeds suspicion. When you proactively disclose information, it lessens that suspicion. Being open with information requests helps us to engage better with citizens.” As accountants, we know that it’s not only important to be open with the information—but that the information must be correct to begin with. All too often we see the consequences of poor PFM—poor public services, sovereign debt crises, and municipal bankruptcies—resulting in loss of trust by citizens that their governments are able to create a sustainable future. PFM reform—including implementing internationally accepted standards for budgeting, accounting, and financial reporting—supports public sector accountability and transparency. It provides complete, high-quality information, enabling governments to develop policy, make informed spending decisions, and manage assets and liabilities, both now and for future generations. And it’s vital to ensuring sustainable public services and economically stronger societies. Our profession’s support for high-quality public financial reporting—the cornerstone of sound PFM—is vital to enabling sustainable public services and stronger societies. ICAN is ideally positioned to act in the public interest by establishing partnerships between government and the accountancy profession, with the profession acting as a trusted advisor to government. And IFAC gladly collaborates with you. We facilitate and participate in events that bring together accountancy and governmental leaders to explore working together to advance PFM. We facilitate capacity building by engaging with professional accountancy organizations to develop a pipeline of well-trained professional accountants to work with or in government to bring about needed changes. This last part—building public sector accountancy capacity at a country level—is key. Countries that have the most to benefit from PFM reforms often lack the accountancy capacity necessary to execute reforms. A great deal of what we do at IFAC is facilitating the advancement and growth of professional accountancy organizations in parts of the world that desperately need more accountants. As IFAC President, it has been my pleasure to visit many countries that have really grasped the PFM challenge. Let me highlight a few examples of how our profession—even in small countries with scarce resources—can achieve great things. In Sri Lanka, the Chartered Institute of Public Finance and Accountancy is working with CA Sri Lanka and the government to develop a new qualification to help professionalize public sector personnel, increase the understanding of accrual accounting, and build a framework for accounts preparation and audits. In Malta, the government is getting its “ACT” together—with ACT being an acronym for Accountability, Credibility, and Transparency. The Ministry of Finance is implementing International Public Sector Accounting Standards across the government and believes strongly that it will improve overall decision making. In Kosovo, the Society of Certified Accountants and Auditors of Kosovo has partnered with the government and supreme audit institution to develop professional qualifications in the public sector. The program has helped build the profession’s numbers and attract new students, and the external certification has helped enhance the perception of independence of the Auditor General’s office. In Uganda, the Institute of Certified Public Accountants of Uganda is partnering with government to build public sector accountancy capacity. These activities are extending to other African countries with the Accountant General seconding staff to Somalia and South Sudan, and the Auditor General seconding staff to South Sudan and the African Organisation of English-speaking Supreme Audit Institutions. Under the IFAC PAO Capacity Building program, we are funding a project to strengthen public sector accountancy capacity in Zimbabwe. Almost all of our other projects under the program have a public sector component. Nigeria, similar to many other nations with dependency on commodities, is experiencing significant budgetary pressure, especially in a year that saw both the highest budget ever and a significant drop in oil prices. This pressure firmly places the spotlight on fiscal responsibility, making transparency and accountability absolutely necessary, and, as mentioned earlier, a significant opportunity for our profession. Nations around the world are facing significant lack of trust in governments. Citizens do not trust governments to make sound decisions, or to do the right thing. They are losing faith that governments are able to chart a sustainable future. This is both a cause and effect of global events that, more recently, include the Brexit vote, the impeachment of the president of Brazil, and the rise of unlikely political leaders. In some cases, it is because of national events, such as the failure to provide essential public services, a sovereign debt crises, or municipal bankruptcies. In other cases, it is because of fraud and corruption (An audit of the Nigerian National Petroleum Corporation showed that from 2011 until 2015, the company withheld more than US $25 billion from the public, according to The Economist). These events create uncertainty and instability. Our profession plays an important role in helping to establish and supporting effective public sector accountability and governance. UN SDGs And this brings me to the UN Sustainable Development Goals—or SDGs. While they are about many topics that we positively impact either directly or indirectly as professional accountants, it is a global action framework into which we can—indeed MUST—be seen to be actively supporting. I know anti-corruption initiatives are top-of-mind—not just for leaders, but for everyday citizens all over the world who desire—and deserve—the best possible leadership. I commend your nation for the steps it has taken, and the high profile President Buhari has placed on fighting the scourge of fraud and corruption. He has appointed ministers who place the same importance on fighting corruption as he does, and some former officials have even been charged for past offenses. The Nigerian Ministry of Finance has instituted a “treasury single account,” consolidating all inflows from ministries, departments, and agencies into a single account at the Central Bank of Nigeria. The Minister of Finance—who knows something about accounting!—a fellow of this institute and of the Institute of Chartered Accountants in England and Wales, requires governors to make their finances public before receiving additional federal funds. And the Nigerian National Petroleum Corporation is also now publishing monthly financial reports. But it is Nigeria’s leadership on the global stage in relation to the United Nations Sustainable Development Goals that I want to touch on now. The Goals are not only good for the nation, they are good for you as professional accountants. Firstly, President Bhuari’s speech at last month’s UN General Assembly in New York was warmly received. He said, Fighting corruption remains a cardinal pillar of our administration. Corruption freezes development, thereby undermining the achievement of the Sustainable Development Goals. I am pleased that our efforts in fighting corruption are yielding positive results including significant stolen assets recoveries. The recovered funds are being channeled towards the development of critical infrastructure and the implementation of social inclusion programs for our people. We are also strengthening our capacity of government entities to institutionalize reforms to ensure transparency and good governance. He is right on three fronts. The Sustainable Development Goals are worth achieving, corruption is blight that prevents their attainment, good governance is key achieving the SDGs and preventing corruption. I recently returned from Geneva, where—on behalf of the global accountancy profession—I articulated the need for greater developing world accountancy capacity as crucial to SDG delivery. At their heart, SDGs are an agenda for people, planet, and prosperity at a time when corporate responsibility is high on board agendas. The goals frame the areas of sustainable development and market failure that help governments and business determine what they do, and what they invest in. What is clear is that SDGs will require heightened accountability from governments and companies, a broader perspective from boards and management, strong leadership and culture, and increased transparency. And in all these things, ICAN’s members—as I’m sure you have already understood—have an extremely significant role to play. Before moving on to speak about good governance, I want to touch on another reason why it’s important for our profession to speak in terms of its role supporting the SDGs: young people. Youth This Institute has always been a tremendous supporter of young Nigerians. In all that you do, you fulfill your public interest mandate. But in your physical and practical support, you demonstrate that Nigeria’s professional accountants offer real, tangible initiatives that inspire young people to learn, and to consider accountancy as a calling. ICAN provides professional accountancy education, scholarships, books, and computers to higher education institutions; learning materials, library development projects, construction of lecture theaters in institutions across the country; and even a national essay competition for undergraduates. These are wonderful examples of action, not just words. Into this mix, the linking of our daily and strategic work and vision to the Sustainable Development Goals will further enhance our relevance to young people—the next leaders of our profession. Good Governance So now, to good governance—vital to the economic health and prosperity of any nation, and to any organization: public, private, not-for-profit. I have devoted many years to governance—both serving as a non-executive director of several publicly listed companies, and as a consultant to businesses, boards, and governments. I have seen firsthand how robust governance greatly enhances decision making and accountability in any organization. Embedding strong governance into a country’s DNA, and expecting it in government and every organization and business, is one of the most important steps that can be taken. Sustainably growing Nigeria’s economy and solidifying its position in an internationally integrated economy is going to require a strong, decisive, and embedded governance culture. Again, this is something President Bhuhari noted in his General Assembly speech, referencing the nation’s public wealth inherent in your rich, diverse natural resources: Nigeria remains committed to the Extractive Industries Transparency Initiative (EITI), a global coalition which promotes transparency and accountability in the management of revenues from the oil, gas and solid minerals sectors. We voluntarily signed up to EITI because we are convinced that transparent governance is an imperative for resource-rich developing countries like ours. The National EITI has been empowering citizens with critical information they can use to hold government and other players in the extractive industries to account, and make recommendations that drive reforms in these strategic sectors of our national life. The International Framework: Good Governance in the Public Sector issued by IFAC and CIPFA in 2014 provides a framework for governance codes for the public sector. To deliver good governance in the public sector, both governing bodies and individuals working for public sector entities must try to achieve their entity’s objectives while acting in the public interest at all times, consistent with the requirements of legislation and government policies, avoiding self-interest and, if necessary, overriding a perceived organization interest. Acting in the public interest implies primary consideration of the benefits for society, which should result in positive outcomes for service users and other stakeholders. It therefore requires two things: 1) behaving with integrity, demonstrating strong commitment to ethical values, and respecting the rule of law; and 2) ensuring openness and comprehensive stakeholder engagement. In addition to the overarching requirements for acting in the public interest achieving good governance in the public sector also requires effective arrangements for: Defining outcomes in terms of sustainable economic, social, and environmental benefits; Determining interventions necessary to optimize the achievement of the intended outcomes; Developing the entity’s capacity, including the capacity of its leadership and the individuals within it; Managing risks and performance through robust internal control and strong public financial management; and Implementing good practices in transparency, reporting, and audit to deliver effective accountability. Professional accountants are uniquely qualified and stand ready to help establish and ensure good governance. In 2012, I was part of a Corporate Governance Study Group sponsored by the Rockefeller Foundation. Our charge was to examine and suggest ways to bridge governance gaps. During one of our meetings, the Dean of Columbia University Business School in New York made the observation that: “There are three kinds of gaps that [those charged with governance] must address: gaps in information, gaps in oversight, and gaps in expertise.” The accountancy profession is uniquely positioned to help address those gaps. Financial expertise and professional skepticism are our core competencies. Information is our business. We help organizations understand the essential elements, structures, and processes of strong governance. It is in the accountancy profession’s best interest to play a significant leadership role. Effective governance leads to high-quality information and transparency that enables professional accountants to do a better job. It is essential that our profession is involved at every level. I encourage you to read IFAC’s latest submission to the G-20: Trust and Integrity—The Accountancy Profession’s Call for Action by the G-20. Our #BuildTrust social campaign recognizes: Accountancy plays a critical role in achieving transparency in the global economy, contributing almost USD $600 billion in gross value added each year, and enabling capital flows, economic activity, and higher standards of living; and Organizations and individuals must be empowered by strong governance in the business and public sectors, underpinned by a coherent public policy and regulatory environment. To these ends, IFAC—as representative of the global accountancy profession—called on the G-20 to enhance sustainable growth through stronger governance for trust and integrity in business and public sector and creation of a cooperative, consistent, and smart global regulatory environment. Strong financial management, transparency, accountability and enhanced governance are essential for sustainable, long-term economic growth that benefits the world’s citizens. To achieve this, we must not only have good intentions; we must act intentionally. I would like to close by challenging each of you to act intentionally by finding ways to #1—ADVOCATE for strong governance and to position your national profession as trusted advisors in the PFM reform process. Be interested in all aspects of governance, talk about what changes should be made, what works well for others, and share experiences. #2—EVALUATE. Review your current governance arrangements and identify areas for improvement. Seek out what has been effective elsewhere, highlight existing gaps, and create an action list to bridge those gaps. #3—PARTICIPATE. Talk to your government representatives. Make sure they understand the importance of high-quality financial reporting as cornerstone of sound PFM. Support them in their PFM reform efforts. Be visible leaders, and lead by example. As I have witnessed many times throughout my career—individually, we may be ordinary individuals, but together we can achieve extraordinary things. Thank you once again for the invitation to be with you today. It is indeed a pleasure and privilege for IFAC to be a small part of this chapter as your story continues to unfold. أضغط على الرابط لزيارة موقع الخبر
  8. Date: Fri, 2017-11-24 Location/Media Outlet: Bogota, Colombia The Instituto Nacional de Contadores Públicos de Colombia (INCP), with IFAC’s support, will hold a Regional SMP Forum on November 24, 2017 to bring practitioners from small- and medium-sized accountancy practices (SMPs) together for a day-long seminar to focus on audit quality and how practitioners can build a successful practice. Tags: event Source: IFAC SMP Committee News Type: Events Language: English Issues, Insights & Interest Areas: SME & SMP Issues Hide Banner: 1 أضغط على الرابط لزيارة موقع الخبر
  9. This publication was prepared by the IAASB Group Audits Task Force to update the issues under consideration in the revision of ISA 600, Special Considerations‒Audits of Group Financial Statements, and other projects that address other international standards, including ISA 220, Quality Control for an Audit of Financial Statements, and ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements. It also explains the linkages between these projects as they relate to group audit issues. أضغط على الرابط لزيارة موقع الخبر
  10. Highlights from the IESBA's September 19-22 meeting meeting in New York, NY. 00:13 - Introduction: Ken Siong, IESBA Technical Director 00:47 - Highlights & Key Developments: Stavros Thomadakis, IESBA Chairman 05:40 - Structure of the IESBA Code, Don Thomson, Task Force Chair and former IESBA Member 07:35 - Safeguards: Gary Hannaford, IESBA Member 10:15 - Part C of the IESBA Code: Helene Agelii, IESBA Member 13:13 - Professional Skepticism – Richard Fleck, IESBA Deputy Chair 14:06 - Closing Remarks: Ken Siong, IESBA Technical Director أضغط على الرابط لزيارة موقع الخبر
  11. أضغط على الرابط لزيارة موقع الخبر
  12. Accountancy education involves many different elements, from syllabus development to producing learning materials, from establishing tuition arrangements to delivering examinations and requiring practical experience. It can take years to build the foundation for a professional qualification, and while PAOs may not have the legal authority for every aspect of accountancy education, they play a key role in supporting educational programs and delivering qualifications. To support PAOs and this central role they play, more than 80 professional accountancy organization (PAO) representatives from 25 countries came together for a half-day, interactive workshop to discuss accountancy education successes and challenges. The workshop, organized by IFAC and the Pan African Federation of Accountants, and held alongside the 4th Africa Congress of Accountants in Kampala, Uganda. The workshop generated discussion on PAO efforts to design, develop and maintain their professional qualifications, as well as IFAC member organizations’ work to adopt and implement the International Education Standards (IES)—a requirement for all IFAC members as part of IFAC’s Statements of Membership Obligation—issued by the International Accounting Education Standards Board. Facilitated by IFAC PAO Development Committee members, workshop participants navigated: pathways to entry and enrollment requirements; branding and marketing qualifications; syllabus content, learning materials, and tuition arrangements; examination content, delivery, and marking and administration; practical experience requirements and delivery arrangements; and continuing professional development (CPD) to keep members’ knowledge current. The stories told and lessons learned provided useful insight and demonstrate PAOs’ ability to drive positive change and introduce international good practice regardless of their unique country circumstances. أضغط على الرابط لزيارة موقع الخبر
  13. IFAC advocates for high-quality reporting that demonstrates how organizations are preserving and creating value over time using integrated reporting principles and concepts, as set out in the International Integrated Reporting Council’s International Integrated Reporting Framework. This 2016 Annual Review outlines IFAC’s strategic objectives, governance arrangements, and financial highlights. It describes how we strengthen organizations and enhance economies—by supporting and developing our member organizations and the global accountancy profession, advocating on behalf of the public interest, contributing to high-quality information and improved decision making, and spearheading initiatives that demand global reach, freedom from commercial interests, and the ability to spark dialogue and debate. The Review is part of our 2016 suite of reporting, which also comprises our Financial Statements for the year ended December 31, 2016. أضغط على الرابط لزيارة موقع الخبر
  14. IAASB Chairman Arnold Schilder, Deputy Chair Megan Zietsman, Technical Director Matt Waldron, and members Fiona Campbell and Ron Salole discuss the September board meeting and highlight key discussions and decisions. 0:00 to 1:30 Introduction 1:35 to 4:00 Chairman’s Overview 4:07 to 10:15 ISA 315 (Revised) 10:20 to 23:16 Quality Control 23:21 to 25:16 Agreed-Upon Procedures 25:18 to 33:21 Overview of Other Matters Discussed During the Week 33:23 to 34:53 Closing Remarks and Next Meeting أضغط على الرابط لزيارة موقع الخبر
  15. Presentation by Isabelle Tracq-Sengeissen, International Auditing and Assurance Standards Board (IAASB) Agreed-Upon Procedures Working Group and ISA 315 Task Force member, at the FIDEF annual general meeting. In her presentation, Isabelle explained the international standard-setting process, including IAASB activity and due process; encouraged professional accountancy organizations in French-speaking countries to contribute to IAASB activities and respond to public consultations; and updated participants on current IAASB projects. أضغط على الرابط لزيارة موقع الخبر
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