IFAC 2008 annual report - IBR
IFAC 2008 annual report - IBR
IFAC 2008 annual report - IBR
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Section 2<br />
Promoting Quality<br />
Description<br />
<strong>IFAC</strong> promotes the provision of high-quality services by all members of the profession through implementation of a member body<br />
compliance program, initiatives aimed at improving audit quality, and issuance of good practice guidance.<br />
1. Member Body Compliance Program<br />
1.1 Quality assurance activities of the Member Body Compliance Program:<br />
Planned Services<br />
Delivered Services<br />
– Continued implementation of Part 3 of the Member At December 31, 20 Part 3 Action Plans were<br />
Body Compliance Program involving the<br />
published on the <strong>IFAC</strong> website, 46 were under<br />
development of Action Plans by member bodies and<br />
associates based on <strong>IFAC</strong> Policy Recommendations<br />
review, and 57 were under development. irty-five<br />
member bodies were at the Policy<br />
Recommendation stage.<br />
– Assessment of new member body and associate Assessments of member body applications gave<br />
applications<br />
rise to the <strong>IFAC</strong> Council approving the following<br />
associates as member bodies in November:<br />
– Institute of Authorized Chartered Auditors of<br />
Albania<br />
– Chamber of Auditors of Azerbaijan Republic<br />
– Lithuanian Chamber of Auditors<br />
– Institute of Chartered Accountants of Nepal<br />
– Chamber of Financial Auditors of Romania<br />
– Russian Collegium of Auditors<br />
– Ukrainian Federation of Professional<br />
Accountants and Auditors<br />
Assessments of associate applications gave rise to<br />
the <strong>IFAC</strong> Council admitting the following<br />
associates in November:<br />
– Kampuchea Institute of Certified Public<br />
Accountants and Auditors<br />
– Ukrainian Association of Certified<br />
Accountants and Auditors<br />
– Institute of Financial Accountants, United<br />
Kingdom<br />
1.2 In addition, the Board approved the following Acknowledged Accountancy Groupings in June based on assessments<br />
conducted by the <strong>IFAC</strong> staff and reviewed by the Compliance Advisory Panel:<br />
– Fédération International des Experts-Comptables Francophones (FIDEF)<br />
– Fédération des Experts Comptables Méditerranéens (FCM)<br />
2. Small and Medium Practices<br />
2.1 Quality assurance activities of the Small and Medium Practices (SMP) Committee:<br />
Planned Services<br />
Delivered Services<br />
– Guide to Quality Control for Use by Small- and Completion has been deferred to 2009 so as to<br />
Medium-Sized Practices<br />
be coterminous with the PIOB’s approval of<br />
ISQC 1 (Redrafted).*<br />
T W E N T Y - S I X