IFAC 2008 annual report - IBR

Transnational Audit Firms
In relation to transnational audit firms, the Forum
of Firms reached a significant milestone in 2008.
Nineteen international networks of accounting firms
became full members, demonstrating their commitment
to audit quality. ese international networks, whose
member firms perform transnational audits, implemented
globally coordinated quality assurance programs,
committed to the use of ISAs, and
met various other quality and ethics
requirements.
Small and Medium Practices (SMPs)
In 2008, IFAC also made
considerable headway in developing
resources and support for SMPs and
in ensuring that their voices are heard.
e committee initiated processes for
translating the Guide to Using
International Standards on Auditing in
the Audit of Small- and Medium-Sized
Entities into at least eight languages.
e committee also collaborated with
member bodies to develop new
practical support for small and
medium practices. It developed the SMEs.
Guide to Quality Control for Smalland
Medium-Sized Practices in
partnership with CGA-Canada. It
also awarded a contract to CPA Australia to develop a
Guide to Practice Management for Use by Small- and
Medium-Sized Practices.
Finally, the SMP Committee organized a forum
for SMPs to ensure that the committee is in touch with
the needs of SMPs globally and to consider various
solutions to meet those needs. e 2008 SMP Forum was
held in Nigeria in October, attracting participants from
22 countries in the region.
Professional Accountants in Business
To meet the needs of professional accountants in
business (PAIBs), IFAC focused on developing guidance
and facilitating communications. In 2008, the PAIB
Committee issued guidance on using cash flow analysis
for evaluating investments and released EDs addressing
Numerous initiatives
were launched to assist
the profession in
delivering quality and
to address emerging
global issues, like the
changing regulatory
climate and the
growing needs of
costing information and the evaluation of governance
structures. e committee also articulated the scope and
purpose of its International Good Practice Guidance in
the Preface to IFAC’s International Good Practice Guidance.
Also published were the papers Developments in
Performance Measurement Structures in Public Sector
Entities and e Crucial Roles of Professional Accountants in
Business in Mid-Sized Enterprises.
Collaboration and Alignment
Collaboration, communication,
and strategic alignment were all
critical to IFAC achieving its
objectives in 2008. We worked
actively this year to enhance our
relationships with our member bodies,
with international organizations of
regulators, and with key national
regulators. Ongoing discussions
between IFAC and the European
Commission, as well as with leaders in
Canada, China, India, Japan, Russia,
Latin America, Africa and the
Middle East, Eastern Europe, Central
Asia, and the United States focused
on achieving international
convergence. We also continued to be
proactive in our communications with
regulators worldwide, including the
PIOB, and enhanced our dialogue with the Monitoring
Group to determine how we can best work together to
serve the public interest.
rough the Developing Nations Committee
(DNC), IFAC promoted discussion about the needs of
professional accountancy organizations in developing
nations, produced tools to help meet those needs, and
encouraged mentoring by more developed bodies, as well
as by regional organizations or acknowledged
accountancy groupings. In addition, we have encouraged
governments and donor agencies to invest in the
accountancy profession by providing assistance wherever
possible.
IFAC, also through the DNC, joined the World
Bank and the Inter-American Development Bank as a
key organizer and sponsor of a second Latin America and
F O U R