iCPARQuarterlyBulletin-March2019
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16 THE iCPAR JOURNAL<br />
Compliance with SMO’s<br />
In accordance with the<br />
International Federation<br />
of Accountants (IFAC)<br />
Constitution, member bodies,<br />
to which ICPAR belongs,<br />
are required to comply with<br />
the Statement of Member<br />
Obligations (SMO’s) and such<br />
SMO’s form the basis of the<br />
IFAC Member Body Compliance<br />
Program.<br />
While the Institute is required<br />
to comply with all the SMO<br />
requirements (SMO 1-7),;<br />
the most relevant SMO for<br />
Practitioners is SMO 1- Quality<br />
Assurance, which sets out<br />
the requirements of an IFAC<br />
member body with respect<br />
to quality assurance review<br />
systems for its members who<br />
perform audits, review, other<br />
assurance, and related services<br />
engagements of financial<br />
statements.<br />
Similarly, The International<br />
Accounting Education<br />
Standards Board (IAESB) issued<br />
out International Education<br />
Standard (IES’s) including IES<br />
8, Professional Competence<br />
for Engagement Partners<br />
Responsible for Audits of<br />
Financial Statements (Revised)<br />
aimed at protecting the public<br />
interest by requiring an Audit<br />
Engagement Partner to develop<br />
and maintain the necessary<br />
skills and training to perform the<br />
role effectively and to ensure<br />
audit quality. It recognizes<br />
that only those professional<br />
accountants who develop the<br />
iCPAR QUARTERLY BULLETIN<br />
JANUARY - MARCH 2019
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