International Federation of Accountants (IFAC)

Website: www.ifac.org

IFAC’s mission is to serve the public interest by contributing to the development, adoption and implementation of high-quality international standards in auditing and assurance, public sector accounting, ethics, and education for professional accountants.

Recent Developments – Past year



Select News Releases

IFAC issues paper on managing risk
IFAC - 05/07/2015
IFAC published a paper titled From Bolt-on to Built-in: Managing Risk as an Integral Part of Managing an Organization that (1) demonstrates the benefits of properly integrating the management of risk, including internal control, into the governance, management, and operations of an organization; (2) provides ideas and suggestions on how such integration can be achieved; and (3) furnishes practical examples of how professional accountants in business can support their organizations with this integration.

IAASB illustrates the concept of key audit matters in practice
IFAC - 04/22/2015
The Auditor Reporting Implementation Working Group of the IFAC's International Auditing and Assurance Standards Board (IAASB) has released a new publication titled Auditor Reporting – Illustrative Key Audit Matters. This publication is intended to illustrate how the concept of key audit matters (KAM) may be applied in practice in accordance with ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report.

IAASB issues revised ISA 720 to enhance auditor focus on “other information” in annual reports
IFAC - 04/08/2015
IFAC's International Auditing and Assurance Standards Board (IAASB) released International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information. The revisions are intended to clarify and increase the auditor’s involvement with “other information” — defined in the standard as financial and non-financial information, other than the audited financial statements, that is included in entities’ annual reports. The standard also includes new requirements related to auditor reporting on other information that are intended to complement the changes arising from the IAASB’s new and revised Auditor Reporting standards, issued earlier this year. Concurrent with those standards, ISA 720 (Revised) will be effective for audits of financial statements for periods ending on or after December 15, 2016.

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Exposure Drafts

IFAC issues proposed Member Body Compliance Program Strategy for 2016-20
IFAC - 05/04/2015
The IFAC has published for public comment its proposed IFAC Member Body Compliance Strategy, 2016-2018, as part of ongoing efforts to promote the adoption and support implementation of international standards. The proposed strategy incorporates fundamental upgrades to monitoring and reporting mechanisms. Further, it will help professional accountancy organizations (PAOs) meet the IFAC Statements of Membership Obligations (SMOs), highlight adoption efforts in their jurisdictions, and help all global stakeholders understand adoption status, as well as improvements or setbacks, on a timely basis. [Comments due - July 3, 2015]

IESBA issues revised exposure draft on responding to non-compliance with laws and regulations
IFAC - 05/06/2015
The International Ethics Standards Board for Accountants (IESBA) released for re-exposure an updated version of its proposed standard, Responding to Non-Compliance with Laws and Regulations. The proposed standard sets out a new framework to guide auditors, other professional accountants in public practice, and professional accountants in business (PAIBs) in deciding how best to act in the public interest when they come across an act or suspected act of non-compliance with laws and regulations. [Comments due - September 4, 2015]

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