IFAC Issues Revised Edition of Good Practice Guide

The Professional Accountancy Organization Development Committee (PAODC) of the International Federation of Accountants (IFAC) has issued a revised edition of its Good Practice Guide, "Establishing and Developing a Professional Accountancy Body," which was first released in 2005 and updated in 2007 to support professional accountancy organizations in expanding and strengthening their role and responsibilities in representing the accountancy profession.

 

The structure of the guide, enhanced and simplified from the original version, is now organized in two sections:  "Establishing and Developing a Professional Accountancy Body," which covers the roles and responsibilities of a professional accountancy organization, education and examinations, and capacity development; and "Tools and Resources to Support the Development of the Accounting Profession," which includes new case studies, practical illustrations, and supplementary guidance.

 

PAODC Chairwoman Deborah Williams notes that the Good Practice Guide was written in response to demand from the developing profession. "Strengthening professional accountancy organizations is an essential element of developing financial infrastructures, which in turn assists in achieving financial stability. Our committee and the guidance it provides helps newer professional accountancy organizations, and all of their development partners, along the path to building an effective, sustainable profession,” says Williams.

 

The guide should be a valuable resource for individuals and organizations involved in building the capacity of the accountancy profession, IFAC members and associates seeking further development, and other organizations involved in the regulation of accounting and auditing activities. While primarily aimed at building the capacity of the profession in emerging countries, the guide will also be useful for more developed professional accountancy organizations considering revisions to governance structures, the development of education programs, and the adoption and implementation of international standards.

 

This revised edition includes the following additions:

    * Further guidance on enhancing public sector focus
    * Expanded information about the IFAC Statements of Membership Obligations (SMOs)
    * Sample Action Plans on quality assurance, and adoption and implementation of international standards
    * Guidance on strengthening governance
 

 

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