What Is Ifac

What is IFAC? IFAC refers to the International Federation of Accountants, the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. How many members does IFAC have? IFAC is comprised of 158 members and associates in 122 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. What does IFAC do? IFAC, through its independent standard-setting boards, sets international standards on ethics, auditing and assurance, education, and public sector accounting, and it promotes convergence to those standards as well as to the standards of the International Accounting Standards Board. It also issues guidance and provides support through conferences, seminars and other means to encourage high quality performance by professional accountants in business and accountants employed in small and medium practices. In addition, it works with numerous organizations throughout the world to support developing nations and the growth of the profession in emerging economies. IFAC does not set International Financial Reporting Standards (IFRSs); these are established by the International Accounting Standards Board based in the London.

International Auditing Practices Committee Composition • • •

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Chairman One Technical director Representatives and technical advisors from 14 countries: Australia, Brazil, Canada, China, Denmark, Germany,Japan, Malaysia, Mexico, Netherlands, South Africa, Spain, United Kingdom,United States Technical managers

Recent decision • •

To concentrate resources in improving the standards and statements applicable to audit of financial statements To postpone the development of other assurance standards

Current projects • • • •

Audit Risk Model Auditing Fair Value accounting Computerized information systems E-Business

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Group audits Quality control Research of Moderate level of assurance