Mr. Prime Minister of the Republic of Trinidad and Tobago, Mr. Patrick Manning, distinguished guests, ladies and gentlemen, dear friends.

It is a pleasure to be here with you for this 26th Annual Conference of Accountants in the Caribbean.

I would like to thank the President of the Institute of Chartered Accountants of the Caribbean (ICAC), Angela Lee Loy, and the President of the Institute of Chartered Accountants of Trinidad and Tobago (ICATT), Sean Ramirez, for the invitation to speak to you today.

Let me start with a question.

Is it worth being an accountant? This is not a minor question to face for those of us who made this decision a long time ago. But it is even more important for the thousands of students who are making this decision now, and trying to determine what path they will follow. Of course, this question is also crucial for the future of our profession, because in order to have a future, our profession must be attractive to new generations. Hence, it is vital that we communicate the key role that professional accountants play in society to potential members and the wider world.

IFAC sees the accountancy profession and all professional accountants as effective agents for development in our societies. This places the accountancy profession in its true dimension, and makes the relevance and sustainability of our profession a matter of public interest.

As part of its ongoing commitment to support professional accountants in business and their organizations in enhancing governance and in assessing and delivering organizational performance, the International Federation of Accountants (IFAC) Professional Accountants in Business (PAIB) Committee has released two new proposed International Good Practice Guidance documents for public comment. The proposed guidance addresses evaluating and improving governance structures and use of costing to support effective decision making.

Governance
The newly released exposure draft, Evaluating and Improving Governance in Organizations, sets out a framework, a series of fundamental principles, practical guidance, and references on how to evaluate and improve governance in organizations. The purpose of this guidance is to assist professional accountants and their organizations in creating a balance between conformance with rules and regulations and organizational performance.

Costing
The second proposed International Good Practice Guidance, Costing to Drive Organizational Performance, is designed to assist professional accountants in business in delivering useful cost information to support effective decision making and organizational performance. The proposed guidance sets out eight fundamental principles of costing that encourage a performance-based view of costing to help professional accountants in business to ensure that costing information supports forward-looking strategic and operational decisions.

"This principles-based good practice guidance addresses key strategic and financial management issues that many professional accountants in business address in their daily work," states Edward Chow, Chair of the PAIB Committee. "Our goal is to develop principles-based guidance that offers a global perspective and places professional accountants in business at the heart of driving organizational performance."

How to Comment
Comments on the two proposed guidance documents are requested by September 23, 2008. They may be viewed by going to http://www.ifac.org/EDs. Comments may be submitted by email to EDComments@ifac.org. They may also be faxed to the attention of the PAIB Committee Technical Manager at +1-212-286-9570 or mailed to PAIB Committee Technical Manager at 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA.

All comments will be considered a matter of public record and will ultimately be posted on the IFAC website. A summary of online feedback on the proposed governance guidance will also be posted on the IFAC website.
 
About IFAC
IFAC is 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. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. Through its Professional Accountants in Business Committee, IFAC issues guidance to encourage high quality performance by professional accountants in business.

Alta Prinsloo, CA (SA), has been named Director of Operations of the International Federation of Accountants (IFAC), the global organization for the accountancy profession, effective January 1, 2009. Ms. Prinsloo is currently Deputy Director of the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board under the auspices of IFAC. She joined the organization as an IAASB Senior Technical Manager in September 2002.

As Director of Operations, Ms. Prinsloo will oversee IFAC's planning, budgeting, and financial management and accounting processes, including supporting the activities of IFAC's Planning and Finance Committee and Audit Committee. She will direct the organization's day-to-day operations, play a key role in the strategic planning process, oversee its human resources and information technology activities, and manage preparations for IFAC Board and Council meetings.

 "Alta's strong international experience, together with the leadership and management skills she has demonstrated with the IAASB, will be of great value to IFAC as she assumes the role of Director of Operations," states Ian Ball, IFAC Chief Executive Officer. "In that capacity, Alta will play a central role in the effective management and operations of a global organization with more than 150 member organizations worldwide."

Prior to joining IFAC, Ms. Prinsloo was Technical Director of the South African Institute of Chartered Accountants, an IFAC member body, where she managed the Technical Department and oversaw the convergence of South African accounting and auditing standards with international standards. She also served as a technical advisor to the South African member of the IAASB from January 2001 to March 2002.

Alta Prinsloo will assume the position later this year, after she has completed her obligations with respect to work on the IAASB Clarity project. She will take over from Stephen Walker, who has served as IFAC Director of Operations since September 2002 and will be returning to his home country of New Zealand.

"Stephen has played a very significant role in strengthening IFAC's strategic planning and finance functions and improving our organization's efficiency. We are grateful for his many contributions to IFAC, and we wish him all the best for the future," states Mr. Ball.

IFAC is 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. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business. For more information about IFAC, visit its website at www.ifac.org.

Posted below is the speech by IFAC President Fermín del Valle at the second Conference on Accounting and Accountability for Regional Economic Growth in Latin America and the Caribbean, which was given in Spanish. An English translation of the speech will be posted shortly.

Recognizing that professional accountants in business play an important role in helping their organizations deliver long-term value, the International Federation of Accountants (IFAC) Professional Accountants in Business (PAIB) Committee has released new guidance on the use of discounted cash flow analysis and net present value in evaluating investments. Entitled Project Appraisal Using Discounted Cash Flow, this guidance was released as part of the PAIB Committee's new program to develop International Good Practice Guidance on financial and management accounting topics.

Discounted cash flow analysis and estimating the net present value of cash flows involve fundamental principles of finance that support disciplined financial management in organizations. Professional accountants in business have a role in promoting and explaining the importance of these principles in their organizations, particularly where the connections between the application of financial principles and related financial theory are not easily understood or accepted.

"This new guidance will help professional accountants in business to promote the importance of generating long-term value in their organizations," states Edward Chow, Chair of the PAIB Committee. "Professional accountants have a significant role in ensuring that their organizations focus on decisions that maximize expected value, rather than on their short-term impact on reported earnings. Companies with good records of value creation generally have better shareholder and investor acceptance."

Final Preface to International Good Practice Guidance
Together with the guidance, the PAIB Committee has released the final Preface to IFAC's International Good Practice Guidance. The Preface sets out the scope, purpose, and due process of the committee's new International Good Practice Guidance, which cover management accounting, financial management, and broader topics in which professional accountants in business are engaged.

Project Appraisal Using Discounted Cash Flow and the Preface is available on the IFAC website.

About IFAC
IFAC is 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. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. Through its Professional Accountants in Business Committee, IFAC issues guidance to encourage high quality performance by professional accountants in business.

The International Ethics Standards Board for Accountants (IESBA), an independent standard-setting board within the International Federation of Accountants (IFAC), has issued a re-exposure draft of proposals to strengthen two areas of the independence requirements contained in the IFAC Code of Ethics for Professional Accountants (the Code). The proposals re-exposed for comment relate to the provision of internal audit services to a public interest audit client and the safeguards that are required when the fees from a public interest audit client exceed 15 percent of the total fees of the firm. The re-exposure draft relates to matters that were exposed for comment in July 2007.

"The IESBA considered the comments it received related to independence and concluded that the proposals in the July 2007 exposure draft should be further strengthened in the areas of internal audit services and the relative size of fees from a single audit client," states Richard George, IESBA Chair. "We are seeking comments on the proposed revisions because of the significance of the changes made to address comments received."

The re-exposure draft contains two key proposals. The first would prohibit independent auditors from providing internal audit services related to internal controls, financial systems or financial statements to an audit client that is a public interest entity, thereby further strengthening their objectivity in carrying out audits. The second proposal requires that an annual pre- or post-issuance review be conducted by a professional accountant who is not a member of the firm when the revenues from one public interest entity client exceed 15 percent of total firm revenue for two consecutive years. The proposal provides an important safeguard against the threat to independence when a firm receives a significant portion of its revenues from a single client.

The objective of the IESBA is to serve the public interest by setting high quality ethical standards for professional accountants and by facilitating the convergence of international and national ethical standards, thereby enhancing the quality and consistency of services provided by professional accountants.

Comments on the exposure draft are requested by August 31, 2008. The exposure draft may be viewed by going to http://www.ifac.org/EDs. Comments may be submitted by email to edcomments@ifac.org. They can also be faxed to the attention of the IESBA Senior Technical Manager at +1 (212) 286-9570 or mailed to IFAC, 545 Fifth Avenue, 14th Floor, New York, NY 10017, USA. All comments will be considered a matter of public record and will ultimately be posted on IFAC's website.

About the IESBA and IFAC
The IESBA develops ethical standards and guidance for use by professional accountants. It encourages member bodies of IFAC to adopt high standards of ethics for their members and promotes good ethical practices globally. The Public Interest Oversight Board oversees the activities of the IESBA and, as one element of that oversight, establishes its due process and working procedures.

IFAC is 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. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international standards of ethics through the IESBA, IFAC, through its independent standard-setting boards, sets standards on auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

Mid-sized enterprises, compared with their small and large counterparts, face unique challenges in virtually all aspects of their businesses, including strategic management, organizational and financial structure, corporate governance, risk management and internal control, management accounting, and business reporting. Recognizing that professional accountants in business play an important role in each of these business areas, the Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) has released a new publication entitled The Crucial Roles of Professional Accountants in Business in Mid-Sized Enterprises.

This information paper features interviews conducted by Eric Krell, an experienced financial journalist, with 10 senior-level professional accountants in business on their experiences in mid-sized enterprises. The interviews illustrate the critical roles that professional accountants in business play in identifying and addressing the unique challenges that mid-sized enterprises face.

"While the professional accountants in business who were interviewed for this paper are from different enterprises all over the world, they confront similar challenges and their solutions point in the same direction," states Edward Chow, Chair of the PAIB Committee. "The experiences and the lessons that they share can help professional accountants in business and others in addressing similar issues, as well as in driving performance and creating value for their organizations."

This interview-based information paper is part of a larger PAIB Committee project on mid-sized enterprises. It will serve as the basis for the development of principles-based good practice guidance on the typical challenges that mid-sized enterprises confront and how professional accountants in business can help in responding to those issues.

The paper, along with a range of other publications on topics of interest to professional accountants in business, can be downloaded from the IFAC online bookstore. 

IFAC is 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. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

Good morning, ladies and gentlemen. It is a pleasure to be here with you for this meeting of the IOSCO Emerging Markets Committee.

IOSCO and IFAC share many common objectives, including promoting stable global capital markets, ensuring high quality financial reporting and auditing, and helping emerging nations to develop the infrastructures necessary to support sustainable long-term growth. 

Today, I would like to discuss how we can continue to collaborate to build a stronger, more stable global economy.

Let me start by pointing out that professional accountants, with their roles in all sectors of the marketplace, from auditing public companies, to working inside business and industry, in government, the not-for-profit sector, and academia, play a fundamental role in the economic growth of countries around the globe, including emerging markets. One significant area in which IFAC has worked to support professional accountants in fulfilling this role has been in promoting the adoption of a common set of high quality international accounting and auditing standards by all countries around the world.

Good morning, ladies and gentlemen. It is a pleasure to be here with you for this Forum for Strengthening the Accountancy Profession.

The city of Tunis is an excellent location for this gathering of international minds to discuss the challenges and opportunities facing the accountancy profession and where we see the profession going in the future. Just across Lake Tunis sits the ancient city of Carthage, one of the first international trade and business hubs in the world. Ever since that time, with succeeding Berber, Arab, Ottoman, and French cultures all leaving their mark, Tunisia has grown and thrived as a center of culture, international commerce and as a gateway between Africa, Europe and the Middle East.

Before I begin, I would like to briefly thank the Ordre des Experts Comptables de Tunisie and your President, Salah Dhibi, for hosting this event. I would also like to acknowledge and thank the two Tunisians who currently serve on IFAC boards and committees: Jelil Bouraoui, who serves as a member of the IFAC Board and as Deputy Chair of our Developing Nations Committee, and Hechmi Abdelwahed, who serves as a member of our Small and Medium Practices Committee.

It is through the service of volunteers like these gentlemen, and with the support and collaboration of IFAC's 157 member bodies and associates in 123 countries worldwide, and those of you gathered here today, that IFAC is able to fulfill its mission.

The core elements of IFAC's mission have remained constant throughout our 31-year history: serving the public interest, developing strong global economies, promoting international convergence, and serving as the voice for the global accountancy profession.

I believe that this mission will continue to guide our work in the future as we continue to build a strong and dynamic profession; one that is well-equipped to address the changing demands of the marketplace, to face ethical and technical challenges, to embrace new technologies and new types of reporting, and one that has the strength and the determination to continue to deliver quality.

The Public Interest Oversight Board has issued its third public report on its independent oversight of IFAC's public interest activities, including international standard setting for auditing, ethics and education, and the Member Body Compliance Program. The full report, which summarizes the PIOB's activities during the past year, is available on its website: www.ipiob.org.

The Public Interest Oversight Board has issued its third public report on its independent oversight of IFAC's public interest activities, including international standard setting for auditing, ethics and education, and the Member Body Compliance Program. The full report, which summarizes the PIOB's activities during the past year, is available on its website: www.ipiob.org.