Accountants working in small- and medium-sized practices (SMPs) around the world are facing heightened staffing challenges, according to the latest IFAC Global SMP Survey results. Attracting new clients, keeping up with new regulations/standards, and pressure to lower fees remained key challenges faced by SMPs.

Additionally, the anticipated impact of technology developments over the next five years increased substantially in 2016 over 2015. Investing in and staying current with software and achieving a digital, paperless environment topped this list of technology challenges.   

Despite these challenges, SMPs’ future performance expectations increased slightly from a year ago in three of the four service areas, with the exception of tax. Growth is expected to be driven by advisory/consulting services, along with accounting, compilation, and other non-assurance/related services, with 45% and 44%, respectively, predicting fee revenue increases in these areas in 2017.

“The ever-increasing pace of technological change represents both a challenge and opportunity for SMPs,” said IFAC CEO Fayez Choudhury. “As trusted business advisors to small- and medium-sized entities or SMEs, a sector critical to global economic stability and growth, SMPs need to consider how they can best leverage technological advances to reduce costs and offer value-added services to meet clients’ changing demands and expectations. In addition, SMPs that keep pace with developments in technology are likely to do better in attracting, retaining, and nurturing talent.” 

Additional key findings from the survey include:

SMPs recognize the value of offering business advisory and consultancy services.

• A significant majority of respondents provide some form of advisory services, with corporate advisory (48%), management accounting (46%), and human resource/employment regulations (30%) being the most common.

SMEs continued to be challenged by economic uncertainty and rising costs.

• Consistent with 2015, the top challenges facing SME clients were economic uncertainty and rising costs (with 61% and 59%, respectively, rating these as a high or very high challenge).

SMP performance in 2016 improved slightly over 2015.

• In 2016, 30% or more of SMPs reported moderate or substantial increases in fee revenue across services areas, compared to 27% or more in 2015.

Some regions, countries, and larger SMPs were not well represented in the survey results; caution should be exercised when attempting to generalize survey results to specific countries or regions, or SMPs of all sizes. See the full results, including breakdowns by region and size of practice, and subscribe to receive SMP updates, on the IFAC website: www.ifac.org/SMP.

About the Survey
The 2016 IFAC Global SMP Survey received 5,060 respondents, representing 164 countries. It was conducted October–November 2016 in 23 languages. The survey design and reporting were undertaken in collaboration with Sarah Webber and Donna L. Street, lead researchers from the University of Dayton (US). The survey’s translation and distribution were only possible with the support of IFAC member organizations and partners. The next IFAC Global SMP Survey is expected to open in 2018.

Designed to be completed by senior SMP professionals, whose clients are predominately SMEs, the survey takes a snapshot of key issues, and tracks important trends and developments, facing this critical sector. The survey results help IFAC and its members gain an understanding of the specific challenges and opportunities faced by SMPs and SMEs globally, and as a result, better serve them. To this end, IFAC develops and facilitates the sharing of tools and resources to help build SMPs’ capacity, including publications to support practice management and international standards implementation. These and over 400 original articles and 10,000 links to related resources can be accessed in the IFAC Global Knowledge Gateway.

About the SMP Committee
The SMP Committee of the International Federation of Accountants^® (IFAC^®) represents the interests of professional accountants operating in small- and medium-sized practices (SMPs). The committee develops guidance and tools and works to ensure the needs of the SMPs are considered by standard setters, regulators, and policy makers. The committee also speaks out on behalf of SMPs to raise awareness of their role and value, especially in supporting SMEs, and the importance of the small business sector overall.

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. It is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

Delegates from the World Bank, International Monetary Fund (IMF), International Public Sector Accounting Standards Board (IPSASB), and International Federation of Accountants (IFAC) convened today in Washington, DC, for an international seminar, Transparency and Beyond: Harnessing the Power of Accrual in Managing Public Finances.

IPSASB Chair Ian Carruthers remarked, “Coinciding with the 20^th year of IPSASB’s standard-setting program, the seminar brings together global organizations committed to strong public financial management (PFM). IPSAS—-high-quality global accrual-based accounting standards—enable governments to produce high-quality financial information that leads to better decision making and builds accountability and trust with citizens. The event is a crucial first step in deciding IPSASB’s strategic direction for the next five years, the projects it will undertake, and how it will work with other global organizations to strengthen PFM globally.”

Delegates began by taking stock of the current PFM landscape, with a look at the new Organisation for Economic Co-operation and Development (OECD)-IFAC report featuring OECD countries’ recent status and PFM reforms. Delegates emphasized the need to increase the availability and use of high-quality accrual information for transparency and decision making by public sector organizations themselves, as well as key stakeholders including parliamentarians, journalists, civil society, and capital market participants. The World Bank delegates highlighted the importance of implementing the standards, and the real challenges countries face in accounting and reporting, specifically, and broader public sector reforms required to actually achieve better decision making. Importantly, delegates concluded with commitments to continue to work toward influencing governments to pursue the needed reforms, building on recent successes and growing evidence that supports the use of accrual reporting based on IPSAS.

IFAC Chief Executive Officer Fayez Choudhury said, “Government spending accounts for a significant portion of a country’s GDP, and many governments are incurring deficits that will have to be settled by future generations. We must address both the supply of, and demand for, better public sector financial information. Public sector leaders must embrace accrual-based IPSAS as the basis of transparent, accountable financial reporting, which is an essential component of strong PFM. And citizens must be encouraged to demand stronger PFM and hold their government officials to account.” (See more about IFAC’s Accountability. Now. initiative.)

Mr. Christopher Towe, Deputy Director of the IMF Fiscal Affairs Department, said, “Comprehensive and high-quality fiscal reports, including financial statements that summarize the government’s financial position and performance, are necessary for governments, legislators, citizens, and markets to have a complete, up-to-date, and accurate understanding of a country’s fiscal position. Establishing a full balance sheet requires capacity to adopt accrual accounting standards, including valuation of assets and liabilities. This one-day seminar provided a valuable platform to bring together all key stakeholders, including standard setters, producers, and users of government financial statements. It facilitated a debate on various perspectives, opportunities, and challenges in adoption of accrual accounting by governments and provided a platform to discuss the way forward.”

Mr. Gabriel Quiros, Deputy Director of the IMF Statistics Department, said, “We are encouraged that several IMF members are pursuing a phased migration toward accrual accounting. However, we are also cognizant of the challenges faced by some of the Fund’s members with regard to these reforms. For many years, Government Finance Statistics compiled on a cash accounting basis have supported measuring the liquidity constraint of governments. As the nature of fiscal activity has evolved in our members, the evolution of—and complementarities between—accrual-based statistical methodology and accounting standards for the public sector also will help countries ensure the sustainability of fiscal operations.”

“We actively support and promote the use of accrual-based accounting standards in countries to enable sustainable, long-term change,” said Jennifer Thomson, Director in Operations Policy and Country Services at the World Bank. “Reliable data on government assets and liabilities, as well as revenue and expenditure, provides a strong foundation for public financial management, and serves as a key tool for facilitating implementation of broader reforms in the countries we support.”

World Bank Director, Governance Global Practice, Mr. Jim Brumby, said, “The IPSASB has done outstanding work in developing the accrual accounting standards. There are many implementation issues that countries encounter in adopting these standards and the World Bank Group remains ready to assist this process. As well as the technical and systems work this requires, a particular focus should remain on the best uses of this information—how accruals can assist governments in doing a better job with the resources they mobilize and how citizens can better hold their governments to account.”

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

About the IMF
The International Monetary Fund (IMF) is an international organization working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership. For more information, visit www.imf.org.

About the World Bank Group
The World Bank Group is one of the world’s largest sources of funding and development expertise for developing countries. It comprises five closely associated institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). Each institution plays a distinct role in pursuing the World Bank Group’s mission to fight poverty and improve living standards for people in the developing world. For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.

A new study, The Accountancy Profession—Playing a Positive Role in Tackling Corruption, from the International Federation of Accountants (IFAC) shows professional accountants are playing a major, positive role in reducing corruption, along with other key actors in the global economy that support strong governance structures.

“Corruption is an economic cancer that disproportionately impacts those least able to absorb its malignancy,” said Fayez Choudhury, IFAC Chief Executive Officer. “This study shows that the accountancy profession—acting in the public interest—is an important part of the cure.

“The study confirms that the accountancy profession is a crucial part of strong national governance architectures that confront corruption, in partnership with good government and strong businesses. And vitally, the study shows professional ethics, education, and oversight—at the core of the global accountancy profession—are key to our positive impact in tackling corruption.

“Meaningful progress in this age-old fight will require three things: continued strong cross-sector collaboration; reinvigorated international interest in public financial management; and greater adoption of high-quality international standards on financial reporting, auditing, and ethics,” Mr. Choudhury concluded.

Among the key findings, the study reveals that a higher percentage of accountants in the workforce strongly correlates to better outcomes in Transparency International’s global Corruption Perceptions Index.

Examining the profession’s impact in nations with stronger governance structures, the correlation was significantly greater in G-20 countries and member nations of the Financial Action Task Force.

And when professional accountancy organizations are present in an economy, having adopted the global profession’s ethical, educational, and investigation and discipline requirements, the positive correlation with Transparency International’s index rises even further.

Conducted by the Centre for Economics and Business Research, the study builds on two earlier reports: Nexus 1: The Accountancy Profession, Behind the Numbers and Nexus 2: The Accountancy Profession, A Global Value Add, which examine both the size of the global profession and its economic contribution to the global economy.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The International Auditing and Assurance Standards Board (IAASB) today released its Work Plan for 2017–2018 following a public consultation with stakeholders. The continuing relevance of the board’s strategic objectives was also confirmed with the IAASB release of a Supplement to its Strategy for 2015–2019: Fulfilling Our Public Interest Mandate in an Evolving World.

The Work Plan is guided by the three underlying strategic objectives set in the five-year Strategy:

• a continued focus on International Standards on Auditing (ISAs) as the basis for high-quality audits;
• the importance of the IAASB’s standards for other services to address emerging needs of stakeholders; and
• the board’s intention to strengthen collaboration with others to address public interest matters relevant to its work.

“The IAASB’s strategic objectives contribute to enhancing audit quality. The intent is for the audit standards and guidance being developed to further enhance that quality and to uphold the trust placed in audits and auditors,” noted Prof. Arnold Schilder, IAASB Chairman. “Respondents to the consultation stressed the importance of addressing key topics that contribute to high-quality audits in a changing business environment, influenced by technology, complexity, and demands for continued relevance of the audit.”

Work Plan Priorities

The Work Plan prioritizes addressing the most pertinent public interest issues. The IAASB is also considering how quality can be further embedded in the way that firms approach audits and other engagements under the IAASB’s International Standards. The IAASB recognizes the importance of addressing the concerns of small- and medium-sized practices (SMPs), including considering how auditing standards can be effectively applied to audits of small- and medium-sized entities, and standards to support other services provided by SMPs.

The IAASB will publish a timetable of current projects on its website, to be updated on a quarterly basis, to maintain transparency on progression.

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

Opportunities, lessons learned, and ongoing challenges in the adoption and implementation of international standards and best practices across the Middle East and North Africa (MENA) region were recently explored during a Statements of Membership Obligations (SMOs) workshop held in Sweimeh, Jordan, on January 21. A number of common concerns highlighted the importance of, and clear opportunities for, collaboration to drive solutions that benefit current and future auditors and accountants.

The workshop facilitated a cross-border exchange of experiences, ideas, and solutions, and highlighted the possibilities for regional cooperation to address challenges such as:

• fragmented and outdated legal frameworks;
• a need to define small- and medium-sized entities and implement suitable standards;
• keeping adopted international standards up to date;
• a lack of unified and timely translations;
• insufficient technical and financial resources; and
• inadequate resources for independent quality assurance and investigation and discipline systems.

The workshop, held in cooperation with the Jordanian Association of Certified Public Accountants (JACPA) and the World Bank Group’s Global Governance Practice, included more than 55 representatives from 27 organizations in the MENA region, including 20 professional accountancy organizations. Representatives from the Gulf Cooperation Council Accounting and Auditing Organization, Pan African Federation of Accountants, and the Arab Federation of Accountants and Auditors also participated to discuss regional issues and share their experiences.

Workshop presentations are available below. 

• Strengthening Quality and Support for IFAC Membership (English)
• Yemen Association for Certified Public Accountants: Proactivity in IFRS Adoption and Implementation (English)
• Promoting the Adoption of IPSAS in Palestine ­– PACPA’s Experience (English)
• La régulation indépendante de l’audit en Tunisie: le débat continue (French)
• Kuwait Association of Accountants and Auditor’s Involvement with Government Regulators to Support an Investigation and Discipline System (Arabic)
• Lebanese Association of Certified Public Accountants: Supporting Implementation of IESBA Code of Ethics during the Adoption Process (English)
• JACPA’s Professional Development and Certification of Accountants and Auditors (English)

Detailed discussion notes, including challenges and solutions in a number of different areas, are also available.

IFAC staff will soon publish an article on the Knowledge Gateway detailing the workshop and learnings.

The International Ethics Standards Board for Accountants^® (IESBA^®, the Ethics Board) today announced completion of the major first phase of its strategic project to restructure its Code of Ethics for Professional Accountants™ (the Code). In addition, it also released new proposals that will enhance and complete the fully restructured Code with strengthened ethics requirements for accountants.

The outcome of the first phase is a new structure and drafting convention, as well as a major restructured portion of the Code. The IESBA’s overall restructuring efforts are intended to result in a Code that is more understandable and easier to use, thereby facilitating its adoption and effective implementation globally. At the same time, the IESBA has agreed revisions to a number of provisions pertaining to safeguards in the Code, including enhancements to the conceptual framework of “threats and safeguards.”

The IESBA now enters the final stage of this project. Comprised of three Exposure Drafts (EDs), this final stage sets out new proposals that:

• Restructure select sections of the Code, including recently finalized provisions addressing accountants’ response to non-compliance with laws and regulations (NOCLAR), long association of audit firm personnel with an audit or assurance client, and ethical issues that professional accountants in business (PAIBs) often face (Structure ED-2);
• Revise the safeguards-related provisions in the independence sections of the Code pertaining to non-assurance services provided to audit and other assurance clients (Safeguards ED-2); and
• Clarify the applicability of PAIB provisions to professional accountants in public practice (Applicability ED).

“The board has committed to timely delivery of the restructured Code,” said IESBA Chairman Dr. Stavros Thomadakis. “This major upgrade will lead not only to a Code that is more understandable and easier to use but also to a more robust Code with important substantive improvements in many areas, including auditor independence. These goals ultimately underpin the public interest role of the global accountancy profession.”

The IESBA is targeting December 2017 for completion of this work to restructure and strengthen the Code. The restructured Code, which will be renamed International Code of Ethics for Professional Accountants (including International Independence Standards), will contain significant new requirements and revised provisions that the IESBA has already finalized, including:

• A greater emphasis on compliance with the fundamental principles in the Code;
• Clarified and strengthened provisions regarding application of the conceptual framework, including safeguards;
• A strengthened partner rotation regime for audits of public interest entities;
• Provisions addressing accountants’ responsibilities regarding NOCLAR;
• More comprehensive provisions addressing PAIBs’ responsibilities when preparing or presenting information; and
• New requirements and guidance for PAIBs regarding pressure to breach the fundamental principles.

“Close coordination among the board’s various Task Forces has been critical to achieving this important milestone on the journey to a restructured and strengthened Code,” noted IESBA Technical Director Ken Siong. “The board is grateful to its Consultative Advisory Group and other stakeholders who have provided input and advice to the board in charting its course to this stage.”

Highlights of the main improvements to date, including details of how the different work streams are being coordinated and related timelines, are set out in the January 2017 IESBA Update.

The IESBA has also made available on its website the restructured and revised portions of the Code it has agreed to so far. These, together with a staff-prepared compilation of the proposed restructured Code, Basis for Conclusions documents, mapping tables, and other resources, are intended to support stakeholders’ timely adoption and implementation efforts, and consideration of the EDs.

How to Comment

The Ethics Board invites all stakeholders to comment on the EDs. To access the EDs and submit a comment, visit the Ethics Board’s website at www.ethicsboard.org/restructured-code.

Comments on Safeguards ED-2 and the Applicability ED are requested by April 25, 2017. Comments on Structure ED-2 are requested by May 25, 2017.

About the IESBA

The International Ethics Standards Board for Accountants is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing approximately 3 million accountants in public practice, education, government service, industry, and commerce.

A revised and updated version of IFAC’s Policy Position Paper 8, Enhanced Organizational Reporting: Integrated Reporting Key, is available on the IFAC website. The paper outlines IFAC position that integrated reporting is the way to achieve a more coherent corporate reporting system, fulfilling the need for a single report that provides a fuller picture of organizations’ ability to create value over time.

Other IFAC’s views detailed in the paper are:

• IFAC’s strong support for the International Integrated Reporting Council and implementation of its Framework;
• that the integrated report can be used as an “umbrella” report for an organization’s broad suite of reports and communications, enabling greater interconnectedness between different reports and recognizing that there is a range of different frameworks and regulations available, and under development;
• the importance of reporting that produces information on which assurance conclusions can be expressed, in accordance with high-quality international assurance standards; and
• the accountancy profession’s significant contribution, and its important role, in developing and implementing enhanced organizational reporting, with professional accountants playing an important role in broad-based organizational reporting arrangements, and in providing assurance.

This updated edition of the paper includes a new section, “A Coherent Corporate Reporting System with Integrated Reporting”, which describes integrated reporting in more detail and the connection to integrated thinking as a foundation.

The IAASB has continued its extensive outreach program contemplated in its five-year Strategy for 2015-2019: Fulfilling Our Public Mandate in an Evolving World. The following is a detailed listing of events IAASB representatives participated in or presented at for January-November 2016.

IAASB Presentation and Outreach Activities from January 2016–November 2016

IAASB representatives participated in, or presented, at the following events:

January 2016

• Meeting with KPMG Global Assurance Leadership – London, United Kingdom (Schilder)
• Meeting with representatives of the International Accounting Standards Board – London, United Kingdom (Pickeur, Sharko, Shannon, James, van den Hout)

February 2016 

• Teleconference with International Organization of Securities Commissions Committee 1, Auditing Subcommittee (Sharko, Healy, James, van den Hout)
• Participation in the Association of Chartered Certified Accountants Audit and Assurance Global Forum – by teleconference (Murtagh)
• Participation in the International Federation Of Accountants' panel at the American Accounting Association International Accounting Section 2016 Mid-Year meeting – New Orleans, United States (Bahlmann)
• Presentation at the International Forum of Independent Audit Regulators' Inspection Workshop Working Group meeting – Abu Dhabi, United Arab Emirates (Schilder, Bahlmann)
• Participation in INTOSAI’s Financial Audit Subcommittee meeting – Abu Dhabi, United Arab Emirates (Bahlmann)
• Meeting with representatives of Institut der Wirtschaftsprüfer – Düsseldorf, Germany (Schilder, Murtagh, Thomadakis, Fleck, Gunn (by teleconference), Healy)
• Participation in the International Association of Insurance Supervisors Accounting and Auditing Working Group meeting – Basel, Switzerland (Köhler, Sharko (by teleconference), van den Hout (by teleconference))

 March 2016 

• Participating in the United Nations Conference on Trade and Development's Consultative Group on Sustainable Development Goals – Geneva, Switzerland (Kamp-Roelands)
• Roundtable on Enhancing Audit Quality at Nederlandse Beroepsorganisatie voor Accountants – Amsterdam, Netherlands (Schilder, Köhler, Sharko, Zietsman, Bahlmann)
• IAASB Consultative Advisory Group Meeting – Paris, France (Schilder, Landes, Campbell, Dohrer, Kelsall, Köhler, Murtagh, Salole, Sharko, Waldron, Gunn, Healy, Bahlmann, Kamp-Roelands, van den Hout)
• Meeting with representatives of Compagnie Nationale des Commissaires aux Comptes and Conseil Supérieur de l'Ordre des Experts-Comptables – Paris, France (Schilder, Landes, Gunn, Healy)
• IAASB Roundtable on Enhancing Audit Quality– Paris, France (Schilder, Landes, French, Köhler, Sharko, Zietsman, Gunn, Healy, Bahlmann, Kamp-Roelands)
• Public Interest Oversight Board Meeting – Madrid, Spain (Schilder, Sharko, Zietsman, Gunn, Healy)
• Presentation at International Federation of Accountants Small and Medium Practices Committee meeting – New York, United States of America (Murtagh)
• Presentation at Business Week at the University of North Carolina-Wilmington – Wilmington, USA (Dohrer)

April 2016 

• Meeting with International Integrated Reporting Council – London, United Kingdom (Schilder, Landes, Grabowski, Kelsall (by teleconference), Healy, Kamp-Roelands (by teleconference))
• Meeting with Chartered Institute of Management Accountants – London, United Kingdom (Schilder, Landes, Healy)
• Attendance at the United Kingdom Financial Reporting Council’s Event on Enhancing Audit Quality – London, United Kingdom (Schilder, Landes, Grabowski, Jackson, Healy)
• Meeting with Association of Chartered Certified Accountants – London, United Kingdom (Schilder, Landes, Healy)
• Meeting with Institute of Chartered Accountants in England and Wales – London, United Kingdom (Schilder, Landes, Healy)
• Presentation at Crowe Horwath International’s Regional Meeting – Bali, Indonesia (Chiew)
• Meeting with Representatives from the Dubai Financial Services Authority – Dubai, United Arab Emirates (Sharko, James)
• Presentation at Unione Giovani Dottori Commercialisti ed Esperti Contabili Convention – Padova, Italy (Vanbeveren)
• Joint Association of Chartered Certified Accountants / Malaysian Institute of Accountants / IAASB Roundtables on Enhancing Audit Quality – Kuala Lumpur, Malaysia (Schilder, Kelsall, Murtagh, Zietsman, Chiew)
• Participation in Panel at the International Forum of Independent Audit Regulators' Plenary Meeting – London, United Kingdom (Schilder)
• Participation in the Public Accountants and Auditors Board's Roundtable on New Auditor's Report – Harare, Zimbabwe (Bahlmann)
• Presentation at Zimbabwe Accountants Conference 2016 – Harare, Zimbabwe (Bahlmann)
• Presentation at Pan African Federation of Accounting Technical Meeting – Livingstone, Zambia (Bahlmann)
• Meeting with US Securities and Exchange Commission – Washington D.C., United States of America (Schilder, Landes, Zietsman, Healy)
• Meeting with United States Public Company Accounting Oversight Board Members and Staff – Washington D.C., United States of America (Schilder, Landes, Zietsman, Healy)
• Presentation to the Governing Board of the Center for Audit Quality – Chicago, United States of America (Schilder, Healy)
• Meeting with Chairman of United States Auditing Standards Board – Chicago, United States of America (Schilder, French, Healy)
• Meeting with Grant Thornton Leadership – Chicago, United States of America (Schilder, French, Healy)

 May 2016 

• Presentation at Crowe Horwath International’s Regional Meeting – Miami, United States of America (Jones)
• Meeting with Representatives of the International Association for Accounting Education & Research and Institute of Chartered Accountants of Scotland – Amsterdam, Netherlands (Köhler, Kamp-Roelands)
• Attendance at the Foundation for Audit Research Conference – Breukelen, Netherlands (Schilder)
• Presentation at the Forum of Firms – Paris, France (Schilder, Zietsman, Montgomery, Bahlmann, Klonaridis)
• Participation in the International Association of Insurance Supervisors Accounting and Auditing Working Group Meeting – Teleconference (Dohrer, Pickeur, James, Williams)
• Meeting with the Basel Committee on Banking Supervision's Accounting Experts Group – Madrid, Spain (Sharko, van den Hout)
• Participation in Forum of Firms Group Audits Symposium – Paris, France (Zietsman, Burzenski, Bahlmann)
• Presentation to the Annual Congress of the European Accounting Association – Maastricht, Netherlands (Schilder)
• Meeting with Representatives of the Global Public Policy Committee on Auditor Reporting Implementation – Paris, France (Montgomery, Sylph, Shannon, Weber, Klonaridis,)
• Meeting with International Accounting Standards Board Leadership – London, United Kingdom (Schilder, Blascos, Grabowski, Sharko)
• Participation at the Fédération des Experts-Comptables Européens, Consultative Committee of Accountancy Bodies and Chartered Financial Analyst Institute's Joint Event on the Future of Corporate Reporting – London, United Kingdom (Grabowski)
• Panelist at Global Reporting Initiative's Corporate Leadership Group Meeting – Amsterdam, Netherlands (Kamp-Roelands)
• Participation in the United States Public Accounting Oversight Board's Standing Advisory Group Meeting – Washington D.C., United States of America (Schilder, Zietsman, Healy)
• Presentation at 2016 Deloitte Foundation / University of Kansas Auditing Symposium – Kansas City, United States of America (Bahlmann)
• Meeting with the International Forum of Independent Audit Regulators' Standards Coordination Working Group – Amsterdam, Netherlands (Schilder, Köhler, Sharko, Zietsman, Gunn, Healy, Williams)
• Participation in International Organization of Supreme Audit Institutions Professional Standards Committee's Steering Committee Meeting – Copenhagen, Denmark (Gunn)
• Participation in the Institute of International Finance's Three-way Dialogue Meeting – London, United Kingdom (Sharko, van den Hout)

 June 2016 

• 11^th Turkish Accountancy Forum – Ankara, Turkey (Sylph)
• Meeting with Auditing Sub-Committee of the International Organization of Securities Commissions – London, United Kingdom (Grabowski, Campbell (by teleconference), Healy, Williams, Klonaridis and Kirpalani (by teleconference))
• Meeting with Committee 1 of the International Organization of Securities Commissions – London, United Kingdom (Schilder, Gunn, Healy)
• Meeting with Representatives from the Confederation of Netherlands Industry and Employers (VNO-NCW) – The Hague, Netherlands (Sharko)
• Presentation at American Institute of Certified Public Accountants Practitioners Symposium and Tech Conference – Las Vegas, United States of America (French, Bahlmann)
• Presentation to the American Institute of Certified Public Accountants’ Assurance Services Executive Committee Meeting – New York, United States of America (Kamp-Roelands)
• Presentation at Small and Medium Practices Committee Meeting – Las Vegas, United States of America (French, Bahlmann)
• International Federation of Accountants Board Meeting – New York, United States of America (Schilder, Gunn)
• Presentation at Instituto dos Auditores Independentes do Brasil 6^th Brazilian Conference on Accounting and Independent Auditing – Sao Paulo, Brazil (Gunn)
• National Auditing Standards Setters Meeting – New York, United States of America (Schilder, Landes, Campbell, Dohrer, Healy, Kamp-Roelands, Bahlmann, Williams, Kirpalani, Klonaridis, Simms)
• Panelist at the International Symposium on Audit Research Conference – Singapore, Singapore (Montgomery)
• Panelist at the Association of Chartered Certified Accountants' ASEAN Conference – Singapore, Singapore (Montgomery)
• Presentation to ASEAN Federation of Accountants' Council Meeting – Singapore, Singapore (Montgomery)
• Presentation to the Integrated Reporting Network for Professional Accountancy Organizations – Webinar (Kamp-Roelands)
• Joint session with IAASB and Center for Audit Quality at the International Corporate Governance Network Conference – San Francisco, United States of America (Köhler, Zietsman)
• Participation in Global Auditor Investor Dialogue Auditor Reporting Session at the International Corporate Governance Network Conference – San Francisco, United States of America (Montgomery, Healy)
• Public Interest Oversight Board Meeting – Madrid, Spain (Schilder, Waldron, Gunn)

 July 2016 

• Meeting with Representatives of the International Accounting Standards Board on International Financial Reporting Standard 4, Insurance Contracts (by teleconference), (Sharko, Pickeur, Shannon, James, Van den Hout)
• Meeting with representatives of Compagnie Nationale des Commissaires aux Comptes– Paris, France (Pickeur)
• Meeting with Representatives of the Fédération des Experts-Comptables Européens – Brussel, Belgium (Schilder, Gunn)
• Meeting with Representative of the European Commission – Brussel, Belgium (Schilder, Gunn)

August 2016 

• Participation at the Nordic Federation of Public Accountants' Annual Assembly – Naantali, Finland (Schilder)
• Discussion Leader and Presentation at the Instituto Nacional de Contadores Públicos de Colombia Summit – Cartagena, Colombia (Schilder)
• Panel Participant at the Instituto Nacional de Contadores Públicos de Colombia Summit – Cartagena, Colombia (Zietsman)
• Meeting with Representatives of the Columbian Ministry of Commerce, Industry and Tourism, Technical Council of Accountancy, Company Superintendence, Accounting Firms, Central Board of Accountants and Instituto Nacional de Contadores Públicos de Colombia – Cartagena, Colombia (Schilder, Zietsman)
• Meeting with the Basel Committee on Banking Supervision's Accounting Experts Group -  Basel, Switzerland (Pickeur, Sharko (by teleconference), van den Hout)

September 2016

• Presentation at the Centre for Financial Reform of the World Bank – Vienna, Austria (Pickeur)
• Participation in the International Association of Insurance Supervisors Accounting and Auditing Working Group Meeting (by teleconference) (Sharko, Campbell, James, Williams, Kirpalani)
• International Federation of Accountants Board Meeting – Sydney, Australia (Gunn)
• International Auditing and Assurance Standard Board Consultative Advisory Group Meeting – New York, United States of America (Schilder, Landes, Campbell, French, Köhler, Sharko, Zietsman, Waldron, Gunn, Healy, Bahlmann, van den Hout)
• World Bank Centre for Financial Reporting Reform―Audit Training of Trainers Virtual Workshop: New and Revised Auditor Reporting Standards – (Montgomery)
• Public Interest Oversight Board Meeting – New York, United States of America (Schilder, Waldron, Zietsman, Gunn)
• Meeting with Members of the Monitoring Group – New York, United States of America (Schilder, Gunn)
• Participation in Participation in Roundtables on Auditor Reporting organized by the Malaysian Institute of Certified Public Accountants ‒ Kuala Lumpur, Malaysia (Montgomery)
• Meeting with Representatives from Hong Kong Exchanges and Clearing Limited, Securities and Futures Commission, Financial Reporting Council and Hong Kong Institute of Certified Public Accountants ‒ Hong Kong, China (Schilder, Landes, Zietsman, Campbell, Kelsall, Murtagh, Bahlmann)
• Meeting with International Organization of Securities Commissions' Chair ‒ Hong Kong, China (Schilder, Landes, Gunn)
• Presentation at Certified Public Accountants Australia ‒ Hong Kong, China (Schilder, Zietsman, Kelsall)
• Presentation to International Federation of Accountants' Professional Accountants in Business Committee ‒ Dubai, United Arab Emirates (Köhler)
• Presentation Fédération des Experts Comptables Européens ‒ Brussel, Belgium (Pickeur, Sharko (by teleconference))

October 2016

• Panelist at the International Standards of Accounting and Reporting's Workshop on Accounting and Financial Reporting Standards ‒ Geneva, Switzerland (Grabowski)
• Presentation and Panelist at Annual Meeting of the Swiss Association of Certified Public Accountants ‒ Bern, Switzerland (Köhler)
• Presentation at International Federation of Accountants Small-and-Medium Practices Committee meeting ‒ New York, United States of America (Murtagh, Sharko, Zietsman)
• Presentation at Nijenrode University ‒ Breukelen, Netherlands (Schilder)
• World Bank Centre for Financial Reporting Reform―Audit Training of Trainers Workshop: The IAASB’s Data Analytics Project ‒ Virtual workshop (Young)
• Meeting with the Forum of Firms/ Transnational Auditors Committee ‒ New York, United States of America (Zietsman, Campbell, Bahlmann, Williams)
• Presentation at Russell Bedford International Annual Conference ‒ Mexico City, Mexico (Sylph)
• Meeting with Representative from the Monitoring Group ‒ Toronto, Canada (Schilder (by teleconference), Gunn)

 November 2016

• Presentation at the Accounting Academy's 3rd Annual Practice Management Conference for Accountants ‒ Johannesburg, South Africa (Vanker)
• Presentation at PKF's International Assurance and Accounting Conference ‒ Warsaw, Poland (Dohrer)
• Meeting with European Audit Inspection Group ‒ Limasol, Cyprus (Zietsman, Gunn)
• Panel Participants at  the Central Bank of Russian Federation's International Audit Conference ‒ Moscow, Russia (Zietsman, Sharko)
• IAASB Update Presentation (to Russian Government Officials, Practitioners and Academics) ‒ Moscow, Russia (Zietsman, Sharko)
• Panelist at Association of Chartered Certified Accountants / Grant Thornton Event :The Future of Audit ‒ Brussels, Belgium (Schilder)
• Teleconference with Global Auditor Investor Dialogue (Schilder, Zietsman)
• Auditor Reporting Presentation to Russell Bedford International ‒ Jakarta, Indonesia (Sylph)
• Auditor Reporting Presentation to Russell Bedford International ‒ Perth, Australia (Sylph)
• Auditor Reporting Presentation to Russell Bedford International ‒ Melbourne, Australia (Sylph)
• Presentation/moderator/panelist/attendance at Auditor Roundtable at CPA Australia ‒ Melbourne, Australia (Sylph, Campbell, Kelsall)
• Presentation/moderator/panelist/attendance at Auditor Roundtable at Chartered Accountants Australia and New Zealand ‒ Sydney, Australia (Sylph, Campbell, Kelsall)
• Presentation/participation in Auditor Roundtable at the New Zealand External Reporting Board ‒ Auckland, New Zealand (Sylph, Campbell)
• Presentation/participation in Auditor Roundtable at the New Zealand External Reporting Board ‒ Wellington, New Zealand (Sylph, Campbell)
• Attendance at the United States Public Company Accounting Oversight's Board's Standing Advisory Group ‒ Washington D.C., United States of America (Zietsman)

The International Auditing and Assurance Standards Board (IAASB)’s Agreed-Upon Procedures (AUP) Working Group has released its Discussion Paper, Exploring the Demand for Agreed-Upon Procedures Engagement and Other Services, and the Implications for the IAASB’s International Standards.

“The demand for AUP engagements is growing as the business and regulatory environment evolves. The need for credible information also drives the need for alternative services by practitioners that are not audits or assurance engagements,” said IAASB Chairman Prof. Arnold Schilder. “Working to ensure that the IAASB’s International Standards are capable of being applied in these evolving circumstances continues to be highly important.”

“The IAASB’s standard addressing AUP engagements was developed over 20 years ago and continues to be widely used in many jurisdictions, in particular, by small- and medium-sized practitioners,” said Ron Salole, Chair of the AUP Working Group. “In addition to modernizing and enhancing the IAASB’s AUP standard, establishing a deeper understanding of the needs of those who use AUP reports will help the IAASB determine necessary changes to keep its International Standards relevant in a continually evolving environment.”

The Discussion Paper sets out the key features of an AUP engagement and explores how AUP engagements are undertaken, including the extent to which practitioners find existing requirements and guidance helpful or challenging. In addition, the IAASB is seeking an understanding of how reports on factual findings are used to determine the needs of users of these reports. The Discussion Paper also explores the demand for engagements that combine reasonable assurance, limited assurance, and non-assurance engagements, and whether the IAASB’s existing International Standards are appropriate.

The Working Group seeks input from investors, preparers, those in governance roles, standard setters, practitioners, internal auditors, regulators, academics, and other stakeholders. The input will assist the IAASB in determining what is needed to meet stakeholder’s needs, including standard setting and other possible actions. Comments on the Discussion Paper are requested by March 29, 2017.

More information and updates on the project are available on the IAASB’s project page.

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC).

The International Federation of Accountants^® (IFAC^®) is seeking exceptional candidates committed to the public interest and the strength and vitality of the global accountancy profession to fill 33 volunteer vacancies on its Board and committees.

The Call for Nominations for the IFAC Board and Committees in 2018, issued today, sets out the upcoming opportunities for membership on the IFAC Board, Compliance Advisory Panel (CAP), and four committees—Professional Accountancy Organization (PAO) Development Committee, Professional Accountants in Business Committee (PAIBC), Small and Medium Practices Committee (SMPC), and Nominating Committee.

All vacancies on the IFAC Board and committees are open for nominations by IFAC member organizations.

“The dedicated efforts of IFAC’s volunteers guide the strategy and mission of IFAC, and are central to its ability to function effectively,” said IFAC President Rachel Grimes. “Their commitment to the public interest and the accountancy profession is laudable. We thank them, and our member organizations, for devoting the time and resources to nominate highly-qualified individuals, and look forward to receiving their nominations.”

The Nominating Committee encourages all IFAC member organizations to review the Call for Nominations, including the detailed information on vacancies and composition targets as well as specific membership qualifications and requirements. The companion guide offers strategic guidance in selecting candidates, including identifying the most qualified nominee for each available position.

Nominations can be submitted online via the Nominations Database by February 15, 2017.

Additional information on the Nominating Committee and its open, transparent selection process is available on the Nominating Committee web page.

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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.