IFAC has updated its Practice Management Guide to reflect changes made to the 2018 International Code of Ethics for Professional Accountants (including International Independence Standards), effective June 2019. The update includes:

• Changes to section 7.2 ‘Professionalism and Ethics within the Firm';
• Information on identifying, evaluating and addressing threats; and
• Available safeguards to reduce threats to an acceptable level.  

The Guide provides comprehensive guidance to help small- and medium-sized practices operate more efficiently in the increasingly complex and competitive global marketplace for professional services. The fourth edition is organized into eight stand-alone modules, with a comprehensive range of topics including:

• Strategic planning
• Practice models
• Firm expansion
• Managing staff
• Leveraging technology
• Client relationship management
• Risk management
• Succession planning

In order to help member organizations and practices maximize the Guide's use, IFAC provides a companion manual with suggestions on making best use of the Guide. 

Click here to access the updated Practice Management Guide and Companion Manual on the IFAC website.

Jean Bouquot became IFAC President in November 2024. Prior to his appointment, Mr. Bouquot joined the IFAC Board in November 2020, nominated by Compagnie Nationale des Commissaires aux Comptes (CNCC) and Conseil Supérieur de l'Ordre des Experts-Comptables (now Conseil National de l'Ordre des Experts-Comptables). He also served as IFAC Deputy President from November 2022 to November 2024.

Mr. Bouquot was the president of CNCC from February 2017 to October 2020. From December 2012 to December 2014, he was vice-chairman of the Compagnie Régionale des Commissaires aux Comptes de Versailles (regional statutory auditors professional body) and member of the CNCC. From 2014 until 2016, he was chairman of the Compagnie Régionale des Commissaires aux Comptes de Versailles and in February 2015, he was appointed Board Member of the CNCC.

Partner at EY until October 2020, Mr. Bouquot was an audit partner since 1992 and has 40 years of experience, at Arthur Andersen from 1980 to 2002 and then EY. He was also in charge of assurance service line for France/Luxembourg/Maghreb from 2008 to 2015.

Mr. Bouquot attended HEC business school and Institut d'Etudes Politiques of Paris. He is an expert-comptable and commissaire aux comptes. He also served as a reserve colonel in the French Air Force from 2008 to 2020, including attending the Auditor 59 session at the Institut des Hautes Etudes de la Défense Nationale.

While the SMP Committee is supportive of the Ethics Board’s exploration of concepts other than professional skepticism to capture the behavior expected of all professional accountants (PAs), it is not convinced it is necessary to add the currently proposed standalone requirement outside the fundamental principles. The SMP Committee is also concerned about the proposed changes on upholding ethical values, which appears to go beyond the Code.

Ethical behavior in relation to tax advice is crucial. The work carried out by a professional accountancy organization (PAO) member needs to be trusted by society at large as well as by clients and other stakeholders. PAOs' and their members' conduct in this regard reflects not just on themselves but also on the accountancy profession. PAOs have a responsibility to ensure that their members who provide tax advice uphold the profession's reputation.

In celebration of World Standards Day, IFAC (International Federation of Accountants) today released a new report detailing how and where international accountancy standards—which focus on audit and assurance, ethics, education, and private and public sector accounting—are being adopted and implemented globally.

The report, which includes data from the more than 170 professional accountancy organizations that comprise IFAC’s membership, shows strong and sustained support for both the adoption and implementation of international standards, especially in areas where IFAC member organizations are involved in the process from start to finish.

The International Standards: 2019 Global Status Report reveals:

• 90+% of jurisdictions examined use International Standards on Auditing, International Financial Reporting Standards, and the International Code of Ethics for Professional Accountants.
• 80+% of jurisdictions examined have monitoring & enforcement mechanisms for quality assurance and investigation and discipline.
• 76% of IFAC member organizations have some level of authority in adopting international standards and best practices.
• IFAC member organizations are instrumental in ensuring high-quality standards’ implementation through advocacy, raising awareness, technical support, translation, training and enforcement.

The report also shines a light on the important and often untold story of how standards are adopted and implemented—a process that can be as complex as developing a standard.

“Since there are no international laws requiring nations to adopt and implement international standards, support from IFAC’s member organizations for these dual objectives is critically important to progress,” according to IFAC CEO, Kevin Dancey. “This new report reinforces the impact of standards in driving transparency and creating a common language for high-quality financial information.”

 According to the new report, there is a positive trend in international standards’ usage where IFAC member organizations have at least some authority in the standard-setting and regulatory environment. However, additional multi-stakeholder support from international policymakers and regulatory organizations, as well as leaders from government, academia, and business, is required to extend the adoption success story by creating the right conditions for implementation.

“International standards have come a long way since 2000 when there was little to no global adoption. While there is always more to be done, IFAC member organizations play a vital role in ensuring the successful implementation of international accountancy standards, which ultimately help drive sustainable economic growth and financial market stability in their respective jurisdictions,” said Dancey.

About the Report
The International Standards: 2019 Global Status Report's data comes from the IFAC Member Compliance Program and covers 173 IFAC member organizations and the 130 jurisdictions in which they operate. The report establishes a baseline on international standards’ adoption and implementation and explores how accountancy best practices and IFAC member organizations have a positive impact.

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.

IFAC member organizations are instrumental in adoption and implementation, creating a common language for high-quality financial information worldwide.

PAO Development & Advisory Group helps IFAC achieve strong, sustainable PAOs around the world. The advisory group, comprised of experts with decades of experience working with and for PAOs and developing their capacity, serve as important strategic advisors and actively contribute to IFAC’s strategic goals and implementation. Learn more.