Globally there are 60 countries that do not have professional accountancy organizations (PAOs), and, there are an additional 93 PAOs that do not have sufficient capacity to function effectively at all levels. IFAC (The International Federation of Accountants) continues its work in providing effective guidance to PAOs for enhanced governance. Strong governance enriches PAOs’ mission and vision, resulting in improved quality of financial management systems in emerging economies.

IFAC has released a new publication, ‘Focusing on Performance’, to build awareness within the PAO community to provide guidance and encourage best governance practices and principles within their current governance arrangements. The publication also features a self-assessment tool for PAOs to utilize when reviewing their governance framework. 

IFAC continues to identify and share PAO’s governance experiences and success stories via the Global Knowledge Gateway. Visit the site now for resources and thought leadership.

Dame Onome Adewuyi is the Executive Director, Finance and Administration, at Cynergy Platforms Limited, which she co-founded. Previously, she worked at Fidelity Bank Plc from 1997 to 2015 where she rose to the position of Executive Director, Risk Management, from 2009 to 2015.

Dame Adewuyi’s career spans more than 35 years and includes many sectors, including manufacturing, oil and gas, and banking. She was the 56^th president of the Institute of Chartered Accountants of Nigeria (ICAN) from 2020 to 2021 and on ICAN’s Governing Council for 15 years, chairing and serving on many different ICAN committees, as well as being an ICAN Honorary Treasurer for three terms.

Dame Adewuyi’s service to the accountancy profession at the international and regional level include being appointed to the Public Interest Oversight Board’s Standard-Setting Boards’ Nominations Committee; serving as president, Council member and honorary treasurer of the Association of Accountancy Bodies of West Africa; chairing of the Society of Women Accountants of Nigeria; and being a Pan African Federation of Accountants board member.

Dame Adewuyi has served on the boards of several public and private companies as well as government agencies, including the Financial Reporting Council of Nigeria and Law Union and Rock Insurance Plc. She is currently the chair of the board of Dominion Finance Company Limited and a non-executive director at Dominion Trust Limited. She was also recently appointed as chair of the NDDC Cooperative Society MicroFinance Bank.

Dame Adewuyi holds a B.Sc. second class Honours, Upper Division Degree in Accounting from the University of Benin, Nigeria, and an M.Sc. Degree in Banking and Finance from the University of Lagos, Nigeria. She qualified as a Chartered Accountant (ACA) in 1986, conferred (FCA) of ICAN in 1997. She also qualified as a Chartered Banker (ACIB) in 1993 and was conferred a Fellow of the Chartered Institute of Bankers in 2007. She is also a Fellow of the Risk Managers Association of Nigeria, where she was the vice president in 2007, and has attended several programs at international business schools internationally and in Nigeria.

Agreed-Upon Procedures (AUP) engagements provide a great opportunity for small- and medium–sized practices (SMPs) to grow, and deliver a valuable client service. IFAC (The International Federation of Accountants) has released a new publication, Agreed-Upon Procedures (AUP) Engagements: A Growth and Value Opportunity. The publication describes AUP engagements, when they are appropriate, and, identifies key client benefits. It also covers examples of financial and non-financial information AUP engagements and provides six short case studies with example procedures that might be applied.

The IFAC Small and Medium Practices (SMP) Committee submitted this comment letter to the International Ethics Standards Board for Accountants in response to its Exposure Draft, Proposed Revisions to the Code Pertaining to the Offering and Acceptance of Inducements.

Nominating Committee encourages all stakeholders—including the public—to nominate diverse candidates with strong leadership skills to serve the public interest and contribute to the work of the independent standard-setting boards.

See the Call for Nominations for more information, including available positions and requirements. Nominate via the Nominations Database by February 15, 2018. 

The excitement is building and registration is now open for the world’s largest gathering of accountants: the World Congress of Accountants (WCOA) 2018 in Sydney, Australia, November 5-8, 2018.

Held in the new International Convention Centre on the world-famous Sydney harbor and co-hosted by Chartered Accountants Australia and New Zealand and CPA Australia, the 20^th WCOA promises to be the biggest and most exciting congress yet.

IFAC’s member organizations have always played an important role in telling millions of professional accountants about the importance of WCOA. For WCOA 2018, that role has never been easier.

From now until the congress starts in Sydney next November, our member organizations will have access to innovative, regularly-updated multi-media tools and content including: press releases, social media content, news updates, videos, and photos.

IFAC members will be able to access these materials after subscribing to the WCOA newsletter for regular updates. In the coming weeks, you will receive the newsletter and information on how to set up an account and password to start utilizing the WCOA Brandfolder.

The WCOA 2018 program will explore a range of key themes, including:

• protecting the public interest and building prosperity;
• addressing the leadership challenge;
• embracing disruptive technologies and innovation;
• enhancing ethics and integrity; and
• exploring sustainable solutions to business, social enterprises, and economies.

ACCA and one of Australia’s leading universities, RMIT, are WCOA 2018’s debut sponsors but there are many additional sponsorship opportunities available. 

This publication outlines what an agreed-upon procedures engagements is, identifies the benefits to clients of offering such services, and when such engagements are appropriate. It also covers examples of financial and non-financial information AUP engagements and six short case studies with example procedures that might be applied.

This report provides an analysis of the status of adoption of international standards and best practices, the role of IFAC member organizations in the adoption process, and their fulfillment of IFAC requirements—the Statements of Membership Obligations.