International standards for auditing and ethics play a critical role in the global financial infrastructure, assisting in promoting economic stability and international consistency, and in doing so, enhancing international financial and capital flows essential to a thriving global economy. This is especially important for emerging economies.

Consistent with IFAC’s Strategy implementation approach, the Quality & Development (Q&D) staff, with the advice and oversight of the Compliance Advisory Panel (CAP), prepare annual work programs to implement the IFAC Member Compliance Program Strategy: 2016–2018.

In 2018, the staff of the IFAC Member Compliance Program, in addition to its core activities, will focus on: 

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, rising to Executive Director, Risk Management, from 2009 to 2015.

Her career spans more than 35 years across manufacturing, oil and gas, and banking sectors. She served as the 56th president of the Institute of Chartered Accountants of Nigeria (ICAN) from 2020 to 2021 and spent 15 years on ICAN's Governing Council, chairing multiple committees and serving as Honorary Treasurer for three terms.

Her international service includes appointments to the Public Interest Oversight Board's Standard-Setting Boards' Nominations Committee, presidency of the Association of Accountancy Bodies of West Africa, chairmanship of the Society of Women Accountants of Nigeria, and board membership of the Pan African Federation of Accountants.

She has served on numerous boards of public and private companies and government agencies, including the Financial Reporting Council of Nigeria and Law Union and Rock Insurance Plc. She currently chairs the board of Dominion Finance Company Limited, serves as a non-executive director at Dominion Trust Limited, chairman of the NDDC Cooperative Society MicroFinance Bank, and is a member of the Guinness Nigeria PLC Statutory Audit Committee.

She holds a B.Sc. Second Class Honours, Upper Division Degree in Accounting from the University of Benin and an M.Sc. in Banking and Finance from the University of Lagos. She qualified as a Chartered Accountant (ACA) in 1986, conferred FCA in 1997. She also qualified  as a Chartered Banker (ACIB) in 1993, becoming a Fellow in 2007. She is also a Fellow of the Risk Managers Association of Nigeria.

Dame Adewuyi is an alumnus of Harvard Business School, Wharton Business School, Ross Business School, Kellogg Business School, the International Banking Summer School California, and Lagos Business School.

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.