IFAC is pleased to respond to Independent Regulatory Board for Auditors (IRBA)’s Consultation Paper, Mandatory Audit Rotation.

IFAC recognizes the crucial role that audit plays in the financial reporting ecology. However, while vital, it is just one element of the supply chain for high-quality financial reporting. Others in the financial reporting supply chain include financial report preparers, organizational management, boards of directors, audit committees, regulators, standard setters, investors, and financial statement users.

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.

Integrated reporting is the way to achieve a more coherent corporate reporting system, fulfilling a need for a single report that provides a fuller picture of organizations’ ability to create value. Integrated reporting can be used as an “umbrella” report for an organization’s broad suite of reports and communications, enabling greater interconnectedness between different reports. IFAC also strongly supports the International Integrated Reporting Council and the implementation of its Framework.

In early December, IFAC Professional Accountants in Business Committee Deputy Chair Sanjay Rughani gave the keynote address at the National Board of Accountants and Auditors Tanzania's annual conference. Mr. Sanjay addressed the importance of the accountancy profession, and professional accountancy organizations, remaining relevant to accountants in business.

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.

The International Federation of Accountants^® (IFAC^®), the global organization for the accountancy profession, today announced the election of Rachel Grimes (Australia) as its President, for a two-year term effective through November 2018. Ms. Grimes is IFAC’s second female President. IFAC also announced the election of In-Ki Joo (South Korea) as Deputy President.

“I am honored to serve as IFAC’s President at a time of great global challenges. There are also remarkable opportunities to strengthen the accountancy profession and further the adoption of global standards in the public interest,” Ms. Grimes said. “As President, I look forward to working with our member organizations and other stakeholders as we continue to put trust at the heart of all we do, and at the heart of the global economy.”

Ms. Grimes is a Fellow of the Institute of Chartered Accountants in Australia and a Fellow of CPA Australia. She is CFO of Technology at Westpac, a multinational financial services firm, and previously served as Director of Mergers and Acquisitions. She brings more than 25 years of experience across the financial services sector, at Westpac/BT Financial Group as well as at PwC. Ms. Grimes has served the Australian accounting profession for over a decade, having been elected in 2011 as President of Chartered Accountants Australia & New Zealand (formerly the Institute of Chartered Accountants in Australia) after serving on its Board since 2006. An IFAC Board member since 2011, Ms. Grimes was elected Deputy President in 2014 and previously chaired IFAC’s Planning and Finance Committee.

Dr. In-Ki Joo is Professor, Emeritus, of Accounting at the Yonsei University School of Business, after serving as Dean of various departments. He has served as President of a number professional institutions in Asia, notably the Confederation of Asian and Pacific Accountants, the Korean Accounting Association, and the Korean Academic Society of Business Administration. He was a member of the Advisory Committee to the Republic of Korea General Audit Bureau and the Vice President, International Affairs, at the Korean Institute of Certified Public Accountants (KICPA). A member of both the American Institute of CPAs and KICPA, Dr. Joo received the Decoration of Excellent Achievement from the President of Korea in 2004 and Honor from the Deputy Prime Minister and the Ministry of Finance and Economy in 2001. As an IFAC Board member since 2012, he has chaired the Governance Committee and served on the Nominating Committee. As Deputy President, he will chair the Planning and Finance Committee.

New Board Members Elected
The IFAC Council elected three new members to the IFAC Board: Philippe Arraou (France), Tommye Barie (United States), and Idesio da Silva Coelho (Brazil). Wienand Schruff (Germany), Michael Hathorn (UK), Gail McEvoy (Ireland), and Sebastian Owuama (Nigeria) were reappointed for a second term of service.

IFAC Admits New Members
The IFAC Council admitted three new members (previously IFAC associates):

• Mauritius Institute of Professional Accountants;

• Ordem dos Contabilistas Certificados (Portugal); and

• Union of Accountants, Auditors and Financial Workers of Federation of Bosnia and Herzegovina.

For a full listing of IFAC members, see the membership section of IFAC’s 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 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.