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.