Robert Mednick, René Ricol, and Dr. Wang Jun Honored

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, yesterday presented the IFAC Sempier Award to Robert Mednick. In addition, René Ricol and Dr. Wang Jun were presented with special awards from IFAC to recognize their outstanding contributions to the international accounting profession. All three awards were presented at the Opening Ceremony of the World Congress of Accountants (WCOA) in Kuala Lumpur, by Robert Bunting, president of IFAC.

The IFAC Sempier Award recognizes outstanding contributions to the accountancy profession by an individual over a period of many years, and is presented at the quadrennial World Congress of Accountants. Robert Mednick was selected for his achievements in the development of the accountancy profession internationally, including his two consecutive terms as chair of IFAC’s Compliance Advisory Panel, his participation on IFAC’s Accountants Legal Liability Task Force, and his service as a consultant to the World Bank in the establishment of its ROSC Program and as a peer reviewer. In these roles, Mr. Mednick has advanced convergence of global accounting and auditing standards, development of professional accountancy bodies in emerging economies, public oversight/regulation of the accountancy profession, reform of accountants’ legal liability, and expansion of the audit function to broader assurance services.

“I am honored to present the Sempier Award to Robert Mednick,” said Mr. Bunting. “His dedication and achievements in strengthening the profession internationally have raised the bar for all of us and exemplified Sempier’s vision for IFAC and for the international accounting profession.”

IFAC presented a special award to RenéRicol in recognition of his professional contributions and his achievements in the development of the accountancy profession internationally, including his roles as an IFAC Officer and as a member of its Board. In particular, the award acknowledges Mr. Ricol’s role aspresident of IFAC during the “IFAC Reforms,” and his key role in developing and implementing those reforms and promoting IFAC’s mission internationally.

“I’m delighted to present this award to René Ricol. In addition to his accomplishments and contributions through the French accounting profession and IFAC, we also wish to recognize his work with the French government on various initiatives in response to the global economic and financial crisis,” said Mr. Bunting.

IFAC presented a special award to Dr. Wang Jun in recognition of his outstanding contributions to the accountancy profession and to the finance and business world. This includes his leadership in the reform of the Chinese accountancy profession as Vice Minister of Finance in the People’s Republic of China, his promotion of the development, adoption, and implementation of new Chinese Accounting and Auditing Standards, and his advocacy for the convergence of Chinese and international accounting and auditing standards.

“I’m pleased to see the important contributions of Dr. Wang Jun recognized by the global profession. In addition to his leadership in financial reforms and accounting standards, the award recognizes his leadership in the adoption of corporate governance good practice for the largest Chinese enterprises,” said Mr. Bunting.

“I am extremely gratified that IFAC has been able to recognize Robert Mednick’s, René Ricol’s, and Wang Jun’s exceptional contributions to the international accountancy profession,” said Ian Ball, CEO of IFAC. “These three recognitions remind us of the very diverse ways in which these three leaders have served the public interest through their work in, or related to, the accounting profession.

About the IFAC Robert Sempier Award
The IFAC Robert Sempier Award was created by the IFAC Council in 1991 to honor the contributions of Robert Sempier, IFAC’s first executive director. It is intended to recognize outstanding contributions to the accountancy profession by an individual over a period of many years, and is presented at the World Congress of Accountants every four years. Previous award recipients have been Bob Sempier (1992), Gordon H. Cowperthwaite (1997), Sir Bryan Carsberg (2002), and Marilyn Pendergast (2006).

About IFAC
IFAC (www.ifac.org) 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. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

18th WCOA Co-Hosted by the International Federation of Accountants and the Malaysian Institute of Accountants

The 18^th World Congress of Accountants (WCOA) opened today with the participation of 6,000 distinguished delegates from 134 countries, a record-breaking number.

The Congress, which originated in 1904 and has been held regularly since 1977, was jointly organised by the Malaysian Institute of Accountants (MIA) and the International Federation of Accountants (IFAC). It was officiated by the Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop on behalf of the Prime Minister Datuk Seri Najib Tun Razak.

Najib’s speech was delivered by Nor Mohamed Yakcop.

Themed “Accountants: Sustaining Value Creation,” the Congress, which is being held in Malaysia for the first time, will bring together 183 eminent speakers from over 40 countries.

“The theme of the Congress is consistent with the role of the accountants to add value to the performance of an organisation,” said MIA President Abdul Rahim Abdul Hamid at the opening of the Congress here today.

Abdul Rahim said as value creation becomes vital to the business agenda, more accountants are taking on strategic and leadership roles and increasingly being held accountable for the business performance of their organisations.

World-renowned speakers will explore the issues related to key areas that affect the accountancy profession now and in the future and provide concrete solutions to overcome the challenges faced by the industry in four plenary sessions and 35 concurrent sessions beginning tomorrow.

“The accountancy profession continues to evolve,” said IFAC Chief Executive Officer Ian Ball. “Years from now, the profession will be quite different, with different skills and competencies. At this Congress, we will explore new opportunities and potential challenges, and how we will meet them.”

The key issues that will be discussed include accounting ethics, governance, standards, and development of the accounting profession. Issues such as International Financial Reporting Standards (IFRS) convergence will also be deliberated upon.

Among the distinguished speakers are China’s Vice Minister of Finance Dr. Wang Jun; Chairman of the International Public Interest Oversight Board Prof. Stavros Thomadakis; Chairman of the International Accounting Standards Board Sir David Tweedie; Chairman of the International Valuation Standards Council Mr. Michel Prada; Bank Negara Malaysia Governor Tan Sri Dato’ Sri Dr. Zeti Akhtar Aziz; Securities Commission Chairman Tan Sri Zarinah Anwar; Khazanah Nasional Bhd’s Tan Sri Dato’ Sri Azman Mokhtar; and SME Corp Malaysia CEO Dato’ Hafsah Hashim.

“As we move forward, it is more important than ever that we continue to learn from each other, exchange ideas, and discuss best practices,” said Robert Bunting, President of IFAC. “I look forward to engaging discussions and debates in the days to come.”

Chief Executive Officer of MIA Rosli Abdullah said the Congress provides benefits to all participants. “The Congress gives insights on critical issues such as the development of global accounting standards and opportunities to network with business professionals and thought leaders worldwide,” Rosli added.

The World Congress of Accountants, also dubbed “the Olympics of the accountancy profession,” is the foremost international event for the accountancy profession. The Congress gathers influential communities, including leaders in accountancy, business, and regulation, to explore the latest issues and innovative ideas on a platform of international and regional interests.

The choice of Malaysia as the host for WCOA 2010 by IFAC reflects the trust and confidence of the global accountancy profession in the high professional standing of the Malaysian accountancy profession.

About the Malaysian Institute of Accountants (MIA)
MIA (www.mia.org.my) is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has close to 27,000 members. MIA’s responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld.

In the international and regional arena, MIA plays a significant role in developing and advancing the global accounting profession through its involvement in organisations such as the International Federation of Accountants, the Confederation of Asian and Pacific Accountants (CAPA), and the Asean Federation of Accountants (AFA). MIA’s involvement in these bodies also enables Malaysian accountants to have a voice on these global and regional platforms, also enabling the latest developments overseas to be brought home for the betterment of the profession.

About the International Federation of Accountants (IFAC)
IFAC (www.ifac.org) 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. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The Malaysian Institute of Accountants (MIA) and International Federation of Accountants (IFAC) today announced a series of initiatives to offset carbon emissions from their co-hosted event, the 18^th World Congress of Accountants (WCOA) 2010.

The WCOA will be held in Kuala Lumpur from 8-11 November, 2010 and is the largest international congress in Malaysia for 2010. During the World Congress, the more than 6,000 expected delegates will be encouraged to contribute to offset carbon emissions.

Abdul Rahim Abdul Hamid, President of the Institute, said, “This initiative demonstrates the seriousness that the WCOA has taken with regards towards sustainability for the environment in the long term. It is also to support MIA’s and IFAC’s objectives of giving back to society. As a profession, we recognise the importance not only of reporting about it but also of participating in initiatives to offset carbon emissions.”

Rahim added, “As part of our other sustainability efforts, we will also do our little bit by providing our delegates with re-useable water bottles in place of plastic water bottles during the four-day World Congress. By doing this, we will save an estimated 100,000 plastic water bottles if each person were to consume four bottles of water per conference day.”

MIA and IFAC are also providing thumbdrives so that participants can download the presentations of the 183 speakers after the Congress, as part of the effort to reduce the carbon footprint.

“Imagine the innumerable number of trees that we have saved from being cut with this small initiative. Our other environmental-friendly initiative is to encourage our foreign delegates upon their arrival to take the fast and convenient Express Rail Link from the Kuala Lumpur International Airport to the city centre to help offset carbon emissions,” said Rahim.

“We are very pleased to work together with the MIA to support these initiatives,” said Ian Ball, Chief Executive Officer of IFAC.

“As an organization, IFAC is committed to sustainability—in our daily office environment, as well as through active involvement in The Prince’s Accounting for Sustainability (A4S) Project and the International Integrated Reporting Committee (IIRC).” Mr. Ball is co-chair of the IIRC’s Working Group.

“We believe that the accountancy profession has a critical role to play in developing a concise, consistent, and comparable integrated reporting framework so that organisations around the world can report in a manner that addresses sustainability and can embed sustainability into their decision-making processes.

“We will also participate in planting trees to offset carbon emissions. We hope it serves as a starting point and that the World Congress delegates will also see the importance of supporting this important initiative,” said Mr. Ball.

About the Malaysian Institute of Accountants (MIA)
MIA (www.mia.org.my) is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy profession in Malaysia. To date, MIA has close to 27,000 members. MIA’s responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility of the profession is maintained and that public interest is continuously upheld.

In the international and regional arena, MIA plays a significant role in developing and advancing the global accounting profession through its involvement in organisations such as the International Federation of Accountants, the Confederation of Asian and Pacific Accountants (CAPA), and the Asean Federation of Accountants (AFA). MIA’s involvement in these bodies also enables Malaysian accountants to have a voice on these global and regional platforms, also enabling the latest developments overseas to be brought home for the betterment of the profession.

About the International Federation of Accountants (IFAC)
IFAC (www.ifac.org) 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. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The Malaysian Institute of Accountants (MIA) and International Federation of Accountants (IFAC) today announced a series of initiatives to offset carbon emissions from their co-hosted event, the 18^th World Congress of Accountants (WCOA) 2010.

The WCOA will be held in Kuala Lumpur from 8-11 November, 2010 and is the largest international congress in Malaysia for 2010.

The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, announced today at the IFAC Council meeting in Kuala Lumpur, Malaysia, that Mr. Göran Tidström of Sweden has been appointed president of IFAC for a two-year term ending in November 2012. The IFAC Council also approved the nomination of Mr. Warren Allen of New Zealand for deputy president, a role previously held by Mr. Tidström.

“I am pleased to assume the role of president of this remarkable organization. We have the vision and the resources that will further enhance the relevance of the accountancy profession to the global economy and make IFAC even more valuable to all member bodies,” said Mr. Tidström. “Over the next two years, we will be participating in many dialogues with global policy makers and regulators. I look forward to making our strong leadership position known on public interest issues where the accountancy profession’s expertise is most relevant.”

A European representative to IFAC since 2000, Mr. Tidström became a member of the IFAC Board in 2003, served as chair of the Planning and Finance Committee and is a member of the IFAC Regulatory Liaison Group. Mr. Tidström has more than 30 years of experience as a public accountant with PWC in Stockholm, Sweden, where he is a senior partner and former chair.

Mr. Allen will serve as deputy president for a two-year term, and also takes the role of chair of the Planning and Finance Committee, which in conjunction with staff develops the strategic plan for IFAC. An IFAC Board member since 2006, Mr. Allen has been involved with IFAC in numerous roles, including as chairman of the Education Committee (now called the International Accounting Education Standards Board) from 1998 to 2004 and as a member of the Nominating Committee from 2006 to 2009. He is a resident of New Zealand and is a partner at Ernst & Young.

“I have worked closely with Göran Tidström and Warren Allen on many initiatives while serving on the boards and committees supported by IFAC,” said Robert Bunting, outgoing president of IFAC. “Their combined expertise on international audit and accounting issues, as well as their dedication and commitment to serving the public interest, will further the great strides IFAC has made in tackling both the new and existing issues impacting the profession. I feel confident that under their leadership, IFAC will not only achieve but surpass its goals for the coming years.”

Other highlights from the IFAC Council meeting include the election of three new members to the IFAC Board: Ramon Casals Creus (Spain), Ana Maria Elorrieta (Brazil) and Robert R Harris (United States). The IFAC Council also re-elected four Board members for a second term: Jelil Bouraoui (Tunisia), Robert Hodgkinson (United Kingdom), Japheth Katto (Uganda), and Olivia Faulkner Kirtley (United States). These additions and re-appointments bring additional diversity and balance with respect to gender, geographical region, and professional experience.

In addition, five new associates were admitted to the organization: Union of Accountants, Auditors and Financial Workers of Federation of Bosnia and Herzegovina; Croatian Audit Chamber; Institute of Certified Auditors of the Republic of Macedonia; Audit Chamber of Russia; and Institute of Certified Management Accountants of Sri Lanka. One existing associate was admitted to the organization as a member: Association of Accountants and Auditors of the Republic of Srpska. The official minutes from the meeting will be accessible on IFAC’s website in the coming weeks.

About IFAC

IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Note to Editors – IFAC Board Members November 2010-November 2011:

Göran Tidström (President)
Ian Ball (Secretary), CEO, IFAC
Warren Allen (Deputy President)
Jelil Bouraoui**, Tunisia
Ramon Casals Creus*, Spain
Kevin Dancey, Canada
Ingrid Doerga, Netherlands
Ana Maria Elorrieta*, Brazil
Robert R Harris*, United States
Robert Hodgkinson**, United Kingdom
Gen Ikegami, Japan
Ved Kumar Jain, India
Japheth Katto**, Uganda
Olivia Faulkner Kirtley**, United States
Bernadette McGrory-Farrell, Ireland
Joycelyn Morton, Australia
Jacques Potdevin, France
Norbert Pfitzer, Germany
Roberto Resa Monroy, Mexico
Marta Rejman, Germany
Asad Ali Shah, Pakistan
Steve Vieweg, Canada
Zhiguo Yang, China

* New IFAC Board members as of November 2010
** IFAC Board members reappointed for a second term in November 2010

Proposes Definitional Framework Based on Responsibilities of the Accountancy Profession

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, has released for public exposure A Public Interest Framework for the Accountancy Profession(IFAC Position Paper #4).

In order to consider and address issues in the accountancy profession on a consistent and clearly articulated basis, IFAC has developed a principles-based framework of the public interest, which can be applied to standard-setting, governance processes, policy analysis, and regulatory issues. Although mainly designed for use by IFAC itself, it may also be useful to the accountancy profession as well as to policymakers, regulators, and business leaders.

IFAC considers that the accountancy profession, in serving the public interest, should be evaluated against three criteria: 1) consideration of costs and benefits for society as a whole; 2) adherence to democratic principles and processes; and 3) respect for cultural and ethical diversity. These criteria enable IFAC to assess the extent to which any policy, action, process, or condition is in the public interest.

"For IFAC to play its part in the financial system, we must be sure that our actions are consistent with the public interest. The primary purposes of this paper are to explain how we understand the public interest, and to be transparent about how we will use that understanding to shape our decisions and actions,” said IFAC Chief Executive Officer Ian Ball. “By exposing this paper for public comment, we seek both to receive input that can help us finalize our position and to stimulate other organizations to articulate how they interpret this fundamental concept.”

How to Comment
IFAC invites all stakeholders to comment on its proposals. To access the exposure draft or submit a comment, visit IFAC’s website. Comments on the exposure draft are requested by March 25, 2011.

About IFAC
IFAC (www.ifac.org) 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 159 members and associates in 124 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) today issued the second edition of its Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities (ISA Guide). The implementation guide is intended to help practitioners understand and efficiently apply the Clarified International Standards on Auditing (ISAs), which are effective for audits of financial statements for periods beginning on or after December 15, 2009.

“Many practitioners around the world are transitioning to the use of the Clarified ISAs. While the Clarity Project made the ISAs more understandable, clear, and capable of consistent application, the SMP Committee has long recognized the challenges facing SMPs in applying new standards—which range from resource constraints to the distinctive traits of audits of small- and medium-sized entities,” says Sylvie Voghel, SMP Committee chair. “The updated ISA Guide provides IFAC member bodies—and ultimately the SMPs they represent—with a unique resource to help them implement the new requirements efficiently and deliver high-quality service.”

The first edition of the ISA Guide was issued in December 2007 and was IFAC’s second most popular publication during 2008. The second edition includes various improvements based on feedback from users of the first edition. In addition, it features two integrated case studies, one of which focuses on an audit of a micro-entity, increased focus on SME audits, and a new colorful design.

The ISA Guide also now comes in two stand-alone volumes:

• Volume 1 describes the basic concepts of a risk-based audit in conformance with the Clarified ISAs. It is directed at practitioners and students with little or no familiarity with the ISAs who want to understand them and apply them in practice. This volume might also provide material to training providers, institutes, and universities that teach audit practices.
• Volume 2 provides practical guidance for the audit of SMEs. It is aimed at practitioners with a good working knowledge of the ISAs who want a tool for reference purposes, as well as specific guidance on conducting SME audits cost effectively.

IFAC wishes to thank the Canadian Institute of Chartered Accountants for producing the ISA Guide and the global panel of reviewers for volunteering their time and effort to helping with its development.

The PDF version of the ISA Guide can be downloaded for personal use from the Publications & Resources section of the IFAC website. For information on reproducing or translating publications issued by IFAC, please see our policy statement or contact permissions@ifac.org.

The IFAC SMP Committee welcomes readers to visit its International Center for Small and Medium Practices (www.ifac.org/smp), which hosts a collection of IFAC publications (including recently issued guides on quality control and practice management) and relevant links to resources from IFAC member bodies and other organizations, including a category devoted to implementing international standards. The site also hosts a discussion board, where practitioners can exchange views on how to apply the ISAs, a link to the Translations Database, where downloadable translations of the ISA Guide are available, and a link to the IAASB Clarity Center, which hosts an array of implementation support materials.

About IFAC
IFAC (www.ifac.org) 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. It is comprised of 159 members and associates in 124 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Accountancy leaders from around the world met in Geneva on October 12 to discuss next steps for global corporate governance reforms. With an eye to helping prevent future financial crises, they collectively supported the following points:

• The accountancy profession has a key role to play in strengthening corporate governance and facilitating the integration of governance and sustainability into the strategy, operations, and reporting of an organization.
• Boards should be focused on the long-term sustainability of their businesses. As such, corporate governance reform must include strengthening board oversight of management, positioning risk management as a key board responsibility, and encouraging remuneration practices that balance risk and long-term (social, environmental, and economic) performance criteria.
• Governance is more than having the right structures, regulation and principles in place—it is about ensuring that the right behaviors and processes are in place.
• Governance mechanisms need to be strengthened at banks and other companies to ensure better oversight of risk management and executive compensation.
• More dialogue is needed between policy makers, the accounting profession, and other financial industries to consider how we can work together effectively on a global level.

The conference, hosted by the International Federation of Accountants (IFAC) and the United Nations Conference on Trade and Development (UNCTAD), took place at the United Nations Office in Geneva, Switzerland.

Professor Mervyn King, author of the King Code on Corporate Governance, was the keynote speaker. Participants from more than 50 countries were on hand to address key questions including: What lessons has the financial crisis revealed about corporate governance? What corporate governance reforms should be developed on a global basis? And what role should the accountancy profession play?

“Professional accountants can serve as a critical link to ensure that good corporate governance is practiced,” said IFAC President Robert L. Bunting. “Accountants provide strategic direction to boards and governing bodies, aiming to ensure that risks are managed appropriately and resources are used responsibly—all key processes for facilitating sound corporate governance.”

The IFAC/UNCTAD conference was designed to allow professional accountants, corporate governance experts, and other participants to challenge current practices, exchange views on essential elements of corporate governance, and discuss best practices that will improve the current and future business and economic climate.

Mervyn King, professor at the University of South Africa, who specializes in corporate citizenship, said: “Our businesses impact society, the economy, and the environment. We are no longer distant bystanders of these organizations, but we are the stakeholders, because business impacts our society, environment, and economy.”

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. It is comprised of 159 members and associates in 124 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

About the United Nations Conference on Trade and Development (UNCTAD)

UNCTAD is the focal point of the United Nations for the integrated treatment of investment and enterprise development. Since its founding in 1964, UNCTAD has progressively evolved into an authoritative knowledge-based institution whose work aims to help shape current policy debates and thinking on development. UNCTAD is the host for the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR). For more than 25 years, ISAR has been the focal point within the UN system for issues of corporate transparency and accounting. Through ISAR, UNCTAD works to promote international best practices in financial reporting and corporate governance disclosure and to assist developing countries to build their technical capacity in this area.

This comprehensive implementation guide is intended to help practitioners understand and efficiently apply the clarified International Standards on Auditing (ISAs) to audits of small- and medium-sized entities (SMEs). First issued in 2007 and developed with the Canadian Institute of Chartered Accountants, it is designed for use by all practitioners. Volume 1 covers the basic concepts of a risk-based audit in conformance with the ISAs.

IFAC President Robert Bunting spoke at the 2010 American Accounting Association Annual Meeting on accounting education in a global environmnent. Watch the video here.