Every year, IFAC develops a work plan for the Member Body Compliance Program that is consistent with IFAC’s strategy. This work plan is developed with advice and oversight from the Compliance Advisory Panel.

In keeping with IFAC’s planned Program review during 2019 to ensure a fit-for-purpose approach to quality membership, the Compliance strategy for 2016-2018 was extended through 2019. Therefore, the Program continues its focus in three core areas.

On December 19, 2018, IFAC will host a one-hour webinar on a future model for advancing international accountancy education in the public interest. The webinar will preview planning to date and provide an outline of the model prior to approval and implementation in 2019.

This model is aimed at ensuring the global accountancy profession addresses the challenges stemming from a rapidly changing environment by harnessing a comprehensive and integrated approach.

To include as many interested parties as possible, the webinar will be available at two times (registration required):

• December 19, 2018, 0800 EST
• December 19, 2018, 1800 EST

The transition from the current structure to a future model was announced by IFAC and the International Accounting Education Standards Board in August 2018, followed by the creation of the International Accountancy Education Transition Advisory Group to advise on the model’s development and transition plans.

ISA 315 (Revised) is arguably the single most important ISA as it forms the foundation for an audit. The SMPC supports the IAASB revising the standard and commends the Board on the considerable amount of work that has been undertaken in developing the proposals and modernizing the standard. Nevertheless, the SMPC strongly urges the IAASB to take the necessary time to ensure the final version of the standard can be operationalized for audits of all different sizes and complexities.