The Tools:Compliance Program, Membership Process
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The document outlines the compliance program for member bodies and the importance of self-assessment against regulatory and standard-setting frameworks. It highlights the role of action plans in guiding continuous improvement, enhancing financial reporting, and serving public interests sustainably. Additionally, it discusses the benefits and requirements of IFAC membership, including capacity building, dialogue, and support for professional development.
The Tools:Compliance Program, Membership Process
- 1. The Tools: Compliance Program, Membership Process Szymon Radziszewicz Senior Technical Manager Member Body Development Team Leader Realizing the Power of PAOs Hà Nội, Việt Nam August 17, 2012 Page 1 | Confidential and Proprietary Information
- 2. SMOs in Action - Member Body Compliance Program Focus on Encouragement and Continuous Improvement Self -Assessment Overview of national Benchmarking against the 7 regulatory and standard- SMOs setting framework Action Plan Strategic document illustrating a PAOs progress toward, or continued compliance with, SMO requirements Page 2 | Confidential and Proprietary Information
- 3. SMOs in Action - Member Body Compliance Program SMO Action Plan as a Road Map To: • Communicating challenges and defining needs for resources to key stakeholders: – Government and its agencies – Independent regulators – Donors – PAO’s members • Building capacity of PAOs • Progressing adoption and implementation • Improving quality of financial reporting and auditing • Better serving the public interest and ultimately sustainable economic development Page 3 | Confidential and Proprietary Information
- 4. SMOs in Action Transparency – Website Publication Page 4 | Confidential and Proprietary Information
- 5. SMOs in Action Valuable Information – Monitoring & Evaluation Page 5 | Confidential and Proprietary Information
- 6. SMOs in Action Beginning of the Road • Action Plans as first step: • Transparent plans for continuous improvement • Annual updates • Monitoring of progress by CAP • Influencing action and transformation • Time and resources needed to achieve meaningful change Page 6 | Confidential and Proprietary Information
- 7. IFAC Membership: The Roadmap Page 7 | Confidential and Proprietary Information
- 8. IFAC Membership The Benefits • Part of an international community of the leading professional accountancy bodies around the world • Recognized for commitment to development of the profession • Access to information, resources and support to help strengthen the profession nationally • Enhanced opportunities to provide input • Ongoing dialogue with technical staff Page 8 | Confidential and Proprietary Information
- 9. IFAC Membership The Requirements Acknowledged by legal decree or by general consensus Meets SMO obligations Participates in the Member Body Compliance Program Committed to IFAC Financially and operationally viable, with an appropriate governance structure Provides for the support and regulation of members Page 9 | Confidential and Proprietary Information
- 10. IFAC Membership Road Map • Mentoring arrangements • Early engagement with IFAC • SMO Action Plan as a Road Map • Understanding of the membership requirements • Considerable progress must be shown to move from Associate to Member. Page 10 | Confidential and Proprietary Information
- 11. IFAC Membership Key Considerations • Legislation: Legal recognition/structure • Regulation of the Profession: Relationship with government • Governance: Organizational structure • Committees: Key areas of function/activity • Management: Professional staff • Financing: Funding operations and activities • Marketing/Promotion: Raising awareness and defining value statement Page 11 | Confidential and Proprietary Information
- 12. Tools and Resources • www.ifac.org/ComplianceProgram • www.ifac.org/about-ifac/professional-accountancy- organization-development-committee • www.ifac.org/SMP • web.ifac.org/clarity-center/index • www.ifac.org/Ethics/Resources.php • www.ifac.org/Translations Page 12 | Confidential and Proprietary Information
- 13. www.ifac.org/ComplianceProgram www.ifac.org Page 13 | Confidential and Proprietary Information
Editor's Notes
- #3: SMOs form the basis for the IFAC Member Body Compliance Program. The Program’s key focus is to encourage continuous improvement and development Evaluate the extent to which members are meeting the SMO requirements Assist members in adopting and implementing international standards and best practices Demonstrate progress being made and how the SMO requirements are being addressed through the Action Plans Promote transparency through publication of responses on the IFAC website. Action Plans are prepared by member bodies for their own use and reflect their specific national frameworks, priorities, processes and challenges. As a result, Action Plans vary in objective, content and level of detail. The key is that the member bodies takes full ownership of the plan which is the only way for the Action Plan to be successfully implemented.
- #5: Why transparency is important:The self-assessment responses are available to anyone who wants to review such information Regulatory Input – the Program can assist regulators and other key stakeholders in achieving their objectives by providing a transparent assessment of the current status of adoption of international standards and best practices in their jurisdictions.
- #6: Progress File Notes – Internal Use of Dashboards with Traffic LightsThrough the Compliance Program IFAC gathers and publishes a great deal of information relating to the work of its member bodies around the world and the developments within national professions. This information can be leveraged by donors, regional bodies, regulators and indeed mentors interested in development of the profession.Improve presentation and user friendlinessG-20 Adoption Status Updates – verification with relevant member bodiesProgress File Notes – Internal Use of Dashboards with Traffic Lights
- #7: The Action Plan phase is still just the beginning of the process. The goal is actual change reflected by the completion of the action steps identified in the plan. Through the member body requirements contained in the SMOs, the Program has made a substantial contribution to transforming IFAC into a global professional organization that is demonstrating its commitment to strengthen the accountancy profession around the world.As indicated before, the Program serves as an engine to drive behavior in a positive way to achieve the successful adoption and implementation of international standards and best practices.
- #9: Part of an international community of the leading professional accountancy bodies around the worldRecognized for commitment to development of the profession and values of integrity, transparency and expertise Access to information, resources and support to help strengthen the profession nationallyEnhanced opportunities to provide input on critical issues, including developing nation initiatives, SMP issuesAccess to guidance and advice from the MBD team and other technical staff within IFAC
- #12: IFAC’s Establishing and Developing a Professional Accountancy Body Toolkit offers a wealth of resources and guidance to getting started. I know we have already spoken about some of the content areas around which mentoring relationships are formed. No doubt many of those in the room are already very familiar with the basics, however, to conclude I wanted to highlight some of the key considerations for any newly established PAO, and indeed their mentor.
- #13: Somespecifictools for PAO development:Good Practice Guidance, Establishing and Developing a Professional Accountancy BodyMentoring Guidelines for Professional Accountancy OrganizationsThe Education, Training, and Development of Accounting Technicians