Realizing the Power of Professional Accountants Fayezul Choudhury

Realizing the Power of Professional Accountants Fayezul Choudhury, Chief Executive Officer INTOSAI Capacity Building Committee Annual Meeting September 19, 2017 Page 1 | Proprietary and Copyrighted Information

International Federation of Accountants A Global Profession • Established 1977 • 175+ members organizations • 130+ countries & jurisdictions • 3 million professional accountants in public and private sectors Page 2 | Proprietary and Copyrighted Information

International Federation of Accountants A Global Mission • IFAC serves the public interest and strengthens the accountancy profession by … – Supporting the development of high-quality international standards – Promoting the adoption and implementation of those standards – Building the capacity of professional accountancy organizations – Speaking out on public interest issues Page 3 | Proprietary and Copyrighted Information

International Federation of Accountants A Wide Remit Private Sector Public Sector Civil Society Page 4 | Proprietary and Copyrighted Information

International Federation of Accountants Building Trust. Inspiring Confidence. Quality corporate financial reporting International Financial Reporting Standards (IFRS) Competent professional accountants International Education Standards (IES) Code of Ethics for Professional Accountants Quality public financial reporting International Public Sector Accounting Standards (IPSAS) Effective assurance community International Standards on Auditing (ISA) Effective professional accountancy organization (PAO) Effective regulation Statements of Membership Obligations (SMOs) Page 5 | Proprietary and Copyrighted Information

Building Trust. Inspiring Confidence. IFAC’s Role in International Standard Setting • Facilitating the processes of the independent international standard-setting boards • Promoting adoption of the international standards • Supporting implementation of the international standards Page 6 | Proprietary and Copyrighted Information

Building Trust. Inspiring Confidence. High-Quality International Standards • Rigorous due process under public interest oversight—quality, credible, globally accepted standards – Foster high-quality financial information – Promote trust in governments – Promote confidence in financial markets – Facilitate regional and international economic integration Page 7 | Proprietary and Copyrighted Information

Building Trust. Inspiring Confidence. Accountancy Education the Foundation Accountancy education Competence and expertise Trust, ethics, credibility A strong profession Economic growth and stability Page 8 | Proprietary and Copyrighted Information

International Education Standards IES 1, Entry Requirements to Professional Accounting Education Programs IES 2, Technical Competence IES 3, Professional Skills IES 4, Professional Values, Ethics, and Attitudes IES 5, Practical Experience IES 6, Assessment of Professional Competence IES 7, Continuing Professional Development IES 8, Competence Requirements for Audit Professionals Page 9 | Proprietary and Copyrighted Information

Professional Accountancy Qualification Journey Certification received Education (Initial including technical and ethics) Practical Experience (Work experience and training) Assessment (Examination) Continuous Professional Development (Lifelong learning) ** Licensing (Certified public accountants / auditors) Page 10 | Proprietary and Copyrighted Information

Regional Distribution of Data Americas & Caribbean [VALUE] (12) Asia. Pacific [VALUE] (8) Middle East [VALUE] (7) Africa [VALUE] (24) • Draft report covers 104 PAOs in 80 jurisdictions • Good regional distribution Europe [VALUE] (29) • Data collected through IFAC Member Compliance Program • Report updated annually Page 11 | Proprietary and Copyrighted Information

Status of Adoption in Jurisdictions (Most to Least Adoption) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% ISA IESBA IFRS QA IES I&D IPSAS Adopted Partially Adopted Not Adopted Page 12 | Proprietary and Copyrighted Information

PAO Responsibility (Most to Least Responsibility) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% IESBA ISA QA I&D IFRS IES IPSAS Direct Shared No Direct Page 13 | Proprietary and Copyrighted Information

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Build Trust. Inspire Confidence. Coordinate. Collaborate. Partner. For greater impact. Page 16 | Proprietary and Copyrighted Information

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