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IFAC Issues New Documents on Quality Control, Sustainable Success

  • By Salome J. Tinker, CPA, AFP
  • Published: 2011-08-22

The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) released an updated version of its Guide to Quality Control for Small- and Medium-Sized Practices (QC Guide). Intended to help SMPs successfully and cost effectively implement International Standard on Quality Control (ISQC) 1, the third edition of the guide features enhancements to the two sample manuals as well as other refinements for clarity and consistency with ISQC 1. First released in 2009 and developed with CGA-Canada, the guide contains the requirements set out in the standard in addition to implementation guidance, including discussion material and a case study that can be used as a basis for training.

The Professional Accountants in Business (PAIB) Committee of IFAC published a white paper titled, Competent and Versatile: How Professional Accountants in Business Drive Sustainable Organizational Success, which supports the global accountancy profession in responding to changing expectations of society, financial markets and organizations, and promotes the value of professional accountants in business to their organizations. This publication identifies eight drivers of sustainable organizational success—what organizations need to do to achieve and sustain success in light of opportunities and challenges in the business environment. These drivers are the focus of organizations striving to achieve lasting success, and, therefore, provide a basis for determining the expected key areas of competency for professional accountants in business. This employer-driven approach is aimed at helping the global accountancy profession facilitate sustainable organizational success through the education, training and development of professional accountants.

 

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