IFAC Application Process Explained Beirut April 23 2009
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IFAC Application Process Explained Beirut April 23 2009

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IFAC Application Process Explained Beirut April 23 2009 IFAC Application Process Explained Beirut April 23 2009 Presentation Transcript

  • IFAC Membership Requirements
      • An organization must:
        • Be acknowledged, either by legal decree or by general consensus, as being a national professional organization in good standing
        • Have met the obligations specified in the IFAC SMOs
        • Actively participate in the IFAC Member Body Compliance Program
        • Be committed to participating in IFAC and promoting the importance of IFAC
        • Be financially and operationally viable, and have an appropriate governance structure
        • Have an internal operating structure that provides for the support and regulation of its members
  • IFAC Membership Application Process
      • Application procedures
        • Identify Sponsoring IFAC Member
          • For assistance and guidance
        • Complete Application
        • Complete Part 1 and Part 2 Questionnaires
        • Sponsoring IFAC Member prepares Due Diligence Report
        • IFAC Staff reviews all materials
      • For the year of application - All materials must be submitted to IFAC by May 31 to be considered by IFAC Council in November
  • IFAC Membership Application Process
      • New institutes are recommended to:
        • Establish and maintain contact with IFAC Compliance staff
        • Use the application process to educate themselves on the requirements of membership
        • Develop an Action Plan to address needed improvements
        • Consider a 2 to 3 year timeframe for preparation and formal application
      • Join as Associates and work towards moving to full Membership (usually 4-6 years)
  • IFAC Membership Benefits
      • Part of an international community of the leading professional accountancy bodies around the world
      • Recognized for commitment to development of the profession and values of integrity, transparency and expertise
      • Ability to obtain resources and support to help strengthen the profession nationally
      • Enhanced opportunities to provide input on critical issues, including developing nation initiatives, SMP issues
      • Access to guidance and advice from technical staff
  • If Interested – Moving Forward
    • Use IFAC Member Body Compliance Program as a guide
      • Statements of Membership Obligations
      • Action Plans – published on IFAC website
    Short Term Actions
  • If Interested – Moving Forward
    • Input and assist with clarifying the legal and statutory framework
      • Be proactive
      • Stay involved
    Short Term Actions