IFAC Application Process Explained Beirut April 23 2009

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IFAC Application Process Explained Beirut April 23 2009

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

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