Global Financial Regulatory Framework Regulating Accounting, Auditing and Financial Reporting Masters in Accountancy (MACC508)

Regulating Accounting, Auditing and Financial Reporting Regulatory Function of IFAC: The Boards

IAASB Sets high quality international Standards for Auditing, Assurance and quality control that strengthen public confidence in the global profession; Produces International Standards of Auditing (ISAs) and International Standards of Assurance Engagement (ISAEs) Founded in March 1978 Previously known as International Auditing and Practices Committee (IAPC)

…………Continued Role… Supporting global financial stability; Enhancing the role, relevance and quality of assurance and related services in an evolving; Facilitating adoption and implementation of standards.

IAESB ‘Establishes standards, in the area of professional accounting education, that prescribes technical competence and professional skills, values, ethics, and attitudes’ Produces International Accounting Education Standards (IAES)

… Continued Key Roles Develop and issue standards and guidelines on the learning and development required to develop and maintain a professional accountants; Advance professional accountants education;

IESBA Sets high-quality standards, internationally appropriate ethics standards for professional accountants, including auditor independent requirements; Produces International Ethics Standards (IES)

…. continued Key Role Develop the ‘ Code of Ethics for Professional Accountants’ Provide adoption and implementation support of the code; Promote and foster international debate on ethics

IPSASB Develop standards, guidance and resources for use by public sector entities around the world for preparation of general purpose financial statements; Produces International Public Sectors Accounting Standards (IPSAS)

…. Continued Role: Establishing high-quality standards for use by public sector entities; Promoting acceptance, and convergence to, IPSASs; Provide guidance on issues and experiences in financial reporting in the public sector.

Other Function of IFAC Promoting knowledge on: Corporate/Business reporting; Corporate Governance; Sustainability; Practice Management; Islamic finance; Finance leadership and development

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