The International Federation of Accountants (IFAC) launched a public consultation focused on proposed revisions to its Statement of Membership Obligations (SMOs), to uphold high-quality international standards and best practices.
SMOs provide a framework to support “a strong and sustainable” global accountancy profession, a news release said. To reflect recent developments to international standards, the proposed revisions are intended to:
Enhance quality assurance reviews. IFAC plans to update quality assurance review procedures to align with the International Auditing and Assurance Standards Board’s (IAASB’s) quality management standards.
Emphasise flexible entry requirements for accounting education programmes. Reinforce the evaluation of flexibility entry pathways into professional accounting education as outlined in the international education standards.
Evaluate adoption of the IAASB’s ISA for LCE. Clarify expectations for adopting and implementing the International Standard on Auditing for Less Complex Entities (ISA for LCE).
Adopt IFRS sustainability disclosure standards. IFAC looks to formalise the expectation to adopt or work…
