Corporate Social Responsibility | Business Wire | PR NewsWire | Marketwire | Realwire | ACN/JCN newswire | 247pressrelease | PRWeb

IFAC Releases New Tool That Gauges ISA Adoption

NEW YORK - 
      Adoption of international standards on auditing (ISAs) is well underway, 
      according to the
Posted : Wed, 04 Nov 2009 15:26:06 GMT
Author : IFAC
Category : Press Release
News Alerts by Email ( click here )
Press Release News | Home
NEW YORK - (Business Wire) Adoption of international standards on auditing (ISAs) is well underway, according to the newly released online chart from the International Federation of Accountants (IFAC). Compiled from information gathered by the IFAC Member Body Compliance Program, the chart indicates that ISAs as issued by the International Auditing and Assurance Standards Board (IAASB) have been adopted or otherwise used as the basis of national standards in 126 jurisdictions around the world.

“This tool gives an overview of ISA adoption by jurisdiction, as well as other valuable information about how the adoption process can vary,” comments Russell Guthrie, IFAC Director, Quality and Member Relations. “It also demonstrates the commitment of IFAC and its member bodies to transparency by providing a comprehensive summary of ISA adoption to our stakeholders and welcoming feedback that will allow further refinement of the information, especially as jurisdictions adopt the recently issued Clarified ISAs, which are a result of a comprehensive program to enhance the clarity of auditing standards,” he concludes.

Adoption of international standards is the first step of a continuous process, following which successful implementation is vital to ensure professionals understand and apply the standards appropriately. IFAC member organizations are required to use their best endeavors to lead or actively support that process within their countries. They communicate this commitment through their Compliance Action Plans that describe the current status of adoption and their planned activities to progress implementation.

In line with the ongoing nature of the adoption process, the chart and notes, gathered from the Compliance Program and a variety of other sources, will be periodically updated as new information is received.

About IFAC

IFAC (www.ifac.org) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

About IFAC Member Body Compliance Program

The IFAC Member Body Compliance Program (www.ifac.org/ComplianceProgram) was launched in 2004 as an integral part of the 2003 IFAC reforms. The primary emphasis of the Program is to encourage continuous improvement by professional accountancy organizations through an ongoing assessment of their commitment to use best endeavors to adopt and support implementation of international financial reporting, auditing, ethical, education, and public sector accounting standards, as well as to operate or otherwise support robust quality assurance and investigation and disciplinary mechanisms. The Program, in particular through the Action Plan process, serves as an engine to drive behavior to achieve the successful adoption and implementation of international standards and best practices, either through the direct actions of IFAC members and associates or through their encouragement and advocacy to other stakeholders with the authority to initiate change in their jurisdictions. To date, 62 Action Plans have been published on the IFAC website and more than 50 drafts have been submitted for review and finalization.

IFAC
Sylvia Barrett, 212-286-9563
sylviabarrett@ifac.org
or
Richard Sasanow, 212-471-8737
richardsasanow@ifac.org


Copyright © 2008 Business Wire. All rights reserved.
Share/Save/Bookmark

Article : IFAC Releases New Tool That Gauges ISA Adoption
Print this article
Share this article

Stay Updated

News gadget on your Google homepage
Subscribe to a news feed in Google Reader



Related News

Fitch to Confirm New York City TFA's S-T Rating at 'F1+'
NEW YORK - On the effective date of Nov. 30, 2009, Fitch Ratings will confirm the short-term component of the ratings currently assigned to New York City Transitional Finance Authority's (TFA) $37,500,000 future tax secured bonds, fiscal 2003 series C, subseries C-5 (future tax bonds), and

TECSYS Announces Q2, 2010 Results
MONTREAL, QUEBEC -- 11/25/09 -- TECSYS Inc. (TSX: TCS), an industry-leading supply chain management software company, announced today its results for the second quarter of fiscal year 2010, ended October 31st, 2009. All dollar amounts are expressed..

HEI, Inc. Announces Results for the Third Quarter Fiscal 2009
MINNEAPOLIS, Nov. 25 -- HEI, Inc. (Pink Sheets: HEII) (http://www.heii.com) today announced its financial results for its third quarter of fiscal year 2009, which ended October 3, 2009. Net sales for the third quarter ...

Emergency Medical Services Announces Closing of Public Stock Offering by Existing Holders
GREENWOOD VILLAGE, Colo. - Emergency Medical Services Corporation (NYSE: EMS) (“EMSC” or the “Company”) today announced that it has closed its public secondary offering by certain of its equity holders of 8,000,000 shares of EMSC’s class A common stock at

Cascade Corporation Announces Third Quarter Fiscal 2010 Earnings Call
PORTLAND, Ore. - Cascade Corporation, (NYSE:CASC), a leading international manufacturer of lift truck attachments, forks and accessories, will host a conference call to report third quarter fiscal 2010 results on Wednesday, December 2, 2009 at 2:00 pm PST.

U.S. Treasury Grants Broadway Financial Corporation Exemption from Warrant Obligations
LOS ANGELES - Broadway Financial Corporation (the “Company”) (NASDAQ Small-Cap: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today announced that the United States Department of the Treasury (the “UST”) has returned to the Company t

Bronstein, Gewirtz & Grossman, LLC Announces Class Action Lawsuit Against Zale Corporation
NEW YORK, NY -- 11/25/09 -- Bronstein, Gewirtz & Grossman, LLC announces that a class action has been filed in the United States District Court for the Northern District of Texas on behalf of those who purchased or otherwise acquired stock of Z..

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 
Follow The Earth Times
Subscribe to RSS Follow Earth Times on TwitterNews by email
Share/Save/Bookmark
 
 



 
Subscribe to free Earthtimes
News Alerts by Email Click here
For RSS Feeds Click here
or Create your own RSS

Add to Google Toolbar
Breaking News
Press Releases

 


The Earth Times
News Category

© 2009 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy
Earth Times accept no responsibility or liability either directly or indirectly for views or opinions expressed in articles or comments.