IFAC DNC Committee
IFAC SMP Permanent Task Force
Meeting
Summary
Zagreb, Croatia – July 13-14, 2009
Contact: Sylvia
Barrett
(sylviabarrett@ifac.org)
Chennai,
India,
January 10-11, 2007
Chennai,
India,ofJanuary
10-11,
2007
This meeting
summary
the IFAC
Developing
Nations Committee
(DNC) has been prepared for information purposes only. Decisions
Chennai,
India,
10-11,
reported are
tentative
and January
reflect only
the 2007
current status of discussions
on projects which might change after further deliberation by the
Chennai, India, January 10-11, 2007
DNC.
Focus onChennai,
EuropeIndia, January 10-11, 2007
The DNC’s second meeting of the year focused on the progress made
Chennai,accountancy
India, January
10-11, 2007
by the developing
profession
in Europe, and specifically
in Croatia. As a recognized IFAC regional organization, the
India,Accountants
January 10-11,
2007observed the meeting to
FederationChennai,
of European
(FEE)
provide insights with respect to FEE’s priorities regarding auditors
January
10-11,
2007
including Chennai,
continuedIndia,
support
for the
implementation
of International
Standards on Auditing (ISAs), input into standard-setting and
Chennai,
India, January
10-11,
2007 activities.
participation
in European
Union (EU)
regulatory
The World
Bank’s India,
CentreJanuary
for Financial
Reporting Reform (CFRR)
Chennai,
10-11, 2007
also participated in the meeting. The CFRR has specific
responsibilities
for India,
supporting
development
of the Corporate
Chennai,
Januarythe
10-11,
2007
Financial Reporting Activities of the South Eastern and South Central
Europe region
and currently
has programs
in Croatia and other future
Chennai,
India, January
10-11, 2007
EU ascension countries.
Chennai, India,
January– 10-11,
2007
Formal Outreach
Activities
Croatia
The DNC Chennai,
has undertaken
additional
outreach
India, January
10-11,
2007 activities which aim to
establish relationships with aspiring and current IFAC members
operating Chennai,
in developing
and emerging
countries, assist them in
India, January
10-11, 2007
building capacity by providing advice, tools and resources as well as
advocacy,Chennai,
and explain
India,IFAC’s
Januarymembership
10-11, 2007 process and the IFAC
Statements of Membership Obligations (SMOs) to aspiring members.
Chennai,received
India, January
10-11, 2007
The Committee
a presentation
by IFAC member, the
Croatian Association of Accountants and Financial Experts
January
(CAAFE),Chennai,
about itsIndia,
activities
with10-11,
respect2007
to accountants in business.
Regarding the Croatian audit profession, the DNC carried out a
Chennai,
India, January
2007Audit Chamber (HRK).
formal outreach
activity
with the10-11,
Croatian
The outreach was planned as part of HRK’s interest in becoming an
Chennai,
January
2007 for HRK to exchange
IFAC member
and India,
to provide
an 10-11,
opportunity
information and approaches to addressing key development areas.
Chennai,
India,
Januaryeducation
10-11, 2007
These include
further
expanding
and certification processes
as part of implementation of ISAs and ethical standards, continuing to
Chennai, India, January 10-11, 2007
Chennai, India, January 10-11, 2007
Chennai, India, January 10-11, 2007
prioritize quality control standards for auditors and developing an
external quality assurance review program, and continuing to build
HRK’s capacity especially with respect to its operations and human
resources.
Input to Other Activities
Review of the Small- and Medium-Practices Review Task Force
Due to the fact that Small- and Medium-Practices (SMPs) comprise a
significant majority of practitioners in developing countries, the DNC
held a discussion about possible IFAC activities that would be of
most relevance to continue to best serve those IFAC members which
represent SMPs as well as SMPs directly. The discussion was
conducted to support the work being carried out by the IFAC Review
of the SMPs Review Task Force (Task Force). The Committee agreed
on the following areas of relevance; the value of practical support to
implementation, further developing the “SMP voice”, and
representation on standard-setting boards. The Committee highlighted
that the most important need for SMPs in developing countries is to
obtain additional practical support.
Next Meeting
The next meeting of the DNC will be on September 24-25, 2009. The
DNC plans to meet in Johannesburg, South Africa in conjunction
with the Congress of the Eastern Central and Southern African
Federation of Accountants (ECSAFA).
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