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The International Federation of Accountants (IFAC), the global organization for professional accountants with members and associates in 129 countries, today released the Statements of Membership Obligations (SMOs) 1-7 (Revised). The SMOs—which are globally recognized as a framework for credible and high-quality professional accountancy organizations (PAOs)—form the basis of the IFAC Member Body Compliance Program and are also of relevance to regulators, educators, the donor community, and others with responsibilities for developing the accountancy profession and promoting the value of professional accountants worldwide.
“We revised the SMOs to clarify IFAC members’ obligations when they have varying degrees of responsibility for the adoption and implementation of international standards and to enhance the requirements for quality assurance and investigation and discipline,” said Manuel Sánchez y Madrid, retiring chair of the IFAC Compliance Advisory Panel (CAP), which led the revisions. “IFAC members will consider the revised requirements and develop appropriate strategic plans to continue strengthening the profession in their countries by equipping professional accountants to meet the challenges and grasp the opportunities of our rapidly transforming world.”
“Professional accountancy organizations are critical to the production of high-quality financial information, public and private sector development, and economic growth,” said IFAC Chief Executive Officer Ian Ball. “They have the ability to adapt to the ever-changing business and economic landscape and, thus, can lead the way in addressing critical issues, such as building capacity, regulatory changes, and enhancing the focus on public sector financial reporting and financial management. With the revised SMOs, PAOs now have a clear framework for the technical aspect of their agenda to better serve the public interest—thereby maintaining the best the profession has to offer.”
IFAC technical staff have also developed A Comparison Guide to the 2012 SMO Revisions, which provides further explanation of the revisions and serves as a tool for IFAC member organizations to identify and understand them.
Source: International Federation of Accountants
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