International standards for auditing and ethics play a critical role in the global financial infrastructure, assisting in promoting economic stability and international consistency, and in doing so, enhancing international financial and capital flows essential to a thriving global economy. This is especially important for emerging economies.

Consistent with IFAC’s Strategy implementation approach, the Quality & Development (Q&D) staff, with the advice and oversight of the Compliance Advisory Panel (CAP), prepare annual work programs to implement the IFAC Member Compliance Program Strategy: 2016–2018.

Globally there are 60 countries that do not have professional accountancy organizations (PAOs), and, there are an additional 93 PAOs that do not have sufficient capacity to function effectively at all levels. IFAC (The International Federation of Accountants) continues its work in providing effective guidance to PAOs for enhanced governance. Strong governance enriches PAOs’ mission and vision, resulting in improved quality of financial management systems in emerging economies.

IFAC has released a new publication, ‘Focusing on Performance’, to build awareness within the PAO community to provide guidance and encourage best governance practices and principles within their current governance arrangements. The publication also features a self-assessment tool for PAOs to utilize when reviewing their governance framework. 

IFAC continues to identify and share PAO’s governance experiences and success stories via the Global Knowledge Gateway. Visit the site now for resources and thought leadership.

Dame Onome Adewuyi is the Executive Director, Finance and Administration, at Cynergy Platforms Limited, which she co-founded. Previously, she worked at Fidelity Bank Plc from 1997 to 2015 where she rose to the position of Executive Director, Risk Management, from 2009 to 2015.

Dame Adewuyi’s career spans more than 35 years and includes many sectors, including manufacturing, oil and gas, and banking. She was the 56^th president of the Institute of Chartered Accountants of Nigeria (ICAN) from 2020 to 2021 and on ICAN’s Governing Council for 15 years, chairing and serving on many different ICAN committees, as well as being an ICAN Honorary Treasurer for three terms.

Dame Adewuyi’s service to the accountancy profession at the international and regional level include being appointed to the Public Interest Oversight Board’s Standard-Setting Boards’ Nominations Committee; serving as president, Council member and honorary treasurer of the Association of Accountancy Bodies of West Africa; chairing of the Society of Women Accountants of Nigeria; and being a Pan African Federation of Accountants board member.

Dame Adewuyi has served on the boards of several public and private companies as well as government agencies, including the Financial Reporting Council of Nigeria and Law Union and Rock Insurance Plc. She is currently the chair of the board of Dominion Finance Company Limited and a non-executive director at Dominion Trust Limited. She was also recently appointed as chair of the NDDC Cooperative Society MicroFinance Bank.

Dame Adewuyi holds a B.Sc. second class Honours, Upper Division Degree in Accounting from the University of Benin, Nigeria, and an M.Sc. Degree in Banking and Finance from the University of Lagos, Nigeria. She qualified as a Chartered Accountant (ACA) in 1986, conferred (FCA) of ICAN in 1997. She also qualified as a Chartered Banker (ACIB) in 1993 and was conferred a Fellow of the Chartered Institute of Bankers in 2007. She is also a Fellow of the Risk Managers Association of Nigeria, where she was the vice president in 2007, and has attended several programs at international business schools internationally and in Nigeria.

Agreed-Upon Procedures (AUP) engagements provide a great opportunity for small- and medium–sized practices (SMPs) to grow, and deliver a valuable client service. IFAC (The International Federation of Accountants) has released a new publication, Agreed-Upon Procedures (AUP) Engagements: A Growth and Value Opportunity. The publication describes AUP engagements, when they are appropriate, and, identifies key client benefits. It also covers examples of financial and non-financial information AUP engagements and provides six short case studies with example procedures that might be applied.

The IFAC Small and Medium Practices (SMP) Committee submitted this comment letter to the International Ethics Standards Board for Accountants in response to its Exposure Draft, Proposed Revisions to the Code Pertaining to the Offering and Acceptance of Inducements.