Good morning, ladies and gentlemen. It is a pleasure to be here with you for this Forum for Strengthening the Accountancy Profession.

The city of Tunis is an excellent location for this gathering of international minds to discuss the challenges and opportunities facing the accountancy profession and where we see the profession going in the future. Just across Lake Tunis sits the ancient city of Carthage, one of the first international trade and business hubs in the world. Ever since that time, with succeeding Berber, Arab, Ottoman, and French cultures all leaving their mark, Tunisia has grown and thrived as a center of culture, international commerce and as a gateway between Africa, Europe and the Middle East.

Before I begin, I would like to briefly thank the Ordre des Experts Comptables de Tunisie and your President, Salah Dhibi, for hosting this event. I would also like to acknowledge and thank the two Tunisians who currently serve on IFAC boards and committees: Jelil Bouraoui, who serves as a member of the IFAC Board and as Deputy Chair of our Developing Nations Committee, and Hechmi Abdelwahed, who serves as a member of our Small and Medium Practices Committee.

It is through the service of volunteers like these gentlemen, and with the support and collaboration of IFAC's 157 member bodies and associates in 123 countries worldwide, and those of you gathered here today, that IFAC is able to fulfill its mission.

The core elements of IFAC's mission have remained constant throughout our 31-year history: serving the public interest, developing strong global economies, promoting international convergence, and serving as the voice for the global accountancy profession.

I believe that this mission will continue to guide our work in the future as we continue to build a strong and dynamic profession; one that is well-equipped to address the changing demands of the marketplace, to face ethical and technical challenges, to embrace new technologies and new types of reporting, and one that has the strength and the determination to continue to deliver quality.

Earlier this week in New York City, the International Federation of Accountants (IFAC) held a meeting with representatives of the emerging economies of Brazil, Russia, India and China (BRIC) to discuss their processes, achievements and challenges in adopting IFAC's international standards. More than 20 leaders of the accountancy profession, regulators and senior government officials from the BRIC countries attended this milestone event designed to help foster greater collaboration in achieving convergence to the global auditing, ethics and public sector accounting standards established by IFAC's independent standard-setting boards.

Government officials and leaders of the profession in all four countries indicated their commitment to adhering to IFAC standards and recognized that these standards play a vital role in ensuring that professional accountants and governments alike deliver high quality financial information. Each country presented an overview of their convergence plans and identified some of the challenges that they currently face, including capacity development, lengthy legislative processes, complex regulatory environments, and the need for translations of standards.

"We were heartened to learn that all of the participants were convinced that convergence is important for their countries and economies. This is indeed significant as these countries represent half of the world's population and are central to our global economy," states Fermín del Valle, IFAC President.

"We also realize that the road ahead for these countries, and many others in the emerging economies, is not an easy one. Their greatest challenge is moving from convergence to implementation, including remaining up to date on new and revised standards. IFAC is committed to helping these countries and others to meet this challenge," emphasizes Mr. del Valle.

The positive feedback from this meeting has prompted the group to consider setting up communications channels to continue the dialogue on technical and other convergence-related issues. IFAC will continue to support these initiatives and is encouraging other countries that share common interests or work in a shared region to work together on convergence and the implementation of international standards.

IFAC 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. Through its independent standard-setting boards, IFAC sets international ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

Thank you for inviting me to join this very distinguished panel.

Given that this is an audience not primarily made up of accountants, I thought it might be helpful if I spent just a few minutes explaining who the International Federation of Accountants is, and what we do. This will provide some context for the remarks that follow. 

First, IFAC is an organization of professional accountancy institutes. We have 14 members and associates in the Middle East, including two here in Jordan - the Jordanian Association of Certified Public Accountants and the Arab Society of Certified Accountants.  In total we have 157 members and associates spread across 123 countries, representing approximately 2 ½ million accountants. 

As to what IFAC does, a primary function of the organization is to set professional standards.  Most importantly we set, through our International Auditing and Assurance Standards Board, International Standards on Auditing (ISAs). We also establish a Code of Ethics for Professional Accountants, which is the basis for codes of ethics of our members. The other two areas in which we set standards are education (the International Education Standards) and public sector accounting, where we set International Public Sector Accounting Standards (IPSASs). The IPSASs are the equivalent of the International Accounting Standards Board's International Financial Reporting Standards, though the IPSASs apply to governmental organizations not companies. 

In addition, IFAC has activities that support its standard setting role.  In particular, we have a Small and Medium Practices Committee that provides input to the standard-setting bodies (and also to the International Accounting Standards Board) from the perspective of small- and medium-sized enterprises (SMEs) and small- and medium-sized accounting practices (SMP).  We believe it is critical that this perspective be reflected in our standard-setting processes. Also, we have a Developing Nations Committee which, similarly, seeks to ensure that our standard setting reflects the views and needs of developing and emerging economies.

I should note that in the post-Enron environment, IFAC made significant reforms to its standard-setting processes. These reforms could be characterized as moving from a self-regulatory model to a shared regulatory structure. A number of changes were made to our processes to ensure greater transparency but, most importantly, we established, along with the international regulatory community, an oversight structure that could ensure that our standard setting reflected the public interest. These reforms have now been in place for over three years and have done much to generate confidence in the standards set by the International Federation of Accountants. 

The International Federation of Accountants (IFAC) released its 2007 annual report today, highlighting IFAC's progress in achieving international convergence, its expanding role in supporting the profession in developing nations, and its initiatives to enhance the quality of work provided by professional accountants in the public and private sectors. In addition, the report describes IFAC's consultation with and outreach to regulators, standard setters, international development agencies, and other international groups in the development and implementation of its various public interest activities.

"The accomplishments of the past year are the result of a shared vision of IFAC, its members and associates, regional accountancy organizations, and others to strengthen the profession so it can effectively serve the public interest and contribute to economic growth and development worldwide," states IFAC President Fermín del Valle. "The report clearly demonstrates our commitment to transparency and building public trust."

A key feature of the report is the "Service Delivery" section, which describes IFAC services delivered against those planned in five key areas:

• Standards and guidance;
• Promoting quality;
• International collaboration;
• Representation of the accountancy profession in the public interest; and
• Information services.

"For the first time, the Service Delivery section of our annual report was reviewed by IFAC's independent auditor, and it received an unqualified assurance engagement opinion. This assurance statement reflects both our focus on services and our accountability to stakeholders,"states IFAC Chief Executive Officer Ian Ball. "It makes clear that we have delivered what we promised."

In addition to messages from IFAC's President and CEO, the report includes a message from Professor Stavros Thomadakis, Chair of the Public Interest Oversight Board, which oversees IFAC's Public Interest Activity Committees*.

The IFAC 2007 annual report can be downloaded from its website at http://www.ifac.org/About/2007AnnualReport.php. Print copies will be available in early-May and may be obtained by sending an email with your mailing address to pr@ifac.org.

About IFAC
IFAC 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. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

* The Public Interest Activity Committees are the International Auditing and Assurance Standards Board, the International Accounting Education Standards Board, the International Ethics Standards Board for Accountants, and the Compliance Advisory Panel, which oversees the IFAC Member Body Compliance Program.

The International Federation of Accountants (IFAC) has released its 2008 Handbook of International Auditing, Assurance, and Ethics Pronouncements. The handbook can be downloaded in PDF format from the IFAC online bookstore (http://www.ifac.org/store), and print copies can be ordered now for shipment in mid-March. In addition, the 2008 Handbook of International Public Sector Accounting Pronouncements is currently being finalized and will be available for download from the IFAC bookstore later in March.

Auditing and Assurance Handbook
The 2008 auditing and assurance handbook is presented in two parts. The first part contains pronouncements on auditing, review, other assurance, and related services issued by the International Auditing and Assurance Standards Board (IAASB) as of January 1, 2008. It also includes the IFAC Code of Ethics for Professional Accountants, issued by the International Ethics Standards Board for Accountants, along with new definitions for "firm," "network," and "network firm." The second part of the handbook features nine International Standards on Auditing redrafted by the IAASB to improve their clarity, as well as background information on the IAASB's Clarity project.

Print copies of the handbook can be ordered for US$150.00 plus shipping. Discounts are available for students, academics, and individuals living in developing countries, as well as for orders of 10 or more copies.

Public Sector Accounting Handbook
The 2008 Handbook of International Public Sector Accounting Pronouncements will contain all pronouncements of the International Public Sector Accounting Standards Board (IPSASB) as of December 31, 2007. It will also feature two new standards - International Public Sector Accounting Standard (IPSAS) 25, Employee Benefits, and IPSAS 26, Impairment of Cash-Generating Assets - as well as an updated Cash-Basis IPSAS, Financial Reporting under the Cash Basis of Accounting. Print copies of the public sector handbook can be ordered for no charge, except for a US$25.00 shipping cost, for shipment in late-March.

How to Order
The 2008 Handbook of International Auditing, Assurance, and Ethics Pronouncements can be downloaded or ordered from the IFAC online bookstore. Orders can also be placed by calling IFAC.

About IFAC
IFAC 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, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

An active and well-established professional accountancy organization plays an essential role in promoting high quality practice in its country or jurisdiction. An important means to build strong accountancy organizations in developing countries is through collaboration and mentoring relationships with more established professional bodies. As part of its strategy to develop the accountancy profession worldwide, the International Federation of Accountants' (IFAC) Developing Nations Committee has released new guidance, entitled Mentoring Guidelines for Professional Accountancy Organizations, to support the development of collaborative and mentoring relationships between professional accountancy organizations.

The guidelines focus on supporting mentoring relationships designed to help accountancy organizations achieve compliance with IFAC's Statements of Membership Obligations (SMOs). The SMOs provide benchmarks to current and potential IFAC members to assist them in ensuring high quality performance by professional accountants. They require IFAC members to promote convergence to international standards and to have in place quality assurance and disciplinary programs.

"Experience has shown that mentoring relationships between professional accountancy organizations is one of the most effective means to strengthen the profession, particularly in developing economies," states Ignatius Sehoole, Chairman of the Developing Nations Committee. "These guidelines capture the experience and good practice of many IFAC members who have participated in this type of work in the past, and the committee hopes they will encourage other IFAC members to contribute to the development of the profession."

The new Mentoring Guidelines are also intended to help professional bodies in developing countries build sustainable capacity and to facilitate the sharing of accumulated knowledge between established professional bodies and organizations at an earlier stage of development. Various stages of mentoring are outlined in the document, including considerations before setting up a relationship, involving other entities such as government and aid agencies, and managing possible risks. The guidelines also include a sample Memorandum of Understanding. 

IFAC 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, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethic, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

These guidelines are designed to support the development of collaborative and mentoring relationships between professional accountancy organizations.

To increase the accessibility of its guidance worldwide, the International Federation of Accountants (IFAC) has developed a database that enables professional accountants to locate third-party translations of its pronouncements in more than 30 languages. The database features information on the languages available, publication titles, names of translating organizations and, where available, lists of translated key terms. To facilitate translation and reproduction of its pronouncements, IFAC has released the following two updated policy statements: Policy for Reproducing, or Translating and Reproducing, Publications Issued by the International Federation of Accountants; and Permission to State that the International Federation of Accountants has Considered a Translating Body's Process for Translating Standards and Guidance. These initiatives are the first of a number of ways in which IFAC is working to make its standards and guidance, especially those of its independent standard-setting boards, available to the widest international audience. This is central to IFAC’s mission of serving the public interest, promoting adherence to high quality professional standards, and furthering international convergence. The translations database and the policy statements can be accessed on the IFAC website at http://www.ifac.org/translations. Founded in 1977, IFAC 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 158 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.To increase the accessibility of its guidance worldwide, the International Federation of Accountants (IFAC) has developed a databasethat enables professional accountants to locate third-party translations of its pronouncements in more than 30 languages. The database features information on the languages available, publication titles, names of translating organizations and, where available, lists of translated key terms. To facilitate translation and reproduction of its pronouncements, IFAC has released the following two updated policy statements:

• Policy for Reproducing, or Translating and Reproducing, Publications Issued by the International Federation of Accountants; and
• Permission to State that the International Federation of Accountants has Considered a Translating Body's Process for Translating Standards and Guidance.

These initiatives are the first of a number of ways in which IFAC is working to make its standards and guidance, especially those of its independent standard-setting boards, available to the widest international audience. This is central to IFAC’s mission of serving the public interest, promoting adherence to high quality professional standards, and furthering international convergence. The translations database and the policy statements can be accessed on the IFAC website at http://www.ifac.org/translations. Founded in 1977, IFAC 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 158 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets international standards on ethics, auditing and assurance, education and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.

The International Federation of Accountants (IFAC) has released a policy position on professional regulation of the accountancy profession in which it states that professional accountancy bodies, acting in the public interest, must play an active role in the regulation of the profession. The paper also emphasizes that effective regulation is "proportionate, transparent, implemented consistently and fairly, and subject to regular review."

Good afternoon and welcome. Thank you all for joining us today during World Accountancy Week on what is truly an occasion to celebrate: the 30th anniversary of the International Federation of Accountants. The theme for this Forum is Government, the Accountancy Profession and the Public Trust. Trust is defined as the firm hope that someone has in something or someone. Trust begins in the individual. The person needs to have confidence and be true to one’s self. Then the individual can trust his or her friends and colleagues. After that, we can create trust between the individuals and the organization and among institutions; between citizens and governments, between regulators and companies and also between governments and the accountancy profession.