6 December 2011
The Board of the International Federation of Accountants (IFAC) recently approved proposed revisions to the Statements of Membership Obligations (SMOs) to be released for public comment. The SMOs form the basis of the IFAC Member Body Compliance Program. They serve as a framework for credible and high-quality professional accountancy organisations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behaviour of their individual members.
The SMOs are issued under the IFAC Board's authority, and the Compliance Advisory Panel (CAP), together with IFAC Compliance staff, is responsible for reviewing their continuing relevance and sufficiency. The SMOs and the Compliance Program are designed to assist IFAC in its mission of strengthening the global accountancy profession.
The revised SMOs better articulate the obligations of IFAC membership, and the Compliance Program encourages IFAC members and associates in their ongoing efforts to achieve a higher quality of service.
The IFAC Board and the CAP invite all stakeholders to comment on the proposed revisions. For details on how to comment, visit the IFAC website at: http://www.ifac.org/news-events/2011-12/ifac-proposes-revised-statements-membership-obligations . Comments on the Exposure Draft are requested by 4 March 2012.