Effective Regulation of the Accountancy Profession Evans Mulera, IFAC PAO Development Advisor OCAM Workshop, September 14, 2018 Maputo, Mozambique Why Regulation? The sustainability of the accountancy profession depends on the quality of the services its members provide and on the professions capacity to respond effectively and efficiently to the demands of a jurisdictions economy and society. Regulation seeks to ensure high quality and, where appropriate, consistency in the quality of accountancy services. Page 2 | Proprietary and Copyrighted Information Whos Involved? Debate continues about whether there is an optimal model for the regulation of the profession, and the approach taken
can differ dramatically from one jurisdiction to the next. However, there are roles for: Government Regulatory bodies PAOs Page 3 | Proprietary and Copyrighted Information Effective Regulation Page 4 | Proprietary and Copyrighted Information Effective Regulation Page 5 | Proprietary and Copyrighted Information Scope of Accountancy Regulation
The IES cover the essential elements of qualification, certification or licensure Supports development of relevant accountancy competencies during the IPD and CPD phases Supports ethical and professional conduct (Individual) provide industry-specific
knowledge and skills in accountancy and promote compliance to a high standard of conduct and professionalism (Organization) enhance the organizations chances of adapting to changes in the business and technology environment. Learner-centric Facilitates Quality Assurance Promotes Innovation in Teaching Learning Outcomes Approach
Focuses Curriculum Encourages Responsibility Accommodates Various Learning Styles Page 7 | Proprietary and Copyrighted Information Foundational Blocks: Education & Ethics Integrity
Objectivity Professional Competence and Due Care Confidentiality Professional Behavior The IESBA sets single set of high-quality ethics standards can enhance the quality and consistency of services provided by professional accountants throughout the world, thereby contributing to public
trust and confidence in the accountancy profession. Page 8 | Proprietary and Copyrighted Information Keystones: I&D and QA A just and effective investigation and discipline (I&D) system that meets the SMO 6 best practices is necessary for all professional accountants. Misconduct, ethical violations, and breaches of other technical standards have no place in the accountancy profession Page 9 | Proprietary and Copyrighted Information Keystones: I&D and QA QA review systems that align with SMO 1 requirement are needed to monitor the
performance of professional accountants who, at a minimum, perform audit, review, other assurance, and related services engagements. The ultimate aim is to provide feedback and continuous learning with an aim of high quality audit practices. For this reason, any areas requiring improvement are identified and in the circumstances where a sanction may be required, results are reported to a PAOs operational I&D mechanism. Preparing Practitioners: Review and improve engagement and firm quality control standards Participate in voluntary QA reviews to support early learning
Hold internal workshop and training for your staff Page 10 | Proprietary and Copyrighted Information Practical Guidance Page 11 | Proprietary and Copyrighted Information IFAC SMO Action Plans Self-assessment SMO 1 Quality Assurance Regulatory and standard-setting framework SMO 2 International Education Standards
SMO 3 International Standards on Auditing SMO 4 Code of Ethics SMO Action Plan Strategic document to demonstrate progress, moving toward fulfilling the requirements of SMOs SMO 5 International Public Sector Accounting Standards SMO 6 Investigation and Discipline SMO 7 International Financial Reporting Standards Page 12 | Proprietary and Copyrighted Information Continuous SelfAssessment Measure success, communicate results, and
identify opportunities for improvement Consider Review Realize the plan in balance with day-to-day activities and with ongoing communication, coordination and oversight Identify your current status in relation to the area that needs attention Plan Execute
Define a plan to address any gaps, including activities, human and financial resources, and timeline Page 13 | Proprietary and Copyrighted Information
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