Association of Chartered Certified Accountants (ACCA) - IFAC

ACCA (the Association of Chartered Certified Accountants) is a global body for professional accountants with 219,000 members and 517,000 students in 179 ... AssociationofCharteredCertifiedAccountants(ACCA) Member|Established:1904|Membersince1977 ACCA(theAssociationofCharteredCertifiedAccountants)isaglobalbodyforprofessionalaccountantswith219,000membersand517,000studentsin179countries.ItwasgrantedaRoyalCharterin1974whichcommitsittoactinginandupholdingthepublicinterest.ACCAworksthroughanetworkof110officesandcentresand7,571ApprovedEmployersworldwide,and328approvedlearningproviderswhoprovidehighstandardsoflearninganddevelopment.ACCAholdsrecognitionforstatutoryauditpurposesincertainjurisdictionsincludingtheUK,Ireland,andZimbabweandfortaxpurposesinAustraliaandSouthAfrica.InadditiontoIFACmembership,ACCAisrepresentedonkeyregionalforumsincludingtheASEANFederationofAccountants(AFA),theConfederationofAsianandPacificAccountants(CAPA),AccountancyEurope,theInstituteofCharteredAccountantsoftheCaribbean(ICAC),thePanAfricanFederationofAccountants(PAFA),andisamemberofCCABintheUKandIreland.Itundertakeswide-rangingcapacitybuildingworkgloballyandhasanextensivenetworkofpartnershipswithotherprofessionalaccountancyorganizations. ViewJurisdictionprofile StatementsofMembershipObligation(SMO) TheStatementsof MembershipObligationsformthebasisoftheIFACMemberComplianceProgram.Theyserveasa frameworkforcredibleandhigh-qualityprofessionalaccountancyorganizationsfocusedonservingthe publicinterestbyadopting,orotherwiseincorporating,andsupportingimplementationofinternational standardsandmaintainingadequateenforcementmechanismstoensuretheprofessionalbehavioroftheir individualmembers. Methodology Last updated:09/2019 [email protected] SMOActionPlan StatusofFulfillmentbySMO SMO1:QualityAssurance TheFinancialReportingCouncil(FRC)andthefourRecognizedSupervisoryBodies(RSBs)intheUK(ACCA,CAI,ICAEW,andICAS)shareresponsibilityforthequalityassurance(QA)reviewsystemgoverningauditsandassuranceengagementsinaccordancewiththeCompaniesActof2006andtheStatutoryAuditorsandThird-PartyAuditorsRegulations2016(SI2016/649).AllhaveindicatedthattheyhaveafullyoperationalQAreviewsysteminplacethatisalignedwithSMO1requirements.ACCAhasestablishedlong-standingpoliciesandprocedures,initsGlobalPracticingRegulations,thatguidetheQAreviewprocess,whichitreviewsperiodicallytoensurecompliancewithSMO1.ACCAhasalsodevelopedworkshops(example)andothertraininginitiatives,suchasanISQC1guidetoeducateandsupportitsmembersonqualitycontrolstandards.ACCAreportsthatitsQAmechanismisperiodicallyreviewedtoensurecontinuedcompliancewithSMO1.Examplesofongoingreviewincludetheeffectivenessofitsqualityassuranceinspectionprocedures,particularlyindrivingimprovementsinauditquality.FollowingaroundtablehostedbytheFRC—inJuly2017andNovember2018—theRSBshaveagreedonKPIsrelatedtoauditqualitythatarelinkedtotheoutcomeofqualityassurancereviews.ACCAreportsthatitwillmonitortheKPIsandidentifytherootcausesofnon-compliancewithauditingstandardsinordertodevelopfurtherenhancementsintheQAprocess.Finally,theACCAprovidesconsultancyservicestoforeignregulatorswishingtoestablishqualityassuranceschemescompliantwithSMO1.IthasalsobeenappointedbyforeignregulatorstoprovideQAreviewservicesontheirbehalf.Current Status:Sustain SMO2:InternationalEducationStandards ThesixRecognizedQualifyingBodies(RQBs)delivertheinitialandcontinuingprofessionaleducation(IPDandCPD)requirementsforstatutoryauditorsintheUK.TheFRChasanagreementwiththesixcharteredbodies(ACCA,theAssociation—CIMA,CIPFA,ICAEW,CAI,andICAS)andtheAIAtooverseeIPDandCPDforaccountants.FiveRQBs(ACCA,CAI,ICAEW,ICAS,andCIPFA)aswellasAAT,theAssociation—CIMAandIFAaremembersofIFAC,andallconfirmthattheirprofessionalaccountancyqualificationsalignwiththerequirementsoftherevised2015IES.ACCAmaintainsthecomplianceofitsIPDandCPDrequirementswithIESrequirementsthroughtheworkofitsRegulatoryBoardanditsQualificationsBoard.AlleducationrequirementsarepublishedinACCA’se-magazinesteachaccountingandStudentAccountant,formembersandstudentsrespectively.AnexternalexaminerverifiesandreportstotheQualificationsBoardonthecomplianceofitsexaminations.Examsyllabusesareannuallyupdatedtoensurecompliancewiththelatesttax,law,auditandfinancialreportingrequirements.TheACCAhasbeenanactiveparticipantintheinternationalstandardsettingprocessincluding:reviewingpronouncementsissuedbytheIAESB,respondingtoExposureDrafts,puttingforwardrepresentativestoserveontheIAESB,assistingtaskforcesandworkingpartiesonIAESBinitiatives,andpublishingIAESBnewsforitsmembersinitse-magazine.TheassociationhasalsosupportedtheworkoftheIAESBthroughcommissioninginternationalresearchprojects.Inaddition,ACCAhasregularlyconsultswithregulators,members,employers,learningproviders,andstudentsonsyllabus,trainingrequirements,andqualificationchanges.Finally,theACCAoperatesJointExaminationsSchemeswithotherIFACmembersand/orpotentialmemberstoallowthemtoadopttheACCA'ssyllabusandexaminations,whichinturnassiststheminmeetingSMO2requirements.Current Status:Sustain SMO3:InternationalStandardsonAuditing TheFinancialReportingCouncil(FRC)istheauthorizedbodyforsettingauditingstandardsintheUKinaccordancewiththeCompaniesActof2006andStatutoryInstrumentonStatutoryAuditors(AmendmentofCompaniesAct2006andDelegationofFunctionsetc.)Order2012(SI2012/1741).AllfinancialstatementauditsmustbeconductedinaccordancewithInternationalStandardsonAuditing(UK)issuedbytheFRC.ISAs(UK)arebasedontheISAissuedbytheIAASB,withsomeadditionstoaccountforUKCompanylaw.TheACCAhasnodirectresponsibilityfortheadoptionandimplementationofISAintheUK.Nevertheless,theassociationhaslobbiedtheUKandEUtoadoptISAandrespondstobothIAASBandFRCExposureDrafts.ItalsopromotesadoptionanddevelopmentofIAASBstandardsthroughitsworkontheAuditandAssurancePolicyGroupoftheFederationofEuropeanAccountants.TheACCAfurthersupportstheadoptionandstandard-settingprocessesbygatheringviewsfrommembersthroughitswebsiteandGlobalForums,commissioningresearchprojectsaddressingissuesofimportancerelatedtotheworkoftheIAASBandputtingforwardrepresentativestoserveontheIAASB(asmembersandtechnicaladvisers)anditsworkingparties.TheassociationprovidesimplementationsupporttoitsmembersbypublishingdetailsofIAASBpronouncementsandrelatedarticlesinitsjournal,AccountingandBusiness,andincludingupdatesinrelevantsectionsofitswebsite.TheACCAincludesISAupdatesinitsinitialprofessionaldevelopmentandcontinuingprofessionaldevelopmentprogramsandexams,andoffersane-qualificationinInternationalAuditingbasedontheISApronouncements.Current Status:Sustain SMO4:CodeofEthicsforProfessionalAccountants Inaccordancewiththeirchartersandby-laws,professionalaccountancyorganizations(PAOs)intheUKareauthorizedtoestablishethicalrequirementsfortheirmembers.AllPAOsintheUKindicatethattheyhaveadoptedtherequirementsoftheIESBACodeofEthics(2018version).Furthermore,allPAOsindicatethattheyhaveanongoingprocesstoconsiderandincorporatenewandamendedrequirementsissuedbytheIESBAwheretheyarenotinconflictwithnationallawsandregulations.ACCAincorporates,onanongoingbasis,theIESBACodeofEthics—initsentirety—intotheACCACodeofEthicsandConduct.Itaddsguidancewherenecessary,forexample,onmoneylaunderingandwhistleblowing.TheACCAincorporatesethicsintoallofitsinitialprofessionaldevelopmentandcontinuingprofessionaldevelopmentrequirements,andmembersaregiveninformationonethicalrequirementsviaitsvariousmedia,includingpublications,technicalfeatures,factsheets,e-magazines,anditswebsite.AllACCAmembershavetosuccessfullycompletetheACCAProfessionalEthicsModuleinadditiontopassingalltheexamsandcompletingthepracticalexperiencerequirementbeforetheyareadmittedintomembership.TheACCAmakesinformationavailabletoitsmembersaboutproposed,new,andrevisedpronouncementsfromtheIESBA,andparticipatesintheinternationalstandard-settingprocessbyrespondingtoExposureDrafts.Current Status:Sustain SMO5:InternationalPublicSectorAccountingStandards TheUKTreasuryisresponsiblefordevelopingstandardsandpoliciesforCentralGovernmentfinancialstatements.TheCharteredInstituteofPublicAccountancy(CIPFA)andtheLocalAuthorityScotlandAccountsAdvisoryCommittee(LASAAC)worktogetherontheLocalAuthorityCodeBoard,astandingcommitteeofCIPFAandLASAAC,tosetaccountingstandardsforlocalgovernmentsintheUK.TheCodeofPracticeisbasedonEU-adoptedIFRSanddrawsonIPSASandFinancialReportingStandardsissuedbytheFinancialReportingCouncil.TheACCAsupportstheadoptionandimplementationprocessforstrongpublicfinancialmanagementintheUKparticularlythroughdeliveringqualificationsforpublicsectorprofessionals.ACCAcontinuestosupportprofessionalizationofpublicsectorstaffinIPSASthroughACCA’sgloballyrecognizedCertificateinIPSAS,workingdirectlywithpublicsectorbodiesandindirectlythroughdonorstoincreasethenumberofpublicsectoraccountantswithIPSASproficiency.Theassociationsupportsimplementationofhigh-qualitypublicfinancialmanagementbyofferingcontinuingprofessionaldevelopmentcoursestoitsmembers.TheACCAactivelylobbiestheUKandEUfortheadoptionofIPSASandtoensurethatthedecisiontodevelopEuropeanPublicSectorStandardswillproducestandardsthatareascloselyalignedtoIPSASaspracticablypossible.Inaddition,theACCArespondstoExposureDraftsofpronouncementsissuedbytheIPSASBandsolicitstheviewsofitsmembersthroughitswebsite,theACCAPublicSectorGlobalForum,andtheFinancialReportingGlobalForum.ItpublishesdetailsofIPSASBpronouncementsthroughitsmembermagazines(AccountingandBusiness(AB)and ABDirect),emailnews,andtechnicalbulletins.Current Status:Sustain SMO6:InvestigationandDiscipline Inaccordancewiththeirchartersandby-laws,professionalaccountancyorganizations(PAOs)areauthorizedtoestablishsystemsofinvestigationanddiscipline(I&D)fortheirmembersforfailuretocomplywithapplicablestandardsofprofessionalconduct.ThePAOs(bothRSBsandothers:AAT,theAssociation—CIMA,CIPFA,andIFA)havereportedthattheyhaveI&DsystemsinplacethatfulfilltherequirementsofSMO6requirements.In2014,ACCA’sProfessionalConductDepartmentwasrestructuredintothreeseparatedepartments:theAssessmentDepartment,theInvestigationsDepartment,andtheAdjudicationDepartment.TherestructurehasprovidedtheACCAwithgreateroversightofeachstageoftheI&Dprocess.TheproceduresoftheI&DprocessareassessedonanongoingbasisforcompliancewiththerequirementsofSMO6,particularlywhenanychangesareintroduced.TheACCAmaintainsaRulebook,andguidancematerialstoprovidesupportformembersandthepublicindealingwithitsI&Dsystem,suchas,butnotlimitedtothefollowing:GuidetoACCA’sHearingsTeamandDisciplinaryRegulatoryCommittees;GuidanceforDisciplinaryHearings;GuidanceforAppealHearings;GuidanceforDisciplinarySanctions.TheassociationprovidesaConciliationServiceaspartofitsschemetoenabledisputesbetweenmembersandclientstoberesolvedswiftlybyallowingminorbreachestobedealtwiththroughAlternativeDisputeResolution.TheACCAoperatesaRegulatoryBoardwithalaymajoritytoprovideinternaloversightofitsdisciplinaryandregulatoryactivities.ItreportsregularlytotheBoardandtheUK’sFinancialReportingCouncil’sOversightTeam,theregulatorthatoverseesstatutoryauditors.Theassociationpublishestheresultsattheconclusionofhearings.ToensureeffectiveandefficientmanagementofitsI&Dsystem,theACCAmaintainsacasemanagementsystemandacentralizeddatabaseasarecordofcasesandallactionstaken.Theassociationregularlyreportstomanagementandexternallyonprocessingtimesandotherschedulingdata.TheACCAtakesadditionalstepsofmaintaininganoutsourcingfundtomanagespikesinrelationtoCasePresentationresourcecapacity,anditemploysindependentlegaladvisersforregulatoryanddisciplinaryhearings.Furthermore,itperformsanannualreviewofthescheme’scompliancewiththeHumanRightsActof1998,naturaljustice,andbestpractice.TheassociationprovidesimplementationsupporttoitsmembersbyincorporatinglessonslearnedfromtheI&Dsystemintocontinuingprofessionaldevelopment(CPD),articles,andtechnicalfactsheetsoncommoncomplaintareas.TheCPDsystemincorporatesonlineteststoensuremembersdemonstratenecessarycompetencies.Current Status:Sustain SMO7:InternationalFinancialReportingStandards TheFinancialReportingCouncil(FRC)hastheauthoritytoadoptaccountingstandardsintheUKinaccordancewiththeCompaniesActof2006andStatutoryInstrumentonStatutoryAuditors(AmendmentofCompaniesAct2006andDelegationofFunctionsetc.)Order2012(SI2012/1741). EU-endorsedIFRSarerequiredtobeappliedinconsolidatedfinancialstatementsofparentcompanieswithsecuritiesthataretradedonaregulatedmarket.Otherentitiesapply‘reduceddisclosure’EUadoptedIFRS,orsimplerFinancialReportingStandards(FRS)developedbytheFRC,dependingonthesize,typeofcompany,andthenatureofactivitiesthatisconducted.FRSisbasedontheIFRSforSMEs,withsignificantmodifications.TheACCAincludesIFRSupdatesinitsinitialprofessionaldevelopmentandcontinuingprofessionaldevelopmentprogramsandexams,andoffersadiplomaand/orcertificateinIFRSandIFRSforSMEs.TheACCAalsocommissionsresearchontopicalIFRSissues.RecentstudiesinACCA’sinternationalresearchprogramhaveexplored,forexample,thequalityofcompliancewiththestandardsdealingwithbusinesscombinationsandacompanionguidefornot-for-profitstousetheIFRSforSMEs.Otherrecentresearch-ledactivityincludessurveysofCFOsandinvestorsonglobalstandardsandhowtheyareusingannualreports.Furthermore,theassociationworkswithforeignregulatorsandstandardsettersontheadoptionandimplementationofIFRSorconvergencewithIFRS.TheACCAsupportsandpromotesadoptionandimplementationofIFRSintheUKandintheEU.ItprovidesmemberswithimplementationsupportbypublishingupdatesfromtheIASBpronouncementsandrelatedrelevantarticlesinitsjournalandonitswebsite.TheassociationalsorespondstoIASBExposureDraftsonnewandrevisedpronouncementsandsolicitsviewsfromitsmembersthroughitswebsite,surveys,anditsCorporateReportingGlobalForum.Current Status:Sustain Disclaimer IFACbearsnoresponsibilityfortheinformationprovidedintheSMOActionPlanspreparedbyIFACmemberorganizations.PleaseseeourfullDisclaimerforadditionalinformation.   Contact TheAdelphi1-11JohnAdamStreetLondonWC2N6AUUnitedKingdomTel:44-20/7059.5000Fax:44-20/[email protected]://www.accaglobal.com   PrimarytabsView(activetab) LoaddatafromIMIS Thankyouforyourinterestinourpublications.Thesevaluableworksaretheproductofsubstantialtime,effortandresources,whichyouacknowledgebyacceptingthefollowingtermsofuse.Youmaynotreproduce,store,transmitinanyformorbyanymeans,withtheexceptionofnon-commercialuse(e.g.,professionalandpersonalreferenceandresearchwork),translate,modifyorcreatederivativeworksoradaptationsbasedonsuchpublications,oranypartthereof,withoutthepriorwrittenpermissionofIFAC. 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