News and Publications

From Crisis to Recovery: Public Sector Priorities to Support COVID-19 Recovery

From Crisis to Recovery: Public Sector Priorities to Support COVID-19 Recovery

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The public sector is a high priority for IFAC and the global accountancy profession. Professional accountants serve the public interest, and as such, those working in the public sector have been at the heart of the response to the COVID-19 pandemic, playing a critical role in advising governments and helping make tough choices, drive innovation,…
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The Professional Accountant's Role in Data

The Professional Accountant’s Role in Data

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As economies digitize, organizations of all sizes across sectors face enormous disruption and opportunity. Professional accountants must expand their approach to include both structured and unstructured datasets to support organizations in making insight-driven decisions. The Professional Accountant’s Role in Data, a joint report released by IFAC and the Chartered Professional Accountants of Canada (CPA Canada), outlines a data management value chain and explores four key…
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Groundbreakers: Gen Z and the Future of Accountancy

Groundbreakers: Gen Z and the Future of Accountancy

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Amid a rapidly changing world, the first digital native generation is entering the workforce. This joint report from ACCA (the Association of Chartered Certified Accountants) and IFAC (the International Federation of Accountants) draws upon the responses of 9,000+ 18-25 year olds to gain insights into how Generation Z’s top concerns may influence what they want…
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Ethical Leadership in an Era of Complexity and Digital Change

Ethical Leadership in an Era of Complexity and Digital Change

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In their roles as ethical leaders and trusted advisors, professional accountants rely on professional skills, values, ethics and attitudes to serve their organizations and clients. Chartered Professional Accountants of Canada (CPA Canada) and the Institute of Chartered Accountants of Scotland (ICAS) are collaborating with IFAC to research and report on how complexity in the professional…
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Anti-Money Laundering, The Basics: Installment 5 – Tax Advice

Anti-Money Laundering, The Basics: Installment 5 – Tax Advice

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This is the fifth installment of a 6-month publication series titled Anti-Money Laundering, The Basics. The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest.  To be globally relevant, the…
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International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements

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ISQM 1 strengthens firms’ systems of quality management through a robust, proactive and effective approach to quality management. The standard encourages firms to design a system of quality management that is tailored to the nature and circumstances of the firm and engagements it performs. ISQM 1 applies to all firms that perform engagements under the…
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International Standard on Auditing 220 (Revised), Quality Management for an Audit of Financial Statements

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ISA 220 (Revised) deals with the engagement partner and engagement team’s responsibilities for quality management for an audit of financial statements. The revised standard modernizes the approach to quality management through improved and requires the engagement partner and engagement team to be proactive in managing and achieving quality. ISA 220 (Revised) is effective for audits…
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Agreed-Upon Procedures Engagements

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This publication outlines an agreed-upon procedures engagement, identifies the benefits to clients of offering such services, and when an AUP engagement is appropriate. It also covers examples of financial and non-financial subject matters, six short case studies with example procedures that might be applied and two illustration AUP reports from ISRS 4400 (Revised).
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The Consideration of Climate-Related Risks in an Audit of Financial Statement

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Climate change is increasingly front of mind for investors and other IAASB stakeholders as its effects are increasingly visible. Given climate change’s potential to impact most, if not all entities, directly or indirectly, the IAASB issued this Staff Audit Practice Alert, which assists auditors in understanding what already exists in the International Standards on Auditing…
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Non-Authoritative Support Materials: Using Automated Tools & Techniques in Performing Audit Procedures

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The publication assists auditors in understanding whether a procedure involving automated tools and techniques may be both a risk assessment procedure and a further audit procedure. It also provides specific considerations when using automated tools and techniques in performing substantive analytical procedures in accordance with International Standard on Auditing 520, Analytical Procedures.  This publication does…
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