IFAC Releases New Tool That Gauges ISA Adoption

NEW YORK--(Business Wire)--
Adoption of international standards on auditing (ISAs) is well underway,
according to the newly released online chart from the International Federation
of Accountants (IFAC). Compiled from information gathered by the IFAC Member
Body Compliance Program, the chart indicates that ISAs as issued by the
International Auditing and Assurance Standards Board (IAASB) have been adopted
or otherwise used as the basis of national standards in 126 jurisdictions around
the world.

"This tool gives an overview of ISA adoption by jurisdiction, as well as other
valuable information about how the adoption process can vary," comments Russell
Guthrie, IFAC Director, Quality and Member Relations. "It also demonstrates the
commitment of IFAC and its member bodies to transparency by providing a
comprehensive summary of ISA adoption to our stakeholders and welcoming feedback
that will allow further refinement of the information, especially as
jurisdictions adopt the recently issued Clarified ISAs, which are a result of a
comprehensive program to enhance the clarity of auditing standards," he
concludes.

Adoption of international standards is the first step of a continuous process,
following which successful implementation is vital to ensure professionals
understand and apply the standards appropriately. IFAC member organizations are
required to use their best endeavors to lead or actively support that process
within their countries. They communicate this commitment through their
Compliance Action Plans that describe the current status of adoption and their
planned activities to progress implementation.

In line with the ongoing nature of the adoption process, the chart and notes,
gathered from the Compliance Program and a variety of other sources, will be
periodically updated as new information is received.

About IFAC

IFAC (www.ifac.org) 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.

About IFAC Member Body Compliance Program

The IFAC Member Body Compliance Program (www.ifac.org/ComplianceProgram) was
launched in 2004 as an integral part of the 2003 IFAC reforms. The primary
emphasis of the Program is to encourage continuous improvement by professional
accountancy organizations through an ongoing assessment of their commitment to
use best endeavors to adopt and support implementation of international
financial reporting, auditing, ethical, education, and public sector accounting
standards, as well as to operate or otherwise support robust quality assurance
and investigation and disciplinary mechanisms. The Program, in particular
through the Action Plan process, serves as an engine to drive behavior to
achieve the successful adoption and implementation of international standards
and best practices, either through the direct actions of IFAC members and
associates or through their encouragement and advocacy to other stakeholders
with the authority to initiate change in their jurisdictions. To date, 62 Action
Plans have been published on the IFAC website and more than 50 drafts have been
submitted for review and finalization.

IFAC
Sylvia Barrett, 212-286-9563
sylviabarrett@ifac.org
or
Richard Sasanow, 212-471-8737
richardsasanow@ifac.org

Copyright Business Wire 2009