Revised Code of Ethics in the Phils - 2010

The committee also issues practical support for smps

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Unformatted text preview: A and IPSASB are collectively referred to as the Public Interest Activity Committees. The IAASB, IAESB and IESBA are also subject to oversight by the Public Interest Oversight Board. See http://www.ipiob.org/ for more information. The Compliance Advisory Panel (CAP) oversees IFAC’s member body compliance program which requires IFAC members and associates to demonstrate how they have used best endeavors to implement 133 the standards issued by IFAC and the International Accounting Standards Board. Member bodies’ obligations are set out the IFAC’s Statements of Membership Obligations. See http://www.ifac.org/complianceprogram for more information. Other Initiatives IFAC develops benchmark guidance and promotes the sharing of resources to serve professional accountants in business. It has also established groups to address issues pertaining to small and medium practices (SMPs) and entities (SMEs) and developing nations, all of which play a critical role in the global economy. • Professional Accountants in Business Committee The committee develops good practice guidance and other resources, and facilitates the exchange of knowledge among its member bodies. These address a wide range of professional issues, encourage high-quality performance by professional accountants in business, and build public awareness and understanding of the roles these individuals play in their organizations. See http://www.ifac.org/paib for more information. • Small and Medium Practices Committee The committee provides direct input from an SMP/SME perspective into the work of international standard setters to shape their work agenda and ensuring standards produced are applicable to SMPs and SMEs. The committee also issues practical support for SMPs such as implementation guides and webbased resources on topics such as efficient implementation of international standards and proficient practice management. The committee engages in outreach activities such as the annual SMP forum, to keep abreast of emerging issues and to facilitate timely respond to its constituents...
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