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ICAJ/IDB
Technical Project Update In
September and October, a team of ACCA
consultants, Sha Ali Khan, Bruce Eastman,
Prajesh Damani, Rob Mukherjee and Brenda
Lee Tang, conducted reviews; held meetings
and interviews with ICAJ Council and
members, financial sector regulators and
other stakeholders; and carried out an
International Standard on Quality Control
No. 1 (ISQC 1) review at a small audit
firm.
Among other
things, the consultants were required to:
- evaluate
the capacity of the regulatory
framework for the Accountancy
profession;
- compare
and evaluate the investigations and
disciplinary processes with IFAC's
Statements of Membership Obligations,
and design and implement a scheme for
the Institute to meet the stated
requirements;
- assess
the compliance review system and
develop policies and procedures to
enhance the conduct of reviews;
- train 10
- 15 selected individuals to apply the
IFRS compliance review process;
- train at
least 6 selected individuals [2 from
each of Accounting Standards Committee
(ASC) and Audit Practice Committee (APC)
and 2 senior administrators], to apply
the scheme;
- review
at least 15 financial statements for
compliance with IFRS and ISA.
Based on
their activities with respect to items (i)
to (iii), the consultants have formulated
recommendations that are being evaluated
by ICAJ's Council and the Public
Accountancy Board. Members will be advised
of the results and the next steps. Items
(iv) to (vi) have been successfully
completed.
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