2013 Chief Executives’ Forum Focuses on Review of IFAC’s Constitution & Key Issues Affecting the Global Accountancy Profession.
The International Federation of Accountants (IFAC) hosted its annual Chief Executives (CE) Forum over the period February 25 – 27, 2013 in New York. This year’s CE Forum focused on major issues being considered in the review of IFAC’s Constitution and Bylaws, IFAC’s strategic direction and other key issues affecting IFAC and the global accountancy profession.
The annual forum brings together Chief Executives of IFAC member bodies, regional organizations and accountancy groupings, members of IFAC’s Planning and Finance Committee, and chairs of IFAC committees as well as representatives of independent standard-setting boards. The ICAC was represented at the meeting by its CEO, Misha Lobban Clarke.
Among the topics discussed at the meeting were:
- Overview of the IFAC’s Review of its Constitution and Bylaws.
- IAASB’s Auditor Reporting Project – Arnold Schilder, Chairman of IAASB.
- A Snapshot of Today – Where does Member Body leadership see us in the near future?
- Views on the Direction of the Profession through 2020: What does the future hold?
On the first day of the CEs Forum, breakout groups provided input on major issues being considered in the review of IFAC’s Constitution and Bylaws, including the roles and responsibilities of the IFAC Council, Board, and Officers, and proposed options regarding IFAC’s membership structure. The second day focussed on IFAC’s strategic direction including, participants’ expectations for international, regional, and national trends and developments through 2020 and the implications for the global accountancy profession and IFAC.
IFAC’s incoming CEO Fayez Choudhury presented his views on IFAC, the challenges and the way forward. He noted that IFAC has four “business lines” - standard-setting, supporting accountants worldwide, building capacity and being a voice for the global accountancy profession. He also highlighted five areas of focus for IFAC under his leadership:
- Streamlining processes
- Enhancing perceived independence of the standard-setting boards
- Making stakeholder focus part of IFAC’s “DNA”
- Enhancing support of accountants worldwide, and
- Diversifying the funding base
ICAC’s CEO, Misha Lobban Clarke states, “the CEs Forum is an important avenue through which ICAC as an acknowledged accountancy grouping of IFAC can actively participate and make a meaningful contribution on developments and key issues that impact the accountancy profession. It is commendable that each year IFAC, as the global organization representing the accountancy profession, seeks the input and feedback from its member bodies and other key stakeholders concerning its strategic goals and major initiatives.”
“The CEs Forum also provides a platform for member bodies, regional organisations and accountancy groupings, including the ICAC, to share their experiences and challenges and to examine strategies for the future growth and development of the accountancy profession. The annual forum also affords the ICAC the opportunity to build linkages with other accountancy bodies,” she added.
IFAC’s Board meeting was held immediately following the CEs Forum on February 28 and March 1 and was also structured to facilitate further discussion and consultation on the review ofIFAC’s Constitution and Bylaws.
“If IFAC is to be widely recognized as a dynamic and innovative organization, its governance structure should reflect best practice and facilitate efficient and effective decision-making. Recognizing the importance of a governance structure that enables timely responses in a rapidly changing environment, the Board has commissioned a comprehensive review of the Constitution and Bylaws,” notes IFAC President Warren Allen.
Following consultations with the IFAC Board and chief executive officers attending the 2013 CEs Strategic Forum, the Constitution Review Working Group developed a survey to obtain further input from IFAC’s member organizations on the objectives of the review of IFAC’s Constitution and Bylaws and the key issues being considered.
Member Bodies, Associates, Affiliates, Regional Organizations, and Accountancy Groupings are invited to submit their responses to the survey by May 8.
PHOTO CAPTION:
From left to right: ICAC CEO, Misha Lobban Clarke with IFAC President, Warren Allen; newly-elected IFAC Board member and Auditor General of Jamaica, Pamela Monroe Ellis and Bruce Scott, Technical Advisor to Mrs. Monroe Ellis and ICAJ Council Member at the IFAC Board Meeting held in New York on February 8 and March 1.
