The International Federation of Accountants (IFAC) stands as a global voice for the accountancy profession, advocating for excellence, integrity, and accountability in financial reporting and auditing practices worldwide. IFAC was founded in 1977 in Munich, Germany. Today, it is based in New York City. IFAC plays a pivotal role in setting international standards, promoting professional development, and advancing the interests of accountants and auditors on the global stage.
IFAC represents over 180 member organizations from more than 135 countries, encompassing national professional accountancy bodies, regulatory agencies, and other stakeholders in the accounting profession. These organizations represent approximately 3 million professional accountants worldwide. Members include organizations such as the American Institute of Certified Public Accountants and the Institute of Management Accountants. Through its member organizations, IFAC strives to uphold the highest standards of professionalism, ethics, and quality in accounting and auditing practices, thereby fostering public trust and confidence in financial reporting and corporate governance.
One of the key functions of IFAC is the development and issuance of International Standards on Auditing (ISAs) and International Standards on Quality Control (ISQCs), which provide a framework for conducting high-quality audits and ensuring consistency and reliability in audit processes. These standards are recognized and adopted by audit regulators, professional accountancy bodies, and audit firms worldwide, facilitating harmonization and convergence in auditing practices across jurisdictions.
In addition to auditing standards, IFAC also develops International Public Sector Accounting Standards (IPSASs) and International Education Standards (IESs), which promote transparency, accountability, and good governance in the public sector and set guidelines for the education and training of accounting professionals, respectively.
Moreover, IFAC plays an active role in advocating for the public interest and driving regulatory reform to enhance the quality and relevance of financial reporting and auditing practices. By engaging with policymakers, regulators, and standard-setters, IFAC seeks to influence the development of accounting and auditing regulations and standards that reflect the needs and interests of stakeholders and contribute to economic stability and growth.
Furthermore, IFAC is committed to promoting professional development and capacity-building initiatives to strengthen the skills and competencies of accounting professionals worldwide. Through its member organizations and strategic partnerships, IFAC offers a wide range of resources, including training programs, professional qualifications, and continuing professional development (CPD) opportunities, to support the career advancement and lifelong learning of accountants and auditors.
WHO IS CONSIDERED AS IFAC QUALIFIED?
In light of IFAC’s global influence and leadership in the accounting profession, individuals who hold qualifications recognized by IFAC member organizations are considered IFAC qualified. This includes individuals who have completed professional accounting qualifications such as the Association of Chartered Certified Accountants (ACCA), Chartered Accountants (CA), Certified Public Accountants (CPA), and other equivalent qualifications accredited by IFAC member bodies.
Being IFAC qualified signifies a commitment to upholding the highest standards of professionalism, ethics, and quality in accounting and auditing practices, as well as a recognition of one’s expertise and credibility in the global marketplace. IFAC qualified professionals are equipped with the knowledge, skills, and competencies needed to excel in diverse roles and environments, whether in public practice, industry, government, or academia.
The International Federation of Accountants (IFAC) plays a central role in shaping the accounting profession and advancing the interests of accountants and auditors worldwide. Through its global network of member organizations, IFAC sets international standards, promotes professional development, and advocates for excellence and integrity in financial reporting and auditing practices. Individuals who hold qualifications recognized by IFAC member organizations are considered IFAC qualified, signifying their commitment to professional excellence and adherence to global standards of practice.
