Mission

We are the most influential body of professional accountants in the world.

Our mission is to drive a dynamic accounting profession ready to meet the demands of a constantly
changing, disruptive world. We serve 667,000 CPAs, CGMA designation holders and students in 184
countries and territories — providing the tools, resources and intelligence they need to clarify
complexity, anticipate risk and create opportunity.

We are their voice, protecting the public interest and powering trust, opportunity and prosperity
worldwide.
Our Purpose

Combining the strengths of the American Institute of CPAs and the Chartered Institute of
Management Accountants, we empower the world’s most highly-skilled accountants – CPAs and
CGMA designation holders – with the knowledge, insight and foresight to meet today’s demands and
tomorrow’s challenges.
We drive a dynamic accounting profession that works every day to build trust, create opportunity and
grow prosperity worldwide.

AICPA HISTORY
Formed by members of the Chartered Institute of Management Accountants (CIMA) and the American
Institute of CPAs (AICPA), the Association of International Certified Professional Accountants builds
on a century-long heritage of excellence
The American Institute of CPAs is the world’s largest member association representing the accounting
profession, with more than 431,000 members, and a history of serving the public interest since 1887.
AICPA members represent many areas of practice, including business and industry, public practice,
government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private
companies, nonprofit organizations, federal, state and local governments. It develops and grades the
Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal
financial planning;; forensic accounting;; business valuation;; and information management and
technology assurance. Through a joint venture with the Chartered Institute of Management
Accountants, it has established the Chartered Global Management Accountant designation, which
sets a new standard for global recognition of management accounting.

AICPA Competency Framework: Assurance Services

The AICPA has developed the AICPA Competency Framework: Assurance Services designed to help
CPAs understand the knowledge and skills necessary to perform high-quality audit, attestation,
review, compilation and preparation engagements. The framework is underpinned by the need for
objectivity, integrity and ethical behavior and includes a commitment to continuously acquire new
skills and knowledge.
AUDIT AND ATTEST

The Auditing Standards Board promulgates Statements on Auditing Standards (SAS), Statements on
Standards for Attestation Engagements (SSAE) and Statements on Quality Control
Standards (SQCS), and, as a part of its due process, releases Exposure Drafts of proposed
standards. The AICPA also issues interpretive and other publications to assist practitioners in
understanding and applying the standards.

ASB Issues SAS No. 133 on Exempt Offering Documents

The Auditing Standards Board issued SAS No. 133, Auditor Involvement with Exempt Offering
Documents (AICPA, Professional Standards, AU-C sec. 945), to address the auditor’s responsibilities
with respect to all exempt offerings of securities undertaken pursuant to federal and state securities
laws, and similar laws governing franchise offerings. AU-C section 925, Filings With the U.S.
Securities and Exchange Commission Under the Securities Act of 1933 (AICPA, Professional
Standards), addresses other offerings. Prior to the issuance of SAS No. 133, the AICPA provided best
practices specific to issuances of municipal securities in industry-specific auditing guidance appearing
in the AICPA Audit and Accounting Guides, State and Local Governments and Health Care Entities.
SAS No. 133 amends AU-C section 560, Subsequent Events and Subsequently Discovered
Facts (AICPA, Professional Standards), and AU-C section 925, and becomes effective for exempt
offering documents with which the auditor is involved that are initially distributed, circulated, or
submitted on or after June 15, 2018.

ASB Issues Statement on Auditing Standards No. 132

The AICPA Auditing Standards Board has issued Statement on Auditing Standards No. 132 , The
Auditor's Consideration of an Entity's Ability to Continue as a Going Concern (AICPA, Professional
Standards, AU-C sec. 570), to supersede SAS No. 126 of the same title. In developing the new SAS,
the primary objective was to consider the accounting provisions of FASB Accounting Standards
Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-
40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, and GASB
Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained in the
AICPA Statements on Auditing Standards. The SAS becomes effective for (i) audits of financial
statements for periods ending on or after December 15, 2017, and (ii) reviews of interim financial
information for interim periods beginning after fiscal years ending on or after December 15, 2017.

INDUSTRY INSIGHTS

Knowing you need information specific to your industry or your clients' industries, Industry Insights
provides financial reporting information for topics important to your industry. For certain industries the
AICPA has Expert Panels, which are noted below. Expert Panels serve to protect the public interest
and serve the needs of AICPA members on financial and business reporting and audit and attest
services, as applicable, by bringing together knowledgeable parties in the specialized industry to
deliberate and come to agreement on issues important to the industry .
HISTORY
The Philippine Institute of Certified Public Accountants (PICPA)

The Philippine Institute of Certified Accountants or PICPA is the accredited professional organization
(APO) of CPAs by the Professional Regulation Commission (PRC) and has been awarded twice as
PRC most outstanding APO from among other professional organizations. PICPA was founded in
November 1929 by a group of illustrious pioneers in the accounting profession: Enrique Caguiat,
Santiago de la Cruz, Francisco Dalupan, Jaime Hernandez, Felipe Ollada, Ramon del Rosario,
Antonio Sanchez, Jose Torres, Artemio Tulio, Clemente Uson and Jesus Zulueta. W. W. Larkin,
holder of CPA Certificate No. 1, was its first president.

The group set forth the following objectives:

 To promote and maintain high professional and ethical standards among accountants;

 To advance the science of accounting;

 To develop and improve accountancy education;

 To encourage cordial relations among accountants, and

 To protect the Certificate of Certified Public Accountant granted by the Republic of the
Philippines.

Mission

 To serve the best interest of the members and the stakeholders while promoting, upholding,
and maintaining high standards in the accountancy profession and protecting public int

VISSION

 A responsive and globally relevant professional organization committed to service excellence

towards its member and stakeholders.

Core Values

 PICPA adheres to the highest ideals of professionalism and commitment to service and
upholds the values of:

PROFESSIONAL EXCELLENCE

 We are committed to excellence in all aspects of our professional practice.

INTEGRITY

 We advocate the truth and conduct ourselves at all times with honesty, uprightness and
adherence to sound moral principles, thereby gaining the respect of the public.

COMMITTMENT
  We bind ourselves to uphold these ideals to ensure the accomplishment of PICPA's Vision and
Mission.

PARTNERSHIP and TEAMWORK

 We uphold a strong bond of unity, working in the spirit of harmony and commonality.

ADVOCACY for QUALITY

 We strictly adhere to the code of professional conduct adopted by PICPA to ensure highest
spiritual, moral and ethical standards.

NEW TECHNOLOGIES and INNOVATIVENESS

 We seek and apply new ideas to improve performance. We continuously promote creativity,
flexibility and resourcefulness amidst constant change.

SOCIAL RESPONSIBILITY

 We commit ourselves to a strong, active and devoted sense of duty to society.

Transnational Auditors Committee

The IFAC Transnational Auditors Committee (TAC) serves as the official link between
IFAC and the FoF. It is broadly responsible for implementing and advancing the FoF’s
objectives and operations, and plays a major role in encouraging members of the FoF to
conduct high-quality international audits by requiring the commitment to comply with
certain international standards as a condition of membership.
The TAC also supports audit quality by:
 Identifying audit practice issues and making recommendations to the appropriate
standard-setting boards to review these issues as needed;
 Providing a forum to discuss best practices in areas including quality control,
auditing, independence, and training and continuing professional development;
 Facilitating interaction among transnational firms, international regulators, and
financial institutions with regard to audit quality, systems of quality control, and
transparency of international networks; and
 Identifying qualified candidates to serve on the international standard-setting
boards.

Structure & Governance

IFAC's structure and governance are designed to promote transparency, to facilitate collaboration with
members and consultation with stakeholders, and to ensure the effective operations of the
organization. Founded in 1977, IFAC is a Swiss-registered association whose members are
professional accountancy organizations.
IFAC’s Constitution, approved in February 2014, and Bylaws, amended in November 2017, detail the
responsibilities and authority of IFAC’s Council and Board. They also address IFAC’s mission,
membership requirements, and the election/appointment of IFAC officers (President, Deputy
President, CEO, and Swiss liaison).
Role of the Council
Ultimate governance of IFAC rests with the IFAC Council, which comprises one representative from
each member. The Council usually meets once a year and is responsible for deciding constitutional
and strategic matters and electing the Board.

Role of the Board

The Board is entrusted to take all practicable steps to achieve IFAC’s mission by governing and
overseeing the operations of IFAC. The Board works with management to recommend to the Council
IFAC’s strategic course with respect to policy-making, major initiatives, and fostering relations with
IFAC’s key stakeholders.
The Board consists of the President and not more than 22 members, including the Deputy President.
Membership on the Board reflects the level of IFAC members’ financial contributions. The Nominating
Committee aims to achieve a diverse composition of the Board in terms of gender balance, regional
representation, and professional backgrounds. The Board is assisted by the work of its
subcommittees.

Board Subcommittees
 Audit Committee
The Audit Committee recommends the appointment of the external auditor to the Council, and
provides an avenue of communication between the external auditor, management, and the Board.
It also monitors IFAC’s risk management.
 Governance Committee
The Governance Committee oversees the effectiveness of IFAC’s governance and the
development and implementation of sound governance policies and procedures, including making
recommendations to the Board and management on various governance related matters.
 Planning and Finance Committee
The Planning and Finance Committee oversees management’s development, implementation,
and monitoring of IFAC’s strategies and the financial activities required to implement those
strategies.
 Public Policy & Regulation Advisory Group
The Public Policy & Regulation Advisory Group provides guidance, input, and expertise to the
IFAC Public Policy & Regulation Department for its development of policy positions, research
projects, interactions with external organizations, and other initiatives.

Operations
Overall direction and administration is provided by the IFAC Secretariat headquartered in New York.
IFAC is staffed by accounting professionals from around the world. For an update on IFAC's
operations and activities, view the 2017 IFAC Annual Review.

Role of Management
The Chief Executive Officer leads management in the development of strategic directions for IFAC, in
close consultation with, and for eventual approval by, the IFAC Board and Council. The CEO and
management develop and execute detailed operating plans to achieve IFAC’s strategic goals; they
are responsible for IFAC’s day-to-day operations and promotion of good governance throughout the
organization and provide detailed reports at every Board meeting, and otherwise as required, to
report progress and discuss key issues. The President, Deputy President, and Audit Committee
Chair, in consultation with the Past President where appropriate, are responsible for setting the Chief
Executive Officer’s performance objectives and reviewing performance and remuneration. The
President reports to the Board in this regard.
The Chief Executive Officer is responsible for setting Executive Directors’ performance objectives,
and reviewing their performance and remuneration. Senior management is responsible for setting
performance objectives for employees and reviewing performance. The Chief Executive Officer,
supported by senior management, is responsible for reviewing employee remuneration. The Chief
Executive Officer reports to the President with regard to succession planning within the senior
management team. The Deputy President and Audit Committee Chair are included in these
discussions.