Institute of Certified Public Accountants and Auditors (ICPARD) Progress Report

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The Institute of Certified Public Accountants and Auditors (ICPARD) has made significant progress in implementing several Standards for Management of the Accounting Profession (SMOs). However, there are still areas that require improvement.

SMO 1: Quality Assurance

Overview

The ICPARD has a system in place to assess members’ quality control systems. Members who fail to meet the requirements may be subject to disciplinary actions. The institute should continue to improve its monitoring and enforcement activities.

Current Status

Review & Improve

SMO 2: Public Sector Accounting and Financial Reporting

Overview

The ICPARD has adopted the 2017 suite of accrual-basis IPSAS as national public sector accounting standards. The institute supports the implementation process through training agreements with government agencies. Efforts to promote adoption and implementation of the latest IPSAS Handbook are encouraged.

Current Status

Review & Improve

SMO 3: Education, Examination and Certification

Overview

The ICPARD has a system in place for certification and recertification of members. Members who fail to meet the requirements may be subject to disciplinary actions. The institute should continue to improve its monitoring and enforcement activities.

Current Status

Review & Improve

SMO 4: Membership, Licensing or Certification

Overview

The ICPARD has a system in place for membership, licensing, and certification of members. Members who fail to meet the requirements may be subject to disciplinary actions. The institute should continue to improve its monitoring and enforcement activities.

Current Status

Review & Improve

SMO 5: Investigation and Discipline

Overview

The ICPARD has a system in place for investigating and disciplining members. However, it is not clear if the institute has reviewed and incorporated SMO 6 requirements into its procedures. Efforts to strengthen its procedures are recommended.

Current Status

Consider

SMO 6: International Financial Reporting Standards

Overview

The ICPARD has adopted IFRS and IFRS for Small- and Medium-sized Entities (SMEs) as applicable accounting standards for non-regulated companies. Efforts to promote adoption of the latest IFRS are encouraged.

Current Status

Review & Improve

Conclusion

Overall, the ICPARD has made progress in implementing several SMOs, but there are still areas that require improvement. The institute should continue to work on strengthening its procedures and promoting adoption of international standards.