Financial Crime World

Here is the converted article in Markdown format:

IFAC Assesses Compliance of Iraqi Union of Accountants and Auditors (IUAA) with International Standards

Introduction

Baghdad, Iraq - The International Federation of Accountants (IFAC) has conducted an assessment of the Iraqi Union of Accountants and Auditors (IUAA) in accordance with the IFAC Scheme of Mandatory Monitoring (SMM). The assessment evaluates IUAA’s compliance with six key standards: Investigation and Discipline, Financial Reporting, Professional Ethics, Education and Training, Enforcement of Accountancy Laws and Regulations, and International Standards on Auditing and Assurance.

Standards Compliance Review

The assessment revealed that IUAA is currently in the process of reviewing its compliance with IFAC standards. Specifically:

  • The IUAA is reviewing its Investigation and Discipline system to ensure it meets the requirements of SMO 6.
  • The IUAA is reviewing its Financial Reporting practices to align with IFRS Standards.
  • The IUAA is reviewing its Professional Ethics practices to ensure they meet the requirements of SMO 2.
  • The IUAA is reviewing its Education and Training programs to ensure they meet the requirements of SMO 4.
  • The IUAA is reviewing its Enforcement of Accountancy Laws and Regulations to ensure it meets the requirements of SMO 5.
  • The IUAA is reviewing its International Standards on Auditing and Assurance practices to align with ISAs.

Recommendations

IFAC has made several recommendations to IUAA to improve its compliance with international standards. These include:

  • Providing more recent and specific examples of activities undertaken to support members, particularly non-auditors.
  • Reporting on actions taken to disseminate information to the public on the Investigation and Discipline processes and how to make a complaint.
  • Continuing technical and advocacy support to the Ministry of Finance as part of enhancing public financial management in the jurisdiction.
  • Providing comments to exposure drafts and engaging regulators and stakeholders to promote the adoption and implementation of IFRS Standards.

Conclusion

The assessment highlights the importance of IUAA’s continued efforts to review its compliance with IFAC standards. By implementing these recommendations, IUAA can further strengthen its role as a leading professional accounting organization in Iraq.

Contact Information

Name: [Name] Email: [Email] Phone: [Phone]

Note: The information provided is accurate as of the date of publication and may change over time.