Jordan’s Accounting Profession Moves Towards Compulsory QA System
Introduction
The Jordanian Association of Certified Public Accountants (JACPA) is pushing forward with plans to introduce a compulsory Quality Assurance (QA) system for its members, pending approval from the Jordanian Parliament.
Current Voluntary QA System
Currently, JACPA operates a voluntary QA system, which has been in place since 2003. The system involves the establishment of 10 sub-committees that conduct risk-based inspections of members’ working papers. However, as part of its efforts to align with international standards, JACPA has identified areas for improvement, including:
- Scope of the system
- Review cycle
- Disciplinary actions
Compulsory QA System
The move towards a compulsory QA system comes as Jordan continues to implement international standards in accounting and auditing. The country’s accountancy profession law requires all certified public accountants (CPAs) to be members of JACPA and adhere to certain professional development requirements.
International Standards and Best Practices
Jordan has made significant progress in adopting international accounting standards, including:
- International Financial Reporting Standards (IFRS)
- International Public Sector Accounting Standards (IPSAS)
- International Standards on Auditing (ISA)
The country’s public sector is expected to fully adopt IPSAS by 2025. The development of a compulsory QA system is seen as a positive step towards further strengthening the accountancy profession in Jordan.
Support from IFAC
IFAC, the global organization for the accountancy profession, has been supporting JACPA’s efforts to implement international standards and best practices in accounting and auditing.
About JACPA
The Jordanian Association of Certified Public Accountants (JACPA) is a professional body that represents certified public accountants in Jordan. Its mission is to:
- Promote the interests of its members
- Enhance the quality of accounting services
- Contribute to the development of the economy and society in Jordan
Contact Information
For more information on JACPA’s QA system or any other aspect of the accountancy profession in Jordan, please contact:
[Name] Jordanian Association of Certified Public Accountants Phone: [phone number] Email: [email address]