Financial Crime World

Federation of CPA Associations of China Taiwan Makes Progress on Implementing International Standards

The Federation of CPA Associations of China Taiwan (FCPAACT) has made significant progress in implementing international standards, according to its latest Self-Assessment and Implementation Support (SMO) report.

Ethical Requirements for Certified Public Accountants (CPAs)

The FCPAACT is responsible for establishing ethical requirements for CPAs, with approval by the Financial Supervisory Commission (FSC). The institute’s Ethics Code Committee (ECC) has established an ongoing process for reviewing the latest International Ethical Standard Board (IESBA) Code of Ethics. As of May 2024, the 2018 Code is adopted.

  • The ECC reviews the latest IESBA Code of Ethics and adopts updates as necessary.
  • Seminars are offered on updates to ethical standards to ensure members are aware of changes.

International Public Sector Accounting Standards

The FCPAACT has made progress in implementing international public sector accounting standards, with the Directorate General of Budget, Accounting & Statistics (BAS) responsible for adopting accounting standards for the public sector. The institute supports the implementation of government accounting standard activities by working with the BAS and ensuring that it is updated on matters related to the International Public Sector Accounting Standards Board (IPSASB).

  • The FCPAACT works closely with the BAS to implement IPSAS.
  • Training is provided on international public sector accounting standards.

Investigating and Disciplining CPAs

The FCPAACT has made progress in investigating and disciplining CPAs, with both the institute and the FSC responsible for establishing an investigative and disciplinary system. The institute maintains a consistent evaluation and review process of its I&D process to ensure that it operates effectively.

  • A consistent evaluation and review process is maintained for investigating and disciplining CPAs.
  • Both the FCPAACT and the FSC are involved in establishing the investigative and disciplinary system.

International Financial Reporting Standards (IFRS)

The FCPAACT supports the implementation of IFRS by conducting training on IFRS and participating in international meetings to exchange information on IFRS application.

  • Training is provided on IFRS to ensure members have the necessary knowledge and skills.
  • The FCPAACT participates in international meetings to share best practices and stay updated on changes to IFRS.

Commitment to Implementing International Standards

“We are committed to implementing international standards and ensuring that our members have the necessary knowledge and skills to comply with these standards,” said [Name], Chairman of the FCPAACT. “We believe that this will enhance the quality of our services and maintain public trust and confidence in the profession.”

The SMO Action Plans were prepared by IFAC member organizations as part of their commitment to implementing international standards. The plans outline the steps each organization is taking to implement the International Standards on Auditing (ISAs), Code of Ethics, Public Sector Accounting Standards, and other international standards.

Disclaimer IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.