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Yemeni Association of Certified Public Accountants Confirms Effectiveness of International Code of Ethics

Introduction

The Yemeni Association of Certified Public Accountants (YACPA) has announced that the 2023 Handbook of the International Code of Ethics for Professional Accountants, including International Independence Standards, is now in effect.

Promoting Ethical Standards and Professionalism

As part of YACPA’s efforts to promote ethical standards and professionalism among certified public accountants (CPAs) in Yemen, the association has been working closely with the Ministry of Justice and other stakeholders to implement the code. The International Code of Ethics aims to ensure that CPAs uphold the highest standards of ethics and independence in their professional work.

Key Areas Covered

The International Code of Ethics provides a framework for professional accountants to make informed decisions and maintain public trust. It covers a range of areas, including:

  • Independence
  • Confidentiality
  • Professional behavior

Adoption of Public Sector Accounting Standards

In related news, the Ministry of Finance and the Central Organization of Control and Audit (COCA) are responsible for adopting public sector accounting standards in Yemen. While IFRS is used in preparing external financial reporting statements, there are no known plans for the adoption of International Public Sector Accounting Standards (IPSAS).

Disciplinary System

YACPA has made significant progress in establishing a disciplinary system for professional accountants in Yemen. The association has been granted formal recognition by the Ministry of Justice to provide technical experts to support legal proceedings related to accounting and auditing cases.

Internal Investigation and Discipline

In addition, YACPA has developed its own internal system of investigation and discipline to address professional and ethical complaints from members. The association’s Disciplinary Council imposes sanctions on its members in line with Article 67 of the Audit and Review of Accounts Law No. 26 of 1999 (as amended 2004).

Adoption of IFRS

The adoption of IFRS by public interest entities, including banks and financial institutions, was mandated by Council of Ministers Resolution No. 51 of 2019. The resolution also adopted IFRS for small- and medium-sized entities (SMEs) in Yemen.

Conclusion

YACPA’s efforts to promote ethical standards and professionalism among CPAs in Yemen are seen as a positive step towards strengthening the country’s accounting profession. The association continues to work closely with relevant organizations, including the Arab Federation of Accountants and Auditors, the Central Organization of Control and Audit, and the Gulf Cooperation Council Accounting & Auditing Organisation, to promote best practices and international standards in the field of accountancy.

Sources

  • Yemeni Association of Certified Public Accountants (YACPA)
  • Ministry of Finance
  • Central Organization of Control and Audit (COCA)
  • Council of Ministers Resolution No. 51 of 2019
  • International Accounting Standards Board (IASB)
  • Arab Federation of Accountants and Auditors

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.