IFAC Membership Requirements

An organization must:

– Be acknowledged, either by legal decree or by general consensus, as being a national professional organization in good standing

– Have met the obligations specified in the IFAC SMOs

– Actively participate in the IFAC Member Body Compliance Program

– Be committed to participating in IFAC and promoting the importance of IFAC

– Be financially and operationally viable, and have an appropriate governance structure

– Have an internal operating structure that provides for the support and regulation of its members

IFAC Membership Application Process

Application procedures– Identify Sponsoring IFAC Member• For assistance and guidance

– Complete Application

– Complete Part 1 and Part 2 Questionnaires

– Sponsoring IFAC Member prepares Due Diligence Report

– IFAC Staff reviews all materials

For the year of application - All materials must be submitted to IFAC by May 31 to be considered by IFAC Council in November

IFAC Membership Application Process

New institutes are recommended to:

– Establish and maintain contact with IFAC Compliance staff

– Use the application process to educate themselves on the requirements of membership

– Develop an Action Plan to address needed improvements

– Consider a 2 to 3 year timeframe for preparation and formal application

Join as Associates and work towards moving to full Membership (usually 4-6 years)

IFAC Membership Benefits

Part of an international community of the leading professional accountancy bodies around the world

Recognized for commitment to development of the profession and values of integrity, transparency and expertise

Ability to obtain resources and support to help strengthen the profession nationally

Enhanced opportunities to provide input on critical issues, including developing nation initiatives, SMP issues

Access to guidance and advice from technical staff

If Interested – Moving Forward

Use IFAC Member Body Compliance

Program as a guide

Statements of Membership Obligations

Action Plans – published on IFAC

website

Short Term Actions

If Interested – Moving Forward

Input and assist with clarifying the legal

and statutory framework

Be proactive

Stay involved

Short Term Actions