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IFAC Compliance Program & SMOs

The International Federation of Accountants (IFAC) produced seven Statements of Membership Obligations (SMOs) which forms the foundation of the IFAC Member Body Compliance Program.

The SMOs serve as a framework for credible and high-quality professional accountancy organisations (PAOs) focused on serving the public interest by supporting adoption and implementation of international standards, and maintaining adequate enforcement mechanisms to ensure professional behaviour of their individual members. The SMOs are also recognised as the international benchmarks for PAOs. In particular, the World Bank Reports of Observance of Standards and Codes (ROSC) - Accounting & Auditing refer to the SMOs as part of their policy recommendations to governments and PAOs.

IFAC requires its members and associates to participate in its Compliance Program to demonstrate that they are maintaining their good standing and addressing the requirements of IFAC membership. All responses and action plans from IFAC members and associates are publicly posted on the IFAC website. Substantial information on the IFAC Compliance Program and SMOs can be found at: http://www.ifac.org/about-ifac/membership/compliance-program