The Accounting Profession and Professional Bodies

Professional accountants are important agents of change, contributing significantly to effective implementation of financial reporting and auditing reform and helping businesses meet their objectives through the provision of relevant business advisory and consulting services.  Professional Accounting Organizations (PAOs), to which professional accountants belong, help their membership through ongoing training, guidance and tools aimed to maintain their professional competence.  PAOs also provide authorities, such as audit Public Oversight Bodies (POBs), with potential partners in regulation.  For example, the performance of quality assurance reviews of non-Public Interest Entities is performed in many countries by the PAO under the POB’s supervision rather than by the POB.  PAO’s also undertake other important functions such as; promoting the adoption and implementation of international accounting, auditing and ethical standards, investigating and where necessary disciplining members not meeting professional obligations and overseeing the recruitment of new entrants into the profession to ensure a talent pipeline sufficient to undertake its important role in society on an ongoing basis.

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