Congratulations to SAIPA’s Technical & Standards Executive, Faith Ngwenya, on her recent appointment to the Edinburgh Group (EG) Chairman’s Committee. The EG currently has 19 member bodies represented by 27 members. SAIPA has been a member of the group for just under 10 years.
Faith is the first member from an African country to be appointed to the committee. She was joined at the annual AGM in Brazil recently, by SAIPA colleagues Chief Executive, Bongani Coka, and Board Chairman, Cindy Dibete, as well as by other international members.
In her role, Faith will be working closely with the EG Chairman to achieve the objectives of the EG in identifying and creating platforms for sharing views for Small and Medium-sized Practitioners (SMPs) and Small and Medium-sized Enterprises (SMEs), as well as ensuring that Standards and Regulations developed and issued by IFAC, and the IFAC standards boards, are favourable to the SME/SMP sector as top priority.
The objectives of the EG include:
1. To provide a forum for the exchange of views on issues affecting SMPs, SMEs, Professional Accountants in Business (PAIB) and the Donor Nations (DN); and how they should be addressed within the processes for the international advancement of the accounting profession.
2. To strengthen the EG to become a broader coalition (to include the major geographic regions and the emerging economies) and to promote the interests of developing countries.
3. To influence IFAC, by championing SMP, SME, DN and PAIB issues, to operate in a balanced manner for the entire profession.
4. To research and produce policy papers on relevant issues.
5. To carry out any other activities considered necessary to realise the vision for the EG above.
The newly-appointed EG chairman Eamonn Siggins – CEO CPA Ireland, expressed his excitement at the three-member Chairman’s Committee and is looking forward to a good working relationship that will yield positive results.
Fast forwarding to 2017, the Chairman’s Committee will be looking at influencing the standards boards to revisit the applicability of the International Standards in Auditing to the SME sector, which has come up as a huge challenge from various countries in Africa and the East. The ISAs in their current form tend to be cumbersome for a medium-sized entity.
We have every great confidence in Faith, and know that she will make a positive impact in her role on the committee.