Establishing Governance: A Guide for Professional Accountancy Organizations
A strong and well-governed professional accountancy
organization (PAO) produces and sustains a strong accountancy profession
that is able to serve the public interest and contribute to economic
stability and growth. A successful PAO gains much of its strength from
the sense of identity, benefits, and rights that members derive from
membership; and from the contributions that individual members and firms
make to the PAO in recognition of its public interest perspective. This
sense of identity can also encourage compliance with professional and
ethics standards as well as other membership requirements set by the
PAO.
This
guidance focuses specifically on the key elements of a PAO’s governing
structure and
operations. The overall governance structure of a PAO should be
designed to deliver on its mission and/or vision, and is typically
grounded in a solid legal framework, including an accountants’ act or
equivalent, a constitution, and relevant bylaws.
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