IFAC Extends Congratulations to PACPA for Attainment of Full Membership
VIENNA - The International Federation of Accountants (IFAC) officially sanctioned the Palestinian Association of Certified Public Accountants (PACPA) application for full membership during its ordinary general assembly meeting in the Austrian capital.
PACPA secured full membership by garnering 98% of the votes during the voting session, which was attended by representatives from 130 member countries possessing voting rights in the IFAC’s General Assembly.
Attainment of full membership grants PACPA the right to participate in all IFAC committees and work groups, as well as a permanent presence at all global professional events, facilitating the exchange of knowledge and professional experiences.
The Palestinian delegation at the meeting was led by Mr. Jamal Milhem, a Board of Directors member of PACPA, and the Executive Director of Talal Abu-Ghazaleh & Co. International in Ramallah. Additionally, Mr. Milhem serves as the representative of the International Arab Society of Certified Accountants (IASCA) in Ramallah.
HE Dr. Talal Abu-Ghazaleh, IASCA chairman, reaffirmed the Society’s commitment to extending support and technical assistance to the PACPA and all professional associations in the Arab region seeking to bolster their capacities, elevate the Arabs’ representation in international forums, and leverage global experiences for their benefit.
Moreover, Mr. Milhem emphasized his commitment to further fostering PACPA’s endeavors to support the advancement of accounting and professional regulations and legislation that underpin the Palestinian economy. This includes the enhancement of PACPA’s members' professional abilities, assurance of ethical conduct compliance, and the implementation of a supportive, innovative, and transformative policy. Additionally, he advocated for the implementation of a performance quality monitoring system and the promotion of the adoption of international standards to advance the local and international standing of the Palestinian accounting profession.
Mr. Milhem also expressed gratitude to Dr. Abu-Ghazaleh and IASCA’s Board of Directors for their steadfast support and sponsorship in the PACPA’s pursuit of full membership, citing their unwavering commitment since it acquired "Associate Member" status within the IFAC in 2013. He underscored PACPA’s dedication to fulfilling the Statements of Membership Obligations (SMOs) set forth by the IFAC, which served as the cornerstone for securing full membership.
Mr. Milhem outlined PACPA’s vision and strategy, aligning with the IFAC's objectives, particularly in sustainability, anti-corruption measures, and public finance development through collaboration with relevant stakeholders in the upcoming years. This commitment includes the promotion and application of high-quality standards, advancing the national economy, and contributing to the global professional development landscape, as well as offering technical assistance to professional associations in other nations.
It is worth mentioning that the International Federation of Accountants (IFAC) is the global organization representing the accounting profession, established in 1977 to enhance the global accounting and auditing profession by promoting the adoption of best practices. The IFAC is comprised of 185 members and organizations from over 135 countries, collectively representing over5.2 million accountants.
The PACPA was established in 1995 and its role was further enhanced by the 2004 Law on Practicing the Auditing Profession No. 9. It serves as the encompassing national organization for all Palestinian auditors, with the aim to develop the auditing profession in Palestine, ensuring alignment with economic and global demands.
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