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Significant Global Accountancy Profession Appointments - IFAC Appoints Arjuna Herath of CA Sri Lanka as Chair of PAO Development

Following a rigorous nominations process, the International Federation of Accountants (IFAC) today announced the appointments of three outstanding members of the global accountancy profession to lead important committees supporting the profession across the world: Monica Foerster as Chair of the Small and Medium Practices (SMP) Committee  Arjuna Herath as Chair of the Professional Accountancy Organization (PAO) Development Committee and Charles Tilley for a second term as Chair of the Professional Accountants in Business (PAIB) Committee. The IFAC Board approved their appointments for three-year terms beginning January 1, 2017.

“All three Chairs are proven leaders with deep expertise who are profoundly committed to the public interest. They bring substantial experience that will be of great benefit to the global profession,” said IFAC Chief Executive Officer Fayez Choudhury. “We look forward to working with them to advance our support for SMPs, accountants in business, and the development of PAOs - all vital components of a strong global accountancy profession.”

SMP Committee

As SMP Committee Chair, Ms. Foerster will play a key role in directing and representing IFAC’s work to support the SMP/small- and medium-sized entity (SME) sector worldwide. The SMP Committee provides strategic advice to IFAC and undertakes activities in three main areas: input on international standards development to help ensure their relevance and proportionality to the sector; developing and sharing practical guidance and resources; and raising awareness of the value of SMPs/SMEs worldwide.

Ms. Foerster comes to her new role having previously served as SMP Committee Deputy Chair (2015-2016) and as a member since 2014. With over 20 years of experience in the accountancy profession, Ms. Foerster is currently a partner at Confidor—an accounting, tax, and law firm - and SMP Director and Working Group coordinator at the Instituto dos Auditores Independentes do Brasil (Ibracon), an IFAC member organization. Additionally, she is a Counselor at the Brazilian Accounting Council (CRCRS).

PAO Development Committee

The PAO Development Committee serves as an important advisor to IFAC in its work to develop, promote, and strengthen the accountancy profession and PAOs in the public interest. As Chair, Mr. Herath will provide direction to the committee’s efforts, including input to guidance and outreach to raise awareness of the role of the profession and PAOs in economic development. Mr. Herath will also serve as Co-Chair of the Steering Committee for MOSAIC, the Memorandum of Understanding to Strengthen Accountancy and Improve Collaboration, alongside a Co-Chair representing the donor signatories.

A member of the committee since 2013, Mr. Herath joined the committee as President of both the Institute of Chartered Accountants of Sri Lanka and the South Asian Federation of Accountants, and is a partner at Ernst & Young Sri Lanka and Maldives. In addition to giving leadership to the profession in Sri Lanka and South Asia He has more than two decades of experience as a Chartered Accountant in industry, commerce, and public practice. Mr. Herath also serves on the Board of Directors of the Sri Lanka Accounting and Auditing Standards Monitoring Board and completed a term in the board of the Confederation of Asia Pacific Accountants and as a commissioner of the Sri Lanka Securities and Exchange Commission.

PAIB Committee

Re-appointed as Chair of the PAIB Committee, Mr. Tilley will continue to provide leadership to IFAC’s work supporting and promoting professional accountants in the private and public sectors, who work in a wide variety of roles critical to the success and sustainability of their organizations. As strategic advisors to IFAC, the PAIB Committee identifies relevant business and accountancy issues that need to be addressed by the global profession, and advises on how best to do so. The PAIB Committee provides input into IFAC initiatives, projects, and activities to ensure inclusion of perspectives and issues relevant to professional accountants in business, and supports knowledge exchange among PAOs.

Mr. Tilley has served as Chair of the Committee since 2014, and is a former IFAC Board member and Business Reporting Project Chair. He recently became Executive Chair of the Chartered Global Management Accountant (CGMA) Research Foundation, after stepping down as Chief Executive of the Chartered Institute of Management Accountants (CIMA), a role he had held since 2001. Additionally, he sits on the UK Financial Reporting Council’s Lab Steering Group, is Senior Advisor to the International Integrated Reporting Council Board Chair, and is a Council member of the Prince of Wales’ Accounting for Sustainability. Previously, he served on the UK Treasury Best Practice Panel. In 2016, Mr. Tilley was recognized on the UK’s New Year’s Honors List and awarded the Order of the British Empire for his services to the economy, leadership, and significant achievements.

About IFAC

IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.