CPA’s Post-Sanction Role
Mehdi Karbasian, The Chairman of the High Council of IACPA, The Chairman of IMIDRO’s Board of Directors Donyaye Eghtesad [Iranian Daily Newspaper], December 16, 2015
"As you may know, IFAC (the International Federation of Accountants), appointed the second Sunday of each year as the beginning of the global week of accounting, in its 30th anniversary in 2007, and suggested to all its members around the world."
"Regarding capital market, and considering execution of the companies’ strategic principles, it is believed that these activities will be expanded in big enterprises and listed companies."
"These principles encourage the activities in the board committees such as audit committees, internal audit profession, and assurance services and has got great impacts on promotion of internal control in local entities."
"We are hopeful lifting the sanctions will result in expansion of Iran’s capital market. This expansion could create foundations such as offering local securities in worldwide markets as well as offering foreign securities in the local market."
"Iran’s Banking System"
"Lifting the sanctions such as the sanctions over banks, especially the SWIFT, will facilitate the banking affairs. Establishment of foreign banks’ branches in Iran will increase the competition among banks and financing costs will decrease as a result of lower inflation rate as well as growth of confidence and hope to the economy’s future. With the economic boom, increasing banks’ capital and reduction in banks’ outstanding debts, banks will provide solid finance services and will perform better in the economic cycle."
"To attract foreign investments, it is necessary to remove all foreign investment obstacles and entrepreneur and fundamental investments must be put in priority. Foreign investment must be simultaneous with transfer of knowledge and technology into the country to institutionalize efficiency and technology in industry, production and services."
"Implementing effective internal controls towards achieving better efficiency, protecting resources, increasing reliability of the audit reports and promoting transparency of and accrediting the information is the basis of decision making in accountants and auditors’ scope of activity. On the other hand, lifting the sanctions will enable the audit firms access modern technologies and this will result in … of the software disharmonies at the enterprise resource management level, non-standard soft wares as well as controlling drawbacks in their application."
"Within audit profession, lifting the sanctions enables audit firms access to the latest audit technologies including IT audit and the new audit tools."
"On the other hand, post-sanction era requires development and promotion of the level of efficient use of International Financial Reporting Standards and it seems like there will be a boost in the process of applying IFRS will be accelerated."
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