IFAC elects Dr. In-Ki Joo as president

The International Federation of Accountants has elected Dr. In-Ki Joo of South Korea as president for a two-year term through November 2020.

He previously served as deputy president of IFAC since November 2016. Joo is a professor, emeritus, of accounting at the Yonsei University School of Business. Before that, he served as the dean of the University College and the Dean of Academic Affairs at Yonsei University. He has also served on the board of LG Electronics and for the Korean Institute of CPAs. He has also held top leadership positions at the Confederation of Asian and Pacific Accountants, the Korean Accounting Association, the Korean Academic Society of Business Administration, and the Korean Academy of Business Ethics.

“I believe strongly in the potential of the profession to support the growth and stability of organizations, financial markets, and global economic progress,” Joo said in a statement Thursday. “I am honored and energized to lead IFAC during this time of great change and opportunity for our profession. In particular, I look forward to focusing on a future-ready profession which harnesses the strength of its education platforms and commitment to ethics.”

IFAC offices
IFAC president In-Ki Joo

In addition, IFAC announced the election of Alan Johnson as deputy president, succeeding Joo. Johnson was recently appointed non-executive director and chair of the Audit and Risk Committee at the Department for International Development (DFID) in the U.K. Previously, he was CFO of Unilever’s global food business. He has also led Unilever’s global internal audit function. He is a former director of Jerónimo Martins SGPS, S.A., an $18 billion food retailer.

The IFAC Council also elected five new members to the IFAC Board:

• Magrét Pétursdóttir of Iceland, nominated by Nordic Federation of Public Accountants (NRF)

• Christine Ramon of South Africa, nominated by South African Institute of Chartered Accountants (SAICA)

• Jiahua Tang of China, nominated by Chinese Institute of CPAs (CICPA)

• Ayse Ariak Tunaboylu of Turkey, nominated by Expert Accountants Association of Turkey (EAAT)/ Union of Chambers of Certified Public Accountants of Turkey (TURMOB)

• Lisa Padmore of Barbados, nominated by Institute of Chartered Accountants of Barbados (ICAB)

IFAC also admitted the Association of Accountants in the Republic of Latvia (AARL) as a new member organization, sponsored by the Latvian Association of Certified Auditors.

Search resumes for IAASB chair

Last week, IFAC also announced that it was resuming its search for a new chair of the International Auditing and Assurance Standards Board. It had previously announced that Martin Baumann, the former chief auditor and director of professional standards at the Public Company Accounting Oversight Board, would be taking the helm at the IAASB (see Former PCAOB chief auditor to lead IAASB). However, IFAC said he has “decided not to assume the post for personal reasons.”

“I am disappointed that unforeseen personal circumstances will prevent me from taking on this important role,” Baumann said in a statement. “I remain impressed with the public interest work that the IAASB has already achieved and continue to see remarkable opportunities for the future.”

The Monitoring Group of international audit and financial regulators has been encouraging IFAC to reorganize the make-up and standard-setting process of the IAASB. The Monitoring Group includes representatives from the International Organization of Securities Commissions, the World Bank, the European Commission, and the Basel Committee on Banking Supervision. The Interim Nominating Committee was formed by the Monitoring Group in February to undertake the process of choosing the next head of the IAASB. The committee plans to again follow an "open, timely and transparent process" to pick the most suitable chair for the IAASB in the 2019-2021 term. In the meantime, Professor Arnold Schilder, whose term as IAASB chair is scheduled to finish at the end of this year, has agreed to stay on through early 2019, as necessary, to allow a smooth transition to a new leader.

"While we are disappointed that Mr. Baumann cannot take on the important role to lead the IAASB during this crucial period, we wish him our best in the future,” said Gerben Everts, who chairs the Monitoring Group. “We are pleased that Professor Schilder has agreed to extend his service until a new chair is found, and have asked the Interim Nominating Committee to restart this important search.”

“This is a crucial inflection point for high-quality International audit standard setting,” said IFAC’s outgoing president Rachel Grimes, who is being succeeded by Joo. “It is disappointing that Marty is unable to assume the position, but we are confident that the Interim Nominating Committee will find a similarly well-suited, high-caliber candidate to lead the IAASB into the future.”

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