1 - USAid
1 - USAid
1 - USAid
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Draft new by-laws;<br />
Deloitte PCE-I-802-99-00008-00 Page 6<br />
Establish and implement procedures to review applications and approve members of the Association;<br />
Draft a professional code of ethics, establish procedures for investigating complaints concerning violations<br />
of ethics, establish the process to be followed in rendering judgments and enforcing penalties (note:<br />
disciplinary procedures cannot be implemented until Phase Two - when the Accounting and Auditing Law<br />
is signed by the Executive).<br />
Establish procedures and requirements for continuing education;<br />
Offer continuing education courses on a formalized basis;<br />
Publish and disseminate documents from the various committees (e.g. code of ethics), determine members'<br />
information needs and publish/disseminate bulletins or newsletters with that information in a timely fashion;<br />
and<br />
Establish and implement procedures to enable the Association to become self-sustaining.<br />
The Contractor shaII provide limited financial support to the Association for selected items of recurrent costs (office<br />
rent, office equipment, and communication costs and supplies) for the duration of this three-year activity; however,<br />
such support will decrease each year. It is expected that the Contractor will provide training assistance to the<br />
Association on how to raise funds or collect revenues through a variety of means, thereby enabling the Association<br />
to become self sufficient by the time USAID support for recurrent costs is scheduled to end.<br />
Support to the Society<br />
The Society will exercise the authority and responsibility for establishing auditing standards, ethics, and professional<br />
qualifications required for the examination and certification of financial statements by public accountants. The<br />
ultimate purpose of the Society will be to ensure that public accountants, certified by the Association, will perform<br />
audits in accordance with International Standards of Auditing and express opinions on financial statements prepared<br />
in accordance w_ith lAS promulgated by the:: ~alt:!stinian FASB.<br />
Organization and Membership: Membership in the Society should eventually be limited to Certified Public<br />
Accountants who have passed a uniform CPA examination comparable to that conducted in the United States.<br />
Initially, there will be a membership transition period during which accountants who have been licensed to practice<br />
auditing by the Palestinian Authority will be admitted as members of the Society. Members who are "grandfatbered"<br />
into membership in the Association should not be permitted to use the title "Certified Public Accountant", but should<br />
be encouraged to avail themselves of training opportunities and to sit for the CPA exam when it is offered by the<br />
Society.<br />
The Society will continue to have a board of directors elected by the members and an organizational structure<br />
modeled, in part, on the American Institute of Certified Public Accountants (AICPA). Committees will be formed<br />
for (1) establishing international standards for auditing, (2) establishing a code of professional ethics and disciplinary<br />
--procedures for non-conforinance, (3) developing continuing professional education requirements as a conqition for<br />
renewal of membership, (4) publishing pronouncements of the Society to ensure that members and others are aware<br />
of requirements, and (5) writing and administering CPA examinations and recommending successful candidates for<br />
Palestinian Authority licensing of practitioners.<br />
Functions: committees of the Society will perform functions as follows: