The International Federation of Accountants (IFAC) is a 'private interest' organisation started by major accounting firms. Its purpose is to shape auditing regulation in a way that is most beneficial to major auditing firms.  For example, it is keen to downgrade "true and fair" views and abolish the "true and fair" override. Thus audits become mechanical, an approach preferred by major accounting firms who are keen to use auditing standards to dilute their duties and liability. There are no auditing standards on auditor accountability.

Relatively few ACCA members are licensed to conduct company audits. Hardly any audit major companies. The production of auditing standards is mostly irrelevant to ACCA members.  However, the ACCA leadership is keen to have photo opportunities and travel the world. Until year 2000, ACCA had no representation on IFAC .

AABA understands that ACCA has bought seat on IFAC by agreeing to be the third largest financial contributor. The biggest contributor is the American Institute of Certified Public Accountants (AICPA). IFAC annual accounts do not show the amounts contributed by each member. ACCA annual accounts are silent on its financial commitment to IFAC. ACCA has never sought the approval of its members for its financial commitment to IFAC. There has been no supporting resolution at any AGM.

IFAC is a secretive organisation.  It  is registered in Geneva, Switzerland under Articles 60 through 79 of the Swiss Civil Code. IFAC’s primary base of operation is New York, United States of America.  This arrangement enables IFAC to avoid taxes. A note to its 2006 accounts states "The United States Internal Revenue Service has determined that IFAC is exempt from United States federal income tax under Section 501(c)(6) of the Internal Revenue Code. IFAC is also exempt from Swiss income taxes".