Kuala Lumpur, Malaysia and New York (Nov. 8, 2010) – Robert Mednick is the recipient of the Sempier Award presented every four years by the International Federation of Accountants. Mednick retired from Arthur Andersen in 1998 after serving as Chairman of its Worldwide Committee on Professional Standards and as worldwide managing partner for professional and regulatory matters. He currently serves on the Board of the National Bureau of Economic Research and the Accountability Advisory Council to the Comptroller General of the United States.
The IFAC Sempier Award recognizes outstanding contributions to the accountancy profession by an individual over a period of many years and was presented at the Opening Ceremony of the World Congress of Accountants in Kuala Lumpur, by Robert Bunting, president of IFAC.
“I am honored to present the Sempier Award to Robert Mednick,” said Robert Bunting, president of IFAC. “His dedication and achievements in strengthening the profession internationally have raised the bar for all of us and exemplified Sempier’s vision for IFAC and for the international accounting profession.”
Mednick was chosen for his achievements in the development of the accountancy profession internationally, including his two consecutive terms as chair of IFAC’s Compliance Advisory Panel, his participation on IFAC’s Accountants Legal Liability Task Force, and his service as a consultant to the World Bank in the establishment of its Reports on the Observance of Standards and Codes Program, which include standards on accounting and auditing, and as a peer reviewer. In these roles, Mednick has advanced convergence of global accounting and auditing standards, development of professional accountancy bodies in emerging economies, public oversight/regulation of the accountancy profession, reform of accountants’ legal liability, and expansion of the audit function to broader assurance services.
Mednick has a long record of service with the American Institute of Certified Public Accountants, highlighted by his term as chairman of the board of directors from 1996 to 1997.
IFAC presented two special awards at the quadrennial World Congress of Accountants.
René Ricol received an award in recognition of his professional contributions and his achievements in the development of the accountancy profession internationally, including his roles as an officer of IFAC and a member of its Board. In particular, the award acknowledges Ricol’s role as president of IFAC during the “IFAC Reforms,” which were designed to improve the quality of standards and practices in auditing and assurance worldwide and to achieve global convergence of high quality standards, and his key role in developing and implementing those reforms and promoting IFAC’s mission internationally.
Dr. Wang Jun received a special award in recognition of his outstanding contributions to the accountancy profession and to the finance and business world. This includes his leadership in the reform of the Chinese accountancy profession as Vice-Minister of Finance in the People’s Republic of China, his promotion of the development, adoption and implementation of new Chinese Accounting and Auditing Standards, and his advocacy for the convergence of Chinese and international accounting and auditing standards.
“I am extremely gratified that IFAC has been able to recognize Robert Mednick’s, René Ricol’s and Wang Jun’s exceptional contributions to the international accountancy profession,” said Ian Ball, CEO of IFAC. “These three recognitions remind us of the very diverse ways in which these three leaders have served the public interest through their work in, or related to, the accounting profession.”
About the IFAC Robert Sempier Award
The IFAC Robert Sempier Award was created by the IFAC Council in 1991 to honor the contributions of Robert Sempier, IFAC’s first Executive Director. It is intended to recognize outstanding contributions to the accountancy profession by an individual over a period of many years, and is presented at the World Congress of Accountants every four years. Previous award recipients have been Bob Sempier (1992), Gordon H. Cowperthwaite in 1997, Sir Bryan Carsberg in 2002, and Marilyn Pendergast in 2006.
IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.