IFAC policy urges active role on regulation

The
International
Federation of Accountants (IFAC) has released a policy position on
professional regulation of the accountancy profession, stating professional
accountancy bodies, acting in the public interest, must play an active role in
the regulation of the profession.

The paper, Regulation of the Accountancy Profession, outlines various types
of regulatory models and how they can be implemented and discusses the roles of
professional accountancy bodies and governments.

The paper urges professional accountancy to continue its dialogue with
governments to find the right balance between self-regulation with public
oversight and external regulation.

This dialogue is crucial to guarantee overall regulation of the profession is
of high quality and the benefits of regulation exceed the costs by ensuring
regulatory systems change over time as market demands for accountancy services
change.

Further reading:

CIMA welcomes ‘principles-based’ IFAC documents

CIMA warns code of ethics may become rule-based