IFAC makes key appointment to audit body
The International Federation of Accountants has appointed investment expert David Damant as chairman of the consultative advisory group of the global auditing board.
Link: IFAC lead world-wide review of corporate governance
Damant’s appointment to the International Auditing and Assurance Standards Board comes at a crucial time as the board begins its independent operations.
IFAC reforms, approved in late 2003, clarified the role of the consultative advisory group, which will be responsible for setting standards on international auditing, assurance and quality control.
A former member of the International Accounting Standards Committee, Damant is a veteran in the UK investment sector.
IFAC president Rene Ricol, said: ‘Damant has the experience and integrity to chair the IAASB CAG and present important public interest perspectives. High quality auditing standards are needed in every part of the world to build investor confidence in capital markets. The support of independent regulators, users and preparers is critical to creating acceptance of the IAASB’s standards.’