IFAC charts course for global standards
A global accountancy task force has proposed greater transparency and tighter liaison with national standard setters in a bid to draw up a high quality set of international auditing standards.
In a report, the International Federation of Accountants’ special task force makes suggestions to enhance transparency by opening up meetings to the public and working more closely with national standards setters, with the aim of improving the procedure of the International Auditing Practices Committee.
Manuel Sanchez y Madrid, chairman of the IAPC Review task force, said: ‘Trends in IFAC…usage of International Standards on Auditing demonstrate the need for a global set of auditing standards is gaining momentum and support.
‘With the growth of global capital markets, high quality internationally recognised auditing standards are seen to be essential for the effective and efficient functioning of the markets.’
Links
The report can be accessed on www.ifac.org/Guidance/EXD-outstanding.tmpl