The Financial Reporting Council has welcomed proposals to update company law and increase the council’s powers.
Modernising plans issued by the steering group of the company law review include extending the remit of the FRC and its operational bodies, the Accounting Standards Board and the Financial Reporting Review Panel, to ensure effective enforcement of the law.
FRC chairman Sir Bryan Nicholson, said: ‘It is particularly pleasing that the success of the present arrangement and the strengths of the model that the FRC provides were widely recognised. The review therefore aims to build on those strengths and the approach they represent. An important element in this is the broad base of business support that they enjoy.’
– A global accountancy task force has suggested increased transparency and tighter liaison with national standard setters in a bid to draw up a high-quality set of international auditing standards.
The report, issued by the International Federation of Accountants’ special task force, includes suggestions to enhance transparency by opening 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 Sanchezy Madrid, chairman of the IAPC Review task force, said: ‘Trends in IFAC member body 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 essential for the effective and efficient functioning of the markets.’
The report can be accessed on www.ifac.org/Guidance/EXD-outstanding.tmpl.
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