PracticeAuditIFAC says audit requires massive reform

IFAC says audit requires massive reform

Rene Ricol, the new president of the International Federation of Accountants, has warned the world's auditors that they must accept independent oversight of their work in order to restore the public's trust in the accountancy profession.

Link: Accounting world descends on Hong Kong

Speaking at the 16th World Congress of Accountants, which ended yesterday, Ricol set out an agenda of reform that called for shared regulation of auditors of listed companies, divided between the profession’s national organisations and independent supervisory bodies.

He added that a restoration of public trust would require profound reform of the accounting profession’s representative bodies.

The proposals however are likely to face tough opposition from auditors outside the US who feel they are being punished for scandals in America.

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