IFAC says audit requires massive reform

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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