According to the Globe, the Israeli business daily, chairman Eli Amir wants the board’s activities suspended until they are ‘anchored in law’.
Israel’s ASB was set up in 1998 by the Israel Securities Authority and the Institute of Certified Public Accountants in Israel to replace the Financial Accounting Standards Board.
The call for suspension is based on the belief that legislation to give the ASB legal standing has not yet been enforced, meaning its standards are open to attack. Already a number of its standards are being challenged.
The Israel Securities Authority is believed to be pressing for legislation to give the ASB the backing it requires, but this would take many months and would begin only after the general elections and after the newly elected parliament – the Knesset – convenes.
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
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