A new body to monitor how accountants set international auditing standards will be unveiled today by financial regulators, reports the Financial Times. Link: Review of EU’s accounting professions planned
The Public Interest Oversight Board will hold its first meeting this morning in Paris. Part of the agenda will include laying the foundation for auditing standards managed by the International Federation of Accountants (IFAC).
The PIOB was established by the securities, banking and insurance regulators to rebuild investor trust following the spate of corporate scandals.
Stavros Thomadakis, chairman of the PIOB and finance professor at the University of Athens, said: ‘We have had a great deal of trouble in our markets, most of which related to problems with accounting or auditing.
‘Improving the quality of audit standards and public interest oversight will go a long way to correcting that.’
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Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day