Central to the move is the creation of an IFAC sponsored group of firms to work on development of implementation of international accounting standards.
Frank Harding, IFAC president, said: ‘This initiative represents a significant step towards the achievement of harmonisation of financial reporting and auditing at a global level.’
Firms wanting to participate in the IFAC programme need to have transnational clients and will have to adhere to rigorous quality obligations.
They include having policies and practice complying with International Standards on Auditing; maintenance if appropriate internal control procedures; an agreement to submit assurance work to periodic external quality examinations; and an agreement to support implementation of international standards of accounting and auditing in developing countries.
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