IAPB's new structure awaits approval
The final report on the new structure of the International Auditing Practices Board has been submitted for approval.
The taskforce aims to improve IAPC’s effectiveness, transparency and efficiency to develop a set of global standards ‘to be accepted by stakeholders worldwide as the appropriate benchmark for audit performance’.
Despite concerns by many respondents to the consultation process, the taskforce continues to recommend that there be three non-audit members on the IAPC.
Other recommendations include increasing the number of members by a further four (from 14 to 18), with 10, rather than seven, members nominated from member bodies, making all IAPC meetings open to the public and changing the IAPC name to the International Auditing and Assurance Standards Board.