Top firms set new audit benchmark.

Top firms set new audit benchmark.

IFAC and 23 leading accountancy firms join forces to improve audit

Twenty-three of the leading global accounting firms have signed up to a plan to establish a benchmark to improve the quality of auditing and financial reporting.

Only two of the top 20 firms, the Smith and Williamson group and Saffrey Champness, have declined to join. This is the first time accountancy firms have been directly linked to a project with the International Federation of Accountants (IFAC), a collection of accountancy bodies.

The project has been brewing since 1999, following pressure from the World Bank and securities regulators that raised concerns over the lack of consistency of quality in audits.

The provisional chairman of the Forum of Firms is Karl Ernst Knorr, a member of the executive board of BDO in Germany.

His position will remain provisional until formal constitution and operating procedures have been agreed upon.

Knorr said: ‘We plan to formally establish the Forum of Firms within the next few months. We expect to have policies and procedures ready by the summer.’

Details of the plan can be found on IFAC’s website at www.ifac.org.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource