Deloitte boss says global standards convergence far off

the new global head of Deloitte
Touche Tohmatsu
, has warned that global resources may impact on the
profession on both sides of the Atlantic converging on one set of global
accounting standards.

He said a set of global standard were ‘years away’.

‘If you want to take the largest capital market in the world [the US] and ask
yourself: ‘do we have the training and capability to get auditors up the
learning curve to deal with the new set of accounting standards and the
education system to produce those accountants?’ – we need to think it through
more deeply,’ Quigley said.

Quigley said though that there was momentum in this direction and added that
investors were better served with converged standards.

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