Ward, who is incoming chairman of the Consultative Committee of Accountancy Bodies and president elect of the English ICA, said the UK has a leading role to play in shaping international accounting and auditing standards.
His election follows a constitutional amendment which saw IFAC’s council disbanded and a board introduced in its place. The move, which is intended to make IFAC more effective, was voted on at the federation?s assembly in Edinburgh this week.
‘The relationship between companies and investors depends on the integrity of the auditing process. The rules governing this process are increasingly being set at an international level where IFAC is an active stakeholder,’ Ward said.
‘Already the draft guidelines on auditor independence as well as the new and welcome focus on compliance give real cause for optimism. These, together with a strong role for the International Auditing Practices Committee and a renewed emphasis on ethical standards, demonstrate IFAC’s role in achieving confidence in financial statements where ever they are prepared.’
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