PracticeAuditACCA president pushes for global change

ACCA president pushes for global change

Sam Wong, the first president of the Association of Chartered Certified Accountants to come from outside the EU, says the introduction of international auditing standards across Europe is long overdue.

Link: ACCA comes out against disclaimers

Wong, who took over from Jonathan Beckerlegge two weeks ago, stressed the ACCA’s backing for a ‘planned pan-European mechanism’ responsible for co-ordinating national auditing bodies across the EU.

Writing in the FT today, Wong who hails from Hong Kong, said the EC should be doing more to encourage a ‘common governance framework for European listed companies’.

‘ACCA accepts that there are significant differences in business law and culture within the EU but creating a single financial market demands comparable governance mechanisms including common principles for disclosing corporate governance performance and protecting shareholder rights,’ Wong said.

He said international standards in auditing should become a feature of all developed, developing and transitional markets and pointed to reforms taking place in his home country China and Malaysia.

He said a country like South Africa was ‘ahead of the game’ in its embracing corporate social responsibility, something which had failed to register with the corporate governance agenda in the US or the EU.

Related Articles

Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

5d Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

1w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter
Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

Audit Deloitte to pay $149.5m over Taylor, Bean & Whitaker audit failure

3m Alia Shoaib, Reporter