Last week’s meeting of global leaders of the accountancy profession in New York decided on the worldwide review, which will ‘clarify the place of audit within a corporate governance framework’.
The meeting was organised by the International Federation of Accountants and attracted more than 40 accountancy leaders.
IFAC consists of 159 accountancy bodies from 118 different countries.
IFAC president Rene Ricol, said: ‘We agreed that it is vital that IFAC and every professional accountancy body be willing to re-examine its role in encouraging the highest quality performance by accountants worldwide.’
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