PracticeAuditWard spells out key elements of ‘high quality reporting

Ward spells out key elements of ‘high quality reporting

IFAC president makes speech to Chinese accountants

In a speech made to Chinese accountants, Graham Ward, president of the
International Federation of Accountants, has spelt out the key initiatives that
the profession must undertake to encourage accountability and transparency.

Ward said high quality financial reporting information was essential in order
to manage resources, maintain growth and understand the true health of an
enterprise, ‘be it a small start-up company or a nation of millions’.

To do this, Ward said the information must

· be credible.
· be based on strong principles or standards.
· be produced by people with integrity – in other words, individuals who act
responsibly and ethically.

He went to say: ‘IFAC, through the development of standards and guidance,
encourages the accountancy profession, indeed all those involved in financial
reporting in both the public and private sectors, to develop information that is
consistent with these characteristics.’

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