IFAC Council approves standard-setting reforms
Nov 16, 2003
The Council of the International Federation of Accountants (IFAC), meeting in Singapore, has approved a set of reforms designed to strengthen international audit standard-setting processes, achieve convergence to international standards, and ensure that the international accountancy profession is responsive to the public interest.
The reforms provide for a more transparent standard-setting process with greater public input. A Public Interest Oversight Board (PIOB) will be established to oversee IFAC's standard-setting activities, particularly with respect to auditing, assurance, ethics, and independence. The PIOB will also oversee IFAC's compliance activities. The reforms also provide a means for ongoing dialogue between regulators and IFAC through the establishment of an IFAC Leadership Group and a Monitoring Group comprised of regulators. Click for:
- IFAC Press Release (PDF 122k)
- Reform Proposals as Announced in September 2003 (PDF 168k)
