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IFAC will establish a public interest oversight board

  • IFAC (International Federation of Accountants) (lt gray) Image

01 Oct 2003

The International Federation of Accountants will propose significant reform initiatives at the annual meeting of its governing Council in Singapore in November.

The reforms would strengthen IFAC's role in protecting the public interest and enhance its standard-setting processes. IFAC, the global organisation for the accountancy profession, has 155 member organizations in 113 countries. The Council comprises one representative per member body. IFAC promulgates international standards and related guidance in the areas of auditing, assurance, related services and quality control; education; ethics; information technology; professional accountants in business; and public sector accounting. Key among the planned reform initiatives is the establishment of a public interest oversight board to oversee IFAC's public interest activities.

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