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PIOB publishes its first annual report

  • PIOB (Public Interest Oversight Board) (lt gray) Image

07 Jun 2006

The Public Interest Oversight Board (PIOB) has published its first annual report.

The PIOB is an independent body formed in 2005 to exercise comprehensive oversight over all of the activities of the International Federation of Accountants that affect the public interest – particularly the establishment of auditing, ethics, and education standards for accountants and compliance of IFAC member bodies with IFAC rules. In introducing the report, PIOB Chairman Stavros B. Thomadakis said:

I firmly believe that high quality standards in the areas of audit, ethics and education for the accounting profession can be instrumental in the re-establishment of confidence in the audit process and in promoting the integrity of firms and markets. I also believe that high quality standards, if and when uniformly applied, create an international 'public good' that represents a very important part of the governance arrangements for our world financial system. That the standards are also being formulated in the broad public interest is a further safeguard that these arrangements will foster stability and development around the world.

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