Participants agreed that the international profession should strengthen accountancy in developing nations, address professional responsibility in financial reporting, clarify the role of accountants in corporate governance, provide support and guidance for professional accountants in business, and focus on supporting small and medium enterprises and practices. Specific steps include:
- Supporting more rapid development of narrative reporting to achieve greater transparency and more integrity in corporate reporting.
- Establishing an international forum to address audit quality with investors, regulators, and others.
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IFAC Press Release (PDF 52k).