IFAC Council Seminar Discusses the Financial Reporting Supply Chain

Nov 18, 2013 | Seoul, South Korea | English

The International Federation of Accountants (IFAC), the global organization for the accountancy profession, held its 36th Council Meeting in Seoul, South Korea, last week. As part of the meeting, IFAC held its annual seminar, Strengthening the Links of the Financial Reporting Supply Chain.

The seminar focused on the elements necessary to support high-quality financial reporting, including the drivers of audit quality, and the importance of oversight and regulation.

“Financial reporting and analysis are the foundations of economic development and efficient capital markets. They contribute to the integrity, accountability, and sustainability of our global economy,” said IFAC CEO Fayez Choudhury. “This year’s seminar looked at certain components of the financial reporting supply chain, how they can each be strengthened, and how the links and interactions between them can also be strengthened. This is essential for economic and social progress.”

“The speakers identified two important overarching challenges: understanding the interconnectedness of the components of the financial reporting supply chain, and the importance of sufficient talent and capacity at every stage of the chain,” continued Choudhury.

The seminar included high-profile speakers, including Albert Au, Chair, BDO Limited and SMP Committee member; Kenneth Chatelain, Partner, PwC Public Policy & Regulatory Affairs; Robert Dohrer, Global Leader, Quality & Risk, RSM International Limited; In-Ki Joo, Professor of Accounting, Yonsei University; Olivia Kirtley, Deputy President, IFAC; David Maxwell, Partner, Grant Thornton; Hwi Joon Park, former Vice President, Woori Investment & Securities; Tong-Wook Shim, Senior Vice President and Head of Finance, POSCO; Janine van Diggelen, Vice Chair, International Forum of Independent Audit Regulators; Kenneth Yap, CEO, Singapore Accounting and Corporate Regulatory Authority; Jae-hoon Yoo, Standing Commissioner of the Securities and Futures Commission under the auspice of the Financial Services Commission; and Kyung-Sik Yoon, Head of the Audit Quality Control Supervisory Service, KICPA. Warren Allen, IFAC President, Arnold Schilder, IAASB Chairman, and Lee White, CEO, Institute of Chartered Accountants Australia, moderated the sessions.

About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.


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