In a letter submitted this week, the International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, urged the G-20 leaders at their November 3-4, 2011 meeting in Cannes, France, to focus on three long-term initiatives aimed at promoting global economic stability and greater fiscal sustainability: 1) public sector financial reporting and management reforms; 2) global regulatory convergence; and 3) development of integrated reporting.

Address Public Sector Debt Problems: Encourage Review of Institutional Changes in Public Sector Financial Management and Adoption of Accrual-Based Accounting

In order to address the sovereign debt crisis, IFAC recommends that the G-20 commission the Financial Stability Board (FSB) to consider the institutional changes that are needed in public sector financial management to protect investors in government bonds, as well as the public. Further, the G-20 should actively encourage the adoption of accrual-based accounting and budgeting by governments and public sector institutions, which will promote greater transparency and accountability in public sector finances and allow for monitoring of government debt and liabilities for their true economic implications. IFAC also encourages the adoption and implementation of International Public Sector Accounting Standards (IPSASs).

“It is increasingly apparent to the general public that this is an urgent issue. The sovereign debt crisis engulfing the European Union and the government debt issues affecting the United States and potentially other countries around the world are cause for major concern,” said IFAC Chief Executive Officer Ian Ball. “The crisis highlights that fiscal management is clearly deficient in many countries, with inadequate constraints or incentives for governments to protect the public interest and investors. This failure of fiscal management is widespread and has economic consequences that will far exceed the impact of corporate reporting failures, such as Enron, WorldCom, Parmalat, and Lehman Brothers.”

Maintain Momentum for Regulatory Convergence, including Adoption and Implementation of International Standards

IFAC recommends that the G-20 strengthen its resolve for adoption and implementation of common global standards for financial reporting, auditing, and auditor independence, including International Financial Reporting Standards (IFRS), International Standards on Auditing (ISAs), and the auditor independence requirements set out in the Code of Ethics for Professional Accountants. These standards will enable the consistent interpretation of financial information around the world, which in turn will facilitate cross-border activity, promote economic and financial stability, and strengthen transparency and accountability in the capital markets. IFAC also urges the implementation of the recommendations contained in the recently submitted Private Sector Taskforce of Regulated Professions and Industries Report. In addition, IFAC encourages internationally consistent, robust regulation of credit ratings agencies.

The Needs of the Future: Support Integrated Reporting

IFAC calls on the G-20 to formally signal its support for the work of the International Integrated Reporting Committee (IIRC), a collaboration of leaders from the corporate, investment, accounting, securities, regulatory, academic, and standard-setting sectors, as well as civil society. The IIRC is currently developing an integrated reporting framework, which aims to bring together financial, social, and governance information in a clear, consistent, and comparable format. Integrated reporting links the strategy, governance, and financial performance of an organization with the social, environmental, and economic contexts in which it operates. As a result, the framework will help entities make more sustainable decisions and enable investors and other stakeholders to better understand an organization’s true performance. Integrated reporting will help governments and private sector entities better understand the longer-term impacts of financial and operating decisions on all areas of society.

“The global financial crisis showed us clearly that a focus on short-term risks and rewards can encourage behaviors that lead to disastrous outcomes,” said IFAC President Göran Tidström. “The accountancy profession’s involvement in the IIRC and the future of integrated reporting represent our efforts to mitigate the current financial crisis, avoid future crises, and contribute to a more sustainable, global economy.”

In conclusion, Mr. Tidström stated, “Problems that began as isolated issues have led to the global financial crisis—proving just how interconnected our world has become. We all have a stake in the solutions, and those solutions require a coordinated international approach. Global leaders should resist unilateral policy reform initiatives which potentially undermine the cause of convergence. Instead, we have an opportunity to enhance coordination and consultation with all stakeholders and work collectively to support global economic stability.”

The letter to the G-20 with the full recommendations is posted on the here.

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. IFAC is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, has released the Private Sector Taskforce (PSTF) Report to G-20 Deputies. The PSTF report presents a set of recommendations on how to promote regulatory convergence from the perspective of a number of financial professions and industries.

The PSTF was established in May 2011 at the request of the Presidency of the G-20.  The report provides the G-20 with an analysis of the development of financial policy and regulation, with the aim of facilitating economic stability in the world’s capital markets. The benefits of regulatory convergence are identified, as well as the inefficiencies and associated costs created by regulatory gaps. A range of possible scenarios and associated risks are thoroughly analyzed and explored, specific examples are given, and a set of recommendations are provided.

Coordinated by the International Federation of Accountants, the taskforce includes CFA Institute (CFA I); INSOL International; Institute of International Finance (IIF); International Accounting Standards Board (IASB); International Actuarial Association (IAA); International Corporate Governance Network (ICGN); International Insurance Society (IIS); and International Valuation Standards Council (IVSC).

“We have made great strides in regulatory convergence, but there is much more to be achieved. The Global Financial Crisis highlighted the importance of regulatory convergence—for example, the need for globally accepted high-quality standards across a number of areas, including financial reporting, auditing and auditor independence, as well as consistent implementation and enforcement—which are important for encouraging global economic stability,” said IFAC President Göran Tidström. “IFAC supports the G-20’s work to reform the international financial system and reduce informational uncertainty and risk, and thus avoid future financial crises. The PSTF report encourages the G-20 to maintain its current momentum towards international convergence, identifies existing gaps, and offers insightful recommendations. There will be no better time to progress these issues.”

The report stresses the necessity of open communication and transparent processes, as well as continued cooperation between national and regional regulators and professional and industry groups, in order to further develop global standards. It warns against the dangers of unilateral decision making, and advocates enhanced consultation and global cooperation on matters of regulatory reform, in order to avoid regulatory fragmentation.

“Enhanced coordination and consultation with all stakeholders is imperative,” said IFAC Chief Executive Officer Ian Ball. “Unilateral policy reform initiatives make it more difficult to achieve convergence—on the contrary, they constitute regulatory fragmentation. The PSTF report represents a collaborative effort by a diverse group of professions and industry bodies; we hope jurisdictions worldwide can likewise come together to support the cause of economic stability.”

The PTSF report with the full recommendations is posted on the IFAC website.

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. IFAC is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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Over 50 senior audit professionals from 24 international networks of accounting firms met yesterday to share their perspectives on the topic of audit quality. The symposium, organized by the Forum of Firms, assembled a group of experts to discuss several elements of audit quality, in support of work currently being undertaken specifically by the International Auditing and Assurance Standards Board (IAASB).

"This symposium was designed to encourage participants to exchange views on audit quality from the perspectives of different stakeholders, including users, practitioners, and audit committees,” said David Maxwell, chair, Transnational Auditors Committee. “The discussion raised questions on how audit quality should be defined, as well as ideas for practitioners to consider implementing in their audits.”

The symposium commenced with an overview of the IAASB’s project to develop an international framework for audit quality. Set against this backdrop, the first of two panels debated the expectations of auditors by investors, regulators, and management and the role that those charged with governance have in contributing to audit quality. Having an understanding of the multiple perspectives on audit quality, participants then considered what practitioners can do to drive audit quality by focusing on the “audit inputs”—namely audit firm culture, qualities of audit personnel, and audit process.

"Audit quality is a topic that runs right to the core of the Forum of Firms mandate and mission—the more we all understand it, the more we all can do to strengthen it,” said Robert Dohrer, chair, Forum of Firms. “It is essential that all audit firms be engaged in the debate on this topic so that we can better consider how, as practitioners, we can better contribute to its advancement.”

About the Forum of Firms
The Forum of Firms is an association of networks of international accounting firms that perform transnational audits. Members of the Forum have committed to adhere to and promote the consistent application of high-quality audit practices worldwide, including the use of International Standards on Auditing, and the maintenance of appropriate quality control standards in accordance with International Standards on Quality Control issued by the International Auditing and Assurance Standards Board. Through their organizations, members also conduct globally coordinated internal quality assurance reviews on a regular basis and have policies and methodologies that conform to the Code of Ethics for Professional Accountants. The Transnational Auditors Committee is the Executive Committee of the Forum of Firms and a committee of the International Federation of Accountants.

The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting body that develops and issues the Code of Ethics for Professional Accountants. The Code includes standards on auditor independence but is intended to apply to the actions and decisions of all professional accountants, including those in business. The structures and processes that support the operations of the IESBA are facilitated by the International Federation of Accountants (IFAC).

On behalf of the IESBA, IFAC is seeking an exceptional individual to serve as a Chair on a remunerated basis, for a minimum of 100 days per year, beginning January 2013. By mutual agreement this commitment could be increased up to and including a full time role. The IESBA Chair is appointed for a three-year term by the IFAC Board with approval by the Public Interest Oversight Board.*

The objective of the IESBA is to serve the public interest by setting, independently and under its own authority, high-quality ethical standards for professional accountants and by facilitating the convergence of international and national ethical standards, thereby enhancing the quality and consistency of services provided by professional accountants throughout the world and strengthening public confidence in the global accountancy profession. The Chair provides leadership to the IESBA in achieving these objectives. A key function of the Chair is to enable, encourage, and promote a deeper understanding by stakeholders and the public of the strategies and activities of the IESBA.

The Chair will also lead the strategic direction of the IESBA, working closely with IESBA senior staff, and facilitate the deliberative and consultative processes that underpin the authority of the IESBA and the legitimacy of its standards and activities. In addition, the Chair will be involved in developing and maintaining effective relationships with national standard setters, regulators, and other key stakeholders.

The successful candidate should have effective leadership, communication, and strategic skills; demonstrated technical and professional competency; and a commitment to the IESBA and its mission to protect the public interest. He or she will have very significant and senior experience. Exposure to professional ethical issues at a national, regional, or international level would be an asset, as would familiarity with regulatory and standard-setting processes. Only individuals who possess the highest integrity will be considered. The position is not restricted to professional accountants. However, any professional accountant applying for the position must have had no direct relationship with an audit firm for at least three years.

For further information about the position, please see the Call for Applications, Chair of the IESBA on the IFAC website at www.ifac.org/careers. Applications are due by February 10, 2012.

*Notes to Editors

The international Public Interest Oversight Board (PIOB) was established in February 2005 to ensure that international auditing and assurance, ethics, and education standards for the accountancy profession are set in a transparent manner that reflects the public interest. The objective of the PIOB is to increase confidence of investors and others that such activities, including the setting of standards by the IESBA, are properly responsive to the public interest. PIOB members are nominated by international institutions and regulatory bodies.

About IFAC

IFAC is the worldwide organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC’s current membership consists of over 164 professional accountancy bodies in 125 countries, representing approximately 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to supporting the setting of ethical standards through the IESBA, IFAC supports the setting of auditing and assurance, education, and public sector accounting standards and develops guidance to encourage high-quality performance by professional accountants in business.

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The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, today released revised versions of Policy Position Paper 1, Regulation of the Accountancy Profession, and Policy Position Paper 3, International Standard Setting in the Public Interest.

“In addition to working toward the development and acceptance of high-quality global professional standards, IFAC is committed to contributing to and shaping the debate about appropriate regulatory arrangements for international standard setting and regulation of the accountancy profession,” said Chief Executive Officer lan Ball.

Policy Position Paper 1, Regulation of the Accountancy Profession, was first issued by IFAC in December 2007. The revised paper includes a new section titled “Current Regulatory Environment.” The section highlights the importance of global regulatory convergence, including the adoption and implementation of high-quality standards. It describes recent developments in regulation and makes reference to the Independent Forum of Independent Audit Regulators (IFIAR) Core Principles. Lastly, the revised Policy Position Paper 1 includes a description of what would typically be included in shared regulation of auditing at a national level.

Policy Position Paper 3, International Standard Setting in the Public Interest, was issued by IFAC in December 2008. The revised and updated paper describes how current governance arrangements and independent standard-setting boards supported by IFAC operate in the public interest and address the need for legitimacy, transparency, and performance. It further includes discussion of the 2010 Monitoring Group (MG) review.

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. IFAC is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries is seeking an outstanding individual to become its next chief executive officer (CEO), based in New York City. The candidate will succeed current CEO Ian Ball, whose contract is set to expire in February 2013 and who is not seeking a further term.

The executive search firm Korn/Ferry has been retained for the search. IFAC’s management team will partner with Korn/Ferry to actively engage IFAC member bodies, the accountancy community, and other stakeholders in the recruitment process to encourage a diverse and international applicant base. IFAC is initiating the recruitment process in the fourth quarter of 2011 to allow time for a comprehensive search, Board approval, and relocation, and to provide the new CEO with a positive and seamless transition before Ian Ball’s departure.

IFAC’s mission is to serve the public interest by contributing to the development, adoption and implementation of high-quality international standards and guidance; contributing to the development of strong professional accountancy organizations and accounting firms, and to high-quality practices by professional accountants; promoting the value of professional accountants worldwide; and speaking out on public interest issues where the accountancy profession’s expertise is most relevant.

The IFAC CEO is responsible for developing and articulating policy positions on issues affecting the profession, implementing all projects approved by IFAC’s Board and Council, facilitating collaboration and cooperation with IFAC member bodies, and overseeing the administrative and operational management of IFAC’s activities. The CEO works in close cooperation with IFAC’s volunteer leadership to support the organization’s mission, and is responsible to the elected president and the IFAC Board.

Current CEO Ian Ball joined IFAC as its chief executive officer in March 2002, having previously served IFAC as chair of its Public Sector Committee (now the independent International Public Sector Accounting Standards Board) and as a member of its Nominating Committee. Prior to that, Mr. Ball was Professor of Accounting and Public Policy at Victoria University of Wellington, an international consultant in public management, an accounting standard setter, and a senior official in the New Zealand Treasury. “I am privileged to have led IFAC and the accountancy profession for nearly a decade and I am very proud of what we have achieved.  I look forward to serving IFAC for the remainder of my term.  However, for me personally, it will then be time to look to new professional challenges and also to devote some more time to family and to activities outside the profession,” said Mr. Ball.

“We are grateful for Ian Ball’s contributions to IFAC. During his tenure as CEO, Ian’s dedication and expertise steered a steady course, even in particularly challenging times such as the Enron crisis and the current global financial crisis. We are pleased to have a leader who worked side by side with our member bodies, standard setters, regulators, and governments worldwide to deliver IFAC’s message, support the global accountancy profession, and champion global convergence to international standards,” noted IFAC President Göran Tidström.

Interested candidates should contact Korn/Ferry Senior Client Partner Chuck Eldridge.

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. IFAC is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

About Korn/Ferry International

Korn/Ferry International, with a presence throughout the Americas, Asia Pacific, Europe, the Middle East and Africa, is a premier global provider of talent management solutions. Based in Los Angeles, the firm delivers an array of solutions that help clients to attract, deploy, develop and reward their talent. Visit www.kornferry.com for more information on the Korn/Ferry International family of companies, and www.kornferryinstitute.com for thought leadership, intellectual property and research.

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The Professional Accountants in Business (PAIB) Committee of the International Federation of Accountants (IFAC) today published Competent and Versatile: How Professional Accountants in Business Drive Sustainable Organizational Success, which supports the global accountancy profession in responding to changing expectations of society, financial markets, and organizations, and promotes the value of professional accountants in business to their organizations.

Organizational needs are evolving faster than ever, and professional accountants need to adapt to these changes to best serve their employers, and maintain relevance and public trust. With this new publication, the PAIB Committee is striving to support the global accountancy profession and help its members guide their organizations to create sustainable value.

"In today's tough global economic climate, organizations can fail because their drive for short-term success causes them to overlook factors vital for their long-term survival,” commented Roger Tabor, IFAC PAIB Committee chair. “So, in Competent and Versatile, we focus on achieving success that can be sustained. Professional accountants have the right instincts and tools to help their organizations maintain the right balance to do this. But they must—and can—be adaptable to new challenges and supported in this by their professional associations."

This publication identifies eight drivers of sustainable organizational success—what organizations need to do to achieve and sustain success in light of opportunities and challenges in the business environment. These drivers are the focus of organizations striving to achieve lasting success, and, therefore, provide a basis for determining the expected key areas of competency for professional accountants in business.

This employer-driven approach is aimed at helping the global accountancy profession facilitate sustainable organizational success through the education, training, and development of professional accountants. The publication, and accompanying employer-focused brochure, is intended to support IFAC members and associates in understanding and promoting the diverse contribution of professional accountants in business as creators, enablers, preservers, and reporters of sustainable value.

About the PAIB Committee
The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

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. IFAC is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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(New York/August 1, 2011) – The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) today released an updated version of its Guide to Quality Control for Small- and Medium-Sized Practices (QC Guide). Intended to help SMPs successfully and cost effectively implement International Standard on Quality Control (ISQC) 1, the third edition of the guide features enhancements to the two sample manuals as well as other refinements for clarity and consistency with ISQC 1.

First released in 2009 and developed with CGA-Canada, the guide contains the requirements set out in the standard in addition to implementation guidance, including discussion material and a case study that can be used as a basis for training. It also contains a range of tools, including checklists and two sample manuals, which have been modified to better illustrate their compatibility with ISQC 1.

“With their limited resources, SMPs may feel burdened by the requirements in ISQC 1. The guide is intended to help mitigate that burden and help SMPs obtain the most benefit from implementing the standard,” said SMP Committee Chair Sylvie Voghel. “Effective quality control systems are key to helping ensure SMPs provide their clients with high-quality assurance and related services, which contributes to the quality of the profession overall and our mission to serve the wider public interest.”

The updated QC Guide, as well as an article with tips for implementing ISQC 1, can be downloaded free of charge from the SMP Publications and Resources area of IFAC’s website. See the Translations Database for translations of the guides by member bodies and other organizations. In addition to the guide, the International Center for Small and Medium Practices provides access to numerous free resources from IFAC and our member bodies (see relevant links).

About the SMP Committee
The SMP Committee of the International Federation of Accountants represents the interests of professional accountants operating in small- and medium-sized practices and other professional accountants who provide services to small- and medium-sized entities. The committee develops guidance and tools, and works to ensure the needs of the SMP and small- and medium-sized entity (SME) sectors are considered by standard setters, regulators, and policy makers. The committee also speaks out on behalf of SMPs to raise awareness of their role and value, especially in supporting SMEs, and the importance of the small business sector overall.

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 164 members and associates in 125 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.

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ISACA and the International Federation of Accountants (IFAC)’s Professional Accountants in Business (PAIB) Committee have jointly developed a paper, Leveraging XBRL for Value in Organizations, to provide guidance on how to leverage the value of eXtensible Business Reporting Language (XBRL) through effective implementation.

XBRL is a universal language of business reporting that is increasingly being used for both external and internal reporting by organizations and is gaining traction worldwide.

“Understanding how to embed XBRL within an organization’s information processes can enhance management communication, increasing the value of the information used within an enterprise,” said Roger Debreceny, Ph.D., FCPA, CGEIT, member of ISACA and co-developer of the XBRL paper. “ISACA collaborated with IFAC to develop this paper to provide accounting and assurance professionals with guidance they can rely on from trusted sources to leverage value from XBRL initiatives and compliance requirements.”

“Many organizations have not yet realized how useful XBRL can be for them; professional accountants in business can assist them in navigating and making the most of XBRL,” said Roger Tabor, chair of IFAC’s PAIB Committee. “This paper can serve as a starting place to integrate XBRL and help organizations leverage its value.”

The paper can be downloaded from the ISACA and IFAC web sites.

About ISACA
With 95,000 constituents in 160 countries, ISACA^® is a leading global provider of knowledge, certifications, community, advocacy, and education on information systems (IS) assurance and security, enterprise governance and management of IT, and IT-related risk and compliance. Founded in 1969, the nonprofit, independent ISACA hosts international conferences, publishes the ISACA^® Journal, and develops international IS auditing and control standards, which help its constituents ensure trust in, and value from, information systems. It also advances and attests IT skills and knowledge through the globally respected Certified Information Systems Auditor^® (CISA^®), Certified Information Security Manager^® (CISM^®), Certified in the Governance of Enterprise IT^® (CGEIT^®) and Certified in Risk and Information Systems Control^™ (CRISC^™) designations. ISACA continually updates COBIT^®, which helps IT professionals and enterprise leaders fulfill their IT governance and management responsibilities, particularly in the areas of assurance, security, risk and control, and deliver value to the business.

Follow ISACA on Twitter: https://twitter.com/ISACANews
Join ISACA on LinkedIn: ISACA (Official)

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. IFAC is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The PAIB Committee serves IFAC member bodies and professional accountants worldwide who work in commerce, industry, financial services, education, and the public and not-for-profit sectors. Its aim is to promote and contribute to the value of professional accountants in business by increasing awareness of the important roles professional accountants play, supporting member bodies in enhancing the competence of their members, and facilitating the communication and sharing of good practices and ideas.

Contact:
ISACA: Kristen Kessinger, +1.847.660.5512, kkessinger@isaca.org

IFAC: Laura Wilker, +1.212.471.8707, laurawilker@ifac.org

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The International Auditing and Assurance Standards Board (IAASB) today released its consultation paper, Enhancing the Value of Auditor Reporting: Exploring Options for Change, to obtain views on enhancing the quality, relevance and value of auditor reporting on an international basis.

The consultation paper seeks to determine whether there are common views among users of audited financial statements and other stakeholders about the usefulness of auditor reporting. It describes issues with current financial reporting, including a perceived “information gap,” identified by some stakeholders. It then sets out possible options for change and seeks input as to whether such options might be effective in enhancing auditor reporting and the communicative value of the auditor’s report.

“The auditor communicates to financial statement users primarily through the auditor's report,” noted Prof. Arnold Schilder, IAASB Chairman. “Over the past several years, the IAASB has developed International Standards on Auditing addressing auditor communication and reporting with the aim to address the expectations gap and, more recently, to promote international consistency in auditor reporting. The IAASB believes that now is the time for a more fundamental review of auditor reporting to ensure, in the public interest, that it can meet the information needs of financial statement users in a global business environment with increasingly complex financial reporting requirements.”

The IAASB is also seeking information about the potential implications of changes in auditor reporting, as well as about possible implementation challenges. The paper recognizes that not all of the options explored are able to be implemented by the IAASB on its own—some would require collaboration with national standard setters, regulators and/or legislators to develop or implement.

“This consultation is aimed at gathering views from around the world to inform the IAASB about whether there is consensus about the need to enhance auditor reporting and, if so, how an enhanced model might be achieved,” said James Gunn, IAASB Technical Director. “Investors and financial analysts have signalled to us they want additional, and more pertinent, information for their decision making. The IAASB wants to better understand these views as well the views of others, including users of audited financial statements of small- and medium-sized entities and public sector organizations, preparers, auditors and other key participants in the financial reporting process.”

How to Comment
The IAASB invites all stakeholders to respond to its consultation paper. To access the consultation paper or submit a comment, visit the IAASB’s website at www.ifac.org/publications-resources/enhancing-value-auditor-reporting-exploring-options-change. Comments on the Consultation Paper are requested by September 16, 2011.

About the IAASB
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by IFAC.

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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.