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  • IAASB Consults on Five-Year Strategic Objectives and Work Priorities

    New York, New York English

    The International Auditing and Assurance Standards Board (IAASB) today released for public comment its Proposed Strategy for 2015–2019 and Proposed Work Program for 2015–2016. The proposals emphasize the IAASB’s commitment to developing and maintaining high-quality International Standards on Auditing (ISAs) to be adopted and implemented globally.[1] At the same time, they reflect the importance of the IAASB staying abreast of emerging developments to ensure its work remains relevant to its wide range of stakeholders.

    Titled Fulfilling our Public Interest Mandate in an Evolving World, the strategy proposals set out the following objectives for the five-year period:

    • Develop and maintain high-quality ISAs that are accepted as the basis for high-quality financial statement audits 
    • Ensure the IAASB’s suite of standards continues to be relevant in a changing world by responding to stakeholder needs
    • Collaborate and cooperate with contributors to the financial reporting supply chain to foster audit quality and stay informed

    “Stakeholders internationally expect the IAASB to not only produce high-quality standards that enhance audit and assurance practices, but also to carry out its efforts in coordination and cooperation with key stakeholders so that the standards it develops can achieve global acceptance and work, and can be seen to work, internationally,” said Prof. Arnold Schilder, IAASB chairman. “Our strategic objectives help meet these important expectations and provide the basis upon which the IAASB can effectively identify and respond to the most pertinent public interest issues.”

    Within the context of the proposed strategic objectives, the IAASB intends to focus its efforts in 2015–2016 on the topics of quality control, professional skepticism, and special audit considerations relevant to financial institutions. Also envisaged is work to support the effective implementation of the IAASB’s new and revised Auditor Reporting standards (which are expected to be finalized in 2014), further information gathering on potential future work topics such as group audits and assurance on Integrated Reporting, and development of a post-implementation review process for the IAASB’s assurance and related services standards. The IAASB consultation also set out the topics that it intends to prioritize in 2017 and beyond in support of its strategic objectives.

    How to Comment
    The IAASB invites all stakeholders to comment on the IAASB Consultation Paper, Proposed Strategy for 2015–2019 and Proposed Work Program for 2015–2016. To access the Consultation Paper or submit a comment, visit the IAASB’s website at www.iaasb.org/publications-resources. Comments are requested by April 4, 2014.

    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 the International Federation of Accountants (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 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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  • Ethics Board Consults on Future Strategy and Work Plan

    New York, New York English

    The International Ethics Standards Board for Accountants (IESBA, the Ethics Board) today released for public consultation its Proposed Strategy and Work Plan, 2014-2018. The proposed Strategy and Work Plan builds on the strong base established by the revised Code of Ethics for Professional Accountants (the Code) issued in July 2009, which clarified requirements for all professional accountants and significantly strengthened independence requirements for auditors.

    The Consultation Paper was developed with input from a survey conducted earlier this year and other consultative activities. It lays out four proposed strategic themes to reflect the Ethics Board’s vision for the medium to longer term and to guide its work plan over the five-year period: maintaining a high-quality Code for application by professional accountants globally; promoting and facilitating the adoption and effective implementation of the Code; evolving the Code for continued relevance in a changing global environment; and increasing engagement and cooperation with key stakeholders.

    “The board’s mandate is to develop high-quality ethics standards for the profession worldwide. Therefore, the board’s primary strategic priority should be to ensure that the Code continues to be a robust set of standards in the public interest,” said Jörgen Holmquist, chair of the Ethics Board. “The board also recognizes the strategic importance of advancing adoption and effective implementation of the Code to further contribute to public trust and confidence in the profession, and of broadening and deepening stakeholder engagement as an essential ingredient to the quality of its standards and their global acceptance. It is critical that the board hears from stakeholders as to whether the actions and activities it is proposing to prioritize appropriately support these objectives.”

    The Consultation Paper includes four work streams that the Ethics Board agreed to pursue in early 2012 in response to a strategic review of external developments: a review of the Code provisions addressing long association of senior personnel with an audit client, and non-assurance services, both with respect to independence;  a review of the structure of the Code with a view to enhancing its usability and accessibility; and a review of Part C of the Code addressing professional accountants in business.

    “The proposed Strategy and Work Plan reflects the Ethics Board’s goal of further reinforcing and promoting the Code as a leading set of ethics standards for the global profession,” noted IESBA Technical Director Ken Siong, adding, “Ultimately, this consultation aims to ensure that the board’s proposed strategic priorities are aligned with the needs of its stakeholders and that it is best utilizing and directing its resources to achieve its objectives.”

    How to Comment
    The Ethics Board invites all those with an interest in international ethics standards for the accountancy profession to respond to the Consultation Paper, which includes specific questions to guide responses. To access the Consultation Paper and submit a comment, please visit the Ethics Board website at www.ethicsboard.org. Comments are requested by February 28, 2014. The Ethics Board encourages national and regional professional accountancy organizations to share the Consultation Paper with and encourage participation from their members and employees.

    About the IESBA
    The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information.

    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 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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  • IFAC Welcomes Release of International Integrated Reporting Framework

    New York, New York English

    The Framework is an opportunity for organizations to improve the quality of information provided about governance, strategy, prospects, and performance that reflects the commercial, social, and environmental contexts within which they operate. It enables them to engage with investors and others and focus on value creation over time. Ultimately, it will contribute to a more financially stable global economy and is a force for sustainability.

    It will bring cohesion, technical rigor, and efficiency to a process that has grown organically and through market pressure over the last three years. Organizations that are able to adopt “integrated thinking” will benefit by breaking down internal silos and reducing duplication. Finance and accounting leaders need to act as change agents in their organizations and facilitate integrated thinking across the organization so that integrated reporting can be successful. These leaders have a crucial role in putting their organizations on a path of sustainable performance.

    As a co-founder of the IIRC, IFAC has played a central role in the development of the IIRC and the Integrated Reporting Framework. IFAC President Warren Allen serves on the IIRC and former IFAC CEO Ian Ball is continuing his role as Working Group chair on IFAC’s behalf. IFAC has also provided staff support to the development of the IR Framework.

    We encourage our member bodies and other stakeholders to communicate about the Integrated Reporting Framework and to get involved in its next stages, and we look forward to continuing to perform a constructive and central role in 2014 and beyond

    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 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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  • IFAC Releases New Guide on Review Engagements

    New York, New York English

    The International Federation of Accountants (IFAC), the global organization for the accountancy profession, today released the Guide to Review Engagements. The guide, developed in conjunction with CPA Canada, aims to help professional accountants in practice, especially those operating in small- and medium-sized practices (SMPs), in conducting review engagements in compliance with International Standard on Review Engagements (ISRE) 2400 (Revised), effective for periods ending on or after December 31.

    “Many small- and medium-sized entities (SMEs) around the world are not required, or do not elect, to have an audit. They may, however, wish to enhance the credibility of, and confidence in, their unaudited financial statements by having some degree of independent assurance on them,” said SMP Committee Chair Giancarlo Attolini. “A review engagement, which offers limited assurance, may be the ideal solution. The guide can help practitioners prepare themselves to meet the potentially increasing demand in this area.”

    To help practitioners develop a deeper understanding of ISRE 2400 (Revised), the guide includes illustrative examples alongside relevant extracts from the standard. It also includes practical points for practitioners’ consideration and tips on how to efficiently implement the standard. Checklists and forms that can be adapted to meet the particular requirements and circumstances of individual review engagements and jurisdictions are also included.

    To assist IFAC member organizations, the SMP Committee has also updated its Companion Manual, a supplementary user guide to help organizations understand the various ways they can use, translate, and adapt the committee’s implementation guides.

    To download the guide, visit SMP Publications & Resources. See also the article “Review Engagements for SMEs: Limited Assurance, Numerous Benefits,” which was developed to help IFAC members communicate the value of a review engagement and the availability of the guide to their members.

    About the SMP Committee
    The SMP Committee of the International Federation of Accountants (IFAC) represents the interests of professional accountants operating in small- and medium-sized practices (SMPs). The committee develops guidance and tools and works to ensure the needs of SMPs 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 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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  • IAASB Enhances Standard for Assurance Engagements

    New York, New York English

    In today’s global economy, there is strong public interest in high quality, relevant assurance on information beyond the audit or review of financial statements. Recognizing this, the International Auditing and Assurance Standards Board (IAASB) today released an updated and enhanced International Standard on Assurance Engagements (ISAE), titled ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information, which addresses a broad range of assurance engagements.

    “The importance of relevant and consistent high quality engagements for assurance services cannot be understated. Preparers and users alike already look to the accountancy profession to provide assurance services on an expansive range of information, and this is anticipated to continue to grow. ISAE 3000 (Revised) provides the platform for practitioners to provide such services, and to develop new assurance services over many different subject matters, while enhancing the quality of such engagements,” noted Prof. Arnold Schilder, IAASB Chairman.

    ISAE 3000 (Revised) covers a wide variety of engagements, ranging from assurance on statements about the effectiveness of internal control, for example, to assurance on sustainability reports and possible future engagements addressing integrated reporting. The standard covers both reasonable and limited assurance engagements, and introduces guidance designed to help readers better understand these two levels of assurance.

    “ISAE 3000 (Revised) is the overarching standard for current and future topic-specific ISAEs and assurance engagements where no separate ISAE exists. As a result, the IAASB’s revision involved striking an appropriate balance between ensuring that the standard is sufficiently robust, and that it is able to also facilitate innovation in the dynamic and evolving field of assurance,” noted James Gunn, IAASB Technical Director.

    Accompanying the release of ISAE 3000 (Revised) are conforming amendments to the International Framework for Assurance Engagements; ISAE 3402, Assurance Reports on Controls at a Service Organization; ISAE 3410, Assurance Engagements on Greenhouse Gas Statements; and ISAE 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus.

    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 the International Federation of Accountants (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 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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  • IFAC Issues Notice of the Call for Nominations for its Board and Committees

    New York, New York English

    The Notice of the Call for Nominations for the IFAC Board and Committees in 2015 was issued today along with the companion guide, Developing a Nominations Strategy. The Notice of the Call sets out the upcoming opportunities for membership on the Board of the International Federation of Accountants (IFAC), the global organization for the accountancy profession with 179 members and associates in 130 countries, and its Compliance Advisory Panel,  Professional Accountancy Organization Development Committee, Professional Accountants in Business Committee, Small and Medium Practices Committee, and Nominating Committee.

    For 2015, there are 29 vacancies on the Board and committees, including two leadership positions—the IFAC deputy president and the chair of the Small and Medium Practices Committee. All vacancies on the Board and committees are open for nominations by IFAC Members.

    The Nominating Committee encourages all IFAC Members to review the Notice of the Call, including the detailed information regarding open vacancies, composition targets, specific membership qualifications, and requirements for the Board and each committee. It also offers strategic guidance in selecting candidates, including identifying the most qualified nominee for each available position.

    The official Call for Nominations will be issued on January 15, 2014, and nominations may be submitted from January 15 to March 15, 2014. The Notice of the Call is issued in advance of the Call for Nominations to allow sufficient time for stakeholders to prepare for the next nominations cycle.

    The Nominating Committee follows an open and transparent process in selecting the best candidates for the available positions while also striving to achieve gender, regional, and professional balance. For more information about the Nominating Committee, its due process, or guidance in selecting the best candidate, please visit the Nominating Committee web page.

    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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  • Notice of the Call for Nominations - Candidates Sought for the Independent Standard-Setting Boards

    New York English

    The Notice of the Call for Nominations for the Independent Standard-Setting Boards in 2015 was issued today. The Notice of the Call sets out the upcoming opportunities for membership on the International Auditing and Assurance Standards Board (IAASB), International Accounting Education Standards Board (IAESB), International Ethics Standards Board for Accountants (IESBA), and International Public Sector Accounting Standards Board (IPSASB).

    To assist nominating organizations and self-nominees, the International Federation of Accountants (IFAC) has published Developing a Nominations Strategy, which was also released today. Along with the Notice of the Call, the document is issued to provide information on the relevant membership qualifications, including the required time commitment and performance expectations for volunteers and to offer strategic and practical guidance in identifying the most qualified candidate for each available position.

    For 2015, there are 22 vacancies on the independent standard-setting boards. All vacancies on the boards are open for nominations by all stakeholders, including professional accountancy and international organizations, governmental agencies, firms, and the public. Although each candidate will ultimately be selected on the basis of experience, nominations of highly-qualified candidates from Africa and the Middle East for membership on the IAASB and from Latin America for membership on the IESBA are encouraged.

    The official Call for Nominations for the Independent Standard-Setting Boards in 2015 will be issued on January 15, 2014, and nominations may be submitted from January 15 to March 15, 2014. The Notice of the Call is issued in advance of the Call for Nominations to allow sufficient time for all stakeholders to prepare for the next nominations cycle.

    The Nominating Committee follows an open and transparent process to select the best candidates for the available positions, while also aiming to achieve gender, regional, and professional balance. For more information about the Nominating Committee, its due process, or guidance in selecting the best candidate, please visit Nominating Committee webpage.

    About the IAASB
    The International Auditing and Assurance Standards Board (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 the International Federation of Accountants (IFAC).

    About the IAESB
    The International Accounting Education Standards Board (IAESB) develops education standards, guidance, and information papers for use by IFAC member bodies under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB 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 IAESB are facilitated by IFAC.

    About the IESBA
    The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information.

    About the IPSASB
    The International Public Sector Accounting Standards Board (IPSASB) develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland.

    About IFAC
    The International Federation of Accountants (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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  • IFAC Council Seminar Discusses the Financial Reporting Supply Chain

    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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  • IFAC Announces New Board Members, Admits New Member Organizations at Annual Council Meeting

    Seoul, South Korea English

    The International Federation of Accountants (IFAC), the global organization for the accountancy profession, today announced its new Board members and new member bodies, decided at its annual Council Meeting.

    Four members were elected to the IFAC Board: Gail McEvoy (Ireland), Michael Hathorn (United Kingdom), Sebastian Owuama (Nigeria), and Wienand Schruff (Germany). The IFAC Council also re-elected Ana Maria Elorrieta (Brazil) and Robert Harris (United States). In addition to enhancing  the diversity of the IFAC Board—in terms of gender, geography, and professional experience—these Board members contribute skills and expertise that will help IFAC move forward in its areas of strategic focus.

    IFAC admitted the Institute of Management Accountants as a member. In addition, three existing associates were admitted to the organization as members:

    Five new associates were admitted to the organization:

    Finally, the Association of Corporate Treasurers became an IFAC affiliate. For a full listing of IFAC members, see the membership section of IFAC’s website.

    “We are delighted to include these organizations,” said IFAC Chief Executive Officer Fayez Choudhury. “IFAC has many synergies with the Institute of Management Accountants and Association of Corporate Treasurers, particularly in light of our focus on the important role played by professional accountants in business in the global economy. In addition, many of the new members and associates are based in emerging and transitioning countries, and the profession plays a critical role in supporting the development of their local economies and societies. We welcome them into the global profession and look forward to working together to advance IFAC’s mission of supporting global economic growth and development.”

    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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    Note to Editors – IFAC Board Members November 2013-November 2014:

    Warren Allen (President)
    Olivia Kirtley (Deputy President)
    Carol Bellringer, Canada
    Norunn Byrkjeland, Norway
    Dr. Yugui Chen, China
    Pamela Monroe Ellis, Jamaica
    Ana Maria Elorrieta**, Brazil
    Rachel Grimes, Australia
    Ahmadi Hadibroto, Indonesia
    Robert Harris**, United States
    Michael Hathorn*, United Kingdom
    Prof. In-Ki Joo, Republic of South Korea
    Russell Loubser, South Africa
    Gail McEvoy*, Ireland
    Sebastian Owuama*, Nigeria
    Jacques Potdevin, France
    Ganapathy Ramaswamy, India
    Marta Rejman, United Kingdom
    Wienand Schruff*, Germany
    Makoto Shinohara, Japan
    Masum Turker, Turkey
    Steven Vieweg, Canada

    * New IFAC Board members as of November 2013

    ** IFAC Board member reappointed for a second term in November 2013

  • Linda de Beer Reappointed Chair of the IAASB Consultative Advisory Group

    New York, New York English

    Prof. Linda de Beer has been approved as the chair of the Consultative Advisory Group (CAG) to the International Auditing and Assurance Standards Board (IAASB) by the Public Interest Oversight Board (PIOB)* on the recommendation of the members of the IAASB CAG**. The approval of Prof. de Beer extends her leadership, the first term of which commenced on October 1, 2010, for an additional 18-month period that will end on March 31, 2015.

    The IAASB CAG is an independent body of 32 key stakeholders of the IAASB—including regulators, preparers, international investor and user groups, and others with an interest in international auditing and assurance—that provides strategic and technical advice in the public interest to the IAASB. The chair of the CAG plays a key role to ensure that the views of the CAG are heard and considered in the IAASB’s deliberations. The IAASB is an independent standard-setting board that establishes International Standards on Auditing (ISAs) and other pronouncements for use by professional accountants around the world. The PIOB oversees the activities of the IAASB and of the CAG.

    Prof. de Beer, who, before her election as chair represented the World Federation of Exchanges on the CAG, is an independent director on a number of listed company boards in South Africa and an advisor on reporting and corporate governance matters, inter alia, the Johannesburg Stock Exchange (JSE).  She is also a visiting professor in Audit and Accounting at the University of the Witwatersrand in Johannesburg, and a member of the King Committee on Corporate Governance and a number of South African standard-setting structures. She was also recently appointed as chairman of the Financial Reporting Investigations Panel.

    “I am humbled and honored to be re-elected into this position by my CAG colleagues. The esteemed CAG Member Organizations and their Representatives bring a broad range of skills and experiences from across sectors and jurisdictions to the table in informing the work of the IAASB and serving the interest of the public at large. The CAG plays a vital role in ensuring that recipients of assurance services—including preparers and users of financial information as well as regulators—have an appropriate voice in the process of setting standards,” said Prof. de Beer. “In the past three years I have represented the CAG at the IAASB meetings, I have seen remarkable progress, under Arnold’s leadership, in the honest and serious attention that is given to the views of non-auditor stakeholders in the setting of standards for auditors.  As a result, significant strides have been made in enhancing the value of an audit, the legitimacy of the auditing profession and thus in serving the public interest.”

    Commenting on Prof. de Beer's re-appointment, Prof. Arnold Schilder, chairman of the IAASB, said, “Linda brings a wealth of experience to her leadership role on the IAASB CAG. Her experiences, in South Africa and globally, give her valuable insight, and we are very pleased to be able to continue to work with her. ”


    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 the International Federation of Accountants (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 173 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

    * The Public Interest Oversight Board (PIOB)
    Established in 2005 as the oversight board for the global accountancy profession, the PIOB oversees IFAC's public interest activities with the objective of increasing the confidence of investors and others that such activities, including the setting of standards, are properly responsive to the public interest. The PIOB oversees the activities of the IAASB and of the CAG and, as one element of this oversight, establishes the criteria for their due processes and working procedures. PIOB members are nominated by international institutions and regulatory bodies.

    ** IAASB CAG Members

    • Asian Financial Executives Institutes
    • Associação Brasileira de Instituições Financeiras de Desenvolvimento
    • Basel Committee on Banking Supervision
    • BUSINESSEUROPE
    • CFA Institute
    • European Commission
    • European Federation of Accountants and Auditors for SMEs
    • European Financial Executives Institutes
    • Fédération des Experts Comptables Européens
    • Gulf States Regulatory Authorities
    • Information Systems Audit and Control Association
    • Institute of Internal Auditors
    • International Accounting Standards Board
    • International Actuarial Association
    • International Association of Insurance Supervisors
    • International Bar Association
    • International Corporate Governance Network
    • International Organization of Securities Commissions
    • International Organization of Supreme Audit Institutions
    • International Valuation Standards Council
    • Islamic Financial Services Board
    • Japan Securities Dealers Association
    • National Association of State Boards of Accountancy
    • North American Financial Executives Institutes
    • Organisation for Economic Cooperation and Development
    • Sri Lanka Accounting and Auditing Standards Monitoring Board
    • United Nations Conference on Trade & Development
    • World Bank
    • World Federation of Exchanges

    IAASB CAG Observers

    • Financial Services Agency, Japan
    • International Monetary Fund
    • US Public Company Accounting Oversight Board

     

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