Skip to main content

Proposals to strengthen the international audit and ethics standard-setting process welcomed by ACCA



Robust global auditing and ethical standards are essential for business, investor and public trust, says ACCA (the Association of Chartered Certified Accountants) following publication of the Monitoring Group’s paper explaining the way ahead.

Speaking about the Monitoring Group’s recommendations, Maggie McGhee, executive director – governance at ACCA says:

‘This is a much-anticipated announcement following an extensive consultation, and it presents a positive development for the future. Their advice brings certainty to the various standard setting Boards responsible for this important work, and it also provides clarity about the future roles of the Public Interest Oversight Board (PIOB), and the International Federation of Accountants.

‘These recommendations will reinforce stakeholder confidence in a technical and expert global system that defines accountancy standards and ethics, with the aim of instilling trust in business and the public sector.’

The enhancements defined in the Monitoring Group’s paper maintain many of the strengths of the existing system, but ACCA believes that the new arrangements should further improve the independence of the International Audit and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA), with recommendations also further clarifying the roles between them and the PIOB. The recommendations will also importantly maintain these Boards’ technical experience and expertise.

Maggie McGhee concludes:

‘The timeline for planning and moving to the new implementation needs to be considered with all parties working as quickly as possible to full implementation to avoid uncertainty. However, we recognise this project needs to be handled carefully in the current economic climate due to Covid-19. We look forward to being part of this necessary change.’

Comments

Post a Comment

Popular posts from this blog

Peshawar Zalmi Releases "Zalmi Raalal" Official Anthem Powered by TCL

             TCL, Pakistan's No.1 LED TV Brand, in collaboration with Peshawar Zalmi, has released their most awaited anthem for PSL 8, " Zalmi Raalal ". Directed by the maestro Hassan Dawar himself, "Zalmi Raalal" is a star-studded, power-packed amalgamation of music, fashion, and sports, the three foremost passion points of Peshawar Zalmi. Produced by Naughty Boy, who has worked in the global music industry with the likes of Beyoncé, Wiz Khalifa, and Sam Smith, the music video features cricket's biggest superstars Darren Sammy and Babar Azam, as well as Pakistan's biggest celebrities Mahira Khan and Hamza Ali Abbasi. Peshawar Zalmi's official anthem for 2023, "Zalmi Raalal", is an ode to passion, a story entailing the beauty and power of the KP region and its people. The anthem has crossed one million views on all online platforms since its release, and the number is increasing fast.   The star-studded and narrative-centric anthem feature...
Post a Comment
Read more

YouTube Partner Program paves new methods for content creators to earn revenue on the platform

             Today YouTube announced the expansion of its monetisation system with   YouTube Partner Program  (YPP). YouTube shared that it is expanding the platform’s monetization system to allow more creators to join the program by new ways for creators to earn revenue through Shorts, and re-imagining the music industry and creator dynamic by opening up ads monetization for those who feature music in their videos. With this new chapter, YouTube  now offers  ways  for over 2M partners to make money. The expansion of the partner program will enable more opportunities for creators and artists on the platform in all types of different creative formats.  Starting from early 2023, Shorts-focused creators can apply to YPP by meeting a threshold of 1K subscribers and 10M Shorts views over 90 days. These new partners will be able to enjoy all the benefits YPP offers, including ads monetization across Shorts and long-form YouTube ...
Post a Comment
Read more

Corporate reporting on sustainability strengthens significantly

ISSB standards to provide consistent global baseline Corporate reporting of sustainability-related information takes a significant step forward with the publication of two ground-breaking global standards.   ACCA welcomes the publication of two standards from ISSB (the International Sustainability Standards Board) IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.   Helen Brand, ACCA chief executive, said: ‘The launch of these first two global sustainability standards is an important and significant step forward in business reporting, providing a global baseline for comparable information on sustainability issues, which will help investors, financial markets and society more widely. The focus they provide will help drive the positive changes we need in the way businesses operate in the face of the threat from climate change.   ‘ACCA will continue to support the ISSB’s important work. The inf...
Post a Comment
Read more