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

Huawei and OPPO Sign Global Patent Cross-licensing Agreement

            Huawei and OPPO announced the signing of a global patent cross-licensing agreement, which covers cellular standard essential patents, including 5G. "After more than 20 years of continuous innovation, Huawei has developed multiple high-value patent portfolios in the global marketplace in domains like 5G, Wi-Fi, and audio/video codecs," said Alan Fan, Head of Huawei's Intellectual Property Department. "We are delighted to have reached a cross-licensing agreement with OPPO. The mutual recognition of intellectual property value between companies is a major step towards fostering a positive cycle of innovation and research in high-value standards: investing, receiving returns from investment, and then reinvesting. This will enable our industry to keep innovating and provide consumers with more competitive products and services." "We are very pleased to enter into patent cross-licensing agreement with Huawei. It clearly demonstrates that the two compa...
Post a Comment
Read more

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

Economic confidence among finance professionals edges higher globally despite big fall in North America

                                            The latest ACCA (the Association of Chartered Certified Accountants) and IMA ®  (Institute of Management Accountants)  Global Economic Conditions Survey (GECS) suggests that confidence among accountants and finance professionals edged slightly higher in Q2 2024 and is just above its historical average.  For chief financial officers (CFOs), all the key global indicators rose, with sharp gains evident in the New Orders and Capital Expenditure indices.   There were some notable regional differences . Western Europe-based accountants reported another decent increase in confidence as the euro area and UK economies continue to stage recoveries. Even Asia Pacific saw a small rise off the back of a huge gain previously, and the New Orders Index increased strongly. The region is benefitting from improvements in the global economy...
Post a Comment
Read more