23 October 2003

Fee welcomes IFAC reform proposals

IFAC, the International Federation of Accountants, has announced major reform proposals. FEE supports the reforms which are a clear sign of the accounting profession's resolve to restore confidence in financial reporting, the work of auditors, and in financial securities markets worldwide.

The objective of the reforms is to increase confidence that the activities of IFAC are properly responsive to the public interest and will lead to the establishment of high quality standards and practices in auditing and assurance.

The proposals provide for more transparent standard-setting processes; greater public and regulatory input into those processes; regulatory monitoring; and public interest oversight. The proposals also ensure that there is regular, ongoing dialogue between regulators and the accountancy profession.

FEE press release
IFAC Reform Proposal

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