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10 November 2010

IFAC comments on Monitoring Group report


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IFAC commented on the Monitoring Group’s Review of the IFAC reforms — Final report. IFAC welcomed the publication of this report and appreciated the collaborative manner in which the Monitoring Group has undertaken the review, as well as their recommendations.


In the report, the Monitoring Group states that virtually all of the changes called for by the IFAC Reforms have been implemented. It also acknowledges that the initial implementation of the IFAC reforms has been a significant undertaking, and it recognizes the numerous achievements with respect to their implementation.

The concept of the IFAC reforms originated in 2002, when IFAC and a group of six international financial institutions—the Basel Committee on Banking Supervision, the European Commission, the Financial Stability Board, the International Association of Insurance Supervisors, the International Organization of Securities Commissions, and the World Bank (the Monitoring Group)—began a dialogue about the importance of high-quality audits of financial statements and the need to restore and enhance public confidence in financial reporting and auditing. The result of this dialogue was the IFAC reforms.

The IFAC reforms changed the structure and processes for the auditing, ethics, and education standard-setting boards supported by IFAC. The reforms called for the Monitoring Group to perform a five-year review of their implementation.

In addition to recognizing the successful breadth and depth of achievements of the IFAC reforms, the Monitoring Group has identified a number of near-term actions for IFAC and the standard-setting boards it supports, focused on further enhancing diversity, transparency, and accountability.

Press release


© IFAC

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