IFAC believes that global standards promote global methodologies, which lead to enhanced and more consistent quality in both reporting and assurance.
The International Federation of Accountants (IFAC), which comprises 180
member and associate organizations and represents over 3 million
professional accountants globally, welcomes the opportunity to provide input into the European Commission’s work to enhance corporate reporting—including
a focus on corporate governance, statutory audit, and supervisory
aspects of the ecosystem that delivers relevant, reliable, and
comparable information to stakeholders.
As the voice of the global accountancy profession, IFAC understands
the crucial role that auditors, as well as professional accountants more
broadly, play in high-quality corporate reporting. But no matter how
skilled or well-resourced, auditors alone cannot overcome significant
shortcomings in other key areas of the reporting ecosystem—especially
the role of directors, audit committees, and those charged with
governance.
IFAC believes that global standards promote global
methodologies, which lead to enhanced and more consistent quality in
both reporting and assurance. We support high-quality,
globally-applicable standards for financial reporting developed by the
IASB, sustainability disclosure developed by the ISSB, audit and
assurance developed by the IAASB, as well as the IESBA International
Code of Ethics. We also believe audit firms are best placed to provide
not only audits of financial statements but also assurance on
sustainability disclosures.
IFAC CEO Kevin Dancey said, “Corporate
governance, audit, and supervision have historically focused on
financial statement reporting for investors and other providers of
capital. But now that sustainability-related disclosure is becoming
mainstream, this information must also be high-quality and trustworthy.
The accountancy profession, with its responsibility to act in the
public interest, has an essential role to play in this evolution of
corporate reporting.”
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 180 members and associates in 135 countries and
jurisdictions, representing more than 3 million accountants in public
practice, education, government service, industry, and commerce.
IFAC
© IFAC - International Federation of Accountants
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