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.’

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About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development.

Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com