May 03, 2018 General Comments Off on IFAC Perspective on Way Forward After Considering Objective Analysis of Monitoring Group Consultation Responses
NEW YORK, May 03, 2018 (GLOBE NEWSWIRE) — IFAC (International Federation of Accountants) commissioned Gibson Dunn, a leading global law firm, to perform an independent qualitative and quantitative analysis of the public responses to the Consultation Paper published by the Monitoring Group: Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest.
A large number of responses were received from stakeholders from around the world.
The Gibson Dunn analysis highlighted marked differences of opinion across geographies and stakeholder groups on key proposals, but included several overall, main conclusions:
After carefully reviewing the report IFAC has the following observations:
Broad support and agreement for any Public Interest Framework is necessary before any of the broader governance changes proposed can be properly assessed.
Seeking consensus on proposals which could have a significant global impact depends not only on the merits of the proposals but also on the way the process is conducted; a new multi stakeholder approach is needed.
Change and transition can bring significant disruption and risk that must be mitigated.
Steps to improve operational processes can and should be taken quickly.
IFAC intends to actively engage with all stakeholders to seek a revised approach to improve the standard-setting process, that responds constructively to the feedback received, and that is:
IFAC welcomes stakeholders’ reactions to these observations.
Please send any comments to firstname.lastname@example.org.
Head of Communications
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