New York (Nov. 17, 2003) -- The International Federation of Accountants, a 155-member global accounting group, approved a series of audit reforms designed to strengthen the audit standard-setting process and achieve global convergence on standards.

The approved reforms provide for a transparent standard-setting process that elicits greater input from the public and establishes a 10-member Public Interest Oversight Board to monitor IFAC’s standard-setting process with respect to auditing assurance, ethics independence and compliance.

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