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.

The new guidelines also provide an avenue for dialog between regulators and IFAC via the establishment of an IFAC Leadership Group and a Monitoring Group comprised of a cadre of regulators.

IFAC said the 10 members of the PIOB will be appointed in early 2004 by members of the European Commission, the World Bank and the International Association of Insurance Supervisors.

-- WebCPA staff

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