The board of the International Federation of Accountants has initiated a global study on how to enhance the quality of the financial reporting supply chain.
Within the coming months, an independent chair will be appointed to lead the global initiative on improving the quality of the financial reporting supply chain. The chair will be responsible for considering issues such as corporate management and governance, regulatory developments, auditor independence and rotation, and the expectations around the auditor's responsibility for the detection of fraud.
"To enhance the credibility of financial reporting, action is necessary at all points along the information supply chain that delivers financial reporting to the market," said IFAC president Graham Ward, in a statement. "This project will identify investor expectations and needs and include practical suggestions for enhancements that the global accountancy profession can provide by direct action and those where it will need to engage with others to create change."
In other major business, the board approved a guidance document on environmental management accounting, developed jointly with the United Nations, which will be posted this month on the IFAC Web site, www.ifac.org. The board also expressed its support for moving ahead on initiatives for the development of guidance materials on International Standards of Auditing for use in small and mid sized enterprise audit engagements.
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