New York (Jan. 22, 2004) -- In the wake of Italian dairy product maker Parmalat’s accounting discrepancies and subsequent bankruptcy, the International Federation of Accountants, a global group comprised of some 159 accounting bodies in 118 countries, is calling for greater vigilance by all those involved directly or indirectly in the production of financial information.

For its part, IFAC said it is closely monitoring the Parmalat situation as the facts become public and the truth of the situation emerges. The organization also claims it would support the application of strong sanctions, should they be warranted.

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