The International Federation of Accountants (IFAC) has released revised versions of Policy Position Paper 1, Regulation of the Accountancy Profession, and Policy Position Paper 3, International Standard Setting in the Public Interest.
Policy Position Paper 1, Regulation of the Accountancy Profession, was first issued by IFAC in December 2007. The revised paper includes a new section titled “Current Regulatory Environment.”
The section highlights the importance of global regulatory convergence, including the adoption and implementation of high-quality standards. It describes recent developments in regulation and makes reference to the Independent Forum of Independent Audit Regulators (IFIAR) Core Principles.
Lastly, the revised Policy Position Paper 1 includes a description of what would typically be included in shared regulation of auditing at a national level.
Policy Position Paper 3, International Standard Setting in the Public Interest, was issued by IFAC in December 2008.
The revised and updated paper describes how current governance arrangements and independent standard-setting boards supported by IFAC operate in the public interest and address the need for legitimacy, transparency, and performance.
It further includes discussion of the 2010 Monitoring Group (MG) review.
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