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Interim Nominating Committee set up to select next IAASB chair

An interim Nominating Committee (INC) to select the chair of the International Auditing and Assurance Standards Board (IAASB) for the 2019-2021 term has been established by the Monitoring Group, the International Federation of Accountants (IFAC), and the Public Interest Oversight Board (PIOB).

This appointee will succeed Arnold Schilder, who has been IAASB chair since 2009.

The INC will have significant liberty to design the nominating process as it sees fit, guided by the need for transparency, a timely and duly motivated nomination decision and an IAASB chair job profile as agreed upon by the Monitoring Group.

The PIOB will oversee the process for selection and appointment, and will approve the nomination the INC will make.

The INC will be chaired by Ryozo Himino (Japanese Financial Services Agency) and in addition brings together two members nominated by the PIOB, Huguette Labelle and Jonathan Mance, and two nominated by IFAC, David Tweedie and Guy Almeida Andrade.

All committee members have been appointed by the Monitoring Group. IFAC president, Rachel Grimes and PIOB chair, Eddy Wymeersch will observe INC meetings.

By establishing an INC, the Monitoring Group aims to address and balance the need for continuity with the need for a process that reduces undue influence of the accounting and auditing profession, in fact or perception.

Gerben Everts, Monitoring Group chair: “The chair of the IAASB has a crucial role in ensuring that high quality standards are developed in the public interest. With its excellent composition, I am sure we will be able to announce the new chair in the autumn of this year.”

Rachel Grimes, IFAC President: “IFAC welcomes a multi-stakeholder approach for the selection of the IAASB board chair and believes that with Mr. Himino’s appointment and the collaboration between the MG and PIOB, this selection panel provides good multi-stakeholder representation to further enhance the independence of the appointment process for the next IAASB chair.”

Eddy Wymeersch, PIOB chair: “An IAASB chair selected by an independent committee will be a very significant contribution to the public interest responsiveness of the standards setting system.”

 

By Joe Pickard

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