The International Federation of Accountants
(IFAC) has revised two of its policy position papers to promote
global convergence.
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Policy position paper 1, Regulation of the
Accountancy Profession, has been updated to include a new
section entitled 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 core principles. The revised paper also 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, now
includes a description of 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 also includes discussion of the
2010 Monitoring Group (MG) review.
