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INTERNATIONAL CONVERGENCE OF ACCOUNTING & AUDITING STANDARDS & REGULATION

INTERNATIONAL CONVERGENCE OF ACCOUNTING & AUDITING STANDARDS & REGULATION. WORLD BANK ADVANCED PROGRAM in ACCOUNTING and AUDITING REGULATION MODULE 10 17 October 2005. Paul Boyle Chief Executive. Agenda. Forces affecting corporate behaviour The corporate reporting process

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INTERNATIONAL CONVERGENCE OF ACCOUNTING & AUDITING STANDARDS & REGULATION

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  1. INTERNATIONAL CONVERGENCE OF ACCOUNTING & AUDITING STANDARDS & REGULATION WORLD BANK ADVANCED PROGRAM in ACCOUNTING and AUDITING REGULATION MODULE 10 17 October 2005 Paul Boyle Chief Executive

  2. Agenda • Forces affecting corporate behaviour • The corporate reporting process • Corporate reporting & governance – a joined-up approach • International standards implementation • International audit regulation • Completing the international architecture

  3. Forces affecting corporate behaviour

  4. The corporate reporting process

  5. Corporate reporting & governance – a joined-up approach • Links between issues • Accounting • Auditing • Professionalism of accountants • Corporate governance • The ability to cover all of these issues increases effectiveness

  6. The FRC’s aim … is to promote confidence in corporate reporting and governance

  7. Our objectives To promote: • high quality corporate reporting • high quality auditing • high standards of corporate governance • the integrity, competence and transparency of the accountancy profession • the FRC’s effectiveness as an independent regulator

  8. Our regulatory philosophy • A well-informed market is the best regulator • Targeted use of powers (proactive, risk-based) • Principles and clarity in standards and codes • Consultative, practitioner decision-making … but independent • Promote appropriate international approaches • Transparency, accountability and awareness

  9. International standards implementation • Keep in mind all stages of the process • The process as a whole needs to add value • Small & medium-sized companies have special considerations • Independence & accountability of regulators are both important

  10. International audit regulation • 100% self-regulation is no longer politically acceptable • Independent audit regulators emerging in various countries • Benefits of convergence of auditing standards • “ISA-plus” model • Independent monitoring and enforcement

  11. Completing the international architecture • International capital markets, international audit firms … an international regulatory response is required • Globally/regionally • Pressure on firms to improve international quality delivery … • International regulatory convergence is a reasonable request • “Global” regulation is not feasible … but agreement on common principles and co-operation is more realistic

  12. Completing the international architecture

  13. Completing the international architecture

  14. Completing the international architecture

  15. Promoting confidence in corporate reporting and governance

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