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RAISING REPORTING AND AUDITING PRACTICES WORLDWIDE IFAD INITIATIVE

RAISING REPORTING AND AUDITING PRACTICES WORLDWIDE IFAD INITIATIVE. Jacques Manardo Deloitte Touche Tohmatsu 2nd Asian Corporate Governance Rountable 2 June 2000. The Need for Change. The quality of financial information is below expectations. The Need for Change.

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RAISING REPORTING AND AUDITING PRACTICES WORLDWIDE IFAD INITIATIVE

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  1. RAISING REPORTINGAND AUDITING PRACTICESWORLDWIDEIFAD INITIATIVE Jacques Manardo Deloitte Touche Tohmatsu 2nd Asian Corporate Governance Rountable 2 June 2000

  2. The Need for Change • The quality of financial information is below expectations

  3. The Need for Change • The quality of financial information is below expectations in many countries • Corporate governance practices and business culture fall short

  4. The Need for Change • The quality of financial information is below expectations in many countries • Corporate governance practices and business culture fall short of what is required in many countries • Large accounting firms pledge to work with others to narrow this gap

  5. The Vision • Achievement of a rational framework of reporting • Requires a generally accepted framework • corporate governance • the accounting and audit profession • regulation • education

  6. The Vision • High quality financial information  raise national accounting standards and practices with IAS as the benchmark

  7. The Vision • High quality financial information (IAS) • A strong world-wide audit profession  raise auditing standards and practices to common high standards (IFAC)

  8. The Vision • High quality financial information (IAS) • A strong world-wide audit profession (IFAC) • Sound corporate governance requirements  OCDE Principles of Corporate Governance

  9. The Vision • High quality financial information (IAS) • A strong world-wide audit profession (IFAC) • Sound corporate governance requirements (OECD) • Role of regulators

  10. The Vision • High quality financial information (IAS) • A strong world-wide audit profession (IFAC) • Sound corporate governance requirements (OECD) • Role of regulators • Education

  11. The Vision Parties that Need to Work Together • Governments • Regulators and standard setters • Capital providers • International financial institutions • Issuers • Supreme audit institutions • The accounting and auditing profession

  12. Implementation of the Vision Broad Guidelines Specific Objectives Country Implementation Examples of Potential Focus Groups

  13. Implementation of the Vision Now let’s move on...

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