Proposals to strengthen the international audit and ethics standard-setting process welcomed by ACCA

By Team BitBol, 

ial for business, investor and public
trust, says ACCA (the Association of Chartered Certified Accountants) following publication of
the Monitoring Group’s paper explaining the way ahead.
Speaking about the Monitoring Group’s recommendations, Maggie McGhee, executive director
– governance at ACCA says:
‘This is a much-anticipated announcement following an extensive consultation, and it
presents a positive development for the future. Their advice brings certainty to the
various standard setting Boards responsible for this important work, and it also provides
clarity about the future roles of the Public Interest Oversight Board (PIOB), and the
International Federation of Accountants.
‘These recommendations will reinforce stakeholder confidence in a technical and expert
global system that defines accountancy standards and ethics, with the aim of instilling
trust in business and the public sector.’
The enhancements defined in the Monitoring Group’s paper maintain many of the strengths of
the existing system, but ACCA believes that the new arrangements should further improve the
independence of the International Audit and Assurance Standards Board (IAASB) and the
International Ethics Standards Board for Accountants (IESBA), with recommendations also
further clarifying the roles between them and the PIOB. The recommendations will also
importantly maintain these Boards’ technical experience and expertise.
Maggie McGhee concludes:
‘The timeline for planning and moving to the new implementation needs to be considered
with all parties working as quickly as possible to full implementation to avoid uncertainty.
However, we recognise this project needs to be handled carefully in the current
economic climate due to Covid-19. We look forward to being part of this necessary

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