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This report discusses the need for enhancing financial reporting quality worldwide, focusing on governance practices, IAS standards adoption, audit profession advancement, and regulatory frameworks to achieve high-quality financial information globally.
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RAISING REPORTINGAND AUDITING PRACTICESWORLDWIDEIFAD 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 • The quality of financial information is below expectations in many countries • Corporate governance practices and business culture fall short
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
The Vision • Achievement of a rational framework of reporting • Requires a generally accepted framework • corporate governance • the accounting and audit profession • regulation • education
The Vision • High quality financial information raise national accounting standards and practices with IAS as the benchmark
The Vision • High quality financial information (IAS) • A strong world-wide audit profession raise auditing standards and practices to common high standards (IFAC)
The Vision • High quality financial information (IAS) • A strong world-wide audit profession (IFAC) • Sound corporate governance requirements OCDE Principles of Corporate Governance
The Vision • High quality financial information (IAS) • A strong world-wide audit profession (IFAC) • Sound corporate governance requirements (OECD) • Role of regulators
The Vision • High quality financial information (IAS) • A strong world-wide audit profession (IFAC) • Sound corporate governance requirements (OECD) • Role of regulators • Education
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
Implementation of the Vision Broad Guidelines Specific Objectives Country Implementation Examples of Potential Focus Groups
Implementation of the Vision Now let’s move on...