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RAISING REPORTING AND AUDITING PRACTICES WORLDWIDE IFAD INITIATIVE

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 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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