IFAC OK's audit quality reforms.
The International Federation of Accountants  The external links in this article or section may require cleanup to comply with Wikipedia's content policies. approved several audit reforms to strengthen the audit standard-setting process and move closer to global standards.
The reforms outline a transparent standard-setting process that gains greater input from the public, as well as establishes a 10-member Public Interest Oversight Board (PIOB PIOB Public Interest Oversight Board ), which would monitor IFAC's standard-setting process with respect to auditing assurance, ethics independence and compliance.
PIOB members will be appointed in early 2004 by the European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community , the World Bank and the International Association of Insurance Supervisors.
The guidelines also call for an IFAC IFAC - International Federation of Automatic Control, involved in informatics related to control systems. Leadership Group and a Monitoring Group, comprised of regulators, to help facilitate dialog between regulators and IFAC.
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