The International Federation of Accountants held a joint meeting with the Public Oversight Board (PIOB) and the European Commission on September 25, 2006 in Madrid. The main issues which were addressed during the meeting were the three remaining concerns of the European Commission regarding International Auditing and Assurance Standards Board (IAASB) governance. The meeting concluded with the agreement on the following three issues:
- the right of the PIOB to request the removal of a member of the IAASB
- the definition of “ non-practitioner”
- the need of the IAASB to have a majority of members from jurisdictions that have adopted or plan to adopt ISAs
IFAC is the worldwide organization for the accountancy profession dedicated to serve the public interest by strengthening the profession and contributing to the development of strong international economies.
For more information please visit the following website: www.ifac.org