The World Federation of Exchanges (WFE) announced on October 27, 2006, that it formally endorsed the processes for establishing International Standards on Auditing (ISAs) at its General Assembly meeting last week, ISAs is considered as key to the development of a globally uniform financial reporting system. Further, ISAs are developed by the International Auditing and Assurance Standards Board (IAASB).
The WFE Secretary General Thomas Krantz pointed out, "WFE's endorsement of IFAC's structure of public oversight and the processes its public bodies have established for creating high quality global standards for audit work and assurance reviews is a critical advance for establishing the world's capital markets with constantly improving financial information,"
"We welcome this important endorsement of the ISA standard-setting process by the World Federation of Exchanges. It is a significant recognition of the quality of the ISAs and the important role they play in ensuring greater comparability of financial information for investors," states IFAC President Graham Ward.
WFE is a private international organization. Its purpose is to facilitate the representation, development of organized and regulated markets, and to meet the needs of evolving capital markets in the best interest of their users.
IAASB objective is to serve the public interest by, setting, independently and under its own authority, high quality standards on auditing, quality control, review, other assurance, and related services, and facilitating the convergence of national and international standards.
For more information please visit the following website: www.ifac.org