Speaking at the Congress of German Public Auditors in Berlin, Commissioner McCreevy reviewed the progress and forthcoming issues in auditing and accounting.
With regard to the US GAAP - IFRS convergence, McCreevy is confident in the forefront of his visit to the US to come to an agreement on “friction-free transatlantic capital markets”.
“At a global level, a number of ideas on the future of the audit profession are on the agenda”, McCreevy said and referred to the forthcoming recommendations of an advisory committee set up by the US Treasury to be expected by summer 2008.
Also, the Commission is currently considering the merits of introducing International Standards on Auditing (ISA) in Europe. “Before the end of this year, my services will launch a study on the costs and benefits of introducing ISA's as well as any potential differences with US standards”, the Commissioner said.
Full speech
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