Sylph, Director of Professional Standards, highlighted that accountants play a major role in the global financial system and the global economy so national regulators will have to co-operate even more intensively.
James Sylph, Executive Director of Professional Standards at International Federation of Accountants (IFAC), highlighted that accountants play a major role in the global financial system and the global economy.
He also referred to the challenges that accountants face today which are:
- the regulatory environment for financial reporting and auditing;
- new standards on ethics, financial reporting, auditing and assurance;
- being responsive to a variety of stakeholder needs and wants for more and different types of reporting and assurance.
Finally he spoke of the significant new emphasis in the new international regulatory environment for better monitoring and enforcement of compliance with internationally accepted regulations and standards on a ‘cross-border’ basis. This implies future development of levels of co-operation between national regulators that have not been experienced to date.
© IFAC
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