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Ian Ball - International Actuarial Association Presentation


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International Actuarial Association (IAA)—Standard-Setters Round Table - International Federation of Accountants (IFAC) CEO Ian Ball addressed the IAA Council on the relationship between actuaries and the auditing profession.

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Ian Ball - International Actuarial Association Presentation

  1. 1. High Standards in FinancialReportingIan BallCEO International Federation of AccountantsInternational Actuarial AssociationStandard-Setters Round Table26 May 2012Los Angeles, CA
  2. 2. High Standards in Financial ReportingInternational Federation of Accountants• IFAC is the global organization of the accountancy profession – 167 members and associates - professional accountancy organizations— spanning 127 countries and representing approximately 2.5 million accountants – Over 170 board and committee (volunteer) positions and 70 staff – Based in New York
  3. 3. High Standards in Financial ReportingIFAC’s Mission To serve the public interest by: • contributing to the development, adoption and implementation of high-quality international standards and guidance; • contributing to the development of strong professional accountancy organizations and accounting firms, and to high-quality practices by professional accountants; • promoting the value of professional accountants worldwide; • speaking out on public interest issues where the accountancy profession’s expertise is most relevant.
  4. 4. High Standards in Financial Reporting IFAC Structure, Oversight and Consultation Monitoring Group IFAC COUNCIL Public Audit Nominating Interest Committee Committee Oversight Board IFAC IFAC Regulatory BOARD Liaison Group Planning and Finance Committee Forum Consultative Consultative Consultative Consultative of Firms Advisory Advisory Advisory Advisory Group Group Group Group Professional Professional Small and International International International International Transnational Accountancy Accountants Medium Compliance Auditing and Accounting Ethics Public Sector Auditors Organization Advisory Panel Assurance Education Standards Accounting Committee in Business Practices Development Committee Committee Standards Standards Board for Standards Committee Board Board Accountants Board
  5. 5. High Standards in Financial ReportingRelationship between IAA and IFAC• Cooperation between private sector organizations like those on the Private Sector Task Force• High level cooperation among standard setters across different disciplines, e.g. on due process• Technical cooperation in standards development
  6. 6. High Standards in Financial ReportingCooperation between Private Sector Organizations• Private Sector Task Force – IAA participation was highly valued – Principal aim is regulatory convergence – Facilitate growth and stability in the world’s capital markets – Where to from here?
  7. 7. High Standards in Financial ReportingAuditing Standards• The International Auditing and Assurance Standards Board – IAASB – Serve the public interest by setting high-quality standards in auditing and assurance – Facilitate the convergence of international and national auditing and assurance standards – Over 80 jurisdictions are using or have signaled their intent to use the clarified ISAs, as are the members of the Forum of Firms – IAA serves on the IAASB Consultative Advisory Group
  8. 8. High Standards in Financial ReportingTechnical cooperation• IAASB – ISA 540 governs estimates—most relevant to the work of actuaries • Plan to review to ensure ―fit for purpose‖ in light of changing accounting standards • May also more explicitly address utilizing the work of experts – Disclosures • Feedback starting January 2011 • Project proposals planned for September 2012
  9. 9. High Standards in Financial ReportingBeyond Standards Development• IFAC Compliance Program – Promoting and monitoring convergence to international standards – Members—demonstrate how they are addressing the Statements of Membership Obligations
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