Global body dismisses investors' claims that standards will hit audit quality
The head of accounting’s global body has hit back at fierce criticism from investors over the creation of audit standards they claim will severely damage audit quality.
Graham Ward, president of the International Federation of Accountants, told Accountancy Age that arguments put forward by investors that global audit standards were too rules driven and designed to placate the US were ‘deeply flawed’.
‘We’re not in a position where we can be dominated by the US at all. We’ve got 18 members of the IAASB (IFAC’s standard setting body) and only two of them are from the US. Three are from the UK,’ he said.
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