IFAC OK's audit quality reforms.

• Position: IFAC News; International Federation of Accountants - Brief Article

The International Federation of Accountants approved several audit reforms to strengthen the audit standard-setting process and move closer to global standards.

The reforms outline a transparent standard-setting process that gains greater input from the public, as well as establishes a 10-member Public Interest Oversight Board (PIOB), which would monitor IFAC's standard-setting process with respect to auditing assurance, ethics independence and compliance.

PIOB members will be appointed in...