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Technical Updates February 2018 HKICPA
Our round-up of regulatory news.
The International Federation of Accountants (IFAC), the International Ethics Standards Board for Accountants (IESBA) and the chairs of both the International Auditing and Assurance Standards Board (IAASB) and the International Accounting Education Standards Boards IAESB have responded to the Monitoring Group consultation on strengthening the governance and oversight of international audit standard setting.
IFAC has issued guidance for professional accountancy organisations to enhance their governance. Globally there are 60 countries that do not have professional accountancy organisations (PAOs), and, there are an additional 93 PAOs that do not have sufficient capacity to function effectively at all levels. IFAC has released issued this to build awareness within the PAO community to provide guidance and encourage best governance practices and principles within their current governance arrangements. The publication also features a self-assessment tool for PAOs to utilise when reviewing their governance framework.