IFAC's comments on the FSA (UK) Guidance Consultation: Code of Practice for the relationship between the external auditor and the supervisor submitted on March 25, 2011.
Thank you for the introduction Caroline, and for the kind welcome. Good morning, ladies and gentlemen. It is a great pleasure to be here; my congratulations to CIPFA for organizing such an excellent conference.
The overall theme of this conference is trust and accountability in public financial management. The incoming Chairman of the IASB, Hans Hoogervorst, said at a recent conference in Brussels, “Without transparency, there can be no enduring stability.” I believe that without transparency, neither can there be trust or accountability. And as a basis for what follows, I should be clear that a crucial element of transparency in the public sector is accrual accounting.
The IAASB has provided comments on matters raised in the Green Paper that are directly within the remit of the IAASB. The IAASB will be following the progress of the European Commission's consultation on its Green Paper with interest, in particular as the IAASB works to develop its 2012-2014 strategy and work program.
