The independence of auditors was the focus of an international forum hosted by the Ethics Committee of the International Federation of Accountants (IFAC) in Brussels on October 11 and attended by approximately 150 people.
Forum participants, who included regulators, standard setters, leaders of accountancy organizations and members of the profession, supported the principles-based approach to independence expressed in the IFAC Code of Ethics for Professional Accountants and suggested ways in which the Code might be clarified or augmented to provide auditors with clearer guidance in addressing independence issues. In addition, the participants emphasized the need to educate not only members of the profession but also regulators, management, boards and audit committees on the expectations of auditors with respect to independence.
Related links: IFAC – Ethics Committee
