“Monetary Discipline Did Not Work”
NASHVILLE, Tenn., October 7, 2010 — International regulators representing over 15 countries assembled in Madrid, Spain on September 30 – October 1, for the Third Annual NASBA International Forum.
The Forum — established by the National Association of State Boards of Accountancy (NASBA) in 2008 — is a unique roundtable devoted to the exchange of issues and ideas related to the global impact of international accounting and auditing regulation.
During the two-day event, speakers addressed the complexities of international cooperation of regulators, the challenges of strengthening audit quality and the importance of professional skepticism faced by auditors. IASB Trustee Chair and founding father of the Euro, Tommaso Padoa-Schioppa, informed the esteemed audience of regulators and professionals that the Crisis originated by 3 deep factors and they should be addressed in the reforms that will be developed. Mr. Schioppa highlighted these factors to be the belief that financial markets are efficient and capable of pricing assets correctly; the gap between national policies and international capital markets and the short-term mentality of consumers, traders and policy makers.
Steven Maijoor deliberated the pros and cons of regulating auditing during times of financial uncertainty and challenged the audience to determine if the role of auditors should be expanded to provide assurance on information relating to risks, controls and governance. Panelists Stephen Allis, Robert Hodgkinson, Brian Hunt and Cynthia Richson further challenged this proposition by engaging in a dynamic discussion about the evolving role of the profession in enhancing transparency and instilling confidence in auditors and the capital markets. As the Forum drew to a close, the audience thoughtfully considered successful models for improving cross-border communication.
NASBA’s International Division will collaborate with participating agencies to develop action steps to the issues identified through the Forum.
Celebrating 103 years of service, the National Association of State Boards of Accountancy (NASBA) serves as a forum for the nation’s state boards of accountancy, which administer the Uniform CPA Examination, license over 650,000 certified public accountants and regulate the practice of public accountancy in the United States.
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