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State Board Report

October 2016

Responding to recent comments made by British politicians about international business professionals, Anton Colella, chief executive officer of the Institute of Chartered Accountants of Scotland wrote: “It’s not where you are born that matters, it’s the value you bring.” He continued: “If we are serious about growing the UK economy, our businesses must be able to attract the best global talent.” Mr. Colella, who met with NASBA leaders in August to further mutual professional recognition between Scotland and the U.S., will be one of the featured speakers at NASBA’s Annual Meeting.

“If we are serious about improving the wealth of our nation, our young CAs [Chartered Accountants] must continue to be able to have unfettered access to the global marketplace to experience and understand the nature of global business and to put their knowledge into practice for the wider good of society,” he wrote on the ICAS Web page, www.icas.com.

In conjunction with the UK Financial Reporting Council (FRC), the ICAS has published a report on “Auditor Skills in a Changing Business World,” which questions whether the profession currently has the skill set that it will need to deliver an audit beyond the traditional financial statement audit, one that would be a driver for change.

“Waiting for the audit to change before developing the skill base will be just too late, given the time-lag involved in recruiting, developing and training staff,” the report states.

Among the paper’s recommendations is: “Regulators should question whether current statutory requirements for the content of the qualification of auditors is sufficient to address the changing need for identified skills.”

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