Corporate governance

Accountancy SA,  May 2003  by Sehoole, Ignatius

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IFAC EXPANDS WEB SITE TO INCLUDE INFORMATION ON CORPORATE GOVERNANCE

The International Federation of Accountants (IFAC) has introduced a new Internet resource centre for the public entitled: Viewpoints: Governance, Accountability and the Public Trust. Individuals may access it directly by going to http://www.ifac.org/credibility/viewpoints.php. This new section on the IFAC website has been developed to support the IFAC Task Force on Rebuilding Credibility in Financial Reporting (http://www.ifac.org/credibility/).

The task force, chaired by John Crow, former Governor of the Bank of Canada, is charged with identifying and analysing the causes of the loss of credibility in financial reporting and considering alternative courses of action to restore credibility. The final report will include recommendations on principles of best practices in the areas of financial reporting, corporate governance, corporate disclosure, and auditor performance.

As part of its ongoing work, the task force has assembled numerous materials on various aspects of governance and financial reporting from around the world. This information is posted on the website as a service to IFAC member bodies and their members, those involved in governance processes, and investors and other stakeholders interested in obtaining additional information on this topic. The information, which can be downloaded free of charge, is posted in six categories:

* Global Perspectives;

* Public Policy and Regulation;

* The Governance Process: Roles and Responsibilities;

* Financial Reporting;

* Auditing Issues; and

* Ethics.

Individuals may submit relevant documents for posting to this site by e-mailing them to ViewPoints@pop.ifac.org.

The task force will issue a report on its findings in mid-year. The report will also be posted to the IFAC website. Individuals may provide their e-mail addresses on the Viewpoints section of the site to receive an automatic notification of the report's posting.

REGULATED INDUSTRIES

AUDIT GUIDE ON RETIREMENT FUNDS

Members and associates are advised that the Audit Guide on Retirement Funds prepared by the Pension and Provident Fund project group of SAICA, has been approved by the Auditing Standards Committee and is available on the SAICA website.

Copyright South African Institute of Chartered Accountants May 2003
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