Theme

Interaction on “Promoting Confidence in Corporate Reporting and Governance: Regulatory Strategy for CA Profession” on May 19, 2010.

Participants

Experts from MCA, IICA, ICAI, QRB, Past Presidents, ICAI, KPMG, Price Waterhouse, Deloitte and other firms had participated in the interaction.

Details

IICA Forum on Financial Reporting and Disclosures had organized an interaction on “Promoting Confidence in Corporate Reporting and Governance: Regulatory Strategy for CA Profession” on May 19, 2010 at Conference Hall, IICA, New Delhi. Background papers on the theme for the interaction, as developed by IICA, highlighting the current scenario and listing out the issues for consideration of the Forum was circulated amongst all the participants. The discussion focused on the following broad issues at the Forum:-

	Recommendations of the 9th Report titled ‘Social Capital – A Shared Destiny’ of the 2nd Administrative Reforms Commission dealing with the functioning of Self-Regulatory Authorities particularly the CA profession.
	Functioning of the Quality Review Board set-up under the Chartered Accountants Act, 1949 as a credible public oversight over the audit profession particularly in the aftermath of the global financial crisis.
	Issues of co-operation with Public Oversight Bodies particularly with the International Forum of Independent Audit Regulators (IFIAR).
	International Developments: Equivalence Assessment of Regulatory Regimes particularly European Union criteria for “equivalence” of Third Countries’ Regulatory Regimes.