European accountancy body welcomes reforms

The representative body of the European accounting profession has welcomed the announcement of major reform proposals by IFAC, the International Federation of Accountants.

The Fédération des Experts Comptables Européens (FEE) said the reforms were a clear sign of the accounting profession's resolve to restore confidence in financial reporting, the work of auditors, and in financial securities markets worldwide.

FEE President David Devlin, reacting to the news, said: "The creation of the Public Interest Oversight Board (PIOB) represents a real strengthening of the accountability of the international accounting profession.

"This will help to ensure public confidence that IFAC's work in standard setting for the profession.

"This move is timely in view of the European Commission's proposal to mandate the use of International Standards on Auditing (ISAs) for all statutory audits by 2005," Devlin said.

FEE represents more than 500,000 accountants in Europe.