The Board will inspect audit firms and will make recommendations on accounting and assurance standards, rules of conduct, and governance practices. Its efforts are being augmented by the new Auditing and Assurance Standards Oversight Council, which is designed to provide perspectives from outside the accounting profession on the oversight and setting of corporate audit standards.
Institutional anniversaries like this one are appropriate to reflect on achievements and challenges incurred, but should also lay grounds to ponder on what can be achieved going forward. They also provide the opportunity to remind about the Association’s fundamental ideas, aims and visions, and to gauge the extent to which they are being accomplished.