Prof. Linda de Beer has been appointed chairman of the Consultative Advisory Group (CAG) to the International Auditing and Assurance Standards Board (IAASB). The IAASB CAG** is an independent body and provides the forum in which the representatives of its various member organizations—including regulators, preparers, and others with an interest in international auditing and assurance—provide advice on technical and public interest matters relating to the drafts of IAASB standards and strategy. The IAASB is an independent standard-setting board that establishes in the public interest International Standards on Auditing (ISAs) and other pronouncements for use by professional accountants around the world.
As a representative of the Johannesburg Stock Exchange (JSE), Prof. de Beer currently represents the World Federation of Exchanges on the CAG. She was elected by the CAG membership to succeed the current CAG chairman, David Damant, who since June 2004 has served as the first independent IAASB CAG chairman. Prof. de Beer’s appointment—a three-year term effective October 1, 2010—has been approved by the International Public Interest Oversight Board (PIOB).*
The chairman of the IAASB CAG provides leadership direction to the CAG, overseeing the achievement of the CAG's objectives and liaising with the PIOB and the IAASB. The PIOB oversees the activities of the IAASB and of the CAG.
“Linda brings a wealth of expertise to her current role as a member of the IAASB CAG,” said IFAC Chief Executive Officer Ian Ball. “I’m extremely pleased that she has been appointed as independent chairman, and I know that under her leadership the IAASB CAG will continue to make a highly effective contribution to audit standard setting. I would like also to acknowledge the vision, experience, and commitment David Damant brought to the role over the past six years.”
Commenting on the appointment, Prof. Arnold Schilder, chairman of the IAASB, said: “Linda’s experience as a professional advisor will serve her well as she works to enhance the CAG’s public interest input to the development of our standards and guidance. I very much look forward to working with her as IAASB CAG chairman.”
Prof. de Beer is an independent financial reporting and corporate governance advisor, and visiting professor at the University of the Witwatersrand in Johannesburg. She serves as an independent non-executive director on the boards of Afgri Holding Ltd (listed on the JSE) and Royal Bafokeng Platinum Ltd. She is a member of the King Committee on Corporate Governance, the Issuers’ Services Advisory Committee of the JSE, and the Committee for Auditing Standards of the Independent Regulatory Board for Auditors in South Africa.
Prof. de Beer stated: “The IAASB CAG plays a vital role in ensuring that the recipients of assurance services—namely the preparers and users of financial information, regulators, and other participants in the financial reporting supply chain—have an influence on ISAs and the other standards of the IAASB, as well as on the strategic direction of the IAASB. It is critical for the credibility of financial reporting to have these constituents involved in the standard-setting process. I am honored and humbled by my colleagues’ decision to elect me to lead them in this role. I am very much looking forward to the challenge.”
About the IAASB
The IAASB (www.iaasb.org) develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the PIOB, which oversees the activities of the IAASB, and the IAASB CAG, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by IFAC.
About IFAC
IFAC (www.ifac.org) is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 159 members and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce.
* The Public Interest Oversight Board (PIOB)
Established in 2005 as the oversight board for the global accountancy profession, the PIOB oversees IFAC's public interest activities with the objective of increasing the confidence of investors and others that such activities, including the setting of standards, are properly responsive to the public interest. The PIOB oversees the activities of the IAASB and of the CAG and, as one element of this oversight, establishes the criteria for their due processes and working procedures. PIOB members are nominated by international institutions and regulatory bodies.
** IAASB CAG Members (As at September 1, 2010)
- Asian Financial Executives Institutes
- Associação Brasileira de Instituições Financeiras de Desenvolvimento
- Basel Committee on Banking Supervision
- BUSINESSEUROPE
- CFA Institute
- Dean of the Graduate School of Financial Management, Moscow
- European Commission
- European Federation of Accountants and Auditors for SMEs
- European Financial Executives Institutes
- Fédération des Experts Comptables Européens
- Gulf States Regulatory Authorities
- Information Systems Audit and Control Association
- Institute of Internal Auditors
- International Accounting Standards Board
- International Actuarial Association
- International Association of Insurance Supervisors
- International Bar Association
- International Corporate Governance Network
- International Organization of Securities Commissions
- International Organization of Supreme Audit Institutions
- International Valuation Standards Council
- Islamic Financial Services Board
- Japan Securities Dealers Association
- National Association of State Boards of Accountancy
- North American Financial Executives Institutes
- Organisation for Economic Cooperation and Development
- Sri Lanka Accounting and Auditing Standards Monitoring Board
- United Nations Conference on Trade & Development
- World Bank
- World Federation of Exchanges
IAASB CAG Observers (As at September 1, 2010)
- Financial Services Agency, Japan
- U.S. Public Company Accounting Oversight Board