Matthew Waldron has been appointed as the incoming Chair of the Consultative Advisory Group (CAG) to the International Auditing and Assurance Standards Board(IAASB), effective April 1, 2015.
His appointment, which has been approved by the Public Interest Oversight Board,* follows his election by members of the IAASB CAG.**
As Chair, Mr. Waldron will lead the IAASB CAG—an independent body comprising regulators, preparers, international investor and user groups, and other stakeholders with an interest in international auditing and assurance—in providing strategic and technical advice in the public interest to the IAASB. Mr. Waldron will play a key role in ensuring that the CAG’s views are heard and considered in the IAASB’s deliberations.
He is a director in the Financial Reporting Policy Group at CFA Institute and has served as its representative on the IAASB CAG since 2008. In that role, he is principally responsible for monitoring and responding to audit and assurance matters relating to investor interests. His prior experience includes working for KPMG, PwC, and the Federal Home Loan Mortgage Corporation. He is also a member of the CAG to the International Ethics Standards Board for Accountants.
“It is an honor to be elected to this position by my peers on the CAG, particularly at this critical time for financial reporting supply chain stakeholders,” Mr. Waldron said. “The CAG represents 32 of the world’s foremost organizations with a deep interest in auditing and assurance. I look forward to marshalling the CAG members’ global knowledge and experience to help the IAASB’s work and, in particular, ensuring end-users have a clear voice in the development of the IAASB’s standards and guidance.”
Mr. Waldron will succeed Prof. Linda de Beer, who has served as the CAG Chair since September 2010. Prof de Beer commented as follows on Mr. Waldron’s appointment: “I am delighted with Matt’s election to take over from me as the CAG Chair. The investor community is a very important stakeholder of the audit service. A new CAG Chair from that constituency gives an important message as to the independence of the CAG and how seriously it takes its role to advise and consult the IAASB in setting auditing standards in the public interest.”
Commenting on Mr. Waldron’s appointment, Prof. Arnold Schilder, IAASB Chairman, said, “Matt’s extensive senior experience working within, and advising, the financial services sector means he brings a highly valued perspective to the CAG’s important work. We look forward to his leadership of the CAG as the IAASB embarks on several new standard-setting initiatives. On behalf of the IAASB, I thank Linda for her outstanding contribution to our deliberations and I am sure that she will continue to be a strong advocate for the public interest in her home country, South Africa, and globally.”
About the IAASB CAG
The CAG comprises a diverse mix of 32 Member Organizations** including, user groups, regulators, financial executives, international public interest organizations and other professional bodies such as lawyers, valuation experts and actuaries with interests in, or related to audit and assurance. The CAG is an integral and important part of the IAASB's formal process of consultation, and Representatives of CAG member organizations provide the IAASB advice on numerous areas, including the IAASB’s agenda and project timetable (work program); its technical projects; and other matters of relevance to the IAASB’s activities. The Public Interest Oversight Board (PIOB) oversees the work of the CAG, and the roles and responsibilities of the CAG Chair are approved by the PIOB.
About the International Auditing and Assurance Standards Board® (IAASB®)
The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, 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 the International Federation of Accountants (IFAC).
About IFAC®
IFAC 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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
*The PIOB
Established in 2005 as the oversight board for the global accountancy profession, the PIOB oversees the International Auditing and Assurance Standards Board, International Ethics Standards Board for Accountants, the International Accounting Education Standards Board™, and their CAGs, as well as IFAC’s Compliance Advisory Panel, with the objective of increasing the confidence of investors and others that their activities are properly responsive to the public interest. PIOB members are nominated by international institutions and regulatory bodies.
**IAASB CAG Members Organizations and Observers
- Asian Financial Executives Institutes
- Associação Brasileira de Instituições Financeiras de Desenvolvimento
- Basel Committee on Banking Supervision
- BUSINESSEUROPE
- CFA Institute
- 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
- Financial Services Agency, Japan
- International Monetary Fund
- US Public Company Accounting Oversight Board