ENHANCING PUBLIC CONFIDENCE IN FINANCIAL REPORTING

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ENHANCING PUBLIC CONFIDENCE IN FINANCIAL
REPORTING

• Marc Pickeur
• World Congress of Accountants
• 13-16 November - Istanbul

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Basel Committee on Banking Supervision(BCBS)

• Forum for regular cooperation on banking
  supervisory matters, meeting in Basel -
  Switzerland
• Senior banking supervisors of thirteen countries
• Committee encourages contacts and cooperation
  between its members and other banking supervisory
  authorities
• Several working groups, including the Accounting
  Task Force

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BCBS and accounting-auditing

• Core Principles for Effective Banking Supervision
• Principle 22 Accounting and disclosure
• Principle 21 Supervisory reporting

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BCBS and accounting-auditing

• IASB Standards Advisory Committee
• IFAC
• Public Interest Oversight Board
• Monitoring Group
• IAASB Consultative Advisory Group
• IESBA Consultative Advisory Group
• Publication of documents and comment letters

5
Enhancing public confidence through

• Sound financial reporting framework
• enhance the quality of information in financial
  statements and supervisory reports
• Transparency
• Public disclosure promotes safety and soundness
  through market discipline
• complements effective supervision

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Enhancing public confidence through

• Sound corporate governance
• Need for transparency
• The work conducted by the internal audit
  function, external auditors, and internal control
  functions should be utilised effectively
• Independent audit committee

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Enhancing public confidence through

• External auditors
• Can help management to better understand the
  quality of internal controls and financial
  reporting
• Sound auditing standards
• Need for an international, coherent, internal
  control framework

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BCBS documents

• Enhancing Bank Transparency, Sept.1998
• Framework for Internal Control Systems in Banking
  Organisations, Sept. 1998
• BCBS Review of IAS - Report to G7 Ministers of
  Finance and Central Bank Governors, April 2000
• Internal audit in banks and the supervisor's
  relationship with auditors, Augustus 2001
• Enhancing Corporate Governance for Banking
  Organizations, February 2006
• Comment letters IAS/IFRS, ISA, Code of Ethics

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Enhancing public confidence through

• Monitoring implementation and compliance with
  IFRS and ISA
• IFRS preparers, auditors, analysts,
  regulators(expectations, experiences)
• ISA oversight bodies, preparers, auditors,
  regulators (expectations, experiences)
• To obtain feedback e.g. Oversight Bodies,
  auditors,

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Enhancing public confidence through

• Continuous dialogue between standard setters and
  stakeholders to improve international standards,
  their understanding and their use
• Importance of international forums and the public
  consultation process

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Enhancing public confidence through

• Promotion of ethical culture within companies and
  firms
• The tone at the top
• Integrity
• Compliance - Quality assurance systems
• Compliance and the compliance function in banks,
  April 2005

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Thank youwww.bis.orgMarc.Pickeur_at_cbfa
.be