IAASB appoints new member

News Article - 14 November 2007
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The executive director of the Auditing Practices Board Jon Grant is to serve on the International Auditing and Assurance Standards Board (IAASB).

His three-year term will begin on January 1st 2008.

"Jon Grant's appointment to the IAASB is international recognition of his expertise and helps the UK remain influential in the development of international auditing standards," said chief executive of the Financial Reporting Council Paul Boyle.

He explained how important the IAASB is to the UK auditing industry and that the European Union may make the IAASB reporting standards compulsory.

The objective of the IAASB is to strengthen "public confidence in the global auditing and assurance profession" by setting high standards to create uniformity in the industry.

A new set of international standards by the IAASB will come into effect over audits of financial statements on December 15th 2009.

It claims that setting a date for the new style of financial checks will allow all auditors to ensure the implementation is clear and smooth.

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