news the PQ
ISSB begins to take shape Emmanuel Faber (pictured) has been appointed to serve as the first-ever chair of the International Sustainability Standards Board (ISSB). The appointment follows the announcement at COP26 in November last year about the creation of the ISSB – which consolidates the Climate Disclosure Standards Board and the Value Reporting Foundation. The ISSB will develop, in the public interest, IFRS Sustainability Disclosure Standards that provide a global baseline of disclosure
requirements designed to give investors high-quality, globally comparable sustainability information. The ISSB will work in close cooperation with the International Accounting Standards Board (IASB) to ensure connectivity and compatibility between IFRS Accounting Standards and IFRS Sustainability Disclosure Standards. Faber has significant global
ACCA and IIA renew MOU ACCA and the Institute of Internal Auditors (IIA) have renewed their memorandum of understanding for another three years. The two bodies have been collaborating for a number of years, and one key benefit allows ACCA members to sit a challenge exam, so they can achieve the IIA’s Certified Internal Audit
(CIA) designation. The CIA is the only globally recognised certification for internal audit practitioners, and since 2015, more than 5,000 ACCA members have sat the exam. The organisations said they will continue to cooperate on research and thought leadership on topics such as diversity,
experience, having lived in and held senior leadership positions across four continents: Africa, the Americas, Asia and Europe. He founded and chairs several international organisations and initiatives, including the One Planet Business for Biodiversity coalition and the G7 Business for Inclusive Growth coalition – co-chaired with the OECD Secretary General. governance, cybersecurity and ESG (environmental, social and governance). Helen Brand, chief executive of ACCA, said: “We’re delighted to be signing this new MOU with the IIA. We believe that we can develop research together that resonates with a global audience of finance professionals across different disciplines. We already have strong links with The IIA and we look forward strengthening those in a range of areas for the benefit of our memberships.”
Mazars fined £250,000 One of the UK’s biggest accountancy firms, Mazars, has been fined £250,000 for its failure when auditing a local authority’s 2019 financial statements. The Financial Reporting Council said it found failures in the reviewed audit, which it considered “fell far short of the applicable standards and regulations and had the potential to undermine confidence in the standards in general of registered auditors”. The most significant failing was in respect of the PPE valuation, where there was insufficient and undocumented challenge of the accounting treatment for refurbishment costs in the valuation of the authority’s dwellings which could indicate a material overvaluation. Other areas of concern included the first-year independence, group oversight and quality control.
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