Enhancing public confidence in financial reporting
In early 2003 PricewaterhouseCoopers was asked to assist The Group of Thirty with a project relating to accounting policies and practices. The result of the group’s efforts is a global report, launched in December, entitled
Enhancing public confidence in financial reporting.
A key element of the report, and the main area of PricewaterhouseCoopers involvement, is a series of best practice statements regarding governance, controls, price verification and internal and external audit, as they relate to the use of fair values in financial reporting. PwC supported the G30 in undertaking an industry survey of practices for ensuring the objectivity, consistency and integrity of valuation and accounting procedures for financial instruments. The survey results were used to develop these statements of best practice related to the use of fair value accounting for financial instruments.
The PricewaterhouseCoopers effort has been led by Phil Rivett, Global banking and capital markets leader; along with Mark Batten, Director in the London office (+44 (20) 7804 3169); and Doug Summa, Director in the New York office (+1 (646) 471 8596).
PricewaterhouseCoopers briefing papers
Enhancing public confidence in financial reporting - Chapter extracts
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