Despite their healthy rivalry to secure clients and recruit top talent, the six largest global accounting firms have joined forces to address critical financial reporting and auditing issues that must be considered in order to continue to meet investor needs. Their efforts began at the Global Public Policy Symposium in Paris (Nov 2006) with the release of a vision statement prepared by the Big 6 CEOs, which has been the basis for open and constructive dialogue on issues impacting capital markets among diverse stakeholders.
The firms are continuing further dialogue by holding private, off-the-record roundtables around the globe. Santiago, Chile was host to one such event on September 26, 2007, attended by more than 20 senior regulators, issuers, investors, standard-setters, and audit firm representatives from throughout Latin America. The voice of LAVCA was represented by Board Member, Everett Santos.
Global issues that have emerged in the roundtables thus far include: the benefits and challenges of accounting, auditing and regulatory convergence; improved corporate governance as a substitute for regulation; the issues facing small companies in emerging markets; the need to make business reporting more useful and transparent to users without imposing undue costs and burdens on preparers.
Feedback from the dialogues is expected to be shared broadly at the profession’s next GPPS in 2008.