Dear Board members,
The IASB’s contribution to a globally recognized and understood accounting language is indisputable. However its efforts over the last years have been only partially rewarded – the compulsory application of the IFRS by US companies has failed to materialize. Today the IASB must refocus on user-oriented accounting. In Switzerland, there is increasing disillusion with the IFRS. Prof. Leibfried explains what (still) speaks in favor of these standards and calls for a more global development of financial reporting.
Due to the increased expectations and requirements in terms of responsible management, the treatment of suppliers is also gaining in importance. “Sourcing Governance” is the keyword. It concerns not only risk management and compliance along the value chain but also the use of strategic competitive advantages. Christoph Wolleb provides an overview of relevant aspects in this regard.
“The biggest change is the degree of engagement”, says Douglas Warner, president of the audit committee of General Electric, on the changed framework conditions governing the audit committee’s work. In addition, an increasing part of this work is performed outside the Board room. Read more about his view on audit committee effectiveness. This topic also will be addressed in more detail during our annual event that will take place on 20 November in Zürich and on 25 November in Lausanne. An invitation will follow shortly.
I hope that you enjoy reading this issue.
Head of KPMG’s Audit Committee Institute