It is my pleasure to be here with you today in the capital of Argentina at CReCER 2011. Before I begin, I’d first like to congratulate the organizers on their bringing together business, professional, and policy leaders from around the world to stimulate debate on strengthening financial systems in new economies. I’d also like to acknowledge Mr. Fermin del Valle, past president of the International Federation of Accountants (IFAC) from Argentina, who is in the audience today. He was IFAC’s president at the time of my appointment as IAASB chairman and hence one of the reasons Argentina holds special meaning for me.

The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality standards for auditing, review, other assurance, quality control, and related services. Through its standards, the IAASB seeks to enhance the quality and consistency of practice throughout the world and strengthen public confidence in the auditing and assurance professional at the global and local levels.

I was appointed IAASB Chairman in 2009, when the work of my predecessor John Kellas and his team to establish the Clarity International Standards on Auditing (Clarity ISAs) was just completed—so I cannot take credit for that tremendous accomplishment. But I began my role at a very exciting time: taking the new Clarity ISAs and seeing that they are adopted and implemented globally, while also leading the IAASB to explore major new audit and assurance developments.  

I am truly delighted to be here today to participate in this important event. My thanks and congratulations to Jorge Paganetti and to FACPCE for hosting CReCER this year.

The title of this session is Key Factors for the Development of Capital Markets.

We will hear from a variety of speakers, including representatives of the World Bank, the Inter-American Development Bank, and the Global Public Policy Committee.

They will speak about openness, transparency, the public sector, and the role of the auditor. I would like to spend a few minutes on IFAC’s role, and how we work with the other organizations to support efficient, effective capital markets.

Good morning, ladies and gentlemen. I am truly delighted to be here today to participate in this important event.

As you are all aware, the global financial crisis has focused a spotlight on the relationship between the accountancy profession, financial stability, and overall economic and social progress.

After all, accountancy is the foundation of high-quality financial information. And high-quality financial information increases transparency, enhances the effective management of public resources, and furthers country stability and economic growth—which, in turn, facilitates foreign direct investment.

Good afternoon, ladies and gentlemen. I am truly delighted to be here today to participate in this important event. Many thanks to Mr. Ádám Balog, Deputy State Secretary, Ministry for National Economy, and Dr. János Lukács, President, MKVK, for hosting the meeting and inviting me to participate.

As we stand here today, the world is still affected by the financial crisis and the economic environment. Here in Hungary, the government is making strides to cut the budget deficit—and that is very positive. But of course there are countries within the EU and all over the world that are still being affected by the broader global slowdown.

So what can we—what should we—do?

Certainly, significant financial reforms are being considered in different parts of the world. IFAC’s view is that we need to build a sustainable business environment and a strong financial architecture.

Financial infrastructure—in the form of high quality, recognized standards in auditing and assurance, ethics, education, public sector accounting, and related regulation—is the only way that we can achieve broad-based, sustainable economic development.

Good afternoon, ladies and gentlemen. I am truly delighted to be here today to participate in this important event. We have been anticipating this event for 4 or 5 years now, and I know a lot of people have worked very hard to make this happen and to make PAFA a reality.

My congratulations to Matsobane Matlwa, Chairman of the PAFA Steering Committee and all stakeholders involved in the development of PAFA. And many thanks to Mamour Fall, President of ONECCA Senegal, for hosting this event, and to Aziz Dieye and Patrick Kabuya, Members of the Steering Committee, for actively contributing to its organization.

And, on behalf of IFAC, congratulations to Senegal on your big move in the FIFA world rankings. Even though it was announced several weeks ago, I thought there would still be parties to celebrate! But we have enough to celebrate with the launch of PAFA.

It’s an important step. To me, one of the most impressive things is that this was done during a period of global financial crisis!