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If one went around the world and gathered the opinions of various stakeholders in financial markets, one would find they firmly believe in two things they did not believe in ten years ago. One is the need for convergence. There is much more of a sense now around the world that that is the way to go. The second is the need for oversight. The creation of the Public Interest Oversight Board (PIOB) has been responsive to both these common principles.
We live in a world where the commitment to the public interest must be externally validated, externally viewed and constantly observed. The PIOB has been put together to do just that.
Stavros Thomadakis, chairman of the Public Interest Oversight Board,
at an International Federation of Accountants board meeting in New York, July 29. |