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The trouble with IFAC

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › The trouble with IFAC

  • This topic has 3 replies, 2 voices, and was last updated 9 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • July 11, 2015 at 11:17 am #260550
    srijana12
    Member
    • Topics: 24
    • Replies: 22
    • ☆

    I wonder if you clarify what largest accountancy firms mean in the following sentence!does it mean the audit /
    accountancy firms as like KPMG.

    The members of the IFAC are the professional accountancy bodies, whose authority has been eclipsed to some extent by the power of the largest accountancy firms.

    July 11, 2015 at 4:14 pm #260557
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23315
    • ☆☆☆☆☆

    Yes, that’s exactly what it means. It is saying that PwC, Deloittes, E&Y and KPMG have so much strength individually and collectively that IFAC and its member bodies like ICAEW and ACCA are powerless to do anything when any one of those four objects to any action by the profession of which the big 4 disapprove. The profession has allowed a monster (4 monsters to be precise) to be created

    If you live by the sword, be prepared to die by the sword!

    July 11, 2015 at 9:32 pm #260568
    srijana12
    Member
    • Topics: 24
    • Replies: 22
    • ☆

    Oh got it 🙂 thanks a lot!!!

    July 12, 2015 at 8:52 am #260594
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23315
    • ☆☆☆☆☆

    You’re welcome

  • Author
    Posts
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