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International Ethics Standards Board for Accountants Appoints First Independent Chair

Scuttlebutt | June 19, 2012

The International Federation of Accountants has appointed Jörgen Holmquist as the first independent chair of the International Ethics Standards Board for Accountants (IESBA), beginning September 2012 for a three-year term.

The appointment of an independent chair for the IESBA was recommended by the Monitoring Group in its 2010 final report, “Review of the IFAC Reforms.” The purpose of the report was to strengthen the international auditing and assurance standards process to bolster public confidence in the work of auditors and in the financial reporting process.

In his new role as chair, Holmquist will provide leadership to the organization, lead strategic direction, and develop and maintain effective relationships with national standard setters, regulators, and other key stakeholders.

Holmquist has been a public member of the IESBA since 2011. He previously served as director general of DG internal market and services at the European Commission from 2007 to 2010 where he was responsible for developing the European Union regulatory response to the financial crisis, including legislation and policy concerning accounting and auditing

Before joining the European Commission, he served in the Swedish Ministry of Finance for twenty years.