“Review of the operations of the IFAC International Auditing Practices Committee” Report issued

BASEL COMMITTEE ON BANKING SUPERVISION bc Eng Via fax: +1 212 286 9570 Mr Manuel Sanchez y Madrid Chairman IAPC Review Task Force International Federation of Accountants th535 Fifth Avenue, 26 Floor New York, New York 10017 USA 21 September 2001Re: Report and Recommendations from the IAPC Review Task Force Dear Mr Sanchez, The Basel Committee is pleased to have been offered the opportunity to comment on the review of the operations of the IFAC International Auditing Practices Committee. We believe that the report discusses a number of relevant aspects of and provides many constructive recommendations on the important issue of international standard setting in the audit area. Please find our detailed comments in the attached note. The note has been prepared by the Committee’s Accounting Task Force, chaired by Prof Arnold Schilder, Executive Director of De Nederlandsche Bank. If you have any questions regarding our comments, please feel free to contact Prof Schilder (+ 31 20 524 3360) or Bengt A Mettinger at the Basel Committee Secretariat (+ 41 61 280 9278). Yours sincerely, William J McDonough Centralbahnplatz 2 · CH-4002 Basel · Switzerland · Telephone: (+41 61) 280 8080 · Fax: (+41 61) 280 9100 Annex “Review of the operations of the IFAC International Auditing Practices Committee” Report issued for public comment 18 July 2001 General comment Independent high quality audits of financial statements are an ...