IOSCO Consults on Good Practices for Supporting Audit Quality
IOSCO published a consultation report on good practices for audit committees in supporting audit quality. The report is intended to assist audit committees of issuers of listed securities in promoting and supporting audit quality. Comments can be submitted by July 24, 2018.
The consultation report proposes good practices regarding the features that an audit committee should have to be more effective in its role, including delineating the qualifications and experience that audit committee members should possess. The report also proposes good practices that audit committees may consider when:
- Recommending the appointment of an auditor to members/shareholders
- Assessing potential and continuing auditors
- Assessing the audit fees
- Facilitating the audit process
- Communicating with the auditor
- Assessing auditor independence
- Assessing audit quality
Findings of reviews by audit regulators indicate a need to improve audit quality and consistency of audit execution. The findings also reveal that practices of audit committees within the same jurisdiction, and across jurisdictions, can vary from one listed entity to the next, leading to a lack of consistency in the way audit committees carry out their responsibilities. IOSCO considers the accuracy, integrity, and comparability of issuer disclosure to be essential for maintaining investor and market confidence.
Related Links
Comment Due Date: July 24, 2018
Keywords: International, Securities, Accounting, Audit Committee, Good Practices, Disclosures, IOSCO
Previous Article
US Regulatory Agencies Join Global Financial Innovation NetworkRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
