IOSCO Report Addresses Improving Audit and Ethics Standard-Setting
IOSCO published a report from the Monitoring Group on recommendations to strengthen the international audit and ethics standard-setting system. The Monitoring Group members include regulatory bodies committed to advancing the public interest in international audit-related standard-setting and audit quality such as BCBS, EC, FSB, IAIS, International Forum of Independent Audit Regulators, and IOSCO. The recommendations in the report are organized to consider issues related to accountability, public interest oversight, and governance; the purpose, structure, and process of standard-setting; funding; and transition. The Monitoring Group recommends that all levels of the governance and oversight framework should be subject to transparent accountability processes, including regular effectiveness reviews and enhanced reporting in the public domain.
The future structure, governance, process of standard-setting, and funding goals of the international audit and ethics standard-setting system as outlined in the recommendations represent significant enhancements to the current structure. These key enhancements to the current structure will strengthen the standard-setting process, which should result in standards that are more responsive to the public interest and in turn lead to improved audit quality. The recommendations are designed to
- Achieve an independent and inclusive, multi-stakeholder standard-setting system.
- Reinforce the consideration of the public interest in the standard-setting process and throughout the full cycle of standards development, with enhanced independent oversight and standard-setting guided by the Public Interest Framework.
- Foster the development of timely, high-quality standards that respond to an accelerating pace of change.
The Monitoring Group envisages that a transition plan will be established within the next nine months and that the recommendations will be implemented within three years thereafter. Under the recommendations, the Public Interest Oversight Board (PIOB) will continue to have the critical role of providing independent oversight of the public interest responsiveness of audit and ethics standard-setting. The Monitoring Group intends to provide a formal link between the PIOB and public authorities to protect the PIOB from undue influence while enhancing its public accountability.
Related Links
Keywords: International, Accounting, Banking, Insurance, Recommendations, Governance, Standard Setting, Audits and Ethics, Monitoring Group, IOSCO, IAIS, BCBS
Previous Article
HKMA Plans to Consult on Revisions to CVA Framework Later This YearRelated Articles
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
IOSCO Welcomes Work on Sustainability-Related Corporate Reporting
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BoE Allows One-Day Delay in Statistical Data Submissions by Banks
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
ACPR Amends Reporting Module Timelines Under EBA Framework 3.2
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
APRA to Modernize Prudential Architecture, Reduces Liquidity Facility
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.
