Monitoring Group Proposes International Audit Standard Setting Reforms
BCBS welcomed and published the consultation of the Monitoring Group on strengthening the governance and oversight of the international audit-related standard-setting boards in public interest. The Monitoring Group comprises BCBS, EC, FSB, IAIS, IOSCO, International Forum of Independent Audit Regulators, and World Bank Group. The consultation paper is the product of the Monitoring Group's latest review, which began in 2016. Comments are to be submitted till February 09, 2018.
The consultation paper sets out options and recommendations for enhancing the independence, relevance, and transparency of international audit standard-setting. The consultation paper focuses on the governance and structure of the Standard Setting Boards (SSBs) that support auditing as a public interest activity, namely the International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants. The proposal is far-reaching, setting out the main areas of concern regarding the current structure and considering, among other matters, the number, remit, and size of the SSBs and their staffs; the accountability of the SSBs to the International Federation of Accountants; the process for nominating members to the SSBs; the roles of the Public Interest Oversight Boardr and the Monitoring Group; and the means by which the structure is funded. The Monitoring Group is committed to periodically reviewing the effectiveness of audit standard-setting.
Related Link: Press Release
Comment Due Date: February 09, 2018
Keywords: International, Accounting, International Audit Standard Setting, Reforms, SSB, Monitoring Group, BCBS
Previous Article
OFR Offers Updates on the Bilateral Repo Collection InitiativeRelated Articles
|
News
US Agencies Consult on Capital Treatment of Land Development LoansUS Agencies (FDIC, FED, and OCC) issued a proposed rule on the treatment of loans that finance the development of land for purposes of the one- to four-family residential properties exclusion in the definition of high volatility commercial real estate (HVCRE) exposure in the regulatory capital rule.
July 12, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: Second Update for July 2019Under the Single Rulebook question and answer (Q&A) updates for this week, EBA published answers to five questions related to supervisory reporting.
July 12, 2019
WebPage
Regulatory News
|
|
News
ESMA Updates Manual for European Single Electronic Format in EUESMA updated the reporting manual for European Single Electronic Format (ESEF).
July 12, 2019
WebPage
Regulatory News
|
|
News
FED Updates Supplemental Instructions for Reporting Form FR Y-9CFED updated the supplemental instructions for FR Y-9C reporting.
July 12, 2019
WebPage
Regulatory News
|
|
News
EBA Publishes Report on Monitoring Implementation of LCR in EUEBA published its first report on the monitoring of the implementation of liquidity coverage ratio (LCR) in EU.
July 12, 2019
WebPage
Regulatory News
|
|
News
APRA Applies Additional Capital Requirements to Three Australian BanksAPRA is applying additional capital requirements to three major banks in Australia to reflect higher operational risk identified in their risk governance self-assessments.
July 11, 2019
WebPage
Regulatory News
|
|
News
IMF Report on 2019 Article IV Consultation on Euro Area PoliciesIMF published its staff report in context of the 2019 Article IV consultation on euro area policies with member countries.
July 11, 2019
WebPage
Regulatory News
|
|
News
FSB to Survey Practices on Cyber Incident Response and RecoveryFSB launched a survey on the industry practices on cyber incident response and recovery.
July 11, 2019
WebPage
Regulatory News
|
|
News
ECB Appoints New Members of Supervisory BoardThe Governing Council of ECB appointed Edouard Fernandez-Bollo, Kerstin af Jochnick, and Elizabeth McCaul as representatives to the Supervisory Board of ECB Banking Supervision, for a five-year non-renewable term.
July 11, 2019
WebPage
Regulatory News
|
|
News
OSFI Consults on Applying Proportionality to Pillar 1 Rules in CanadaOSFI published a discussion paper seeks input on possible tailoring of the capital and liquidity requirements for small and medium-size deposit-taking institutions.
July 11, 2019
WebPage
Regulatory News
|
