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
Keywords: International, Accounting, International Audit Standard Setting, Reforms, SSB, Monitoring Group, BCBS
Previous ArticleIMF Reports on the 2017 Article IV Consultation with Jordan
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.
BIS announced that it will establish new Innovation Hub centers across Europe and in North America in cooperation with member central banks.
FED updated the reporting form for FR 2052a, which is used to monitor the overall liquidity profile of certain supervised institutions.
PRA published a statement that sets out its views on certain amendments made to Capital Requirements Regulations (CRR and CRR2) via EU Regulation 2020/873 (CRR "Quick Fix"), including some guidance for firms.
PRA is proposing (CP5/20) an approach for publication of Solvency II technical information after the end of the transition period for Brexit.
FASB announced that SEC has upgraded the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system to Release 20.2.
The Climate Financial Risk Forum (CFRF), which is a joint climate risk forum of FCA and PRA, published a guide written by the industry for the industry to help firms approach and address climate-related financial risks.
IAIS published an application paper on liquidity risk management for insurers.