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
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