| Associations & Practice |    2429 VIEWS  |
| Associations & Practice | |
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Thursday, July 16, 2020
/ 08:17 AM / By IOSCO / Header Image Credit: Ecographics
The Monitoring Group (MG) yesterday presented its
recommendations Strengthening the
International Audit and Ethics Standard-Setting System.
The MG is responsible for the overall governance of
the international audit and ethics standard-setting process and the review of
its effectiveness. The set of recommendations fulfills the overall objective
that the MG set out when the effectiveness review began in 2015 - to strengthen
international audit and ethics standard-setting to enhance its responsiveness
to the public interest and improve audit quality.
Specifically, the recommendations are designed to achieve the following objectives:
The Monitoring Group developed these recommendations through extensive outreach including the following:
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.
As a result, the MG believes that it is in the
public interest to publish these recommendations so that stakeholders can begin
implementation as quickly as possible. The MG envisages that a transition
plan will be established within the next nine months and that these
recommendations will be implemented within three years thereafter.
Under the recommendations, the PIOB will continue
to have the critical role of providing independent oversight of the public
interest responsiveness of audit and ethics standard-setting. The MG looks
forward to working with the PIOB and the standard-setting boards to achieve
enhancements in the standard-setting system in the public interest and
improvements in audit quality.
Ms. Ana MartÃnez-Pina, Co-Chair of the Monitoring
Group said: "Today is a significant day in our long journey to develop these
important recommendations, where the contribution from all MG members and the
key stakeholders has been key. We are eager to begin the transition phase which
will allow us to put the recommendations in place so that we can begin to see
the improvements in audit quality that we expect to result from their
implementation."
Mr. Sagar Teotia, Co-Chair of the Monitoring Group stated: "The hard work of each of the MG member organizations and key external stakeholders, along with the feedback from the public throughout this process, culminated in the recommendations being published today. Thank you to each of you that have participated in the process. We are pleased to begin the next phase of transition and implementation and are eager to see the improvements to audit quality."
About the MG
The Monitoring Group (MG) is a group of
international financial institutions and regulatory bodies committed to
advancing the public interest in areas related to international audit-related
standard-setting and audit quality. This publication is part of its ongoing
global effort to promote high-quality international auditing and ethical
standards.
Further information can be obtained from here.
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