Madrid, July 14, 2020
The Monitoring Group (MG) is pleased to present 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:
•Achieve an independent and inclusive, multi-stakeholder standard-setting system;
•Reinforce the consideration of the public interest within 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; and
•Foster the development of timely, high quality standards that respond to an accelerating pace of change.
Article source: https://www.iosco.org/about/monitoring_group/pdf/2020-07-Monitoring-Group-Recommendations-to-Strengthen-the-International-Audit-and-Ethics-Standard-Setting-System.pdf