Strengthening the International Audit and Ethics Standard-Setting System – IOSCO Monitoring Group released a new Paper

IOSCO Monitoring Group developed and released a new Paper - Strengthening the International Audit and Ethics Standard-Setting System - aimed at enhancing governance arrangements of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA).

A Monitoring Group is a group of international financial institutions and regulatory bodies committed to advancing the public interest in areas related to international audit standard setting and audit quality. 

The enhancements reflected in the Monitoring Group’s Paper will support the core mission of the two Boards to promulgate high quality international audit, assurance, related services and ethics standards for the accountancy profession, for worldwide application and developed in the public interest. 

“The Monitoring Group’s conclusions highlight the importance of high-quality international standards, set by independent and technically expert bodies with effective oversight,” said IAASB Chairman Tom Seidenstein. “We support change that can advance our ability to deliver enhanced standards in the public interest.”   

“The task now at hand is to draw the most benefit from these changes,” said IESBA Chairman Dr. Stavros Thomadakis. “We are committed to collaborating with the Monitoring Group and others to achieve a smooth transition and effective implementation of the new arrangements.” 

The Monitoring Group’s Paper encompasses items to be developed during a transition planning phase, and provides for a subsequent implementation period of approximately three years. According to IFAC’s announcement, this will allow for an orderly advancement of the Monitoring Group’s conclusions while avoiding disruption to delivery of IAASB’s and IESBA’s current Strategies and Work Plans.