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FRC: Monitoring Group consultation launched to strengthen international audit standard setting

Measures to strengthen the governance and oversight of the international audit-related standard setting bodies in the public interest have been put to consultation today by the Monitoring Group, which is a collaboration of international financial institutions and regulatory bodies.

The consultation, which will run until 9 February 2018, sets out options which are intended to make the setting of international auditing and ethical standards independent of the auditing profession. The reforms are also intended to strengthen public interest oversight, by enhancing the role of the Public Interest Oversight Board (PIOB) and developing a framework to ensure that the public interest is served, and to improve the relevance and timeliness of standard setting.

The Monitoring Group also intends to develop a pathway towards a sustainable funding model in the medium-term which will remove the current risk that those who fund standard setting are perceived to have an influence over the process.

The FRC welcomes measures set out in the consultation to improve the co-ordination between auditing and ethical standards.

Melanie McLaren, FRC’s Executive Director for Audit and Actuarial Regulation, said:

“This consultation is vital to the UK as our audit standards are based on international ones.

The FRC welcomes the opportunity for stakeholders to give their views. Developing a framework for assessing the public interest is an important and welcome step – and one which the FRC recommended in responding to the PIOB’s strategy consultation.”

Notes to editors:

  1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting transparency and integrity in business. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
  2. 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 standard setting and audit quality.
  3. The consultation is available at: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD586.pdf
  4. The Public Interest Oversight Board (PIOB) provides independent oversight to ensure the transparency, accountability, and responsiveness to the public interest of standard-setting.

 

Original article link: https://www.frc.org.uk/news/november-2017/monitoring-group-consultation-launched-to-strength

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