WASHINGTON, November 29, 2017— The World Bank Group is a member of the Monitoring Group, 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 Monitoring Group has today issued a consultation paper, Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest. The paper sets out various options to enhance the governance, accountability and oversight of the international audit standard-setting process.
The consultation is part of the Monitoring Group’s mandate to promote high-quality international auditing and ethical standards. Further details are on the work of the Monitoring Group are available here.
The Consultation Paper reflects the Monitoring Group’s commitment to ensuring the effectiveness of the standard-setting process and includes options that would change the number of standard- setting boards, their composition, their strategic focus, geographical balance and remit; the process to nominate their members; and their current oversight arrangements, among other elements. The report requests stakeholder views on which of those options would best achieve the Monitoring Group’s objectives to enhance their independence and public accountability.
As a member of the Monitoring Group, the World Bank Group encourages all stakeholders to provide feedback on the options for reform. Comments on this Consultation Report should be submitted on or before February 9, 2018 to the following email address: MG2017consultation@iosco.org