The Institute of Cost and Management Accountants of Bangladesh (ICMAB) is pleased to post the consultation paper issued by the Monitoring Group (MG) for review and comments which was released on November 9, 2017. The consultation paper titled ‘Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest’ sets out various options to enhance the governance, accountability and oversight of the international audit standard setting process. Comments are requested by February 1, 2018.
The 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. This group includes the following entities:
- International Organization of Securities Commissions (IOSCO)
- Basel Committee on Banking Supervision (BCBS)
- European Commission (EC)
- Financial Stability Board (FSB)
- International Association of Insurance Supervisors (IAIS) and
- World Bank Group (WBG)
This group has worked with the International Federation of Accountants (IFAC) with the objective of restoring confidence that standard-setting by IFAC’s independent boards is responsive to the public interest.
The consultation paper elicits the views of stakeholders on how best to safeguard the independence of the standard-setting process and its responsiveness to the public interest. In developing options to reform the standard setting process, the MG has reflected on some key overarching principles that standard setting should observe: public interest, independence, credibility, cost effectiveness, relevance, transparency and accountability.
The consultation paper includes options which consider changes to 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 consultation paper requests stakeholder views on which of those options would best achieve the MG’s objectives to enhance their independence and public accountability.
Please download the Consultation Paper here.