Madrid JuMonitoring Group publishesitsecommendations toStrengthenthe I - PDF document

1 Madrid, JuMonitoring Group publishesitse
Madrid, JuMonitoring Group publishesitsecommendations toStrengthenthe International Audit and Ethics StandardSetting SystemThe Monitoring Group(MG)is pleased to presentits recommendations trengthening nternational uditthicstandardettingystem . The MG is responsible for the overall governance of the international audit and ethics standardsettingprocess and the review of its effectiveness. The set of recommendations fulfills the overall objective that the setout when the effectiveness review began in 2015 SeeMonitoring Group Consultation at and Summary of Feedback at https://www.iosco.org/about/monitoring_group/pdf/2018MonitoringGroupSummaryFeedback.pdf . M EMBERS International Commission (Chair) Basel Committee on Banking Supervision European Commission Financial Stability Board of Insurance Supervisors International Forum of Independent Audit Regulators The World BankGroup �� &#x/Att;¬he; [/;ott;&#xom ];&#x/BBo;&#xx [3; 34;&#x.956;&#x 312;&#x 64.;’ ];&#x/Sub;&#xtype;&#x /Fo;&#xoter;&#x /Ty;&#xpe /;&#xPagi;&#xnati;&#xon 0;&#x/Att;¬he; [/;ott;&#xom ];&#x/BBo;&#xx [3; 34;&#x.956;&#x 312;&#x 64.;’ ];&#x/Sub;&#xtype;&#x /Fo;&#xoter;&#x /Ty;&#xpe /;&#xPagi;&#xnati;&#xon 0;2 &#x/MCI; 0 ;&#x/MCI; 0 ; &#x/MCI; 3 ;&#x/MCI; 3 ;• Discussions within and among the Monitoring Group member organizations. The future structuregovernanceprocess of standardsetting and fundinggoalsof the international auditand ethicstandardsetting sys

2 tem as outlined in the recommendationsre
tem as outlined in the recommendationsrepresent significant enhancements the current structurehesekey enhancementsto the current structure will strengthen the standardsetting processwhich should result in standards that are more responsive to the public interest and in turn lead to improved audit quality. As a result, the MG believes that it is in the public interest to publish these recommendations so that stakeholders can begin implementation as quickly as possible. he MG envisagesthat a transition plan will be established within the next nine months and that these recommendations will beimplemented withinthree years thereafter. Under the recommendations, the PIOB will continue to have the critical role of providing independent oversight of the public interest responsiveness of audit and ethics standardsetting. The MG looks forward to working with the PIOB and the standardsetting boards to achieve enhancements in the standardsetting system in the public interest and improvements in audit quality.Ms. Ana MartínezPina, CoChair of the Monitoring Group said: “Today is a significant day in our long journey to develop these important recommendations, where the contributionfrom all MG members and the key stakeholders has been key. We are eager to begin the transition phase which will allow us to put the recommendations in place so that we can begin to see the improvements in audit quality that we expect to result from theirimplementation.”Mr. Sagar Teotia, CoChair of the Monitoring GroupstatedThe hard work of ea

3 ch of the MG member organizationskey ext
ch of the MG member organizationskey external stakeholders, along with the feedback from the public throughout this processculminated in recommendations eing published today. Thank you to each of you that have participated in the processWe are pleased to beginthe �� &#x/Att;¬he; [/;ott;&#xom ];&#x/BBo;&#xx [3; 34;&#x.956;&#x 312;&#x 64.;’ ];&#x/Sub;&#xtype;&#x /Fo;&#xoter;&#x /Ty;&#xpe /;&#xPagi;&#xnati;&#xon 0;&#x/Att;¬he; [/;ott;&#xom ];&#x/BBo;&#xx [3; 34;&#x.956;&#x 312;&#x 64.;’ ];&#x/Sub;&#xtype;&#x /Fo;&#xoter;&#x /Ty;&#xpe /;&#xPagi;&#xnati;&#xon 0;3 &#x/MCI; 0 ;&#x/MCI; 0 ;next phase of transition and implementation and are eager to see the improvements to audit quality.”Who we areThe Monitoring Group (MG) is a group of international financial institutions and regulatory bodies committed to advancing the public interest in areas related to international auditrelatedstandardsetting and audit quality. This publicationis part of its ongoing global effort to promote highquality international auditing and ethical standards. Further information can be obtained from the IOSCO website at https://www.iosco.org/about/?subsection=monitoring_group . MEDIA ENQUIRIES Mr. Paul Munter Deputy Chief Accountant, Office of the Chief AccountantU. S. Securities and Exchange Commission SECPhone: +Email: munterpa@sec.gov Mr. Alberto EstévezHead of Communications OfficeComisión Nacional del Mercado de Valores (CNMV)Phone: +34 91Email: comunicacion@cnmv.es