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Groups propose new structure for global auditing standards

Tammy Whitehouse | December 21, 2017

A group of international regulators and financial institutions is proposing a new mechanism to set standards for auditing in global capital markets.

The “Monitoring Group” exists specifically to bring greater quality and credibility to audits that are relied on in global capital markets. The group is made up of the the Basel Committee on Banking Supervision, European Commission, Financial Stability Board, International Association of Insurance Supervisors, International Forum of Independent Audit Regulators, International Organization of Securities Commissions, and the World Bank.

The group is challenging the current method by which international auditing standards are written, which is via the International Auditing and Assurance Standards Board. IAASB is overseen by the International Federation of Accountants, which is a global professional body operated by the accounting and auditing profess itself. The Monitoring Group says the process is problematic because there...

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