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IOSCO proposal seeks to set practices for audit committees

Tammy Whitehouse | July 11, 2018

International regulators are developing a broad proposal to call for improvements in audit committee oversight of external auditors.

The International Organization of Securities Commissions, of which the Securities and Exchange Commission is a member, issued a consultation report on measures audit committees should be taking to do their part to promote quality audits. The report proposes “good practices” audit committees should pursue with respect to the qualifications and experience of audit committee members, their knowledge of financial reporting and audit, and their mindset in terms of challenging auditors and demonstrating a “questioning mind.”

IOSCO says audit committees should develop a recommendation on the selection of auditors, without help from management, following selection criteria that are established in advance. Audit proposals would be measured against those criteria. “The focus...

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