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IOSCO report gives marching orders to audit committees

Tammy Whitehouse | February 1, 2019

Securities regulators globally have banded together to call on audit committees to take a fresh look at their role in promoting and supporting quality audits.

The International Organizations of Securities Commissions, of which the Securities and Exchange Commission is a member, has issued a report outlining its view of the role audit committees play in fostering high-quality external audits for publicly listed companies. The report summarizes “good practices” for audit committees to use as benchmarks for their own performance in assessing their external audits.

The IOSCO notes audit regulators globally have indicated a need to improve audit quality and to make audit execution more consistent. The report cites the findings of the International Forum of Independent Audit Regulators, of which the Public Company Accounting Oversight Board is a member, which has reported inspectors globally have raised...

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