Audit regulation should be global: IOSCO
Regualtory body calls for "fullest assistance permissible" between nations
Regualtory body calls for "fullest assistance permissible" between nations
Nations should work together to better oversee auditors, an international
group of regulators has said.
The International Organization of Securities Commissions (IOSCO) has called
for its members, comprising some of the world’s leading regulators, to provide
“the fullest assistance permissible in efforts to examine or investigate matters
in which improper auditing may have occurred and on any other matters relating
to auditor oversight”.
The comment was made in the body’s
Principles
on Cross Border Supervisory Cooperation, released today.
In the document the body also raised concerns about foreign-based
subsidiaries warning that “the auditor for the overall organisation must review
and opine on the accuracy of the organisation’s consolidated financial
statements when it itself did not conduct an audit of all of the organization’s
components.”
“Under such a situation, problems can arise if an audit failure occurs at the
local level and the parent auditor is unaware of the failure,” the report
stated.
Further reading:
IOSCO
Publishes Principles on Cross Border Supervisory Cooperation
UK
audits beyond reach of US regulators
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourcePwC's Australia tax scandal has led to significant changes, including over 300 job cuts and the refusal to share a crucial report with Australian parl...
View articleAccountants and accounting firms play a crucial role in maintaining financial integrity, facing ethical dilemmas and regulatory challenges. Adherence ...
View articleThe creation of an effective sustainability standards infrastructure requires not only high-quality sustainability reporting and assurance standards, ...
View articleChanges will help to make accounting profession more attractive, ICAEW boss says Read More...
View article38% of firms required significant improvements, prompting the council to state Tier 2 and Tier 3 firms must "prioritise audit quality improvements and...
View articleFaber has been outspoken about the EU's approach and reinforces the ISSB's approach of a climate transitioning on the "necessary scale" Read More...
View articleEffective corporate reporting on sustainability will prevent greenwashing issues and deliver more data for better implementation of climate policies R...
View articleBy staying informed, seeking expert guidance, and adopting a forward-looking approach, accountants can successfully navigate the new regulatory landsc...
View article