RegulationAccounting StandardsAudit regulation should be global: IOSCO

Audit regulation should be global: IOSCO

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

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