27 July 2023

Monitoring Group Reports on Progress to Implement Recommendations to Strengthen the International Audit, Assurance, Ethics, and Independence

The objectives of the MG Recommendations are the implementation of an independent and inclusive multi-stakeholder standard-setting system that is responsive to the public interest in the development of timely, high-quality audit, assurance, ethics, and independence standards that respond to an accelerated pace of change.

The Monitoring Group (MG) is responsible for the overall governance of the international audit, assurance, ethics and independence standard-setting system, including conducting periodic effectiveness reviews. In July 2020, the MG issued its recommendations Strengthening the International Audit and Ethics Standard-Setting System (MG Recommendations). The objectives of the MG Recommendations are the implementation of an independent and inclusive multi-stakeholder standard-setting system that is responsive to the public interest in the development of timely, high-quality audit, assurance, ethics, and independence standards that respond to an accelerated pace of change. The MG, supported by strong stakeholder engagement, has made significant progress in implementing its Recommendations to strengthen the standard-setting system.
High quality international audit, assurance, ethics, and independence standards enhance the quality and reliability of information investors use to make capital allocation decisions. Stakeholders across the global financial reporting ecosystem benefit from high-quality standard setting by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) (collectively the SSBs) under the oversight provided by the Public Interest Oversight Board (PIOB) to ensure due process is followed and that the standards being developed are responsive to the public interest, are developed in accordance with the Public Interest Framework (PIF),1 and are responsive to the rapid pace of change. An independent standard-setting system that provides for input from all stakeholders, leverages appropriate expertise, and that is safeguarded from undue influence is critical to maintaining and improving trust in the quality of financial and non-financial reporting...

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