08 December 2022

IOSCO: Monitoring Group Reports on Progress to Implement Recommendations to Strengthen the International Audit and Ethics Standard-Setting S

In June of 2021, the MG reported on the development of its transition plan1 to implement the MG Recommendations. Since then, the MG, with strong multi-stakeholder support, has faithfully worked to implement the Recommendations, using the objectives agreed upon in 2020 as its guiding principle.

The Monitoring Group (MG) is responsible for the overall governance of the international audit and ethics 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 (Recommendations, MG Recommendations, or MG Reforms).

The MG is on track to implement the Recommendations within the established timeframe

In June of 2021, the MG reported on the development of its transition plan1 to implement the MG Recommendations. Since then, the MG, with strong multi-stakeholder support, has faithfully worked to implement the Recommendations, using the objectives agreed upon in 2020 as its guiding principle. The objectives of the MG Recommendations are the implementation of an independent and inclusive multi-stakeholder standard-setting structure that is responsive to the public interest in the development of timely, high-quality ethics, independence, audit, and assurance standards.

The MG, the Public Interest Oversight Board (PIOB), the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) (collectively Standard-Setting Boards or SSBs), and the International Federation of Accountants (IFAC) have worked collaboratively to faithfully implement the MG Recommendations. The collective efforts have focused on key implementation steps across six broad work streams,2 while attempting to minimize the disruption to the SSBs as they execute their strategic priorities and work plans, including the development of assurance, ethics and independence standards over sustainability reporting. In order to limit the disruption to the SSBs’ work plans, the appropriate sequencing of implementation steps is of utmost importance....

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