Monitoring Group - Reforms to The Global Audit Standard-Setting Process

Update - 8 April 2022

Press release:
Monitoring Group Publishes “The Value of High Quality Audits and the Importance of Funding an Independent Multi-stakeholder International Standard-setting Structure”

Monitoring Group Paper:
The Value of High Quality Audits and the Importance of Funding an Independent Multi-stakeholder International Standard-setting Structure

Update - 14 July 2020

Press release:
Monitoring Group publishes its Recommendations to Strengthen the International Audit and Ethics Standard-Setting System

Monitoring Group Paper:
Strengthening The International Audit And Ethics Standard-Setting System

Update - 31 May 2018

Press release:
Monitoring Group publishes Summary of Feedback

Update - 26 February 2018

Press release:
Establishment of interim Nominating Committee to select next IAASB Chair

Update - 21 February 2018

Press release:
Reform of audit-related standard setting boards meets vast interest from stakeholders

Update - 15 December 2017

Press release:
MG to hold roundtables on reforms to audit standard-setting process

Update - 14 December 2017

The South African Institute of Chartered Accountants (SAICA) will be hosting a fourth round table meeting to discuss the Monitoring Group's consultation paper in Johannesburg on 10 January. The event will take place at the Hyatt Regency Rosebank, and will run from 17:00-19:00. People wishing to attend should contact Millicent Zikhali on [email protected] to request an invitation.

Update - 7 December 2017

In order to gather stakeholder feedback, and to give an opportunity for potential respondents to ask questions, the Monitoring Group is in the process of arranging three round tables in: London on the 15 January; Washington DC on 24 January; and Singapore on 30 January. If further round tables are arranged, details will be announced on this web page.

Stakeholders wishing to attend, should request an invite via the consultation response email.

Update - 09 November 2017

Press release:
Call for Comments on reforms to the global audit standard-setting process

Consultation Paper:
Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest

Press Releases

Monitoring Group Paper

Consultation Document

Comments Received

  1. Aberdeen Standard
  2. Abu Dhabi Accountability Authority (ADDA)
  3. Accountancy Europe
  4. Accountants Association Poland
  5. Accounting Professional & Ethics Standards Board (APESB)
  7. Ahmed Zakari and Co Nigeria
  8. American Institute of Certified Public Accountants (AICPA) and Chartered Institute of Management Accountants (CIMA)
  9. Mr. Derek Ariss
  10. Asean Federation of Accountants
  11. Association of Accountacy Bodies in West Africa
  12. Association of Certified Chartered Accountants (ACCA)
  13. Association of National Accountants of Nigeria
  14. Association of Supervisors of Banks of Americas (ASBA)
  15. Audit Oversight Board of Germany
  16. Audit Scotland
  17. Auditing and Assurance Standards Board of Australia (AUASB)
  18. Auditing and Assurance Standards Board of Canada (AASB)
  19. Auditing and Assurance Standards Oversight Council of Canada (AASOC)
  20. Auditing Standards Committee of the Auditing Section of the American Accounting Association
  21. Auditor General of Wales
  22. Auren
  23. Australian Institute of Company Directors (AICD)
  24. Austrian Financial Reporting and Audit Committee (AFRAC)
  25. Baker Tilly International
  26. BDO
  27. Benin Institute of Chartered Accountants OECCA BENIN
  28. Board of Accountancy of Philippines
  29. CA ANZ and ACCA (joint submission)
  30. Canadian Public Accountability Board (CPAB)
  31. Canadian Securities Administrators (CSA CAC)
  32. Capital Markets Authority of Kuwait
  33. Central Bank of Brazil
  34. Center for Capital Markets Competitiveness (CCMC)
  35. Certified Public Accountants of Ireland
  36. CFA Institute
  37. Chartered Accountants Australia and New Zealand and The Association of Chartered Certified Accountants (joint submission)
  38. Chartered Accountants Australia and New Zealand (joint submission)
  39. Chartered Accountants Ireland
  40. Chartered Institute of Public Finance and Accountancy (CIPFA)
  41. Chief Accountant of the Securities and Exchange Commission, U.S.A.
  42. Comité de Integración Latino Europa - América (CILEA)
  43. Commission de Normalisation Comptable de l'OHADA
  44. Committee of European Audit Oversight Bodies (CEAOB)
  45. Common Content (CCP)
  46. Compagnie Nationale Des Commissionaires Aux Comptes and Conseil Superieur De L'Ordre Des Experts-Comptables of France - joint responses
  47. Consejo Elaborador de Normas de Contabilidad y Auditoría (CENCYA)
  48. Consejo Profesional de Ciencias Económicas de la Ciudad Autónoma de Buenos Aires - Argentina
  49. Conselho Federal de Contabilidadde (CFC)
  50. Consiglio Nazionale Dei Dottori Commercialiste e Edgli Esperti Contabili (CNDCEC)
  51. Consultative Committee of Accountaby Bodies Limited (CCAB)
  52. Costa Rican Association of Public Accountants
  53. Council of Institutional Investors, U.S.A.
  54. CPA Australia
  55. CPA Canada
  56. Crowe Horwath International
  57. Mr. Fermín Del Valle
  58. Junta de Decanos del Colegio de Contadores Públicos de Perú
  59. Deloitte
  60. Erasmus School of Accounting and Assurance (ESAA)
  61. Ernst & Young Global Limited
  62. Eumedion Corporate Governance Forum
  63. European Banking Authority (EBA)
  64. European Federation of Accountants and Auditors for SMEs (EFAA)
  65. European Group of International Accounting Networks (EGIAN)
  66. European Investors and Vereniging can Effectenbezitters, Netherlands
  67. European Securities and Markets Authority (ESMA)
  68. Expert Suisse
  69. External Reporting Board, New Zealand (XRB)
  70. Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE)
  71. Federal Audit Oversight Authority, Switzerland (FAOA)
  72. Fédération des Experts Comptables Méditerranées (FCM)
  73. Fédération Internationale des Experts-Comptables Francophones (FIDEF)
  74. Financial Reporting Council, Australia
  75. Financial Reporting Council, UK
  76. Finanstilsynet
  77. FinExpertiza Network
  78. Global Accounting Alliance (GAA)
  79. Dr. Stephen Glover, Dr. Douglas Prawitt and Dr. Mark Taylor
  80. Government Accountability Office, U.S.A. (GAO)
  81. Mr. Jon Grant
  82. Grant Thornton International
  83. Group of 100, Australia
  84. Mr. Nick Hasyudeen
  85. HLB International
  86. Hong Kong Institute of Certified Public Accountants
  87. HW Fisher & Company
  88. Independent Regulatory Board for Auditors, South Africa (IRBA)
  89. Institituut van de Accountants en de Belastingconsulenten. Institut des Experts-comptables et des Conseils Fiscaux, Belgium
  90. Institut Der Wirtschaftsprefuer, Germany (IDW)
  91. Institute of Certified Public Accountants of Greece (SOEL)
  92. Institute of Certified Public Accountants of Uganda (ICPAU)
  93. Institute of Certified Public Accountants, Dominican Republic (ICPARD)
  94. Institute of Chartered Accountants of Jamaica (ICAJ)
  95. Institute of Chartered Accountants in England and Wales (ICAEW)
  96. Institute of Chartered Accountants of Bangladesh (ICAB)
  97. Institute of Chartered Accountants of Barbados (ICAB)
  98. Institute of Chartered Accountants of India (ICAI)
  99. Institute of Chartered Accountants of Scotland (ICAS)
  100. Institute of Chartered Accountants of the Caribbean (ICAC)
  101. Institute of Chartered Accountants of Nigeria (ICAN)
  102. Institute of Chartered Accountants of Pakistan (ICAP)
  103. Institute of Chartered Accountants of Sri Lanka
  104. Institute of Cost and Management Accountants of Bangladesh (ICMAB)
  105. Institute of Independent Auditors of Brazil (IBRACON)
  106. Institute of Indonesia Chartered Accountants (IAI)
  107. Institute of Internal Auditors (IIA)
  108. Institute of Public Accountants, Australia
  109. Institute of Singapore Chartered Accountants (ISCA)
  110. Instituto Nacional de Contadores Publicos, Colombia (INCP)
  111. Instituut van de Bedrijfsrevisoren. Institut des Réviseurs d’Entreprises, Belgium
  112. Inter-American Accounting Association (AIC)
  113. International Accounting Education Standards Board (IAESB)
  114. International Accounting Education Standards Board Consultative Advisory Group (IAESB CAG)
  115. International Association of Insurance Supervisors (IAIS)
  116. International Auditing and Assurance Standards Board (IAASB)
  117. International Corporate Governance Network (ICGN)
  118. International Ethics Standards Board for Accountants (IESBA)
  119. International Federation of Accountants (IFAC)
  120. International Forum of Independent Audit Regulators (IFIAR)
  121. International Organization of Supreme Audit Institutions (INTOSAI)
  122. Investment Association (theia)
  123. Irish Auditing & Accounting Supervisory Authority (IAASA)
  124. Japanese Institute of Certified Public Accountants (JICPA)
  125. Kingston Smith LLP
  126. Korean Institute of Certified Public Accountants (KICPA)
  127. Ms. Susan Koski-Grafer
  128. KPMG
  129. Kreston International
  130. Lithuanian Authority of Audit, Accounting, Property
  131. Lesotho CPA - To be posted shortly
  132. Dr. Hilary Lindsay
  133. Ms. Mira Makar
  134. Malaysian Institute of Accountants (MIA)
  135. Massey University, New Zealand
  136. MNP LLP, Canada
  137. Moore Stephens LLP - MSIL
  138. Mr. Abdul Muheet Chowdhary
  139. National Association of State Boards of Accountancy (NASBA)
  140. National Audit Office, UK
  141. Nordic Federation of Public Accountants (NRF)
  142. Office of the Auditor General of Alberta
  143. Office of the Auditor General of Canada
  144. Office of the Auditor-General of New Zealand
  145. Office of the Auditor-General for the Federation, Nigeria
  146. Office of the Superintendent of Financial Institutions Canada (OSFI)
  147. Ordre des Experts Comptables, Morocco
  148. Pan African Federation of Accountants (PAFA)
  149. Mr. Marc Pickeur
  150. Professional Accountants in Business Committee (IFAC)
  151. Provincial Auditor of Saskatchewan
  152. Public Accountants Council for the Province of Ontario
  153. Public Interest Oversight Board (PIOB)
  154. Public Sector Accounting Board of Canada
  155. PWC
  156. RMIT University
  157. Royal Netherlands Institute of Chartered Accountants (NBA)
  158. RSM International Ltd
  159. RSM South Africa
  160. RSM UK for Group A Firms
  161. Professor Steven Salterio
  162. Sarasin and Partners LLP
  163. Securities and Commodities Authority of the United Arab Emirates
  164. SIA Management Consulting, Dubai
  165. Society of Certified Accountants and Auditors in Kosovo (SCAAK)
  166. South African Institute of Professional Accountants (SAIPA)
  167. Mr. Mark Spofforth
  168. Chinese Institute of Certified Public Accountants (CICPA)
  169. The Edinburgh Group
  170. The Institute of Chartered Accounts in Cameroon
  171. The Malaysian Institute of Certified Public Accountants
  172. South African Institute of Chartered Accountants (SAICA)
  173. The World Bank Group
  174. Tokiko Yokoi
  175. Transparency International EU
  176. Union of Chambers of Certified Public Accountants of Turkey (TURMOB)
  177. Wirtschaftsprüferkammer, Germany
  178. World Council of Credit Unions (WOCCU)
  179. Zambia Institute of Chartered Accountants (ZICA)

Roundtable Transcripts