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AASOC Response – Monitoring Group Consultation Paper, Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest

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Mar 02, 2018

On March 2, 2018, the Auditing and Assurance Standards Oversight Council's (AASOC) response to the Monitoring Group’s consultation paper was posted. The response outlines what proposals they agree with, have concerns with, and provides overall comments for the Monitoring Group’s consideration.

There are a number of areas where the AASOC has concerns with the proposals as set forth in the consultation paper and they offered the following comments for consideration:

  • AASOC does not support establishing a single board to cover both auditing and assurance and ethical standards as they see this as contradicting the multi-stakeholder approach they support.
  • AASOC disagrees with separating the setting of ethical standards for auditors from those of other professional accountants.
  • AASOC does not support moving to a simple majority vote of the boards to approve a new or revised standard; rather, the AASOC supports the current approach of requiring a two-thirds majority.

Review the response posted on the IOSCO's website.

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