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IAASB Chairman Submits Comment Letter to the Monitoring Group

  • IAASB - Assurance Image

Feb 08, 2018

On February 8, 2018, the International Auditing and Assurance Standards Board (IAASB) released a comment letter submitted by IAASB Chairman Arnold Schilder to the Monitoring Group's Consultation Paper, "Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest".

In the comment letter, he identifies the two principal dimensions – one at the governance and strategic level, the other at the operating level – that offer the potential to alleviate so-called perceptions of undue influence by any stakeholder group and improve the axes of relevance, timeliness and public interest. These are:

  1. Agreeing Standard Setting Strategy & Priorities – that is, the mechanism around WHAT ISSUES the IAASB is to focus on and AT WHAT PACE, and which ones they will not deal with at any point in time.
  2. Recalibrating the Task Force Model – that is, ensuring the veracity of the INPUT and on WHOSE recommendations the IAASB’s deliberations and decision-making are based.

Review the press release and comment letter on the IAASB's website.

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