IAASB Chairman Submits Comment Letter to the Monitoring Group
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:
- 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.
- 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.