IOSCO issues a consultation report on good practices for audit committees in supporting audit quality

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Apr 24, 2018

On April 24, 2018, the International Organisation of Securities Commissions (IOSCO) issued a consultation report inviting stakeholder feedback on its proposals for good practices for audit committees of issuers of listed securities in supporting external audit quality.

The report proposes features that an audit committee should have to be more effective in promoting and supporting audit quality. These features include the qualifications and experience of audit committee members, their level of knowledge in the field of financial reporting and audit, whether they have questioning minds and appropriately challenge management and auditors and whether the audit committee has adequate capacity and resources.

The report also includes a number of good practices that audit committees may consider when:

  • recommending the appointment of an auditor to members/shareholders;
  • assessing potential and continuing auditors;
  • assessing audit fees;
  • facilitating the audit process;
  • communicating with the auditor;
  • assessing auditor independence; and
  • assessing audit quality.

Comments are requested by July 24, 2018.

Review the press release and the full report on the IOSCO's website.

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