Global forum of audit regulators is planned

  • News default Image

20 Oct 2005

On 18 October 2005, the United Kingdom Financial Reporting Council hosted a roundtable of 13 independent audit regulators from around the world at which they discussed issues of common concern and arrangements for future mutual cooperation.

The countries represented at the roundtable were Australia, Brazil, Canada, France, Germany, Ireland, Japan, Netherlands, Singapore, Spain, Switzerland, United Kingdom, and USA. Also represented at the meeting were international organisations already engaged in discussion of auditing issues including the Financial Stability Forum, the World Bank, the International Organisation of Securities Commissions (IOSCO), the Basel Committee, the Public Interest Oversight Board, and the European Commission. Issues discussed included:
  • Progress in establishing audit regulators independent of the accountancy profession,
  • Arrangements for cross-border exchange of information,
  • Concentration in the audit market,
  • Issues related to the independence of auditors, and
  • Issues raised by the multi-jurisdictional structure both of audit firms and the entities they audit.
There was broad support for the concept of an appropriate international forum of independent audit regulators to facilitate cooperation amongst the national audit regulators. Proposals for an appropriate forum will be prepared for consideration at the next meeting of the regulators to be hosted in Australia in March 2006 by the Australian Securities and Investments Commission.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.