IOSCO to review audit services issues

  • IOSCO (International Organization of Securities Commissions) (dark gray) Image

04 Jun 2008

The Audit Services Task Force of the IOSCO Technical Committee will expand the scope of its work over the next year to include a number of audit services-related issues.

Specifically, the Task Force will focus on the following audit related issues:
  • Transparency and governance of audit firms, including the intersection of governance with both firm viability and audit quality.
  • The scope of audit reports, including varying levels of assurance in different circumstances, the possibility of enhanced disclosure of the bases for different levels of assurance, and the potential role of joint audits.
  • Potential expansion of allowable organisational structures and forms to allow for greater firm viability and industry competition.
Here is the IOSCO Press Release (PDF 68k). The Task Force also released a paper intended to assist IOSCO members in considering and preparing for potential contingencies involving audit firms that may affect the delivery of audit services in the global capital markets. Click to download Technical Committee Paper: Contingency Planning for Events and Conditions Affecting Availability of Audit Services (PDF 134k).

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