A group of international regulatory bodies and other organizations that are focused on improving audit quality have adopted a formal charter, setting out its mission.

The so-called Monitoring Group, which is comprised of the International Organization of Securities Commissions, the Basel Committee of Banking Supervision, the European Commission, the International Association of Insurance Supervisors, the World Bank, the Financial Stability Board, and the International Forum of Independent Audit Regulators, have adopted a charter that formalizes the arrangements they’ve agreed upon in pursuit of their primary objective of enhancing audit quality.

The group, which is chaired by Hans Hoogervorst, vice chair of IOSCO’s Technical Committee and chair of the Netherlands Authority for the Financial Markets, has pledged to cooperate to promote high-quality international auditing standards for accountants; monitor the implementation and effectiveness of accounting industry reforms; and, it appoints the members of the Public Interest Oversight Board, which oversees the International Federation of Accountants; among other things.

IE