JOHANNESBURG - The Independent Regulatory Board for Auditors (IRBA) on Tuesday welcomed the publication of the feedback into strengthening the governance and oversight of the international audit-related standard-setting boards in the public interest.
The Monitoring Group, a global body responsible for oversight of the international standard setting boards, recently concluded an initial consultation process around the reform of the standard-setting process and published its report on Monday.
Bernard Agulhas, chief executive of the IRBA said re-examining the way in which standards were set was an important link given the current environment where regulators and oversight bodies around the world are looking closely at auditors and restoring the credibility of the profession.
"We are not saying that current international auditing standards are not relevant or appropriate. However, it is our view that reform in pursuit of stronger public interest is key in efforts to restore confidence in the profession," Agulhas said.
"In the setting of global auditing standards, we believe that it is increasingly important that the interests and expectations of the ultimate beneficiaries of high quality audit services must be considered."
A White Paper around global standard setting reforms will now be developed for a consultation process by the end of this year.