The Board of the International Organization of Securities Commissions (IOSCO) today published the Survey Report on Audit Committee Oversight of Auditors, which seeks to help identify audit committee practices that could improve audit quality at publicly listed entities. The report summarizes the results of an IOSCO survey of its members regarding the existing legal, regulatory and other requirements related to the oversight by audit committees of the auditor and the audit process of domestic publicly-listed entities. The report also serves to inform interested stakeholders and IOSCO members of the audit committee requirements in force in different jurisdictions, as of 31 December 2014. In many jurisdictions, the audit committee of a publicly listed entity plays a key role in appointing external auditors and overseeing the financial reporting process and external audits. The survey results indicate that 96% of the 47 responding jurisdictions require publicly listed entities to establish an audit committee or another similar governance body that is separate from the executive management and acts in the interest of investors.
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