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Reshaping audit

Major reforms to standard setting for audit and ethics are proposed– and auditors will not be the only ones affected.

There are many auditors who are more focused on understanding and applying the latest standards on auditing and ethics than on how these national and international standards are set – or how the very many associated processes are funded.

Organisations involved include the International Federation of Accountants, International Auditing and Assurance Standards Board, International Ethics Standards Board for Accountants, the UK Financial Reporting Council and more. Their composition, function, governance, history and structures can seem opaque – and that’s before you start trying to unpick their interrelationships. So, despite some Audit & Beyond coverage earlier this year about a consultation on proposals to reform the global standard-setting process for audit and ethics by an organisation called the Monitoring Group (MG), this development may have passed you by.

If so, now may be a good time to take an interest, before the next leg of the consultation process kicks off this coming autumn.

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