The Financial Reporting Council today hosted a roundtable of thirteen independent audit regulators from around the world at which they discussed arrangements for future mutual cooperation and reviewed issues of common concern.
Also represented at the meeting were international organisations already engaged in discussion of auditing issues including the Financial Stability Forum, the World Bank, the International Organisation of Securities Commissions (IOSCO), the Basel Committee, the Public Interest Oversight Board and the European Commission.
Issues discussed included progress in establishing audit regulators independent of the accountancy profession, arrangements for cross-border exchange of information, concentration in the audit market, issues related to the independence of auditors and issues raised by the multi-jurisdictional structure both of audit firms and the entities they audit.
There was broad support for the concept of an appropriate international forum of independent audit regulators to facilitate cooperation amongst the national audit regulators. Proposals for an appropriate forum will be prepared for consideration at the next meeting of the regulators to be hosted in Australia in March 2006 by the Australian Securities and Investments Commission (ASIC).
