On 21 November 2022, the FSMA hosted a meeting of the international audit Monitoring Group (MG). The MG is a group of international institutions committed to fostering high‑quality international audit and ethics standards. Members are the Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the World Bank, the European Commission, the International Forum of Independent Audit Regulators (IFIAR), the International Association of Insurance Supervisors (IAIS) and IOSCO, the International Organization of Securities Commissions. Jean-Paul Servais, Chair of the FSMA and of IOSCO, co-chairs the MG on behalf of IOSCO, together with the SEC, the American Securities and Exchange Commission.
The meeting of 21 November held at the FSMA’s premises focused on the work currently undertaken by the MG to strengthen the independence and efficiency of the international audit and professional ethics standard-setting process.
Timely, high‑quality and inclusive audit standards, as well as the associated rules of independence and professional ethics, are crucial to the profession to ensure investor confidence in financial and sustainability reporting. ‘I welcome the great progress made in implementing the reform of the governance of international standard setting in the area of audit and professional ethics. In close cooperation with the various stakeholders, the members of the MG will maintain their efforts to ensure that these standards meet the needs of the various financial market participants while also keeping the public interest in mind at all times. The FSMA, which houses the Belgian Audit Oversight Board, is honoured to contribute to these initiatives,’ stated Jean-Paul Servais, chair of the FSMA and co-chair of the MG.
A more detailed press release is available on the website of the Monitoring Group.