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As the global body of securities regulators representing the public interest, IOSCO is committed to protecting investors and enhancing the integrity and orderly operation of the international capital markets. One of IOSCO's many initiatives is to promote high quality audits of the financial statements issued by listed companies. Such audits contribute to the quality of global financial reporting and thereby support investor confidence and decision making.
Robust standards for public company auditors help to promote high quality audits and are therefore important to the public interest. In recent years, the expansion of capital markets across national borders and the desire by countries to achieve strong, stable and liquid capital markets have been forces encouraging the development of international standards for both financial reporting and auditing.
IOSCO is of the view that the development of high quality internationally-accepted auditing standards is beneficial to the global capital markets. In order to encourage the development of a set of high quality global auditing standards, IOSCO has been actively monitoring the work of the International Auditing and Assurance Standards Board (IAASB), a body that develops International Standards on Auditing (ISAs). IOSCO provides comments on the quality of the IAASB's proposed standards and the process for setting them, and also provides comments on the Board's agenda.
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