IFAC Response to IOSCO Consultation Report on Audit Committees

IFAC strongly supports IOSCO’s emphasis on the role of audit committees in audit quality, and efforts to enhance the coherence and quality of applicable regulation, oversight, and practices internationally. While recognizing many valuable aspects within the proposed good practices document, IFAC recommends being more clear on background and context with respect to the meaning of audit quality, reference to the Audit Quality Framework published by the International Auditing and Assurance Standards Board, clarifying the intended scope of the good practices, and a range of technical and editorial suggestions.