By Joanne Cursinella, J.D.The International Organization of Securities Commissions (IOSCO) has published the IOSCO Report on Good Practices for Audit Committees in Supporting Audit Quality. According to the a media release, the report aims to assist audit committees in promoting and supporting audit quality. The report provides IOSCO’s views on good practices for audit committees of listed companies in supporting external audit quality. Good practices detailed. The report provides “good practices” that audit committees may consider when: recommending the appointment of an auditor; assessing potential and continuing auditors; setting audit fees; facilitating the audit process; assessing auditor independence; communicating with the auditor; and assessing audit quality. It also covers the features that an audit committee should have to be more effective in its role, including matters such as the qualifications and experience of audit committee members. The role…
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