Comments by the Auditing Standards Committee of the Auditing Section of the American Accounting Association on the International Monitoring Group Consultation, Strengthening the Governance and Oversight of the International Audit-Related Standard-Setting Boards in the Public Interest

SUMMARY On November 9, 2017, the Monitoring Group (MG) overseeing international auditing standards issued a request for comment on its consultation paper (CP), Strengthening the Governance and Oversight of the International Audit-Related Standard-Setting Boards in the Public Interest. The CP presents a broad array of proposals to reform and restructure the three current auditing standard-setting groups it oversees (International Accounting and Assurance Standards Board [IAASB], International Ethics Standards Board for Accountants [IESBA], and International Accounting Education Standards Board [IAESB]). The CP suggests combining the three boards into a single board, and solicited public comment on the following areas: (1) key areas of overall concern, (2) guiding principles, (3) options for reform of the standard-setting boards, (4) options for the Public Interest Oversight Board (PIOB), (5) role of the monitoring group, (6) administration, including Standard-Setting Board staff, (7) process considerations...