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March 18, 2012

Financial Stability Board wants a stronger role for audit

The Financial Stability Board (FSB) would like the role of external audit strengthened to provide better information to prudential supervisors and regulators of financial institutions.

The FSB, which represents central banks, finance ministries and securities regulators, said the global financial crisis demonstrated the importance of greater global consistency in external audit practices and to reinforce the effectiveness of regulation of external audits, particularly auditors of financial institutions.

It would like International Forum of Independent Audit Regulators to report on challenges and problems that its members have identified in their inspection programmes.

Established in 2009, the FSB is responsible for co-ordinating the work of national finance authorities and global standard-setting bodies.  

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