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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