We have responded to the IOSCO’s (International Organization of Securities Commissions) consultation report on good practices for audit committees in supporting audit quality.
We welcome the IOSCO’s consultation report aimed at gathering relevant stakeholder feedback on its proposals for good practices for audit committees of issuers of listed securities in supporting external audit quality. We consider that audit committees play an active and vital role in enforcing good corporate governance and serve the interests of a broad range of stakeholders.
This consultation focuses mainly on the role and responsibilities of the audit committee vis-à-vis the external auditor. However, we would like to highlight that other vital roles and responsibilities of the audit committee could be considered. In addition, the audit committee should make sure that the entity’s reports include all relevant information responding to stakeholders’ needs, including financial and non-financial information.