Additional powers and responsibilities for banking,
financial and markets‘ regulators / supervisors to
assess:
a) Audit committee oversight – consistent
assessment of the processes adopted by audit
committees in their oversight of audit quality,
including audit appointment processes.
b) Individual bank-specific risks – knowledge
sharing and collaboration between auditors and
supervisors relating to risks.
c) Systemic, macro industry risks – increased
dialogue with audit firms at the national and
supra-national level regarding specific
accounting and auditing issues and emerging
macro industry risks impacting financial
stability.
2. Enhanced relevant financial reporting, disclosures
and assurance for banks, including:
a) Greater clarity about the information banks and
their auditors provide to markets.
Improvements in the current bank reporting
framework, including our support for the
Enhanced Disclosure Task Force (EDTF) of the
Financial Stability Board (FSB), and more
consistent and relevant information describing
the risk management process and controls in
place at a bank.
c) Disclosures about matters that could affect the
going concern assumption