Key Step to Implementing Monitoring Group Recommendations: Independent Legal Entity--IFEA--Launched to House IAASB and IESBA

The Monitoring Group Recommendations (see STRENGTHENING THE INTERNATIONAL AUDIT AND ETHICS STANDARD-SETTING SYSTEM (iosco.org)) put forward important safeguards to improve the independence, oversight, and public interest oversight of the international auditing and ethics standard setting system. Key to those improvements is the establishment of an independent legal entity separate from the accounting profession to house the IAASB and IESBA. Today, the new legal entity, IFEA, was launched. The launch announcement can be found at New International Foundation for Ethics and Audit Strengthens Independence of the Standard-Setting System | IFEA. The Monitoring Group welcomes this important step in the process of implementing the Recommendations. See Monitoring Group Welcomes Important Step in Implementing its Recommendations with the Establishment of the International Foundation for Ethics and Audit (iosco.org).