PwC Welcomes Financial Stability Board Participation in Enhancing Role of External Audit
PwC said it welcomes the initiative taken by the Financial Stability Board (FSB) in ongoing efforts to enhance the role of external audits in providing pertinent information to the prudential supervisors and regulators of financial institutions.
“PwC has been making it clear for some time that improving the effectiveness of the information provided by the audits of financial institutions through the two way dialogue between auditors and regulators is one of the key lessons that can be learned from the recent financial crisis. In addition as the financial markets become increasingly global, they require greater consistency both in auditing standards and regulation around the world,” said Dennis M. Nally, chairman of PricewaterhouseCoopers International, Ltd.
“We welcome the initiative taken by the FSB in the ongoing debate about audit standards and regulation in relation to financial institutions and look forward to joining them in constructive dialogue aimed at promoting the highest quality audits for the benefit of financial institutions, their stakeholders and regulators.”
The FSB has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability.
It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.