<p><span>The Monitoring Group (“MG”) is responsible for the overall governance of the international audit and ethics standard-setting system, including periodic effectiveness reviews. In July 2020, the MG issued its recommendations </span><a href="https://www.iosco.org/about/monitoring_group/pdf/2020-07-MG-Paper-Strengthening-The-International-Audit-And-Ethics-Standard-Setting-System.pdf" target="_blank"><i>Strengthening the International Audit and Ethics Standard-Setting System</i></a><span> (MG Recommendations or MG Reforms). </span></p>