Monitoring Group Reports On Progress To Implement Recommendations To Strengthen The International Audit And Ethics Standard-Setting System Date 03/06/2021 The MG is responsible for the overall governance of the international audit and ethics standard-setting system including conducting periodic effectiveness reviews. In July 2020 the Monitoring Group (MG) issued its recommendations
The MG Recommendations, when fully implemented, will provide significant improvements to the international audit-related standard setting system, resulting in enhanced standard setting that will be more responsive to the public interest, which should lead to improved audit quality for the benefit of users of financial statements. The MG Reforms specified that a transition plan would be established within nine months from the publication date and implementation within three years thereafter.