AUD INDEPENDENCE OVERSIGHT

COSRA And Auditing

The Council of Securities Regulators of the Americas ("COSRA") supports full and fair disclosure of information about public enterprises, including presentation of financial information.

Full and fair disclosure is essential to investor protection, enhances investor confidence, and promotes market liquidity and efficiency.

Objectives Of Auditors

Independent auditors play a critical role in enhancing the reliability of financial information by attesting as to whether the financial statements prepared by management fairly present the financial condition and past performance of the public enterprise in compliance with accepted standards. Audits should be conducted in accordance with a comprehensive body of high quality auditing standards.

What Does CORSA Do ?

To improve the quality and oversight of financial information reported by public enterprises, COSRA members studied mechanisms to enhance oversight of independent auditors. In this sense, COSRA members determined that to effectively oversee independent auditors, an oversight framework would require the following components :