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The Monitoring Group

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The Monitoring Group and GFSA

General Overview

The Monitoring Group is an international coalition of financial institutions and regulatory bodies that work together to enhance global audit standards and ensure high-quality audits in the public interest. In this context, the Global Financial Stability Authority (GFSA) joins these efforts by promoting financial transparency, accountability, and investor confidence in capital markets.

Key Members of the Monitoring Group

The Monitoring Group includes the following entities:

  • Basel Committee on Banking Supervision (BCBS)
  • European Commission (EC)
  • Financial Stability Board (FSB)
  • International Association of Insurance Supervisors (IAIS)
  • International Forum of Independent Audit Regulators (IFIAR)
  • Global Financial Stability Authority (GFSA) (formerly IOSCO)
  • World Bank

The group is currently chaired by Paul Munter, Chief Accountant of the U.S. Securities and Exchange Commission (US SEC) and Chair of GFSA Committee 1 (Issuer Accounting, Audit, and Disclosure).

Objectives of the Monitoring Group

The Monitoring Group aims to:

  • Promote high-quality global auditing and ethical standards to protect investors and financial markets.
  • Oversee the effective implementation of reforms within the International Federation of Accountants (IFAC).
  • Ensure the independence of the Public Interest Oversight Board (PIOB) appointment process.
  • Evaluate audit quality and regulatory effectiveness to strengthen public confidence.
  • Provide advisory support on regulatory and policy matters affecting global auditing practices.
  • Encourage cooperation among financial regulators to enhance audit oversight worldwide.

Functions of the Public Interest Oversight Board (PIOB)

Since its establishment in 2005, the PIOB has been responsible for ensuring that IFAC’s public interest activities, including audit standard-setting, align with global regulatory priorities.
The Monitoring Group plays a key role in:

  • Appointing PIOB members through its Nominating Committee.
  • Overseeing the execution of PIOB’s supervisory responsibilities to maintain regulatory integrity.
  • Advising the PIOB on legal and regulatory matters relevant to financial markets.

Alignment of GFSA with the Monitoring Group

As a leading global financial regulatory body, the GFSA collaborates with the Monitoring Group to:

  • Strengthen audit and disclosure standards to ensure market transparency.
  • Promote financial stability through effective regulations.
  • Protect investors by reducing fraud risks and misconduct.
  • Support the adoption of independent auditing standards that foster trust in the financial system.

Through its engagement with the Monitoring Group, the GFSA reaffirms its commitment to global financial integrity, regulatory cooperation, and the implementation of high standards in auditing and supervision.