The responsibility of audit committees in ensuring that auditors at public companies are independent continues to grow, according to new research from he Board of the International Organization of Securities Commissions (IOSCO).

IOSCO on Tuesday published the results of a new survey of the legal and regulatory requirements facing audit committees, which oversee corporate auditors.

Among other things, the survey found that there has been a “notable increase” in the role of audit committee in providing auditor oversight since 2004, which is when IOSCO last conducted examined audit committee requirements.

The survey also found that almost all jurisdictions require public firms to have independent audit committees that act in the interest of investors, but that there are significant differences in how independence is defined from country to country.

In developed markets, over half (61%) of countries require audit firms to provide transparency reporting to shareholders. However, only 15% of emerging markets have this requirement.

Additionally, the increasing responsibilities of audit committees means that most jurisdictions require at least one committee member to have special skills or experience, the survey found.

“Overall, the frequency with which responding jurisdictions reported the existence of an audit committee increased significantly since 2004. There have been changes in the composition of the audit committee as well as increases in the number of members that are required to be independent of the entity and the auditor, as well as enhancements in the specific skills or experience of audit committee members,” the IOSCO report says.

While the report aims to help identify audit committee practices that could improve audit quality, it does not propose a common international approach to the oversight of the auditor, or the audit process.