A group of global policymakers on Thursday issued a consultation paper setting out ways to enhance the governance, accountability and oversight of the international audit standard-setting process.

The Monitoring Group (MG) is a group of international financial institutions and regulatory bodies, which includes the International Organization of Securities Commissions (IOSCO), the Basel Committee on Banking Supervision, the Financial Stability Board (FSB), and the International Association of Insurance Supervisors (IAIS), along with others, committed to advancing the public interest in areas related to international audit standard setting and audit quality.

The consultation contemplates changes to the number, composition and strategies of standard setting boards, the governance of these bodies, and their oversight arrangements, among other things.

The MG is seeking feedback on how to enhance their independence and public accountability. In particular, it wants to hear from investors, industry firms, regulators, academics, and government agencies.

“We envisage key reforms to enhance the public interest responsiveness of audit standards in order to promote the quality of audits,” says Gerben Everts, MG chairman, in a statement. “Removing the audit related standard setting activities from the profession and entering into a multi-stakeholder, geographically representative and independent governance structure would address concerns vis-á-vis the independence of standard setting. I hope that with your responses to this consultation, we are able to find the right balance.”

The consultation forms part of the MG’s ongoing effort to promote high-quality international auditing and ethical standards. Feedback on the consultation paper is due by Feb. 9, 2018.