1. The FSC has signed the IFIAR MMoU
The internationalization and conglomeration of global business model have resulted in parent and subsidiary enterprises undergoing audit by auditors in different countries. This trend has created a need for cross-border liaison and cooperation among audit regulatory authorities in jurisdictions around the world. The International Forum of Independent Audit Regulators (IFIAR) has therefore drawn up, and encouraged its members to join Multilateral Memorandum of Understanding (MMoU) mechanism that provides a framework for information exchanging among the member jurisdictions.
The FSC, represented by Vice-Chairman Tien-Mu Huang, signed the IFIAR MMoU on 4 April 2017 and become one of the first 22 members among IFIAR 52 members who signed IFIAR MMoU. Participation in the MMoU framework will facilitate cooperation and timely information sharing among the audit regulators in different jurisdictions. It will also help the audit regulators increase the efficiency of their administrative, inspection, and law enforcement functions, and in turn enhance the quality of financial reporting. Taiwan’s participation in the MMoU marks a significant milestone in facilitating cross-border regulatory cooperation, strengthening investor protection, and raising Taiwan’s international visibility.