The International Organization of Supreme Audit Institutions (INTOSAI) Working Group on Financial Modernization and Regulatory Reform (WGFMRR) continues to make substantive progress promoting knowledge sharing and enhancing its capacities.
During the WGFMRR 4th annual meeting held in Washington, D.C., May 9-10, 2017, members from 17 Supreme Audit Institutions (SAIs), including representatives from the working group’s two newest members—SAIs of Germany and Pakistan—enjoyed an array of knowledge-sharing and knowledge-building opportunities.
SAIs from Austria, China, European Court of Auditors, Germany, Netherlands and the United States shared experiences and results of recent financial sector and parallel audits. As part of WGFMRR ongoing efforts to cultivate relationships with international standard setting bodies, officials from the Basel Committee on Banking Supervision, International Monetary Fund, and Financial Stability Board discussed current efforts to strengthen the financial sector and presented ways in which SAIs and standard setting bodies can collaborate with or complement one another.
In response to a high volume of member requests, the U.S. Government Accountability Office hosted a supplemental workshop immediately following the annual meeting. The workshop, devised to enlighten participants on using criteria in financial sector audits, fostered the sharing of techniques and practices, as well as identifying and evaluating other sources (e.g. cross-border) of potential criteria.
The workshop resulted in positive feedback and participants looking forward to similar training opportunities in the future.