Ongoing Projects

INTOSAI Working Group on Financial Modernization and Regulatory Reform

INTOSAI WGFMRR Ongoing Projects

The INTOSAI Working Group on Financial Modernization and Regulatory Reform (WGFMRR) has multiple ongoing projects. The Working Group has organized its members into three subgroups, with China, Canada, and the United States chairing the subgroups, respectively.

Subgroup 1

Chair: China National Audit Office (CNAO)

  • Identify and provide guidance on leading practices, tools, and methodologies for auditing financial regulatory agencies and financial systems.

Subgroup 2

Chair: Office of the Auditor General of Canada

  • Improve coordination both between participating Supreme Auditing Institutions (SAI) and between SAIs and other international bodies (e.g., the Basel Committee on Banking Supervision, Financial Action Task Force, Financial Stability Board (FSB), Group of Twenty, International Monetary Fund (IMF), and World Bank).

Subgroup 3

Chair: U.S. Government Accountability Office (GAO)

  • Identify and inform SAIs and the public about areas of potential reform, regulatory weakness, and gaps within the national, supranational, and global financial systems.

Below is a list of ongoing projects the working group members identified to implement the objectives of the three subgroups. Participation in these projects is open to any member SAI, regardless of subgroup.

  • Continue enhancing relationships between the Working Group and the Basel Committee, FSB, IMF, and World Bank, and establish working relationships with other international standard-setting organizations.
  • Share best practices for implementing SAI recommendations related to regulatory oversight and financial-sector reform.
  • Examine opportunities for financial-sector parallel audits.
  • Fully transition the Working Group website to that of the Knowledge Sharing Committee and explore ways to increase information sharing among members on financial stability and emerging risks.
  • Re-engage the INTOSAI Development Initiative to discuss ways to incorporate the United Nation’s Sustainable Development Goals into Working Group activities and audit criteria.