In February 2005 the IOSCO Technical Committee (TC) issued a report entitled Strengthening the Capital Markets Against Financial Fraud (Financial Fraud Report).
This report explored the issues and factors relating to fraudulent activity in the global capital markets and identified numerous actions that IOSCO would carry out to address issues and concerns, including a study on issuer internal control requirements.
Following issuance of the Financial Fraud Report, the IOSCO Technical Committee, in cooperation with the IOSCO Emerging Markets Committee (EMC), decided to carry out a factfinding study. The Technical Committee Standing Committee on Multinational Disclosure and Accounting (TCSC-1) was mandated by TC to develop a survey questionnaire on internal control requirements that was designed to gather information on current internal control requirements and approaches in IOSCO members and also on proposals for changes in internal control requirements that are under consideration. The questionnaire was circulated to the IOSCO membership in January 2006.
See full Survey, in pdf format.
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