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Effective oversight of the accounting profession and of independent audits is critical to the reliability and integrity of the financial reporting process. The principles set out in this paper are intended to assist securities market regulatory authorities, and other authorities with responsibility for auditor oversight, in developing and enhancing regulatory structures for auditor oversight in the wide range of different legal, business and professional environments that exist in IOSCO member jurisdictions. Within a jurisdiction, auditors should be subject to oversight by a body that acts and is seen to act in the public interest. While recognising that the nature of an auditor oversight body and the process through which it carries out its activities may differ among jurisdictions, IOSCO set out Principles that should govern their effective oversight.