The Financial Services Commission (FSC) and the Financial Reporting Council (FRC) signed, yesterday in Ebène, a Memorandum of Understanding (MoU) to ensure effective exchange of information in relation to financial reporting, auditing and corporate governance.
The MoU was signed by the Chief Executive of FSC, Ms. Clairette Ah-Hen, and the CEO of the Financial Reporting Council, Mrs. Selvida Naiken.
In her address, the Chief Executive of the FSC underscored the importance of enhancing the financial reporting framework and ensuring greater transparency for better conduct of business with a view to reinforcing credibility in the financial services sector. The MoU, according to Mrs Ah-Hen, establishes a common standard of cooperation with the FRC to avoid any duplication of work in terms of financial reporting and also to assist the FSC in its role to ensure a sound, effective and efficient regulation of the sector.
For her part the CEO of the FRC, Mrs. Selvida Naiken, recalled that the role of the Council is to promote the highest standards among licensed auditors and safeguard the interest of stakeholders in the sector that rely on effective financial reporting. She further reiterated the commitment of the FRC to ensure quality service to Public Interest Entities which are regulated by the FSC.
So far the FSC has signed 29 such MOUs with its counterparts both local and international authorities.
The Financial Services Commission operates under the Financial Services Act 2007 to ensure orderly administration and sound conduct of business and uphold the sound reputation of Mauritius in the financial services sector.
The Financial Reporting Council was established in 2004 under the Financial Reporting Act with a view to the providing quality reporting of financial and non-financial information by public interest entities and promoting the highest standards among licensed auditors.
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