While the new standard allows external auditors to use the work of others, including that performed by internal auditors, it emphasizes that external auditors must perform enough of the testing themselves so that their own work provides the principal evidence for making a determination regarding the company's controls.
However, in deciding how to adjust the policy stance in order to achieve this goal, conferring persistence on the policy rate may be desirable, to the extent that this maintains and strengthens transmission. How should such persistence be communicated? Signalling the persistence of a policy change by stating that the new level of policy rates will be maintained “come what may” is problematic.