Annual Inspection Findings Survey
2023 Inspection Findings Survey – Released March 18, 2024
In March 2024, IFIAR released its twelfth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks.
The links below are to the 2023 Inspection Findings Survey and related documents:
2023 Survey of Inspection Findings
Survey Report Stakeholders Announcement
2022 Inspection Findings Survey – Released March 15, 2023
In March 2023, IFIAR released its eleventh annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks.
The links below are to the 2022 Inspection Findings Survey and related documents:
2022 Survey of Inspection Findings
Survey Report Stakeholders Announcement
2021 Inspection Findings Survey – Released March 25, 2022
In March 2022, IFIAR released its tenth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks.
The links below are to the 2021 Inspection Findings Survey and related documents:
2021 Survey of Inspection Findings
Survey Report Stakeholders Announcement
2020 Inspection Findings Survey – Released March 15, 2021
In March 2021, IFIAR released its ninth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks.
The links below are to the 2020 Inspection Findings Survey and related documents:
2020 Survey of Inspection Findings
Survey Report Stakeholders Announcement
2019 Inspection Findings Survey – Released February 17, 2020
In February 2020, IFIAR released its eighth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks. While encouraged by the downward trend, IFIAR urges the GPPC networks and their member firms to continue efforts to achieve improved audit performance as the current inspection findings rates remain high.
The links below are to the 2019 Inspection Findings Survey and related documents:
2019 Survey of Inspection Findings
Survey Report Stakeholders Announcement
2018 Inspection Findings Survey – Released May 16, 2019
In May 2019, IFIAR released its seventh annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks. While the downward trend in inspection finding rates is encouraging, the recurrence and level of findings reflected in the survey indicate a lack of consistency in the execution of high quality audits and the need for a sustained focus on continuing improvement.
The links below are to the 2018 Inspection Findings Survey and related documents:
2018 Survey of Inspection Findings
Survey Report Stakeholders Announcement
2017 Inspection Findings Survey – Released March 8, 2018
In March 2018, IFIAR released its sixth annual survey of findings identified by its Members in their individual inspections of audit firms affiliated with six large, international audit firm networks. Although the frequency of findings from inspections of individual audit engagements has reduced on an overall basis compared to the last survey, progress is not experienced in all jurisdictions or at the same rate. Further, no definitive trends have been noted for findings arising from inspections of firm-wide systems of quality control. These results affirm IFIAR’s views that the global networks must continue in their efforts to strengthen their systems of quality control and drive consistent execution of high quality audits throughout the world.
As described in recent survey reports, IFIAR has challenged the networks to reduce the percentage of listed PIE audits that have inspection findings by at least 25% on an aggregate basis, across the global networks’ member firms within the GAQ Working Group members’ jurisdictions, over a four year period using the 2015 survey results as a baseline. This report reflects the networks’ progress at the measurement period’s mid-point.
The links below are to the 2017 Inspection Findings Survey and related documents:
2017 Survey of Inspection Findings
Survey Report Stakeholders Announcement
2016 Inspection Findings Survey – Released March 3, 2017
In March 2017, IFIAR released its fifth annual survey of findings identified by its Members in their individual inspections of audit firms affiliated with six large, international audit firm networks. The Survey shows a general decline in inspection finding rates; however, the high rates of findings continue to be of concern to IFIAR. There are similarities in the nature and extent of findings compared to the previous year. Overall, the results continue to show a lack of consistency in the execution of high quality audits and point to the continued need to address firm-wide systems of quality control, including in the critical area of auditor independence.
The links below are to the 2016 Inspection Findings Survey and related documents:
2016 Survey of Inspection Findings
Survey Report Stakeholders Announcement
2015 Inspection Findings Survey – Released March 3, 2016
In March 2016, IFIAR released its fourth annual survey of findings identified by its Members in their individual inspections of audit firms affiliated with six large, international audit firm networks. Consistent with the results of IFIAR’s prior surveys, the current survey reveals high frequency and number of findings in key aspects of the audit and in the inspected audit firms’ systems of quality control. IFIAR says that the pace of audit quality improvement is too slow and calls for a measurable improvement by 2019.
The links below are to the 2015 Inspection Findings Survey and related documents:
2015 Survey of Inspection Findings
Survey Report Press Release
2014 Inspection Findings Survey – Released March 3, 2015
In March 2015, IFIAR released its third annual survey of its members’ findings from their inspection programs. That survey provided support for what had become evident to IFIAR Members through interaction in IFIAR’s various working groups and meeting discussions: Members’ individual inspection programs reveal common areas of deficiencies in, and concerns about, audit performance.
The initial survey, released in December 2012, was designed to identify common inspection findings on a global basis. The survey also was designed to gather information in response to a request by the Financial Stability Board (FSB) to IFIAR to obtain information on challenges and problems that Members have identified in their inspection programs relating to external audits of financial institutions. IFIAR’s second survey was released in April 2014.
The links below are to the 2014 Inspection Findings Survey and related documents:
2014 Survey of Inspection Findings
IFIAR Survey Fact Sheet
Press Briefing Opening Statements of Lewis H. Ferguson, IFIAR Chair, and Janine van Diggelen, IFIAR Vice Chair
2013 Inspection Findings Survey – Released April 10, 2014
In April 2014, IFIAR released a follow up to IFIAR’s first survey of its membership regarding findings from their inspection programs, conducted in 2012. That survey provided support for what had become evident to IFIAR Members through interaction in IFIAR’s various working groups and meeting discussions: Members’ individual inspection programs reveal common areas of deficiencies in, and concerns about, audit performance.
The initial survey, released in June 2012, was designed to identify common inspection findings on a global basis.The survey also was designed to gather information in response to a request by the Financial Stability Board (FSB) to IFIAR to obtain information on challenges and problems that Members have identified in their inspection programs relating to external audits of financial institutions.
Please follow the links below for the 2013 Global Survey of Audit Inspection Findings:
2013 Global Survey of Audit Inspection Findings
Survey Report Press Release
IFIAR Survey Fact Sheet
Lewis H. Ferguson, IFIAR Chair - Opening Statement
Janine van Diggelen, IFIAR Vice Chair - Opening Statement
2012 Global Survey of Audit Inspection Findings
2012 Global Survey of Audit Inspection Findings
Survey Report Press Release
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