An interview with IFIAR Chair Brian Hunt in the March/April issue of the ICD Director Journal

An interview with IFIAR Chair Brian Hunt in the March/April issue of the ICD Director Journal

An interview with IFIAR Chair Brian Hunt, which discusses the strides Canada has made in audit regulation and what still needs to be done, has been published in the March/April 2018 issue of the Institute of Corporate Directors (ICD) publication Director Journal. A copy of the interview can be found here.

EY Assurance Reporting interviews IFIAR Chair Brian Hunt

EY Assurance Reporting interviews IFIAR Chair Brian Hunt

IFIAR Chair Brian Hunt is the subject of a multimedia interview published in the EY Assurance insights hub, discussing the challenges of improving global audit quality and what the audit of the future will look like.

You can find the video and print interviews in the following link to EY’s page, here.

IFIAR releases 2017 Inspection Findings Survey

IFIAR releases 2017 Inspection Findings Survey

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.

Please click here to access the 2017 Inspection Findings Survey and related documents.

1st AFIAAR meeting heralds new focus on independent accounting and auditing regulation in Africa

1st AFIAAR meeting heralds new focus on independent accounting and auditing regulation in Africa

Independent audit regulators and those professional accounting bodies that are responsible for oversight and audit standard setting from Botswana, Ethiopia, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Tanzania, South Africa and Zambia joined the Public Accountants and Auditors Board (PAAB) of Zimbabwe for the inaugural meeting of the African Forum of Independent Accounting and Auditing Regulators (AFIAAR) at the historic Victoria Falls Hotel on March 1 and 2, 2018.

The establishment of the Forum is intended to formalise efforts for collaboration and the strengthening of independent auditing, and where relevant, accounting regulation across the continent by formalising a common base and one voice from which to advance audit regulatory activities as it relates to building capacity, increasing audit quality, and influencing and adopting international standards.

The event was co-hosted by the PAAB Zimbabwe and the Independent Regulatory Board for Auditors (IRBA) of South Africa, which CEO, Bernard Agulhas also represented the International Forum of Independent Audit Regulators (IFIAR) in his capacity as an IFIAR Board Member.

IFIAR is a global body of 52 independent audit regulators of which four countries in Africa, being Botswana, Egypt, Mauritius, and South Africa, have attained levels of independent regulation and oversight of auditors which makes them eligible for membership. This initiative is endorsed by IFIAR as a means to strengthen audit regulation in Africa and develop regulatory and legislative provisions in African countries to a level where they can attain international membership to the global forum.

Says Admire Ndurunduru, CEO of the PAAB (Zimbabwe): “Throughout the world, independent audit regulation plays a critical role in building confidence in capital markets and providing confidence to investors in the quality of financial reporting. In the context of the development of our continent, this is a momentous initiative for Africa as it will be one of the keys to increasing investment in our economies, public protection and contributing to the development of the continent.”

The members concluded the event with a unanimous adoption and signing of The Charter to formalise the establishment of AFIAAR with eleven founding members. Zimbabwe was elected as chair, represented by Admire Ndurunduru of the PAAB as chairman; South Africa as vice-chair, represented by Bernard Agulhas of the IRBA; and Ethiopia was elected as Third Officer, represented by Gashe Desta Yemane.

Issued by: Lorraine van Schalkwyk APR
On behalf of: African Forum of Independent Accounting and Auditing Regulators