2018 Inspection Findings Survey – Member-only survey data

2018 Inspection Findings Survey – Member-only survey data

Survey data from the 2018 Inspection Findings Survey has been uploaded to the Members-only website and can be found here.

This includes much of the same information as in the published, publicly-available, 2018 Report – but also includes some Member-only information which has not been made public and is subject to the usual IFIAR confidentiality requirements.

2019 Inspection Findings Survey – Survey Template & FAQs

2019 Inspection Findings Survey – Survey Template & FAQs

IFIAR Members have recently received the template and FAQs for the 2019 Survey of Inspection Findings by email.

The documents can also be found on the website by clicking here (for the template) and here (for the FAQs).

Completed surveys should be submitted by email to IFIARsurvey@pcaobus.org no later than 5 September 2019.

Norway FSA and Poland AOC join IFIAR MMOU

Norway FSA and Poland AOC join IFIAR MMOU

IFIAR is pleased to announce that the Financial Supervisory Authority (FSA) of Norway and the Audit Oversight Commission (AOC) of Poland have both joined as signatories to the IFIAR Multilateral Memorandum of Understanding Concerning Co-operation in the Exchange of Information for Audit Oversight (MMOU).

For more information on the IFIAR MMOU and a list of current signatories, please click here.

IFIAR comments on IAASB Exposure Drafts for ISQM 1, ISQM 2 & ISA 220

IFIAR comments on IAASB Exposure Drafts for ISQM 1, ISQM 2 & ISA 220

IFIAR has published its comment letter on the IAASB’s Exposure Drafts for ISQM 1, ISQM 2 and ISA 220.

Click here to view the comment letter.

IFIAR MMOU Applications

IFIAR MMOU Applications

Applications have been submitted from the Financial Supervisory Authority (FSA) of Norway and the Audit Oversight Commission (AOC) of Poland to join the IFIAR MMOU.

These applications have been reviewed by the ICWG and they have provided positive recommendations. The applications, recommendations and supporting material have been posted to the MMOU page of the IFIAR website.

The Officers have opened a 15 day period for current IFIAR MMOU signatories to register any objections.

IFIAR releases 2018 Inspection Findings Survey

IFIAR releases 2018 Inspection Findings Survey

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.

Please click here to access the 2018 Inspection Findings Survey and related documents.

IFIAR 2018 Annual Report

IFIAR 2018 Annual Report

IFIAR has released its 2018 Annual Report. Click here to download the Annual Report.

2019 Plenary Meeting

2019 Plenary Meeting

The Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) hosted IFIAR members in Rhodes, Greece for the 2019 Plenary Meeting. Please click here for our stakeholder announcement.

Romania ASPAAS and Saudi Arabia CMA join IFIAR as new Members

Romania ASPAAS and Saudi Arabia CMA join IFIAR as new Members

IFIAR is pleased to welcome two new Members – the Authority for Public Oversight of the Statutory Audit Activity (ASPAAS) of Romania and the Capital Markets Authority (CMA) of Saudi Arabia. Please click here for our stakeholder announcement.

IFIAR releases Report on Survey of Audit Regulators’ Enforcement Regimes

IFIAR releases Report on Survey of Audit Regulators’ Enforcement Regimes

IFIAR has released a Report on its Survey of Audit Regulators’ Enforcement Regimes.

The Report underscores the extent to which IFIAR members have the authority to respond to auditor misconduct and enforce compliance with the rules, laws, and standards that govern the audit profession in different parts of the globe.  The results recognize the unique and critical role that enforcement plays in audit oversight.

Please click here for the Press Release and here to access the Report.

AFM issues report on Vulnerabilities in the Structure of the Audit Sector

AFM issues report on Vulnerabilities in the Structure of the Audit Sector

The AFM has conducted a preliminary study into vulnerabilities in the structure of the audit sector and issued a report to contribute to the debate on sustainable and consistent audit quality.

An English translation of the press release can be found here. An English translation of the report’s Summary and Conclusions can be found here.

IFIAR welcomes the Philippine SEC as a new Member

IFIAR welcomes the Philippine SEC as a new Member

IFIAR is pleased to announce that the Philippine Securities and Exchange Commission (SEC) has joined as a Member of IFIAR. Please click here for our stakeholder announcement.

PCAOB invites public comment on Strategic Plan

PCAOB invites public comment on Strategic Plan

The PCAOB has invited the public to comment on its draft strategic plan covering the period 2018-2022. The PCAOB is proposing new goals and objectives, following its own careful study and a survey of the public and PCAOB staff. The draft Strategic Plan and further detail is available here.

FRC shares its recent efforts to monitor and manage risks to the public interest entity audit market

FRC shares its recent efforts to monitor and manage risks to the public interest entity audit market

As part of its enhanced approach to audit firm monitoring, the FRC has conducted two ground-breaking reviews on the risk management policies and procedures over information security and contingency planning on the six largest audit firms in the UK. A summary of the work performed is available here.

Marian Williams, Director of Audit at the FRC, explains the rationale for the reviews and the approach taken. If you would like to gain further insight, contact her on m.williams@frc.org.uk

FRC publishes Audit Culture Thematic Review

FRC publishes Audit Culture Thematic Review

The FRC has recently published the findings of a thematic review of the action being taken by firms to establish, promote and embed a culture that is committed to delivering consistently high quality audits. The press release and report are available here.

FAOA presents on IFIAR at the World Bank Group – Centre for Financial Reporting Reform (CFRR) Workshop

FAOA presents on IFIAR at the World Bank Group – Centre for Financial Reporting Reform (CFRR) Workshop

Dieynaba Diabaté and Martin Schmidt of the FAOA presented at the World Bank / CFRR workshop ‘Advancing Audit Quality Assurance Systems: Trends and Opportunities’ workshop in Vienna on 26-27 April. The FAOA provided the participants with a general update on IFIAR activities and workstreams, together with an outline of the benefits of joining IFIAR.

IFIAR Chair Brian Hunt interviewed by The Canadian Accountant on the “tremendous change” in the audit profession

IFIAR Chair Brian Hunt interviewed by The Canadian Accountant on the “tremendous change” in the audit profession

The Canadian Accountant has interviewed IFIAR Chair Brian Hunt to discuss the “tremendous change” occurring in the audit profession and how the future of audit will be very different to what it is today. A copy of the interview is available here.

IFIAR 2017 Annual Report

IFIAR 2017 Annual Report

IFIAR has released its 2017 Annual Report. Please click here to download the Annual Report.

2018 Plenary Meeting

2018 Plenary Meeting

The Canadian Public Accountability Board (CPAB) hosted IFIAR members in Ottawa, Canada’s capital city, for the 2018 Plenary meeting. Please click here for our stakeholder announcement.

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.