IFIAR 2024 Annual Report
IFIAR has released its 2024 Annual Report. Click here to download the Report.
2025 Plenary Meeting
2025 Plenary Meeting
IFIAR’s annual Plenary Meeting was held in Berlin, Germany on April 8-10, 2025, with representatives from 49 IFIAR Member jurisdictions participating in discussions focusing on key developments and emerging trends in the audit market.
Please click here for our stakeholder announcement.
IFIAR releases 2025 Report on the use of technology in audits
IFIAR releases 2025 Report on the use of technology in audits
IFIAR has released its 2025 report on the ‘use of technology in audits – observations, risks and further evolution’. This report presents information and perspectives on the use of technology in audits.
Click here to access the report.
IFIAR releases 2024 Report on Annual Survey of Audit Inspection Findings
IFIAR releases 2024 Report on Annual Survey of Audit Inspection Findings
Please click here to access the 2024 Inspection Findings Survey and related documents.
IFIAR Statement on Private Equity Investment in Audit Firms
IFIAR Statement on Private Equity Investment in Audit Firms
IFIAR has published its Private Equity Investment in Audit Firms.
Please click here to access the Statement.
IFIAR announces next step in audit quality initiative
IFIAR announces next step in audit quality initiative
IFIAR today announced the next step in an initiative to drive improvements in audit quality.
Click here to view the announcement.
IFIAR Seeks New Executive Director
IFIAR Seeks New Executive Director
The International Forum of Independent Audit Regulators (IFIAR) is inviting applications for the position of Executive Director.
For a detailed job description of the Executive Director position, please click here.
IFIAR’s Human Resources and Governance Committee will be overseeing the recruitment process. Interested candidates are encouraged to submit their applications to Ms Kuldip Gill, Chair of IFIAR’s Human Resources and Governance Committee at Kuldip_GILL@acra.gov.sg. Please use the subject line: Application for IFIAR Executive Director Position – [Your Name] when submitting your applications.
Applications for this position will be open until 15 December 2024 or when the position is filled.
We look forward to welcoming a leader who will further our commitment to enhancing audit quality and supporting our global community of audit regulators.
Delon Abrams appointed as Acting Executive Director
IFIAR has appointed Delon Abrams, Senior Policy Officer at the IFIAR Secretariat, as Acting Executive Director. He succeeds the former Executive Director Carl Renner, who left IFIAR at the end of August, until a new Executive Director is appointed. The nomination process for the new Executive Director will commence shortly.
Mr. Abrams joined the IFIAR Secretariat soon after its launch in 2017 and has played a key role in supporting IFIAR’s operations since.
Mr. Renner served as Executive Director of IFIAR and led the Secretariat since its establishment in 2017, and IFIAR Chair extends its appreciation for Mr. Renner’s years of contribution to IFIAR.
IFIAR comments on IAASB’s Exposure Draft on Proposed ISA 240 (Revised): The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements – 5 June 2024
IFIAR comments on IAASB’s Exposure Draft on Proposed ISA 240 (Revised): The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements – 5 June 2024
IFIAR has published its comment letter on the IAASB’s Exposure Draft on Proposed ISA 240 (Revised): The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements.
Click here to view the comment letter.
IFIAR comments on IESBA’s Exposure Draft on Using the Work of an External Expert – 30 May 2024
IFIAR comments on IESBA’s Exposure Draft on Using the Work of an External Expert – 30 May 2024
IFIAR has published its comment letter on the IESBA’s IESBA’s Exposure Draft on Using the Work of an External Expert.
Click here to view the comment letter.
IFIAR comments on IESBA’s Proposed International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) – 10 May 2024
IFIAR comments on IESBA’s Proposed International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) – 10 May 2024
IFIAR has published its comment letter on the IESBA’s Proposed International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA).
Click here to view the comment letter.
IFIAR comments on IAASB’s Proposed Narrow Scope Amendments to ISQMs ISAs and ISRE 2400 (Revised) – 2 May 2024
IFIAR comments on IAASB’s Proposed Narrow Scope Amendments to ISQMs ISAs and ISRE 2400 (Revised) – 2 May 2024
IFIAR has published its comment letter on the IAASB’s Proposed Narrow Scope Amendments to ISQMs ISAs and ISRE 2400 (Revised).
Click here to view the comment letter.
IFIAR 2023 Annual Report
IFIAR 2023 Annual Report
IFIAR has released its 2023 Annual Report. Click here to download the Report.
2024 Plenary Meeting
2024 Plenary Meeting
IFIAR’s annual Plenary Meeting was held in Osaka, Japan on April 16-18, 2024, with representatives from 48 IFIAR Member jurisdictions participating in discussions focusing on key developments and emerging trends in the audit industry.
Please click here for our stakeholder announcement.
IFIAR releases 2023 Report on Annual Survey of Audit Inspection Findings
IFIAR releases 2023 Report on Annual Survey of Audit Inspection Findings
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.
Please click here to access the 2023 Inspection Findings Survey and related documents.
Abu Dhabi Global Market RA joins IFIAR
Abu Dhabi Global Market RA joins IFIAR
IFIAR is pleased to welcome the Registration Authority (RA) of Abu Dhabi Global Market (ADGM) as a new IFIAR Member, joining a network of independent audit regulators from 56 jurisdictions around the world.
IFIAR Statement on Sustainability Assurance Oversight
IFIAR Statement on Sustainability Assurance Oversight
IFIAR has published its Statement on Sustainability Assurance Oversight.
Please click here to access the Statement.
IFIAR comments on IAASB ED ISSA 5000 General Requirements for Sustainability Assurance Engagements – 30 November 2023
IFIAR comments on IAASB ED ISSA 5000 General Requirements for Sustainability Assurance Engagements – 30 November 2023
IFIAR has published its comment letter on the IAASB Exposure Draft on ISSA 5000 General Requirements for Sustainability Assurance Engagements.
Click here to view the comment letter.
India NFRA joins IFIAR
India NFRA joins IFIAR
IFIAR is pleased to welcome the National Financial Reporting Authority (NFRA) of India as a new IFIAR Member.
NFRA joins a network of independent audit regulators from 55 jurisdictions around the world.
IFIAR releases 2023 Report on Use of Technology in Audits – observations, risks and further evolution
IFIAR releases 2023 Report on Use of Technology in Audits – observations, risks and further evolution
IFIAR has released a Report presenting perspectives on the use of technology in audits – outlining observations, risks and further evolution.
Please click here to access the Report.
IFIAR comments on IAASB proposed revisions to ISA 570 (Going Concern) – 18 August 2023
IFIAR comments on IAASB proposed revisions to ISA 570 (Going Concern) – 18 August 2023
IFIAR has published its comment letter on the IAASB proposed revisions to ISA 570 (Going Concern).
Click here to view the comment letter.
IFIAR comments on the IESBA Proposed Strategy and Work Plan for 2024-2027 – 26 July 2023
IFIAR comments on the IESBA Proposed Strategy and Work Plan for 2024-2027 – 26 July 2023
IFIAR has published its comment letter on the IESBA Proposed Strategy and Work Plan for 2024-2027.
Click here to view the comment letter.
IFIAR releases Report on 2022 Survey of Audit Regulators’ Enforcement Regimes
IFIAR releases Report on 2022 Survey of Audit Regulators’ Enforcement Regimes
IFIAR has released a Report on its third Survey of Audit Regulators’ Enforcement Regimes.
The report details the investigative and disciplinary powers of IFIAR Members, and the ways in which Members exercised those powers during the years 2018-2022. The results of the 2022 Survey underscore the important role that enforcement plays in audit oversight and IFIAR Members’ dedication to investigating and addressing potential violations of auditing standards.
Please click here for the Press Release and here to access the Report.
2023 Plenary Meeting
2023 Plenary Meeting
IFIAR’s annual Plenary Meeting, resuming in-person for the first time since the start of the COVID-19 pandemic, was held in Washington DC on April 25-27, 2023, with representatives from 44 IFIAR Member jurisdictions participating in discussions focusing on key developments and emerging trends in the audit industry.
Please click here for our stakeholder announcement.
IFIAR 2022 Annual Report
IFIAR 2022 Annual Report
IFIAR has released its 2022 Annual Report. Please click here to download the Annual Report.
IFIAR comments on IAASB’s proposed revisions to ISA 500 (Revised), Audit Evidence – 24 April 2023
IFIAR comments on IAASB’s proposed revisions to ISA 500 (Revised), Audit Evidence – 24 April 2023
IFIAR has published its comment letter on the IAASBIAASB’s proposed revisions to ISA 500 (Revised), Audit Evidence.
Click here to view the comment letter.
IFIAR comments on the IAASB Proposed Strategy and Work Plan for 2024-2027 – 19 April 2023
IFIAR comments on the IAASB Proposed Strategy and Work Plan for 2024-2027 – 19 April 2023
IFIAR has published its comment letter on the IAASB Proposed Strategy and Work Plan for 2024-2027.
Click here to view the comment letter.
IFIAR releases 2022 Report on Annual Survey of Audit Inspection Findings
IFIAR releases 2022 Report on Annual Survey of Audit Inspection Findings
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.
Please click here to access the 2022 Inspection Findings Survey and related documents.
IFIAR Board comments on OECD’s Draft Revisions to the G20/OECD Principles of Corporate Governance
IFIAR Board comments on OECD’s Draft Revisions to the G20/OECD Principles of Corporate Governance
IFIAR has published IFIAR Board comment letter on the OECD’s Draft Revisions to the G20/OECD Principles of Corporate Governance.
Click here to view the comment letter.
IFIAR comments on the IAASB Proposed Narrow Scope Amendments to ISA 700 (Revised) and ISA 260 (Revised)
IFIAR comments on the IAASB Proposed Narrow Scope Amendments to ISA 700 (Revised) and ISA 260 (Revised)
IFIAR has published its comment letter on the IAASB Proposed Narrow Scope Amendments to ISA 700 (Revised) and ISA 260 (Revised).
Click here to view the comment letter.
IFIAR comments on the IESBA Strategy Survey 2022
IFIAR comments on the IESBA Strategy Survey 2022
IFIAR has published its comment letter on the IESBA Strategy Survey 2022.
Click here to view the comment letter.
IFIAR comments on the IESBA Proposed Exposure Draft on Proposed Technology-related Revisions to the Code
IFIAR comments on the IESBA Proposed Exposure Draft on Proposed Technology-related Revisions to the Code
IFIAR has published its comment letter on the IESBA Proposed Exposure Draft on Proposed Technology-related Revisions to the Code.
Click here to view the comment letter.
IFIAR comments on the IESBA Proposed Exposure Draft on Proposed Revisions to the Code Relating to the Definition of Engagement Team and Group Audits
IFIAR comments on the IESBA Proposed Exposure Draft on Proposed Revisions to the Code Relating to the Definition of Engagement Team and Group Audits
IFIAR has published its comment letter on the IESBA Proposed Exposure Draft on Proposed Revisions to the Code Relating to the Definition of Engagement Team and Group Audits.
Click here to view the comment letter.
2022 Plenary Meeting
2022 Plenary Meeting
IFIAR’s annual Plenary Meeting was held virtually on April 25-27, 2022, with representatives from 53 IFIAR Member jurisdictions participating in discussions focusing on the Transition to the New Normal.
Please click here for our stakeholder announcement.
IFIAR 2021 Annual Report
IFIAR 2021 Annual Report
IFIAR has released its 2021 Annual Report. Please click here to download the Annual Report.
IFIAR releases 2021 Report on Annual Survey of Audit Inspection Findings
IFIAR releases 2021 Report on Annual Survey of Audit Inspection Findings
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.
Please click here to access the 2021 Inspection Findings Survey and related documents.
IFIAR comments on the IAASB Proposed International Standard on Auditing (ISA) for Audits of Financial Statements of Less Complex Entities (LCE)
IFIAR comments on the IAASB Proposed International Standard on Auditing (ISA) for Audits of Financial Statements of Less Complex Entities (LCE)
IFIAR has published its comment letter on the the IAASB Proposed International Standard on Auditing (ISA) for Audits of Financial Statements of Less Complex Entities (LCE).
Click here to view the comment letter.
IFIAR Report: Internationally Relevant Developments in Audit Markets
IFIAR 2020 Annual Report
IFIAR 2020 Annual Report
IFIAR has released its 2020 Annual Report. Please click here to download the Annual Report.
2021 Plenary Meeting
2021 Plenary Meeting
IFIAR holds virtual 2021 Plenary Meeting focusing on the Management of Audit Quality in the COVID Environment and Beyond.
Please click here for our stakeholder announcement.
IFIAR Statement on the Passing of Former Chair Brian A. Hunt
IFIAR Statement on the Passing of Former Chair Brian A. Hunt
Please click here for a statement regarding the passing of Former Chair Brian A. Hunt.
IFIAR Urges Continued Audit Quality Improvement Efforts
IFIAR Urges Continued Audit Quality Improvement Efforts
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.
Please click here to access the 2020 Inspection Findings Survey and related documents.
IFIAR comments on the IAASB Discussion Paper on Fraud and Going Concern in an Audit of Financial Statements
IFIAR comments on the IAASB Discussion Paper on Fraud and Going Concern in an Audit of Financial Statements
IFIAR has published its comment letter on the IAASB Discussion Paper on Fraud and Going Concern in an Audit of Financial Statements.
Click here to view the comment letter.
IFIAR mourns the untimely loss of Chair Frank Schneider
IFIAR mourns the untimely loss of Chair Frank Schneider
Please click here for an announcement regarding the passing of IFIAR Chair Frank Schneider.
IFIAR comments on the IAASB Exposure Draft on ISA 600
IFIAR comments on the IAASB Exposure Draft on ISA 600
IFIAR has published its comment letter on IAASB Exposure Draft on ISA 600.
Click here to view the comment letter.
IFIAR publishes Information Paper: Facilitating Oversight of Global Audit Firm Networks
Relevant Papers and News Items (June – July 2020)
Relevant Papers and News Items (June – July 2020)
The Secretariat is pleased to provide below information and related links to items that are likely to be of interest to Members. This is a new initiative from the Secretariat and similar posts will be made regularly. Please visit the website frequently to read the latest news.
These links are shared for information and the awareness of IFIAR Members only. Any views and opinions expressed within are those of the authors and do not reflect any official policy or position of IFIAR.
Members
Australia
- June 30: ASIC released new information sheets to help companies, company officers and company auditors understand and comply with their obligations under the corporate whistleblower protection regime.
The Netherlands
- July 14: AFM published a new report on the big-4’s quality improvements efforts.
- Points:
- Preconditions for the quality of statutory audits assessed
- The Big 4 are focusing on quality improvement and a quality-oriented culture
- Quality safeguards need to be strengthened
- New assessment to begin in 2020
- Improving quality is an important issue for society
- Points:
Singapore
- July 14: ACRA issued its latest report on Key findings from the third review cycle of the Financial Reporting Surveillanve Programme (FRSP)
United Kingdom
- July 6: UK FRC announced FRC principles for operational separation of audit practices
- The objectives of operational separation, which is world leading, are to ensure that audit practices are focused above all on delivery of high-quality audits in the public interest, and do not rely on persistent cross subsidy from the rest of the firm.
- An implementation plan should be submitted to FRC by 23 October 2020.
- Ref. ACCA announcement “ACCA is supportive” (July 6)
- FRC podcast (July 16)
International Organizations/Fora
Monitoring Group
- July 14: Monitoring Group published its Recommendations to Strengthen the International Audit and Ethics Standard-Setting System
- The Monitoring Group developed these recommendations through extensive outreach including the following:
- Issuance of a public consultation in 2017;
- Discussions with international audit and ethics standard-setting, oversight, and auditing professional stakeholders;
- Discussions held around the world with investors, regulators and other stakeholders; and
- Discussions within and among the Monitoring Group member organizations.
- Ref. IFAC Welcomes Next Phase of Engagement with MG (14 July)
- The Monitoring Group developed these recommendations through extensive outreach including the following:
COVID-19
Australia
- July 7: ASIC provided further information on focus areas for financial reporting in the COVID-19 environment for years ending 30 June 2020 following its guidance via the frequently asked questions already published on the ASIC website.
Canada
- June 30: CPAB published COVID-19 public company audit implications: cosiderations for audit committees
Japan
- July 1: JFSA published Notice Regarding the Disclosure of Corporate Information Concerning the Impact of the COVID-19 Infection in Quarterly Securities Reports (English version : July 30)
- July 5: JFSA published Q&A on the Disclosure of Narrative Information Regarding the Impact of COVID-19 Infection – Key Points for Better Disclosure for Investors
United Kingdom
- July 2: UK FRC published a review of the policies and procedures auditors have been using during the on-going Covid-19 pandemic to assess whether companies are trading as a “going concern”.
United States
- July 31: PCAOB Posted Conversations with Audit Committee Chairs: COVID-19 and the Audit
IAASB
- June 26: IAASB published Covid-19 related guidance on auditing accounting estimates and related disclosures
- July 1: IAASB published Covid-19 related guidance on review engagements on interim financial information
- July 31:IAASB published IAASB Assists with Audit Considerations for the Impact of COVID-19
Wirecard
- July 15 : The European Securities and Markets Authority (ESMA) is to launch an assessment of the supervisory response in the financial reporting area by BaFin and the Financial Reporting Enforcement Panel (FREP) to the events leading to the collapse of Wirecard AG. It will be completed by 30 October 2020.
Ref: Wirecard: the timeline (Financial Times)
IFIAR Members discuss responses to COVID-19 with GPPC representatives
IFIAR Members discuss responses to COVID-19 with GPPC representatives
IFIAR Member regulators from around the world met by video conference on May 26 with representatives from the six largest global audit firm networks (GPPC*) to discuss the GPPC network’s responses to the COVID-19 crisis. The GPPC provided IFIAR Members with an outline of the challenges their networks and the companies they audit are facing in the area of financial reporting and audit due to the impact of COVID-19.
IFIAR Chair, Frank Schneider, noted the importance of the continued engagement between IFIAR and external stakeholders such as the GPPC going forward: “Continued engagement between all those involved in the financial reporting ecosystem is vitally important during these uncertain times. The GPPC outlined the challenges that are currently faced by preparers and auditors in a financial landscape that has been dominated by the impact of COVID-19 on businesses around the world, and the steps being taken in response. IFIAR continues to stress the importance of audit firms’ compliance with the relevant auditing standards during this crisis, as investors and other stakeholders depend more than ever on accurate information. IFIAR Members will continue to share information on how the regulatory environment is adapting to the crisis – and we are grateful to IFIAR Members and the GPPC for the continued dialogue in this respect”.
The IFIAR website has a dedicated page to provide the public with access to the latest information, updates and developments from IFIAR Members in response to the COVID-19 crisis. This page is accessed here.
*The Global Public Policy Committee (GPPC) is the global forum of representatives from the six largest accounting networks: BDO, Deloitte, EY, Grant Thornton, KPMG, and PwC, which has as its public interest objective the enhancement of quality in auditing and financial reporting.
IFIAR comments on the IESBA Exposure Draft on Fee-related Provisions
IFIAR comments on the IESBA Exposure Draft on Fee-related Provisions
IFIAR has published its comment letter on the IESBA Exposure Draft on Fee-related Provisions.
Click here to view the comment letter.
IFIAR comments on the IESBA Exposure Draft on Non-Assurance Services
IFIAR comments on the IESBA Exposure Draft on Non-Assurance Services
IFIAR has published its comment letter on the IESBA Exposure Draft on Non-Assurance Services.
Click here to view the comment letter.