IFIAR Work Plan
IFIAR’s Officers have developed a Work Plan for the years 2015-2017. This Plan was adopted by IFIAR Members at the 2015 Plenary Meeting held in Chinese Taipei. The IFIAR Work Plan 2015 - 2017 can be found here
IFIAR’s mission is to serve the public interest and to enhance investor protection by improving audit quality globally. IFIAR provides a platform for its Members to share knowledge and experience about the audit market and audit oversight, to initiate and lead dialogues with stakeholders on audit quality matters and to formulate common views and positions on matters relevant to IFIAR’s members. All these activities, which are undertaken by IFIAR through cooperation by its Members in Working Groups and Task Forces, contribute to this mission.
The key objective of IFIAR the coming two years remains the improvement of audit quality globally.
This will be achieved in a number of ways, including through continued discussions on audit quality with the six largest global audit networks and by providing thoughtful input on audit standard setting and its governance. Going forward IFIAR will publish thought papers on audit (quality) matters, such as its recent ‘Current Trends in the Audit Industry Paper
’. Audit quality will also be improved through further coordinated multi-jurisdictional inspections of group audits carried out by a number of IFIAR Members. This will provide a better understanding of group audit challenges and establish whether the current practices of the global audit networks give rise to specific audit quality risks. In order to measure the trends in audit quality going forward, IFIAR will continue its annual Inspection Findings Surveys
amongst its Members.
A second important key objective is updating IFIAR’s governance structure and operations. At the 2015 Plenary Meeting the Membership made a decision, in principle, to revise IFIAR’s governance structure by establishing a Governing Board. In a related matter, IFIAR is considering the establishment of a Permanent Secretariat. Effective governance combined with a professional and dedicated Secretariat that provides continuity, will enhance IFIAR’s ability to take on additional work streams as the organization grows in size, diversity and ambition. In the next two years, IFIAR will take the necessary steps to ensure an effective implementation of these governance changes.
IFIAR’s third key objective for the period 2015-2017 is to further strengthen IFIAR´s role as the international leader on audit matters. In this respect, IFIAR will continue and deepen its discussions with investor representatives, international organizations and other stakeholders, including audit committees. IFIAR will continue to seek their input and discuss the role each can play in enhancing audit quality. In addition, IFIAR will promote the development of independent audit inspection programs around the world through its outreach activities to jurisdictions with either a newly established, or no independent audit oversight. Lastly, IFIAR will use effective communications to increase its visibility to the outside world.
Facilitating learning and cooperation among IFIAR Members is the fourth key objective of the Work Plan. IFIAR’s Members can benefit greatly through learning from, and cooperating with each other in the area of public oversight of auditors, including inspections, investigations, enforcement and registration. With this in mind, IFIAR will continue to offer Inspection and Enforcement workshops. At the 2015 Plenary Meeting, IFIAR’s Members reached agreement in principle on the text of a Multilateral Memorandum of Understanding (MMoU) that provides a framework for information-sharing among those IFIAR Members that sign the MMOU. This MMoU, if approved by the Members, will better enable the exchange of confidential information between the MMoU signatories.