What We Do
- Improve audit quality globally.
- Strengthen IFIAR’s role as the international leader on audit matters through strategic thought leadership.
- Advance IFIAR’s governance structure and operations.
- Facilitate learning and cooperation among IFIAR Members.
Duane M. DesParte, Board Member of the Public Company Accounting Oversight Board (PCAOB of the United States is the current Chair of IFIAR and Takashi Nagaoka of the Financial Services Agency (FSA) of Japan is the current Vice Chair. Their terms expire in April 2023.
Carl Renner is the current Executive Director of the IFIAR Secretariat based in Tokyo, Japan.
The IFIAR Board was established in April 2017 and is led by the Acting Chair. The Board’s tasks and duties are set out in the Charter. Current Board Members are Australia, Brazil, Canada, Chinese Taipei, France, Germany, Greece, Ireland, Japan, the Netherlands, Singapore, Switzerland, South Africa, Turkey, the United Kingdom and the United States.
The following organizations are observers of IFIAR meetings:
Basel Committee of Banking Supervisors (BCBS)
Financial Stability Board (FSB)
International Association of Insurance Supervisors (IAIS)
International Organization of Securities Commission (IOSCO)
Public Interest Oversight Board (PIOB)
WHO WE ARE
Established in Paris in 2006 by independent audit regulators from 18 jurisdictions, IFIAR has grown to 54 Members around the world.
IFIAR’s mission is to serve the public interest, including investors, by enhancing audit oversight globally. The overall objective is to:
- Share knowledge of the evolving audit environment and the practical experience of independent audit regulatory activity.
- Promote collaboration and consistency in regulatory activity.
- Provide a platform for dialogue with other international organizations interested in audit quality.
Over the past decade, IFIAR has become the leading international organization on audit quality matters. Every year, IFIAR convenes a plenary meeting for Member representatives to discuss emerging regulatory issues, challenges facing the audit profession, and strategic approaches to sustainable audit quality.
Member representatives volunteer their time and resources to deliver practical outcomes that will enhance audit quality through their participation in a number of formal Working Groups and Task Forces that meet regularly throughout the year. IFIAR’s five Working Groups are focused on practical deliverables in the following areas: Engaging with the six largest global audit networks; inspections; enforcement; investors and other stakeholders, and standard setting.
Each year the organization hosts a workshop focused on inspection approaches, processes and challenges, enhancing insight into Members’ oversight regimes and identifying better practices. The workshop also promotes greater consistency across regulators, and provides opportunities to discuss approaches to overseeing global audit firms in a coordinated manner. IFIAR also holds a biennial enforcement workshop with similar goals. Other stakeholder meetings and meetings of IFIAR’s Board take place throughout the year.
To help measure audit quality trends, IFIAR conducts an annual Inspection Findings Survey which informs IFIAR’s collective efforts to promote audit quality globally, complementary to individual regulators’ audit firm inspection and oversight regimes. Results are made public every year.
As part of its outreach program, IFIAR delivers numerous speeches and presentations; submits formal comment letters regarding proposed new or changes standards, as well as interacting with international standard setters throughout their standard setting process to provide informal views of IFIAR Member representatives; and actively engages with non-Member jurisdictions interested in developing an independent auditor oversight regime. IFIAR also works closely with other international organizations, such as the Basel Committee of Banking Supervisors (BCBS), the European Commission, the Financial Stability Board (FSB), the International Association of Insurance Supervisors (IAIS), the International Organization of Securities Commissions (IOSCO), Public Interest Oversight Board (PIOB) and the World Bank.
CURRENT OFFICE BEARERS
Duane M. DesParte, Acting Chair of the Public Company Accounting Oversight Board (PCAOB) of the United States is the current Chair of IFIAR and Takashi Nagaoka of the Financial Services Agency (FSA) of Japan is the current Vice Chair. Their terms expire in April 2023.
Duane M. DesParte
Duane M. DesParte, Acting Chair of the Public Company Accounting Oversight Board (PCAOB) of the United States, is the Chair of IFIAR. Duane is passionate about the importance of relevant and reliable financial information to the integrity of capital markets, and independent and high quality audits are an essential tool in ensuring trustworthy financial reporting. Duane is particularly focused on the effectiveness of audit firms’ quality control management approaches and systems, which provide the foundation for achieving consistent audit quality.
“Through collaboration and sharing of knowledge, experiences and leading practices, IFIAR advances the regulatory oversight capabilities of its members, thereby promoting sustainable improvements in global audit quality.”
Duane is a Certified Public Accountant in the United States and joined the Board of the PCAOB after retiring from Exelon Corporation, a Fortune 100 company, where he served as corporate controller and chief accounting officer and in other financial leadership roles for 15 years, following an 18 year career in the audit assurance business.
Takashi Nagaoka, Deputy Commissioner for International Affairs at Japan’s Financial Services Agency (JFSA), was elected IFIAR Vice Chair in April 2021, after representing the JFSA at the IFIAR Board since 2017. Takashi has broad experience in financial regulation over his career at the JFSA since 2002. In addition to his work with IFIAR, Takashi also currently chairs the IOSCO Multilateral Memorandum of Understanding Monitoring Group and IOSCO Administrative Arrangement Assessment Group.
At the JFSA, prior to assuming his current position in July 2020, Takashi led divisions in charge of managing departments responsible for policy making (2018-2019) and enforcement of market laws (2017). His career at the JFSA also includes leading supervision of securities businesses (2015-2016), international banking regulation (2014), and enforcement of corporate disclosure and audit laws (2012-13). Takashi started his career at the Ministry of Finance in 1991, and worked as an Economist at the IMF (1999-2002).
Takashi earned a B.A. in Law at the University of Tokyo, and has an MBA (Beta Gamma Sigma) from the Columbia Business School.
Carl joined IFIAR in April 2017 to lead the new permanent secretariat based in Tokyo. Originally from New Zealand, Carl is a chartered accountant with more than 17 years’ experience in medium and large audit firms; 13 years as an auditor and four years as a financial due diligence specialist. During his career, Carl has worked in Sydney, Tokyo, and London.
Carl was most recently project director at the Financial Reporting Council’s (FRC) Financial Reporting Lab (Lab) which brings together companies and investors to support improvement and innovation in reporting.
Since he joined the Lab in 2013, Carl has led projects on various topics including accounting policy disclosure and business model reporting. He also co-led the project on disclosure of dividends – policy and practice.
The IFIAR Board was established in April 2017 and is led by the IFIAR Chair. The Board’s tasks and duties are set out in the Charter. Current Board Members are Australia, Brazil, Canada, Chinese Taipei, France, Germany, Greece, Ireland, Japan, the Netherlands, Singapore, Switzerland, South Africa, Turkey, the United Kingdom and the United States.