IFIAR Publications
IFIAR develops strategic and operational plans, along with thought leadership papers on key audit quality oversight matters, throughout the year. These publications can be accessed below.
ANNUAL REPORTS
In 2012, IFIAR began publishing annual reports.
2023 IFIAR Annual Report (19 April 2024)
2022 IFIAR Annual Report (27 April 2023)
2021 IFIAR Annual Report (28 April 2022)
2020 IFIAR Annual Report (23 April 2021)
2019 IFIAR Annual Report (30 April 2020)
2018 IFIAR Annual Report (16 May 2019)
2017 IFIAR Annual Report (1 May 2018)
2016 IFIAR Annual Report (21 April 2017)
2015 IFIAR Annual Report (30 May 2016)
2014 IFIAR Annual Report (30 April 2015)
2013 IFIAR Annual Report (17 April 2014)
2012 IFIAR Annual Report (25 April 2013)
ANNUAL INSPECTION FINDINGS SURVEY
IFIAR Annual Inspection Findings Survey can be found here.
IFIAR THOUGHT PAPERS AND REPORTS
IFIAR Information Paper: Facilitating Oversight of Global Audit Firm Networks
Audit Committees and Audit Quality: Trends and Possible Areas for Further Consideration
IFIAR Report: Internationally Relevant Developments in Audit Markets
IFIAR Report: Use of technology in audits - observations, risks and further evolution
STRATEGIC PLAN
IFIAR’s 2021-26 Strategic Plan was adopted by IFIAR Members at the 2021 Plenary Meeting and can be found here
SURVEY OF ENFORCEMENT REGIMES
IFIAR Enforcement Regimes Survey can be found here.
IFIAR CHARTER, CORE PRINCIPLES AND OTHER REFERENCE DOCUMENTS
IFIAR CHARTER
The following are key elements from the IFIAR Charter, for a further look into the IFIAR Charter please download the Charter here (effective as of April 25, 2022).
Activities of IFIAR
Sharing knowledge of the audit market environment and practical experience of independent audit regulatory activities with a focus on inspections of auditors and audit firms. Promoting collaboration and consistency in regulatory activity.
Membership of IFIAR
Members must be independent of the profession and engaged in audit regulatory functions in the public interest.
Officers and Board of IFIAR
IFIAR shall have two Officers, a Chair and a Vice Chair. They shall serve two year terms and though not a requirement, Members should give consideration to geographic balance in the election of Officers. The Officers are responsible for, though not limited to, organising and conducting Plenary Meetings, Chairing the meeting, managing communications and relationships with IFIAR Members and outside organisations, developing a Work Plan for the Officers Term and providing leadership on issues relevant to IFIAR.
Transparency and accountability
IFIAR should operate with a high degree of transparency and should engage issue periodic public reports, issue press releases and maintain a website.
Resources and Funding
IFIAR’s activities will be undertaken on a collaborative basis, with Members and Office bearers meeting their own expenses. However, Members will contribute to the funding of the organisational and administrative resources necessary for IFIAR’s ongoing operations.
IFIAR CORE PRINCIPLES
The core principles seek to promote effective independent audit oversight globally, thereby contributing to Members overriding objective of serving the public interest and enhancing investor protection by improving audit quality. IFIAR membership is not dependent on its status in implementing the principles; however members are encouraged to work towards implementing them where appropriate in their own jurisdictions. The main precondition for an effective system of audit oversight and audit regulation is the existence of a well-developed legal and corporate governance framework as to provide necessary support for high quality auditing. The IFIAR Core Principles for Independent Audit Regulators can be downloaded here.
MULTILATERAL MEMORANDUM OF UNDERSTANDING CONCERNING CO-OPERATION IN THE EXCHANGE OF INFORMATION FOR AUDIT OVERSIGHT
On Tuesday June 30, 2015 the MMOU was approved by the IFIAR Membership. The MMOU enables and strengthens the cooperation amongst IFIAR Members. Members can apply to sign the MMOU, and will be subject to an assessment prior to joining the MMOU. The MMOU can be downloaded here. For more information on the MMOU, including a list of signatories, please click here.
PUBLIC COMMENTS AND STATEMENTS
Public Comments
IFIAR Letter - Comment on IAASB Exposure Draft on ISSA 5000 General Requirements for Sustainability Assurance Engagements - 30 November 2023
IFIAR Letter - Comment on IAASB proposed revisions to ISA 570 (Going Concern) - 18 August 2023
IFIAR Letter - Comment on IESBA Proposed Strategy and Work Plan for 2024-2027 - 26 July 2023
IFIAR Letter - Comment on IAASB’s proposed revisions to ISA 500 (Revised), Audit Evidence - 24 April 2023
IFIAR Letter - Comment on the IAASB Proposed Strategy and Work Plan for 2024-2027 - 19 April 2023
IFIAR Board Letter - Comment on OECD’s Draft Revisions to the G20/OECD Principles of Corporate Governance - 20 October 2022
IFIAR Letter - Comment on the IAASB Proposed Narrow Scope Amendments to ISA 700 (Revised) and ISA 260 (Revised) - 27 September 2022
IFIAR Letter - Comment on the IESBA Strategy Survey 2022- 26 July 2022
IFIAR Letter - Comment on the IESBA Proposed Exposure Draft on Proposed Technology-related Revisions to the Code - 20 June 2022
IFIAR Letter - Comment on the IESBA Proposed Exposure Draft on Proposed Revisions to the Code Relating to the Definition of Engagement Team and Group Audits - 7 June 2022
IFIAR Letter - Comments on the IAASB Proposed International Standard on Auditing (ISA) for Audits of Financial Statements of Less Complex Entities (LCE) - 28 January 2022
IFIAR Letter - Comments on the IAASB Discussion Paper on Fraud and Going Concern in an Audit of Financial Statements - 1 February 2021
IFIAR Letter - Comments on the IAASB Exposure Draft on ISA 600 - 29 September 2020
IFIAR Letter - Comments on the IESBA Exposure Draft on Fee-related Provisions – 11 May, 2020
IFIAR Letter - Comments on the IESBA Exposure Draft on Non-Assurance Services – 11 May, 2020
IFIAR Letter - Comments on Audits of Less Complex Entities - September 25, 2019
IFIAR Letter - Comments on the IAASB Exposure Drafts for ISQM 1, ISQM 2 and ISA 220 - July 1, 2019
IFIAR Letter - Comments on the IAASB Proposed Strategy for 2020-2023 and Work Plan for 2020-2021 - June 4, 2019
IFIAR Letter - Comments on the Exposure Draft on the Proposed International Standard on Auditing 315 (Revised) - October 30, 2018
IFIAR Board Letter - Response to IOSCO Consultation Report on Audit Committees - July 24, 2018
IFIAR Letter - Comments on the IESBA Proposed Strategy and Work Plan - July 24, 2018
IFIAR Letter - Comments on the IAASB Request for Input on ISA 540 (Revised) - July 31, 2017
IFIAR Letter - Comments on the IESBA Proposed Revisions Pertaining to Safeguards in the Code - Phase 2 - May 29, 2017
IFIAR Letter - Comments on the IAASB Request for Input: Exploring the Growing Use of Technology in the Audit, with a Focus on Data Analytics - February 5, 2017
IFIAR letter - IAASB's Future Priorities including the Work Plan for 2017 - October 11, 2016
IFIAR Letter - IAASB's Invitation to Comment on Enhancing Audit Quality in the Public Interest - June 24, 2016
IFIAR Letter - IESBA's Exposure draft on Proposed Revisions Pertaining to Safeguards in the Code - Phase I - May 10, 2016
IFIAR Letter - IAASB's Exposure Draft on Reponding to Non-Compliance with Laws and Regulations - 18 November 2015
IFIAR Letter - IESBA's Exposure Draft on Responding to Non-Compliance with Laws and Regulations - 28 September 2015
IFIAR Letter - IESBA's Structure of the Code of Ethics - 5 March 2015
IFIAR Letter - OECD's Principles of Corporate Governance - 11 February 2015
IFIAR Letter - IAASB's Disclosures Exposure Draft - 10 October 2014
IFIAR Letter - The Auditor's Responsibilities Relating to Other Information - 21 August 2014
IFIAR Letter - IAASB Strategy - 20 May 2014
IFIAR Letter - Audit reporting - 12 December 2013
Members’ Inspection, Annual and Other Reports
Please follow the links below to Members most recent Inspection, Annual and Other Reports:
Australia
Canada
2022 Annual Inspection Results
2021 Annual Inspections Results
2021 Interim Inspections Results (English)
2021 Interim Inspections Results (French)
2020 Annual Report (English)
2020 Annual Report (French)
2020 Audit Quality Insights Report (English)
2020 Audit Quality Insights Report (French)
2020 Interim Inspections Results (English)
2019 Annual Report (English)
2019 Annual Inspections Report (English)
2019 Annual Inspections Report (French)
2019 Fall Inspections Report (English)
2019 Fall Inspections Report (French)
2018 Annual Inspections Report (English)
2018 Annual Inspections Report (French)
2018 Fall Inspections Report (English)
2018 Fall Inspections Report (French)
2017 Annual Inspections Report (English)
2017 Annual Inspections Report (French)
2017 Big 4 Inspections Report (English)
2017 Big 4 Inspections Report (French)
Czech Republic
Italy
Public Statement to Statutory Auditors and Audit Firms
Given recent events in the field of crypto-assets, Consob issued on Dec. 20th a public statement to Audit firms and statutory auditors, responsible for audit engagements of Public Interest Entities (PIEs) and Entities Subject to Intermediate Regime (ESRIs, mainly financial intermediaries), in relation with audit and assurance engagements related to companies operating in the crypto-asset sector.
Briefly, the above-mentioned public statement draws the attention of the auditors to the high risks, also in terms of anti-money laundering, connected to these activities, considering the potential professional and legal responsibilities deriving from the acceptance and performance of auditing and assurance assignments on persons who operate in the sector. The limits that the crypto-assets sector presents in terms of regulation and transparency, the interconnections that characterize the subjects who operate in it for various reasons, as well as the effects connected to the default events of primary operators in the sector, require auditors to raise the professional skepticism at the highest level.
Consob believe that, given the lack of regulation in the field of crypto-assets, also in terms of oversight of audit and assurance engagements related to companies operating in the crypto-asset sector, the public statement issued by Consob can provide useful inputs to Audit firms and statutory auditors also operating in other jurisdictions.
Japan
Most recent Annual Reports of the CPAAOB
2021 Audit Firm Inspection Case Report
2021 Monitoring Report
2020 Audit Firm Inspection Case Report
2020 Monitoring Report
2019 Audit Firm Inspection Case Report
2019 Monitoring Report
2018 Monitoring Report
2018 Audit Firm Inspection Report
2017 Monitoring Report
2017 Audit Firm Inspection Report
Malaysia
Most recent AOB Annual Reports
Most recent AOB Annual Inspection Reports
Annual Inspection Report 2022
Annual Report 2021
Annual Inspection Report 2020
Annual Report 2020
Annual Report 2019
Annual Report & Annual Inspection Report 2018 Press Release
Annual Report 2018
Annual Inspection Report 2018
Annual Inspection Report 2017
Enhanced Auditors’ Report – A review of first-year implementation experience in Malaysia
2017 Annual Report
The Netherlands
Position paper: Audit firms’ approach to fraud and fraud risks at audited companies
2021 Report: Grip on quality – Outcomes of the review of internal quality reviews and quality of statutory audits at PIE audit firms
2020 Report: The quality change of the Big4 audit firms assessed
2019 Report: Quality of Other PIE Audit Firms
2018 Report: Vulnerabilities in the structure of the audit sector
2017 Inspection Results: Quality change of PIE audit firms too slow
New Zealand
Audit Quality Monitoring Report 2020/21
Audit Quality Monitoring Report 2020
Auditor Regulation and Oversight Plan 2020-2023
Enhanced auditor reporting: A review of the third year of the revised auditor’s report
Audit quality – a director’s guide (Updated November 2020)
Audit Quality Review Report 2019
Audit Quality Review Report 2018
Audit Quality Review Report 2017
Poland
English Summaries of Articles - the Annual Journal of Audit and Accounting
PANA Report on monitoring the market for audit services provided by statutory auditors and audit firms in 2022
PANA Report on Thematic Review regarding the adjustment of internal quality control systems in audit firms to the new quality management standards
PANA Selected aspects of materiality estimation, obligation of applying it in the audit and documentation
PANA Preparation for the 2022 audit
Summary of the inspections carried out by the end of June 2022 on the audit of reports in the ESEF format
Summary of the results of PANA inspections until end of June 2022 (Selected Issues in the Area of Fair Value Estimates
Selected Issues in the Audit of Financial Statements for 2021, with particular emphasis on the impact of the war in Ukraine
Thematic Inspections Report - Audits of Financial Statements of Companies Listed on Organized Equity Markets Conducted Outside the Regulated Market Using an Alternative Trading Formula
Selected Aspects of Materiality Estimation, Obligation of Application in Audit and Documentation