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.
In 2012, IFIAR began publishing annual reports. Prior to 2012, IFIAR published Activity Reports which can be downloaded on the bottom of this webpage.
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
IFIAR OUTREACH REFERENCE GUIDE
The IFIAR Outreach Reference Guide has been created to share key principles identified by IFIAR to ensure adequate safeguards and regulatory independence in the establishment of public oversight systems of non-IFIAR member jurisdictions. Given the global nature of business and trade, IFIAR Members and non-members all benefit from consistent and strong audit oversight. The Reference Guide 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 for signing the MMOU, and will be subject to an assessment prior to being able to join the MMOU. The MMOU can be downloaded here.
MMOU List of Signatories – Annex A – current signatories 22
|Member||Jurisdiction||Date of Formal Signing|
|Australia Securities and Investments Commission (ASIC)||Australia||April 4, 2017|
|Comissão de Valores Mobiliários (CVM)||Brazil||April 4, 2017|
|Canadian Public Accountability Board (CPAB)||Canada||April 4, 2017|
|Auditors Oversight Authority (AOA)||Cayman Islands||April 4, 2017|
|Financial Supervisory Commission (FSC)||Chinese Taipei||April 4, 2017|
|Public Audit Oversight Board (RVDA)||Czech Republic*||April 4, 2017|
|Dubai Financial Services Authority (DFSA)||Dubai International Financial Centre||April 4, 2017|
|Haut Conseil du Commissariat aux Comptes (H3C)||France*||April 4, 2017|
|Gibraltar Financial Services Commission (GFSC)||Gibraltar*||April 4, 2017|
|Financial Services Agency / Certified Public Accountants & Auditing Oversight Board (FSA/CPAAOB)||Japan||April 4, 2017|
|Financial Services Commission/ Financial Supervisory Service (FSC/FSS)||Korea||April 4, 2017|
|Financial Market Authority Liechtenstein (FMA)||Liechtenstein*||March 1, 2017|
|The Authority of Audit, Accounting, Property Valuation and Insolvency Management under the Ministry of Finance of the Republic of Lithuania (AAAPVIM)||Lithuania*||April 4, 2017|
|Commission de Surveillance du Secteur Financier (CSSF)||Luxembourg*||April 4, 2017|
|Audit Oversight Board Malaysia||Malaysia||April 4, 2017|
|Dutch Authority for the Financial Markets (AFM)||The Netherlands*||April 4, 2017|
|Financial Markets Authority (FMA)||New Zealand||April 4, 2017|
|Úrad pre dohľad nad výkonom auditu (UDVA)||Slovakia*||April 4, 2017|
|Federal Audit Oversight Authority (FAOA)||Switzerland||April 4, 2017|
|Public Oversight, Accounting and Auditing Standards Authority (POA)||Turkey||April 4, 2017|
|Financial Reporting Council (FRC)||United Kingdom*||April 4, 2017|
|Public Company Accounting Oversight Board (PCAOB)||United States||April 4, 2017|
The Members marked with an * are EU/EEA Parties. They have informed the other Parties that an EU/EEA Party only enters into a working arrangement for information exchange and shares certain information with non-EU/EEA regulators after – and as long as – the European Commission (EC) declares that regulator adequate for the purposes of Article 47 of Directive 2006/43/EC (see website EC). Since that adequacy assessment is done by the EC before the MMOU is effective between an EU/EEA Party and a non-EU/EEA Party, the requirement is covered by the EU/EEA Parties signing with a non-application clause whereby the MMOU as a whole would not be effective as between an EU/EEA Party and any non-EU/EEA Party that had not been declared adequate by the EC. This means that the MMOU does not apply in relation to ‘non-adequate third country’ Parties regarding information under the scope of Article 47 of the Directive 2006/43/EC. See for more information Annex B – Explanatory Note of the MMOU.
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.
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 6, 2017).
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.
ACTIVITY REPORTS (until 2011)
IFIAR Activity Report 2009
24 August 2010
IFIAR Activity Report 2009
Members’ Inspection and Annual Reports
Please follow the links below to Members most recent Inspection Reports:
2016 Annual Inspections Report (English)
2016 Annual Inspections Report (French)
2016 Big 4 Inspections Report (English)
2016 Big 4 Inspections Report (French)
2015 Annual Inspections Report (English)
2015 Annual Inspections Report (French)
2015 Big Four Inspections Report (English)
2015 Big Four Inspections Report (French)
2014 Annual Inspections Report (English)
2014 Annual Inspections Report (French)
2014 Big Four Inspections Report (English)
2014 Big Four Inspections Report (French)
2017 Inspection Results: Quality change of PIE audit firms too slow
2015 Report Dashboard 2015 (Monitoring)
2015 Report on audit committees
2014 Results of the Inspection of the Quality of Statutory Audits at the Big 4 Audit Firms
2013 Report: Compliance with Transitional Provision for Separation of Audit and Advisory Services
2013 Report: Quality of Audit at nine PIE license Holders
2016 Audit Firm Specific ReportsThematic Review on Engagement Quality Control Reviews (Feb 2016)
Thematic Review on the Use of Data Analytics (Jan 2017)
Thematic Review on Root Cause Analysis (Sept 2016)
Developments in Audit (February 2017 update)
Developments in Audit 2015/16 (Full Report)
Audit Quality Inspections Report 2014/15