IFIAR Celebrates 10 Years of Cooperation in International Audit Regulation
Decade At-A-Glance: Driving Audit Quality Around The World
September 15, 2016 marked the 10th anniversary of the International Forum of Independent Audit Regulators (IFIAR). Established in Paris in 2006 by independent audit regulators from 18 jurisdictions, IFIAR has grown to 52 Members around the world.
IFIAR’s mission is to serve the public interest and to enhance investor protection by improving audit quality globally. Since the beginning, IFIAR has focused on sharing knowledge of the audit market environment and the practical experience of independent audit regulatory activity, promoting collaboration and consistency in regulatory activity, and providing a platform for dialogue with other international organizations interested in audit quality. IFIAR has grown to become the leading international organization in auditing matters.
Every year, IFIAR convenes a plenary meeting for more than 100 Member representatives to discuss progress on its strategy, emerging regulatory issues, challenges facing the audit profession, and strategic approaches to sustainable audit quality. During these meetings, IFIAR meets with the leadership of the six largest global network firms, international standard setters, and investor and audit committee representatives. It has established a number of Working Groups and Task Forces to address matters important to audit regulators, along with annual Inspections and Enforcement Workshops. To help identify 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 dozens of presentations, responds to requests for comment regarding proposed standard setting, and actively engages with non-Member jurisdictions interested in developing an independent auditor oversight regime. IFIAR also collaborates on audit-related matters with its Observer 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.