Timeline

IFIAR: Cooperation in International Audit Regulation

Driving Audit Quality Around The World

September 15, 2021 marked the 15th 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 56 Members around the world.

IFIAR’s mission is to serve the public interest, including investors, by enhancing audit oversight 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 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.

Milestones Timeline

2008
2008

IFIAR embarks on meetings with the leadership of the six largest global audit networks to better understand the networks’ structures and roles, and to discuss audit quality matters.

2007
2007

The first meeting of IFIAR is held in March 2007 in Tokyo, Japan. Regulatory authorities from Finland, Korea, Sri Lanka, Switzerland and the United States are admitted as Members.

2007

First Inspections Workshop is held in Amsterdam.

2006
2006

At a roundtable hosted by H3C, France, regulators from Australia, Austria, Brazil, Canada, Denmark, France, Germany, Ireland, Italy, Japan, Mexico, the Netherlands, Norway, Singapore, South Africa, Spain, Sweden, and the United Kingdom agreed to the establishment of IFIAR. The group appoints as inaugural Chair Jeffrey Lucy, (ASIC, Australia) and Paul Boyle (FRC, United Kingdom) as Vice Chair.