Chair: Claudius Modesti, PCAOB, USA
Vice Chair: Reto Sanwald, FAOA, Switzerland
The EWG provides a forum for enforcement officials to exchange information on effective approaches to investigating and adjudicating alleged auditor misconduct, as well as emerging trends in such enforcement matters.
Chair: Lewis Ferguson, PCAOB, US
Vice Chair: Melanie McLaren, FRC, UK
Through the GAQWG, IFIAR carries out an ongoing dialogue with the six largest international audit networks who are members of the Global Public Policy Committee (BDO, Deloitte Touche Tohmatsu, EY, Grant Thornton, KPMG, PwC) with the objective of improving audit quality globally.
Chair: Gerben Everts, AFM
The IOSWG organizes IFIAR’s dialogue with investor representatives and other stakeholders, in particular audit committees, and publishes information on that dialogue on the IFIAR website.
Chair: Doug Niven, ASIC, Australia
The ICWG considers ways Members can cooperate and share information to enhance the effectiveness and efficiency of audit oversight processes and contribute to audit quality. In particular, the ICWG identifies areas where IFIAR Members can work more effectively together rather than in isolation, and then designs and implements work streams to facilitate such collaboration.
Chair: Chris Hibbert, FRC, United Kingdom
The IWWG organizes IFIAR’s annual Inspection Workshop which provides a forum for independent audit regulators to meet and discuss inspections practices and to learn from each other. This leads to a better understanding of the different inspection regimes and the identification and development of inspection practices, and promotes greater consistency in inspecting global and other audit firms, with the aim of improving the effectiveness of inspection regimes.
Chair: Marjolein Doblado, H3C, France
The SCWG is responsible for establishing a forum for IFIAR Members to share views and concerns about standards of the IAASB and the IESBA. As part of its activities, the SCWG provides early input on projects and prepares consensus views on behalf of IFIAR Members on proposals or documents issued by standard setters.
The Outreach Team seeks to increase awareness of IFIAR and its activities to encourage independent audit oversight systems in other countries.
The Outreach Team is staffed and funded by the AOB (Germany), the FRC (UK) and the H3C (France), who also leads the effort.
Smaller Regulators Task Force
The Smaller Regulators Task Force (SRTF) was established in 2015 to identify ways to assist smaller audit regulators address the unique challenges they face.
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.
2016 Inspection Findings Survey
Released March 3rd, 2017
In March 2017, IFIAR released its fifth annual survey of findings identified by its Members in their individual inspections of audit firms affiliated with six large, international audit firm networks. The Survey shows a general decline in inspection finding rates; however, the high rates of findings continue to be of concern to IFIAR. There are similarities in the nature and extent of findings compared to the previous year. Overall, the results continue to show a lack of consistency in the execution of high quality audits and point to the continued need to address firm-wide systems of quality control, including in the critical area of auditor independence.
The links below are to the 2016 Inspection Findings Survey and related documents:
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. The organization hosts an annual workshop focused on inspection processes and challenges, enhancing insight into Members’ oversight regimes and identifying better practices. IFIAR also holds an annual enforcement workshop with similar goals. Other meetings are held as needed throughout the year. Check back here often for updates.
2017 IFIAR Plenary Meeting
April 4-6th, 2017
Delegates from nearly 50 independent audit regulators met in Tokyo (Japan) to focus on issues related to improving audit quality. For more information on this meeting, please see the 2017 IFIAR Plenary Meeting Press Release here.
2017 IFIAR Plenary Meeting Breakout Session Overviews
As in previous years, IFIAR included breakout sessions in its 2017 Plenary Meeting agenda. These breakout sessions were designed to maximize not only the topics discussed at Plenary Meetings, but also the quality of those discussions. An aim of breakout sessions is to facilitate active participation in discussions of important topics, furthering the goal of sharing knowledge and promoting collaboration amongst Members.
Project Management and Audit Quality Indicators
During this session panelists talked about the global initiatives of the six largest international audit networks in the areas of project management and audit quality indicators. The summary of the session can be found here.
Topics the Advisory Group to the IOSWG would like to advise on
This breakout session provided an interactive platform in which the members of the Advisory Group presented and discussed a variety of topics of interest for IFIAR and which are important to investors and other stakeholders. The summary of the session can be found here.