Delegates from over 40 independent audit regulators met in Washington, DC to focus on issues related to improving audit quality. For more information on the meeting please see the 2014 IFIAR Plenary Meeting Press Release and the 2014 IFIAR Plenary Meeting Fact Sheet.
2014 IFIAR Plenary Meeting Breakout Session Overviews
At the 2014 IFIAR Plenary Meeting, IFIAR for the first time included breakout sessions in its 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.
Audit Quality Indicators
The session discussed some of the projects that regulators and other stakeholders from around the world are currently undertaking to develop a set of empirical standards to evaluate audit quality. The summary of the session can be found here.
Economic Model of the Audit Firms
This session included a discussion of how the network firms are structured in terms of human capital, financial resources, delivery of both audit and non-audit services and what economic pressures are affecting them. The panel focused on the recent developments in the model of the audit firm indicating a growing reliance on non-audit services for revenue generation. In addition, panelists and participants discussed whether the emerging economic model supports audit quality and how regulators might influence an improvement in audit quality. The summary of the session can be found here.
The panel focused on facilitating a discussion about identifying systemic and macroeconomic financial risk, with a view to understanding how broader risks may translate into audit risk and what role audit oversight regulators may play in monitoring and mitigating risk. The summary of the session can be found here.
IAASB / IESBA Standards
This panel provided an update on major projects being undertaken by these two international standard-setting boards. The summary of this session can be found here.
Regional and National Audit Policy Developments
Panelists provided an update on recent initiatives of regional audit regulators through the Association of Southeast Asian Nations (ASEAN) and the European Audit Inspectors Group (EAIG). All participating IFIAR Members were invited to report on their efforts to enhance audit quality and any changes this has made in their approach to regulation. The summary of this session can be found here.
Update from Observers
IFIAR’s Observers – the Basel Committee on Banking Supervision (BCBS), European Commission, Financial Stability Board, International Association of Insurance Supervisors (IAIS), International Organization of Securities Commissions (IOSCO), Public Interest Oversight Board (PIOB), and World Bank – were provided an opportunity to give a brief update to Members about key initiatives. The summary of the session can be found here.
Session for Smaller Regulators
This panel provided a forum that focused on the challenges smaller regulators face and how some have responded to them. The summary of the session can be found here.