IFIAR would like to assure our Members and stakeholders that we remain operational despite the impacts of the COVID-19 pandemic.

In response to the rapidly evolving Covid-19 situation globally and to ensure the health and safety of our Members, IFIAR staff and the general public the IFIAR Board made the difficult decision to cancel or postpone all in-person IFIAR meetings in March and to cancel the 2020 Plenary Meeting scheduled to take place in Zurich in April (including all related meetings and events). The Board will continue to closely monitor the situation and adjust future scheduled events accordingly.

As a result of the cancellation of the 2020 Plenary and other meetings, IFIAR is adopting alternate procedures to allow necessary Member business to proceed.

A collection of public information from Member jurisdictions on relevant developments relating to the COVID-19 situation is available here. A separate resource for IFIAR Members containing further information is also available in the Members-only area of the website (Members must be logged in to view).

IFIAR will continue to adjust our operations as necessary to allow IFIAR business to proceed during this challenging time.

If you have any questions about IFIAR activity you may contact the IFIAR Secretariat at secretariat@ifiar.org.

Yesterday, February 27, 2020, the IFIAR Board made the difficult decision to cancel or postpone all in-person IFIAR meetings in March, and to cancel the April 2020 Plenary Meeting in Zurich (and all other side-meetings), in response to the rapidly evolving Covid-19 virus situation globally. The Board is of the view that the prudent approach, in line with many other organizations, to take this action for the health and safety of all.

Members will be contacted shortly with regard to alternative arrangements for the Annual General Assembly Meeting and we will seek alternative methods for providing Members with the information and updates they would have received at the Plenary.

In February 2020, IFIAR released its eighth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks. While encouraged by the downward trend, IFIAR urges the GPPC networks and their member firms to continue efforts to achieve improved audit performance as the current inspection findings rates remain high.

Please click here to access the 2019 Inspection Findings Survey and related documents.

IFIAR has announced the results of a four-year initiative to reduce the number of audit files with at least one finding and agreed a new initiative with GPPC firms.

Click here to view the stakeholder announcement.

IFIAR has published its comment letter on the IAASB’s project exploring the possible options to address the challenges in applying the ISAs in audits of less complex entities.

Click here to view the comment letter.

IFIAR is pleased to announce that the Financial Supervisory Authority (FSA) of Norway and the Audit Oversight Commission (AOC) of Poland have both joined as signatories to the IFIAR Multilateral Memorandum of Understanding Concerning Co-operation in the Exchange of Information for Audit Oversight (MMOU).

For more information on the IFIAR MMOU and a list of current signatories, please click here.

IFIAR has published its comment letter on the IAASB’s Exposure Drafts for ISQM 1, ISQM 2 and ISA 220.

Click here to view the comment letter.

In May 2019, IFIAR released its seventh annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms affiliated with the six largest global audit firm networks. While the downward trend in inspection finding rates is encouraging, the recurrence and level of findings reflected in the survey indicate a lack of consistency in the execution of high quality audits and the need for a sustained focus on continuing improvement.

Please click here to access the 2018 Inspection Findings Survey and related documents.

IFIAR has released its 2018 Annual Report. Click here to download the Annual Report.

The Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) hosted IFIAR members in Rhodes, Greece for the 2019 Plenary Meeting. Please click here for our stakeholder announcement.

IFIAR is pleased to welcome two new Members – the Authority for Public Oversight of the Statutory Audit Activity (ASPAAS) of Romania and the Capital Markets Authority (CMA) of Saudi Arabia. Please click here for our stakeholder announcement.

IFIAR has released a Report on its Survey of Audit Regulators’ Enforcement Regimes.

The Report underscores the extent to which IFIAR members have the authority to respond to auditor misconduct and enforce compliance with the rules, laws, and standards that govern the audit profession in different parts of the globe.  The results recognize the unique and critical role that enforcement plays in audit oversight.

Please click here for the Press Release and here to access the Report.

IFIAR is pleased to announce that the Philippine Securities and Exchange Commission (SEC) has joined as a Member of IFIAR. Please click here for our stakeholder announcement.

IFIAR has released its 2017 Annual Report. Please click here to download the Annual Report.

The Canadian Public Accountability Board (CPAB) hosted IFIAR members in Ottawa, Canada’s capital city, for the 2018 Plenary meeting. Please click here for our stakeholder announcement.

In March 2018, IFIAR released its sixth annual survey of findings identified by its Members in their individual inspections of audit firms affiliated with six large, international audit firm networks. Although the frequency of findings from inspections of individual audit engagements has reduced on an overall basis compared to the last survey, progress is not experienced in all jurisdictions or at the same rate. Further, no definitive trends have been noted for findings arising from inspections of firm-wide systems of quality control. These results affirm IFIAR’s views that the global networks must continue in their efforts to strengthen their systems of quality control and drive consistent execution of high quality audits throughout the world.

As described in recent survey reports, IFIAR has challenged the networks to reduce the percentage of listed PIE audits that have inspection findings by at least 25% on an aggregate basis, across the global networks’ member firms within the GAQ Working Group members’ jurisdictions, over a four year period using the 2015 survey results as a baseline. This report reflects the networks’ progress at the measurement period’s mid-point.

Please click here to access the 2017 Inspection Findings Survey and related documents.

Independent audit regulators and those professional accounting bodies that are responsible for oversight and audit standard setting from Botswana, Ethiopia, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Tanzania, South Africa and Zambia joined the Public Accountants and Auditors Board (PAAB) of Zimbabwe for the inaugural meeting of the African Forum of Independent Accounting and Auditing Regulators (AFIAAR) at the historic Victoria Falls Hotel on March 1 and 2, 2018.

The establishment of the Forum is intended to formalise efforts for collaboration and the strengthening of independent auditing, and where relevant, accounting regulation across the continent by formalising a common base and one voice from which to advance audit regulatory activities as it relates to building capacity, increasing audit quality, and influencing and adopting international standards.

The event was co-hosted by the PAAB Zimbabwe and the Independent Regulatory Board for Auditors (IRBA) of South Africa, which CEO, Bernard Agulhas also represented the International Forum of Independent Audit Regulators (IFIAR) in his capacity as an IFIAR Board Member.

IFIAR is a global body of 52 independent audit regulators of which four countries in Africa, being Botswana, Egypt, Mauritius, and South Africa, have attained levels of independent regulation and oversight of auditors which makes them eligible for membership. This initiative is endorsed by IFIAR as a means to strengthen audit regulation in Africa and develop regulatory and legislative provisions in African countries to a level where they can attain international membership to the global forum.

Says Admire Ndurunduru, CEO of the PAAB (Zimbabwe): “Throughout the world, independent audit regulation plays a critical role in building confidence in capital markets and providing confidence to investors in the quality of financial reporting. In the context of the development of our continent, this is a momentous initiative for Africa as it will be one of the keys to increasing investment in our economies, public protection and contributing to the development of the continent.”

The members concluded the event with a unanimous adoption and signing of The Charter to formalise the establishment of AFIAAR with eleven founding members. Zimbabwe was elected as chair, represented by Admire Ndurunduru of the PAAB as chairman; South Africa as vice-chair, represented by Bernard Agulhas of the IRBA; and Ethiopia was elected as Third Officer, represented by Gashe Desta Yemane.

Issued by: Lorraine van Schalkwyk APR
On behalf of: African Forum of Independent Accounting and Auditing Regulators

On November 9, 2017 the Monitoring Group issued the consultation paper Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interest, which set out various options to enhance the governance, accountability and oversight of the international audit standard setting process.

The IFIAR Board has submitted a letter to the Monitoring Group in response to the consultation paper, in which the Board expresses its support for the reform initiative. A copy of the letter is available at the link below.

The Monitoring Group has issued a consultation paper setting out various options to enhance the governance, accountability and oversight of the international audit standard setting process.

The consultation will run until 9 February 2018.

Monitoring Group Consultation Paper
Monitoring Group Consultation Paper - Press Release

Remarks from IFIAR Chair Janine van Diggelen at the IFIAR 10th Anniversary commemorative dinner (November 1, 2016 – Singapore)

Download the speech here:  IFIAR Chair on 10 Year Anniversary (speech)

September 15, 2016 marked the 10th anniversary of the International Forum of Independent Audit Regulators (IFIAR).

View the Press Release here: IFIAR Celebrates 10 Year Anniversary