Audit Inspections Unit (AIU)
As part of recent European audit reform measures, including in particular Regulation 537/2014 (‘the Regulation’), effective from 17 June 2016 IAASA assumed responsibility for inspecting the quality of audit work performed by the auditors of Public Interest Entities (‘PIEs’). The reforms led to a number of changes in the regulation and supervision of audits, including the transfer of responsibility for the quality assurance of auditors of PIEs from the RABs to IAASA. To implement these changes IAASA set up an Audit Inspections Unit (‘AIU’). The AIU’s overall objective is to inspect PIE auditors’ work and to promote improvements in the quality of auditing of PIEs.