Friday, 15th September, 2006: At a Roundtable meeting in Paris, an International Forum of Independent Audit Regulators (‘the Forum’) was established. The Forum will facilitate the following activities:
• the sharing of knowledge of the audit market environment and practical experience of independent audit regulatory activities;
• the promotion of collaboration in regulatory activity; and
• the provision of a focus for contacts with other international organisations which have an interest in audit quality.
In addition to the Irish Auditing & Accounting Supervisory Authority (IAASA), independent audit regulators from the following countries agreed to the creation of the Forum: Australia, Austria, Brazil, Canada, Denmark, France, Germany, Italy, Japan, Mexico, The Netherlands, Norway, Singapore, South Africa, Spain, Sweden and the United Kingdom.
The US Public Company Accounting Oversight Board (PCAOB) participated in the Roundtable meeting as an observer. Other international organisations that participated in the meeting as observers were the Financial Stability Forum, the World Bank, the International Organisation of Securities Commissions, the Basel Committee, the International Association of Insurance Supervisors, the Public Interest Oversight Board and the European Commission.
The Forum appointed Mr. Jeffrey Lucy, Chairman of the Australian Securities and Investments Commission (ASIC), as its inaugural Chairperson and Mr. Paul Boyle, Chief Executive of the UK’s Financial Reporting Council (FRC), as its inaugural Vice-Chairperson. Mr. Lucy and Mr. Boyle will serve terms of 12 and 18 months respectively.
The Paris Roundtable meeting provided the opportunity for independent audit regulators to further their discussions on audit regulatory matters, including:
how audit regulators can best share the information necessary for them to exercise effective oversight; and
the drivers of audit quality.
Participants agreed to return to these topics at the next IFIAR meeting.
Participants also noted the debate ongoing in the UK on the issues of competition and choice in the audit market and discussed the issues arising. It was agreed to continue to exchange views on developments in this area from the regulators’ perspective.
It was agreed that the next meeting of the Forum will take place in March, 2007