IFIAR publishes its 2020 survey of inspection findings
IFIAR has published its ninth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms.
Fifty IFIAR members contributed to the survey and reported findings affiliated with the six largest global audit firm networks: BDO, Deloitte, EY, Grant Thornton, KPMG and PricewaterhouseCoopers.
IFIAR urges continued audit quality improvement efforts. IFIAR’s 2020 survey reported that 34% of audit engagements inspected had at least one finding, compared to 33% in the 2019 survey. The highest frequency of inspection findings for listed public-interest entity audits were in the audit of accounting estimates, internal controls testing, the adequacy of financial statement presentation and disclosure, revenue recognition and audit sampling.
IFIAR’s 2020 survey of inspection findings is available here.
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