Tuesday, 22nd September, 2009: On 14-16 September 2009 independent audit regulators from 29 jurisdictions participated in the sixth meeting of the International Forum of Independent Audit Regulators (‘IFIAR’).
The host for the meeting was the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. The meeting was chaired by Steven Maijoor, Chairman of IFIAR and Managing Director, Netherlands Authority for the Financial Markets, and Paul Boyle, Vice-Chairman of IFIAR and Chief Executive Officer, UK Financial Reporting Council.
Representatives of the International Organization of Securities Commissions, the Basel Committee on Banking Supervision, the Public Interest Oversight Board, the World Bank and the European Commission participated as Observers on 15-16 September.
Members elected for a 1½ year term Paul George, Director of Auditing and the Professional Oversight Board, UK Financial Reporting Council, as Vice-Chairman.
The Members approved the Capital Markets Board, Turkey, and the Commission for Public Oversight of Statutory Auditors, Bulgaria, as new Members, thus bringing the number of Members up to 34. The Members also agreed on further administrative procedures regarding the admission of Members and their continued compliance with the membership criteria.
Audit Inspection Workshops
Audit inspections remain a core area of focus for IFIAR. IFIAR will hold a fourth inspection workshop for Members in Paris on 9-12 February 2010. These workshops continue to provide an opportunity for the sharing of inspection techniques and experiences. The Paris workshop will also include an induction for new Members and Members that have only recently started inspections.
Current market conditions
Members updated each other on their work on issues related to current market conditions, including the actions they had taken individually to focus their inspection activities and to issue guidance on particular matters needing greater attention by auditors.
Other issues relevant to auditor oversight
Members updated each other on the arrangements in a number of jurisdictions requiring the registration, notification and oversight of the auditors of foreign issuers. The Members agreed on future work in relation to the ongoing dialogue with the six largest international audit networks.
A dialogue session was held with a regionally diverse group of five investor representatives. Members received presentations and there was an exchange of views related to audit quality, structural risks of the audit market and audit firm transparency and governance. It was decided to establish a working group to develop an ongoing dialogue with representatives of the investors to discuss mutual interests in relation to audit quality.
Dialogue with other international organisations
Funding of IFIAR’s administrative and organisational resources
The Members agreed on the IFIAR budget and the membership fee for 2010. The Members agreed to establish a legal entity to facilitate the collection and disbursement of membership fees.
Next Plenary Meeting
IFIAR will hold its next plenary meeting in Abu Dhabi on 22-24 March, 2010 at the invitation of the Abu Dhabi Accountability Authority (ADAA).