The goals of the Forum are:
- To share knowledge of the audit market environment and practical experience of independent audit regulatory activity;
- To promote collaboration in regulatory activity; and
- To provide a focus for contacts with other international organisations that have an interest in audit quality.
The 18 countries are Australia, Austria, Brazil, Canada, Denmark, France, Germany, Ireland, Italy, Japan, Mexico, the Netherlands, Norway, Singapore, South Africa, Spain, Sweden, and the United Kingdom.
The US Public Company Accounting Oversight Board participated as an observer. Other international organisations participating at the meeting at which the Forum was established 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.
Jeffrey Lucy, Chairman of the Australian Securities and Investments Commission (ASIC), will be the initial Chairman of the Forum, and Paul Boyle, Chief Executive Officer of the UK Financial Reporting Council, will serve as Vice Chairman. The first meeting of the IFIAR will take place in March 2007 in Tokyo.
Click for Press Release