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Suggestions for improved audit committees and audit quality is IFIAR report’s focus

  • IFIAR - International Forum of Independent Audit Regulators Image

Apr 21, 2017

In April 2017, after studying how audit committees function around the world, the International Forum of Independent Audit Regulators (IFIAR), CPAB and PCAOB are members, released a report that summarizes requirements and practices around the globe, and highlights areas for further discussion.

The audit committee plays an important role in oversight of audit quality and financial reporting. The audit committee may also oversee the risk management system of a company, including financial, operational and compliance risks.

Concerns as to the impact of ineffective audit committees in the financial reporting failures at the turn of the 21st century have resulted in tighter regulatory and monitoring frameworks for audit committees across the globe.

Even though the importance of audit committees is widely acknowledged, one study, by the University Utara Malaysia, has demonstrated that an independent audit committee is often not opted for voluntarily. Instead, the study noted a trend to have audit committees operate only in accordance with the minimum requirements as prescribed by local law.

Review the report on the IFIAR's website.

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