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International Audit Regulators Say Pace of Audit Quality Improvement Too Slow; Call for Measurable Improvement By 2019

  • IFIAR - International Forum of Independent Audit Regulators Image

Mar 03, 2016

On March 3, 2016, the International Forum of Independent Audit Regulators (IFIAR) released its fourth annual survey of findings identified by its Members in their individual inspections of audit firms affiliated with six large, international audit firm networks. Consistent with the results of IFIAR's prior surveys, the current survey reveals high frequency and number of findings in key aspects of the audit and in the inspected audit firms' systems of quality control. IFIAR says that the pace of audit quality improvement is too slow and calls for a measurable improvement by 2019.

IFIAR and the six largest network firms (BDO International Limited, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Grant Thornton International Limited, KPMG International Cooperative, and PricewaterhouseCoopers International Limited) have agreed on a new initiative to improve audit quality globally. The goal is to reduce the number of deficient audits reported by the members in the survey. To provide a means to measure progress, for the first time IFIAR’s working group that engages regularly with the largest global audit firms has set a measurable target for the reduction of audits with findings: a reduction of at least 25 per cent in the next four years in audits with at least one finding as reported by the members of this working group. This goal is a meaningful progress indicator on the longer-term path to improvement of audit quality globally. IFIAR will support this objective by encouraging root cause analysis along with intensive quality monitoring, and increased dialogue with the networks’ international leadership.

Review the survey on the IFIAR's Web site.

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