IFIAR publishes report of 2013 survey inspection findings

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11 Apr, 2014

The International Forum of Independent Audit Regulators (IFIAR) has today published ‘International Forum of Independent Audit Regulators – Report on 2013 survey of inspection findings’ (“the report").

IFIAR comprises 50 independent audit regulators from jurisdictions in Africa, the Americas, Asia, Europe, the Middle East and Oceania.  IFIAR provides a forum for regulators to share knowledge of the audit market and share the practical experience gained from their independent audit regulatory activity.   The Financial Reporting Council (FRC) is a member. 

The report summarises the key inspection findings from audits of public companies (including systematically important financial institutions) submitted by 30 of IFIAR’s members.  Findings were submitted from the most recent audit inspection reports of members that ended by July 2013. 

The report highlights that, for listed public interest entities or public companies, the common areas of deficiency relate to auditing fair value measurements, internal control testing and procedures performed to assess the adequacy of financial statement presentation and disclosures. 

For audits of systematically important financial institutions, including global systematically important banks, the common areas of deficiency relate to auditing of allowance for loan losses and loan impairments, internal control testing and auditing of the valuation of investments and securities. 

The Financial Reporting Council published its own report of audit quality inspection work carried out by its Audit Quality Review (AQR) team in May 2013.  In their draft plan and budget, the FRC indicated that in 2014/15 there will be a particular focus on bank audits, especially loan loss provisioning. 

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