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IFIAR publishes report of 2018 survey inspection findings

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31 May 2019

The International Forum of Independent Audit Regulators (IFIAR) has published ‘International Forum of Independent Audit Regulators – 2018 Survey of Inspection Findings’ (“the report”). It shows that 37% of audit engagements inspected had at least one finding compared to 40% in 2017. IFIAR comments that "while the downward trend is encouraging, the recurrence and level of findings reflected in the survey indicate a lack of consistency in the execution of high quality audits and the need for a sustained focus on continuing improvement."

IFIAR comprises 55 independent audit regulators from jurisdictions in representing Africa, North America, South America, Asia, Oceania, and Europe. 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 report summarises the key inspection findings from the audits of listed public interest entities (including systematically important financial institutions) and firm systems of quality control submitted by 45 jurisdictions representing IFIAR’s members. Findings were submitted from the most recent audit inspection reports of members during the twelve months ended 30 June 2018. IFIAR collected information about two categories of activities; inspections performed on firm-wide systems of quality control and inspections of individual audit engagements.

In June 2018 the Financial Reporting Council (FRC) published its own report of audit quality inspection work carried out by its Audit Quality Review (AQR) team.

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