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Fee pressure affects audit quality say auditors

Increasing fee pressure in some countries has negatively impacted on audit quality, according to members of the International Forum of Independent Audit Regulators (IFIAR).

At the IFIAR’s April meeting, members said that exercising professional skepticism, the audit of fair values and group audits are areas where inspections have found most failings.

The meeting, formed from 34 jurisdictions, also stressed the importance of continued dialogue with investors and improvements to auditor’s reports.

The forum also agreed on a set of core principles for independent audit regulators aimed at enhancing investor protection by improving audit quality globally.

The IFIAR said its core principles will cover the structure of audit oversight, the operations of audit regulators and principles for inspection processes.

IFIAR members are not obliged to follow the core principles as they are subject to local requirements or legislation.

The next IFIAR meeting will take place in September.

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