• Register
Return to: Home > News > Industry Appointments > IFIAR adopt revised leadership model and set future objectives

IFIAR adopt revised leadership model and set future objectives


Members of the International Forum of Independent Audit Regulators (IFIAR) have reached agreements in principle on a series of initiatives, including the exchange of information and a new leadership model.

Participants at yesterday's annual meeting in Taipei, hosted by the Financial Supervisory Commission (FSC), discussed and agreed in principle on the wording of a multilateral memorandum of understanding (MMOU).

The MMOU will provide a framework for exchanging information among those members who decide to sign, marking a step forward for the project, launched in 2013.

Another agreement in principle reached at the meeting covered the replacement of the IFIAR's current governing structure with a governing board, as well as the proposed establishment of a permanent secretariat.

As of yesterday's meeting, IFIAR will be jointly headed by chair Janine van Diggelen of the Netherlands Authority for Financial Markets, who replaces outgoing chair Lewis Ferguson, alongside vice-chair Brian Hunt, currently chief executive officer of the Canadian Public Accountability Board.

Accompanying the change in leadership, the meeting saw IFIAR members from Germany, Japan and the US elected to its advisory council, where they will serve alongside representatives from Australia, France, Singapore and the UK.

The meeting also featured discussions on the impact of economic changes on the audit industry and the quality of audits themselves.

During the course of a panel discussion with International Auditing and Assurance Standards Board (IAASB) chairman Arnold Schilder, in attendance as an investor representative, IFIAR members shared their experience of extended reporting and insight into developments in auditor's report and audit committee reporting.

IFIAR members also approved the publication of a report summarising the findings of an Enforcement Working Group survey on the mandates, objectives and legal authority of members' enforcement regimes.

Designed to share information and provoke discussion around enforcement issues, methods and techniques, among the key findings of the survey was the increasing need to share confidential information with other regulators, often across borders.

According to the work plan approved by members during the meeting, key plans for IFIAR will include stepping up the conversation on audit quality with international audit firm networks.

Other initiatives include increasing dialogue with stakeholders around audit standard setting and governance, as well as increasing effectiveness within IFIAR itself.

Top Content

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.