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.
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By GlobalDataThe next IFIAR meeting will take place in
September.
