IFIAR released report on eighth annual survey of audit inspection findings

On February 17, 2020 International Forum of Independent Audit Regulators (IFIAR) released its eighth annual survey of inspection findings arising from its member regulators’ individual inspections of audit firms affiliated with the sixth largest global audit firm networks. 

Within the scope of the survey, IFIAR collected information about two categories of activities: inspections performed on firm-wide systems of quality control and inspections of individual audit engagements. Systems of quality control are an area of focus for many audit regulators and audit firms, as these systems serve as the foundation for executing quality audits. 2019 survey shows a general decline in inspection finding rates. 

49 IFIAR members contributed to this survey, including SARAS, Georgia. 

IFIAR, established in 2006, serves the public interest by enhancing audit oversight globally. It provides a platform for dialogue and information-sharing regarding audit quality matters and regulatory practices around the world.