IFIAR releases Report on its new Survey

The sustainable and consistent high quality of audits is an important element of reliable financial reporting, and contributes to a properly functioning financial system. 

In 2019, IFIAR established the Internationally Relevant Developments in Audit Markets Task Force to monitor developments in IFIAR Member jurisdictions, focusing on developments relevant to the audits of public interest entities.

The task force conducted an extensive survey amongst IFIAR Members in the beginning of 2020. The responses, from 50 IFIAR Members, provide observations on five audit policy topics: auditor appointment and tenure, joint audits, combination of audit and nonaudit services, transparency of audit-related information, and audit firms’ governance and culture.

The report issued by IFIAR today summarizes these observations by highlighting – among other things – key facts and figures, insights about regulations and requirements and measures that have been implemented in various jurisdictions, based on IFIAR Members’ survey responses. 

Stakeholders in the audit industry can benefit from a better understanding of the relationship between the measures undertaken within jurisdictions and their impact on audit quality. This overview of practices across the IFIAR Membership may assist stakeholders with such an understanding.