IFIAR publishes annual Inspection Findings Survey

Mar 08, 2018
The International Forum of Independent Audit Regulators (IFIAR) has published its Survey of Inspection Findings 2017. The report includes information collected by IFIAR through its sixth annual survey of the results of its member regulators'inspections of the six largest audit firm networks.

IFIAR collected information about two categories of inspection activities:

  • Inspections performed on firm-wide systems of quality control; and
  • Inspections of individual audit engagements.
Although the frequency of findings from inspections of individual audit engagements has reduced on an overall basis compared to the last survey, progress is not experienced in all jurisdictions or at the same rate. Further, no definitive trends have been noted for findings arising from inspections of firm-wide systems of quality control. These results affirm IFIAR’s views that the global networks must continue in their efforts to strengthen their systems of quality control and drive consistent execution of high-quality audits throughout the world.

As described in recent survey reports, IFIAR has challenged the networks to reduce the percentage of listed PIE audits that have inspection findings by at least 25% on an aggregate basis across the global networks’ member firms within the GAQ Working Group members’ jurisdictions over a four-year period using the 2015 survey results as a baseline. This report reflects the networks’ progress at the measurement period’s mid-point.

To read the report in full, click here.

Source: IFIAR.