IFIAR Plenary Meeting

The Public Oversight Board (POB), a member of the International Forum of Independent Audit Regulators (IFIAR) since 2011, participated in the Annual Plenary Meeting held on April 30 – May 2, 2019 in Greece, represented by Mr. Dritan Fino, Chairperson, and Mr. Aldo Spahiu, Executive Director of the POB.

Founded in 2006, IFIAR is composed of independent audit regulators from 55 jurisdictions across Africa, North America, South America, Asia, Oceania, and Europe.

At the core of IFIAR’s mission lies the objective of improving audit quality. Its strategy is built around proactively influencing audit-related issues worldwide and fostering international dialogue on audit quality and oversight.

Importantly, IFIAR is the only forum providing a coordinated and consistent dialogue with the largest global audit network firms, international standard setters, audit committees, institutional investors, and other international organizations interested in audit quality.

The event opened with a panel addressing current issues faced by the audit profession and regulators, offering members an opportunity to engage on some of the most pressing challenges in the audit landscape—such as how Global Public Policy Committee (GPPC) firms are structured and how they compete. The meeting provided clear context for both challenges and opportunities, highlighting that the lessons learned from past experiences are valuable for all.

Leaders from the six largest networks (BDO, Deloitte, EY, Grant Thornton, KPMG, and PwC) were invited to engage with IFIAR members and detail the firms’ ongoing efforts to improve audit quality on a global scale. The discussions covered: Audit firm culture (including diversity); Challenges in recruiting and retaining staff; Monitoring and measuring audit quality. The importance of an effective reporting ecosystem to deliver high-quality reporting and auditing.

Participants also held discussions with the Chair of IAASB and the Chair of IESBA, who outlined their current activities and work plans. Both standard-setting board representatives emphasized the productivity of dialogue and the value of consultations received from IFIAR, coordinated by the IFIAR Standards Coordination Working Group.