IFIAR considers audits during credit crunch

Independent audit regulators discussed the adequacy of audit evidence to support fair value, going concern and the reliance auditors placed on specialists, at their fourth meeting in Cape Town this week.

Audit inspections and the sharing of inspection techniques remains a high priority on the agenda of the Independent Forum of Independent Audit Regulators, who met in Cape Town this week.

The group, which formed last year, have now also adopted a charter which has identified the sharing of knowledge of the audit market environment and practical experience on regulatory activity, as a focus of their work.

IFIAR, which is chaired by the UK's Financial Reporting Council chairman Paul Boyle, also met with delegates of the European Commission, who participated as observers while firms who participated in the discussions included BDO, Deloitte, KPMG, Grant Thornton, PricewaterhouseCoopers and Ernst & Young.

IFIAR will hold its next meeting in Basel on 27-29 April 2009 at the invitation of the Federal Audit Oversight Authority, Switzerland.