Watchdogs team up on audit regulation

The Financial Reporting Council has joined a group of international audit
regulators in a new board designed to share knowledge amongst watchdogs.

The body is to be known as the International Forum of Independent Audit
Regulators (IFIAR).

‘The purpose of the Forum is to share knowledge of the audit market
environment and practical experience of independent audit regulatory activity;
to promote collaboration in regulatory activity; and to provide a focus for
contacts with other international organisations which have an interest in audit
quality,’ a statement from the FRC read.

The body does not, however, include the US Public Company Accounting
Oversight Board, which regulates accounting in the US, the largest financial
market. It participated in a founding meeting only as an observer.

The countries involved are: Australia, Austria, Brazil, Canada, Denmark,
France, Germany, Ireland, Italy, Japan, Mexico, the Netherlands, Norway,
Singapore, South Africa, Spain, Sweden, and the United Kingdom.

The decision to establish IFIAR was taken on 15th September at a meeting in
Paris hosted by the Haut Conseil du Commissariat aux Comptes (H3C).

Sir Christopher Hogg, chairman of the Financial Reporting Council (FRC),
‘The Financial Reporting Council warmly welcomes the creation of IFIAR. Given
the international character of both corporate reporting and the audit industry,
the creation of IFIAR will contribute to the FRC’s ability to fulfil its own
responsibilities within the UK.

‘I am particularly pleased that the FRC will be able to make a direct
contribution to the work of IFIAR through the appointment of Paul Boyle, chief
executive of the FRC, as its first vice-chairman.’

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