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​ADAA participates in the International Forum of Independent Audit Regulators (IFIAR)
 

Japan hosts the IFIAR’s Headquarters

London, 1st May 2016: A delegation from the Abu Dhabi Accountability Authority participated in the 16th meeting of the International Forum of Independent Audit Regulators (IFIAR), held in London, United Kingdom alongside 48 delegations from Member countries and jurisdictions.

The highlight of the IFIAR meeting this year was around the Members’ selection of Tokyo, Japan as the host of the IFIAR permanent secretariat, which will become operational in 2017. The three-day meeting covered the changes resulted due to the establishment of the IFIAR headquarters, including governance changes to the IFIAR charter and articles of associations as well as changes to the membership fees structure.
 
The IFIAR meeting was attended by representatives of the Basel Committee of Banking Supervisors, the European Commission, the Financial Stability Board, the International Organization of Securities Commissions and the World Bank who participated as Observers and presented on their audit-relevant work.
 

The IFIAR meeting also included extensive discussions with the chair persons of the International Auditing and Assurance Standards Board, the International Ethics Standards Board for Accountants, and the Public Interest Oversight Board. These discussions mainly evolved around how standard setting can contribute to the enhancement of audit quality, in terms of improvements to the standards and timely responses to comments raised by stakeholders and regulators.

During the meeting, IFIAR and the Global CEOs of the six largest international audit networks discussed their efforts to reduce the number of inspection findings over the next four years. Their discussions also included topics important to audit quality, including the new extended auditor’s report and developments in technology such as the use of data analytics in audits.

Prominent investor representatives from Canada, Hong Kong, Japan and the Netherlands addressed various topics relating to investors’ expectations from the profession and presented their views on audit quality and other related governance issues.

As part of this meeting, ADAA participated in the IFIAR second enforcement workshop where views and case studies were presented and discussed on enforcement systems for investigating and regulating alleged auditor misconduct.