Abu Dhabi Accountability Authority participates in International Forum of Independent Audit Regulators

IFIAR kick started with a welcome note from the host for the meeting, UK's Financial Reporting Council 'FRC', to all participants including the latest joining audit regulators from Liechtenstein that has increased the members count to 44.

Paul George, IFIAR Chairman and the Director of Auditing and the Professional Oversight Board of the Financial Reporting Council in the United Kingdom chaired the 3-day meeting with the participation of 39 members.

IFIAR's agenda covered many topics that included various discussions with the different related parties whereby one of the discussions covered a survey of findings presented by the members.

The survey gathered information on audit inspection results relating to listed public companies, and was also in response to a request in the previous IFIAR meeting in Korea from the Financial Stability Board for information from IFIAR on common findings from members' inspections of the audits of major financial institutions. Based on this presentation, members agreed on appointing a task force to prepare a summary of the results of the survey for publication.

During the meeting, investor representatives from North America, United States and Europe presented their views on audit quality, related corporate governance issues and what the investors believe audit regulators can do to enhance audit quality to the Global CEOs of the six largest international audit networks 'BDO, Deloitte Touche Tohmatsu, Ernst & Young, Grant Thornton, KPMG and PricewaterhouseCoopers'.

The investors views influenced IFIAR members to persistently advise the Global CEOs of the audit networks to respond effectively to the issues raised which in return will play a vital role in improving audit quality; such as expanding the auditor's report to better meet investors' expectations, including the provision of additional information on the auditor's views of significant risks and key judgments; improving auditor independence and objectivity; and encouraging competition based on audit quality rather than price.

His Excellency Riyad Al Mubarak, Chairman of ADAA during the discussions urged members to address the importance of developing "International Standards for Auditors Inspection" that will assist members in improving the quality of audit reports.

The Global CEOs of the audit networks also presented to IFIAR in return their views on the audit risks associated with sovereign debt exposures and the auditing reporting model, and challenged them to improve audit quality and their consistency of execution. The discussion also included audit policy development and the role of the auditor, and an update on issues relating to sovereign debt.

IFIAR concluded with the acceptance of the invitation presented by The Netherlands Authority for the Financial Markets 'AFM' to host the next meeting in Amsterdam, the Netherlands, in April 2013.