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Over 100 regulators from 35 jurisdictions who are members of the International Forum of Independent Audit Regulators (IFIAR) are in Kuala Lumpur this week for the 8th IFIAR Inspection Workshop. The Workshop is a closed-door event to share technical skills, knowledge, practical experiences, relevant inspection findings and the identification of better practices in inspecting audit firms.
The Workshop is held annually giving its members the opportunity to share knowledge about inspection techniques and experiences ultimately promoting consistency in independent audit oversight activities globally, in line with the global nature of the operations of firms providing audit services.
“Audit quality is an important factor which influences confidence in financial statement, especially for public interest entities. Given the global nature of business, financial statements nowadays represent the results of operations and financial positions of a business which occurred in many jurisdictions. Hence, it is important for audit regulators to come together and deal with issues influencing audit quality in a coordinated manner. It is essential that when an audit firm is being inspected in a jurisdiction, an issue is dealt with in the same manner as another regulator would do in another jurisdiction. ” said AOB Executive Chairman, Nik Hasyudeen.
IFIAR was established by independent audit regulators in 2006 to share knowledge of the audit market environment and practice experience of independent audit regulatory activity, to promote collaboration and consistency in regulatory activity, and to provide a platform with other international organizations that have an interest in audit quality. Further information about IFIAR can be found at www.ifiar.org.
