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Accounting and Corporate Regulatory Authority
Press release

Global Forum for Audit Regulators issues measurable target to improve audit quality

Audience

Accountants

Accounting entities

Businesses

News Topic

Accounting standards and sector regulation

8 March 2016

This article has been migrated from an earlier version of the site and may display formatting inconsistencies.

The global forum for audit regulators has for the first time, issued a measurable target to address persistent levels of deficiencies in public company audits. This action follows the release of the fourth global survey of audit inspection findings by the International Forum of Independent Audit Regulators (IFIAR). While the findings show some improvement with a four percentage drop in deficient audits over last year, IFIAR noted the “lack of consistency in the execution of high quality audits” and highlighted concerns in the “robustness of the firms’ internal quality management systems”.

Download the press release (PDF, 378KB) for more information.

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