Technical updates March 2018 HKICPA
Our round-up of regulatory news.
The International Forum of Independent Audit Regulators (IFIAR) has released its sixth annual survey of findings identified by its members in their individual inspections of audit firms affiliated with six large, international audit firm networks. The frequency of findings from inspections of individual audit engagements has reduced on an overall basis compared to the last survey but progress is not experienced in all jurisdictions or at the same rate. Further, they noted no definitive trends for findings arising from inspections of firm-wide systems of quality control. These results support IFIAR’s view that the global networks must continue in their efforts to strengthen their systems of quality control and drive consistent execution of high quality audits throughout the world.
IFIAR collected information about two categories of activities: inspections performed on firm-wide systems of quality control and inspections of individual audit engagements. Forty-two IFIAR members contributed to the 2017 survey.
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