PCAOB Held its Eighth International Auditor Regulatory Institute
The Public Company Accounting Oversight Board hosted more than 60 officials from audit regulators in 30 non-US jurisdictions and from five international organizations during its eighth annual International Auditor Regulatory Institute that concluded today.
The Institute took place in Washington, DC, on November 17-19, 2014. It provided participants the opportunity to learn about the PCAOB's current activities, and also provided a forum for open discussion among audit regulators from around the world about approaches to auditor oversight and improvements to audit quality.
"The Institute gives us the opportunity to discuss current audit matters with other audit regulators, deepen our understanding and cooperation with each other, and better protect investors around the world," said PCAOB Chairman James R. Doty.
One of the highlights of the Institute this and every year is the PCAOB Board Member panel, in which the Board engages in dialogue with its fellow regulators about matters of shared interest.
New this year were panels on the use of the audit in combating global corruption, internal controls over financial reporting, issues facing regulators in small and/or emerging markets, initiatives to improve audit quality, and the auditor reporting model.
The investor panel this year focused on what audit regulators can do to enhance investor protection and featured prominent investor representatives from the United States and the United Kingdom.
There was also an update on the work of the International Forum of Independent Audit Regulators (IFIAR), by PCAOB Board Member Lewis Ferguson, who is also IFIAR Chair, and Janine van Diggelen, head of the Audit Firm Oversight Division at the Netherlands Authority for the Financial Markets, and also IFIAR Vice-Chair. IFIAR was formed in September 2006 to provide a forum for audit regulators to share knowledge of the audit market environment and the practical experience gained from their independent audit regulatory activity. IFIAR's membership has now grown to 50 independent audit regulators from all regions of the world.
In addition to a number of PCAOB speakers, guest speakers included Brian Hunt, Chief Executive Officer of the Canadian Public Accountability Board (CPAB), who gave a Canadian perspective on trends in the auditing industry, and officials from audit regulators in Dubai, France, Germany, Japan, Mauritius, South Africa, Sweden, and the United Kingdom, and from the European Commission.
Additional panels addressed recent inspection findings in the US and other jurisdictions, audit reforms in Europe, and fraud.
"Every year, the Institute strives to add new topics of interest to attendees, and this helps to stimulate robust discussion with, and participation by, our counterparts from around the world," said Bruce Wilson, PCAOB Director of International Affairs.
"I strongly believe that investors around the world benefit when audit regulators find productive ways to exchange ideas and work together, and we make every effort to ensure that the Institute continues to make a contribution in this regard," he added.
There currently are more than 900 PCAOB-registered audit firms in 83 non-US jurisdictions. The PCAOB established the Institute in 2007.