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FRC: IFIAR Addresses Emerging Disruptive Enablers and the Future of Audit
International Forum of Independent Audit Regulators Addresses Emerging Disruptive Enablers and the Future of Audit at Annual Plenary Meeting in Canada, April 17-19, 2018.
Members of the International Forum of Independent Audit Regulators (IFIAR) were hosted by the Canadian Public Accountability Board (CPAB) in Ottawa, Canada’s capital city, at their 2018 Plenary meeting.
The objective timprove audit quality lies at the core of IFIAR’s mission. “Audit quality is the cornerstone of international financial stability and economic growth, and investors and capital markets rely on auditors to assure the integrity of financial statements” said Brian Hunt, IFIAR Chair. “In our interconnected world, audit quality issues are not unique to countries – they require international action and IFIAR is a key forum for Members to exchange practical experiences in audit oversight. Our annual meeting provides a unique platform for Members to collectively address matters impacting audit quality.”
Many factors are influencing the future of audit oversight, including the interconnectedness and volatility of the global economy, challenges to the relevance of the audit, changes in demographics and professional qualifications, the risks and opportunities of potentially disruptive technologies, and developments in audit/accounting standards and the broader financial regulatory system. This year’s discussions focused on existing and potential disruptors to the audit, their impact on the future of audit as we know it today, and confirmed IFIAR’s strategic approach in this changing environment.
Event guest speakers included Dubie Cunningham, SVP, Enterprise Innovation, Scotiabank; Jeff Wong, International Head of Innovation, EY; Emilio B Imbriglio, President and CEO, Raymond Chabot Grant Thornton; and Richard Talbot, Board Member, CFA Society Toronto who brought their unique perspectives on how the world of audit must transform. Dr. Timothy Persons, Chief Scientist U.S. Government Accountability Office, and Scott Layton, Director Audit & Investigations at IBM’s Asia Pacific, Greater China Group, and Japan regions, shared their knowledge and expectations on how technological developments can affect financial reporting and audit.
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