18 independent audit regulatory organisations from around the world have decided to establish the International Forum of Independent Audit Regulators (IFIAR).

The purpose of the Forum is to share knowledge of the audit market environment and practical experience of independent audit regulatory activity; to promote collaboration in regulatory activity; and to provide a focus for contacts with other international organisations which have an interest in audit quality.

The decision to establish IFIAR was taken on 15th September at a meeting in Paris hosted by the Haut Conseil du Commissariat aux Comptes (H3C). A Press Release issued today by H3C is attached

Sir Christopher Hogg, Chairman of the Financial Reporting Council (FRC), said, 

“The Financial Reporting Council warmly welcomes the creation of IFIAR. Given the international character of both corporate reporting and the audit industry, the creation of IFIAR will contribute to the FRC’s ability to fulfil its own responsibilities within the UK.

I am particularly pleased that the FRC will be able to make a direct contribution to the work of IFIAR through the appointment of Paul Boyle, Chief Executive of the FRC, as its first Vice-Chairman.”

1. The Financial Reporting Council (FRC) is a unified, independent regulator. Its aim is to promote confidence in corporate reporting and governance. 
   
2. The FRC’s six operating bodies are: the Accounting Standards Board, Auditing Practices Board, Board for Actuarial Standards, Financial Reporting Review Panel, Professional Oversight Board, and Accountancy Investigation and Discipline Board. The Council is responsible for the FRC’s work on corporate governance and is assisted by a Committee on Corporate Governance, whose members are drawn from the Council. 
   
3. All Press enquires should be directed to: Paul Boyle, Chief Executive, telephone 020 7492 2390 or E-mail: p.boyle@frc.org.uk.