Monday 18 September 2006 – LAWFUEL – Law News, Law Jobs – Mr Jeffrey Lucy, Chairman of the Australian Securities and Investments Commission (ASIC), has been appointed as inaugural Chairman of the International Forum of Independent Audit Regulators (IFIAR). ‘Australia’s regulatory framework, together with the strength of its audit profession, provides an opportunity for Australia to lead discussion amongst global audit regulators regarding domestic and international audit’, Mr Lucy said.
IFIAR has been established to foster the sharing of practical experiences in audit oversight, to help reduce inefficiencies and costs, and to promote best practice in the audit oversight function. IFIAR members will discuss issues including audit supervision for international audits, the implications on competition and choice in the audit market and the factors that drive audit quality.
Background
At a Roundtable meeting, the independent audit regulators of the following countries agreed to the creation of the Forum: Australia, Austria, Brazil, Canada, Denmark, France, Germany, Ireland, Italy, Japan, Mexico, The Netherlands, Norway, Singapore, South Africa, Spain, Sweden and the United Kingdom. The United States Public Company Accounting Oversight Board participated in the Roundtable meeting as an observer.
Other international organisations that participated at the Roundtable as observers were the Financial Stability Forum, the World Bank, the International Organization of Securities Commissions, the Basel Committee, the International Association of Insurance Supervisors, the Public Interest Oversight Board and the European Commission. For further information contact: Angela Friend ASIC Media Unit Telephone: 03 9280 3338 Mobile: 0412 058 800 Page 1 of 1
