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Audit regulators globally call on big firms for faster improvement

Tammy Whitehouse | March 8, 2016

Audit regulators globally say they aren’t satisfied with inspection results the past few years and are working with the six largest global audit networks to step up the pace of improvement.

The International Forum of Independent Audit Regulators, a global association of audit regulators that includes the Public Company Accounting Oversight Board, says it has reached an agreement with the six largest audit networks on a new initiative to achieve “a measurable reduction” in inspection findings by 2019. Those networks include Deloitte, EY, KPMG, PwC, BDO and Grant Thornton.

IFIAR’s 2015 survey of inspection findings for the six largest networks indicates 43 percent of inspected audits had at least one inspection finding, said IFIAR Chair Janine van...

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