Global group targets 25% cut in deficient audits

Singapore

A GLOBAL audit quality group, of which Singapore is a participating member, is looking to implement a measurable target to address persistent levels of deficiencies in public company audits.

The International Forum of Independent Audit Regulators' (IFIAR) global audit quality working group is leading an initiative targeting at least a 25 per cent reduction in the number of listed public interest entity (PIE) audits with inspection findings within the next four years.

The IFIAR initiative was jointly drawn up with the agreement of the six largest global network audit firms - BDO International Ltd, Deloitte Touche Tohmatsu Ltd, Ernst & Young Global Ltd, Grant Thornton International Ltd, KPMG International Cooperative and PricewaterhouseCoope…