By James A.Loyola
The Philippine Securities and Exchange Commission (SEC) announced that it has been admitted as member of the International Forum of Independent Audit Regulators (IFIAR).
Established in 2006, IFIAR comprises independent audit regulators from 55 jurisdictions representing Africa, North America, South America, Asia, Oceania, and Europe.
IFIAR Chairman Brian Hunt said that "the addition of the Philippine SEC to the IFIAR membership is a statement to IFIAR's position as a leading international organization on audit quality matters.”
He added that, “IFIAR continues to work with its members and prospective members to enhance independent audit oversight globally, and we look forward to working with the team at the Philippine SEC."
IFIAR provides a platform for Members to exchange information about the audit environment and practical experiences and insights from their inspections of audit firms, enforcement practices, engagement with audit committees, audit quality indicator programs, firm culture reviews, and the overall audit market.
This collective wisdom regarding the forces impacting audit quality and oversight is essential to advancing sustainable, high quality audits.
IFIAR is the only forum for coordinated, sustained dialogue with the largest global network audit firms, international standard setters, audit committees, institutional investors and other international organizations that have an interest in audit quality.
Being a member of the IFIAR, would give the Philippine SEC an opportunity to join the ASEAN Audit Regulators Group (AARG) composed of Malaysia's Audit Oversight Board, Singapore's Accounting and Corporate Regulatory Authority, Thailand's Securities and Exchange Commission and Indonesia's Finance Professions Supervisory Center.
SEC Commissioner Antonieta F. Ibe noted that "membership to the IFIAR is a testament to the work carried out by the SEC over recent years and a recognition of the developments that have been made in audit oversight in the Philippines.”