On 18 December 2012, the International Forum of Independent Audit Regulators (IFIAR) published an international overview of the findings of the supervision of accounting organisations for the first time.
The findings of the regulators affiliated with the IFIAR have been bundled and compared in the overview. The object of the inventory was to determine what findings occur regularly during investigations performed by regulators into the audits of financial statements of listed companies.
By means of this publication, IFIAR also complies with a request from the Financial Stability Board to provide insight into the findings of the regulators during the supervision of audits at important financial institutions.
Janine van Diggelen, head of the Supervision Accountancy Firms of the Netherlands Authority for the Financial Markets (AFM): "This inventory shows that the findings of the AFM in the Netherlands are not isolated phenomena. Other regulators also observe that there are problems with the quality of the audits, even though accounting organisations are certainly making steps in the right direction.
The AFM fully agrees with the comment made by IFIAR chairman Paul George that firms have to properly determine the causes of quality problems. Solutions to quality problems that occur throughout the sector therefore have to be found internationally in addition to nationally."
The AFM is committed to promoting fair and transparent financial markets.
As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.