IFIAR’s annual Plenary Meeting was held virtually on April 25-27, 2022, with representatives from 53 IFIAR
Member jurisdictions participating in discussions focusing on the Transition to the New Normal.
Across a series of panel discussions, Members, Observers and other key stakeholder representatives addressed
the current state of audit oversight and the potential implications for audit regulators of emerging trends and
developments in what will be the New Normal.
• The Plenary symposium kicked off with a keynote address exploring pervasive global trends impacting
society today, with a particular focus on implications for capital markets, financial reporting, auditing and
audit oversight.
• IFIAR Members from Asia, Europe and the Middle East offered perspectives on how their organizations are
adapting to the New Normal, providing views on the current state of audit oversight in their jurisdictions
and insights into potential future developments on the horizon.
• IFIAR Members from Europe, North America and Oceania shared their views on the key characteristics of
high quality audits and shared insights and learnings from their oversight experiences and IFIAR’s Global
Audit Quality Working Group.
• Representatives of the external Advisory Group to IFIAR’s Investor and Other Stakeholder Working Group
discussed investors’ and other stakeholders’ emerging expectations of both auditors and audit regulators
in the current environment, including how such expectations have been shaped by recent events impacting
the global economy, including the COVID pandemic.
• Leaders from the Monitoring Group (MG), Public Interest Oversight Board and International Auditing and
Assurance Standards Board reported on the progress of the implementation of the MG’s Recommendations
for reforming the international audit and ethics standard setting framework and explained how the
perspectives of audit regulators and IFIAR are considered in the standard setting process.
• IFIAR Members were joined by a representative from the Global Public Policy Committee (GPPC) – a group
comprising the six largest global audit firm networks – and a representative from the IFRS Foundation to
discuss emerging environmental, social and governance (ESG) reporting and assurance frameworks.
Revised Core Principles
Members approved a revised set of IFIAR Core Principles reflecting advancements in audit oversight since the
IFIAR Core Principles were originally developed in 2011. The Core Principles serve as an aspirational guide to
good audit oversight for IFIAR Members, developing audit regulators and other stakeholders.
New Category of IFIAR Membership
Members also approved a restructured Associate Member category, enabling eligible independent audit
regulators that are still in the early stage of developing their audit oversight programs to benefit from
engagement with IFIAR as they implement their programs and progress towards becoming fully operational. For
more information on this Associate Member category, please contact the Secretariat at secretariat@ifiar.org.