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DFSA Hosts IFIAR’s Leadership

  • Dubai News

DFSA Hosts IFIAR’s Leadership

The Dubai Financial Services Authority (DFSA) on January 23, 2020 hosted the Chairman of the International Forum of Independent Audit Regulators (IFIAR), Mr Frank Schneider at a distinctive outreach event organised for DFSA Registered Auditors and other relevant stakeholders.

Mr Schneider participated in a panel discussion entitled “Developments in Global Audit Oversight Landscape” where he spoke on the range of regulatory improvements in a number of jurisdictions and the key function IFIAR is playing.

Mr Bryan Stirewalt, Chief Executive of the DFSA, said: “We were delighted to host the Chairman of IFIAR, Mr Frank Schneider. The event constructed upon the already robust relationship between the DFSA and IFIAR, where we have been an active member over the previous decade.”

The DFSA engages actively with IFIAR, contributing notably towards its mission of serving the public interest and improving investor safety by enhancing audit quality globally. At IFIAR, the DFSA was first part of the Investor and Other Stakeholders Working Group, the International Cooperation Working Group and the Fee Structure Task Force. The work lead by the International Cooperation Working Group resulted in IFIAR’s first ever Multi-lateral Memorandum of Understanding (MMoU), to which the DFSA grew to be a signatory in Tokyo in 2017 along with 23 fellow regulators.

More recently, the DFSA stepped down as the founding chair of the IFIAR’s Emerging Regulators Group (ERG) after almost four years. The ERG was formed as a unique interest team to offer a platform and voice to about 25 rising regulators. The DFSA additionally contributes often to the annual IFIAR Inspection Workshop which brings audit inspection staff who is trained on key technical and rising topics from throughout the world together. “We recognise and value the vital role IFIAR plays in enhancing audit quality globally and pledge our persisted support to IFIAR’s mission.” Bryan added.

Frank Schneider, Chairman of IFIAR said: “I would like to thank the DFSA for the invitation to this meeting and for its ongoing commitment to enhancing audit quality and longstanding involvement in IFIAR. It has been treasured to meet with local stakeholders to talk about IFIAR's work and exchange views on audit quality matters."

The event was attended by DFSA Registered Auditors, a range of aspiring proficient young auditors, fellow regulators, representatives from expert accountancy bodies, audit committee members and academic representatives.