The 2019 survey data indicates that the Global Public Policy Committee (GPPC) networks collectively achieved a 21% reduction over four years in the frequency of audits inspected with findings, resulting in 31% of inspected audits with findings. In 2015, 39% of the GPPC networks’ member firms’ audits had at least one finding.
IFIAR urges the GPPC networks to maintain focus on further improving audit quality and ensuring consistent execution of high quality audits, and to continue to identify and implement initiatives to further improve audit quality.