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The SEC said being a member of the Ifiar would give the agency an opportunity to join the Asean Audit Regulators Group composed of Malaysia, Singapore, Thailand and Indonesia, the regional bloc's largest economies.
Ibe said the country's entry to the Ifiar is a testament of the work carried out by the agency over the years and a recognition of the developments that have been made in audit oversight in the Philippines.
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."
The IFIAR is made up of 52 independent audit regulators from around the world including UK's Financial Reporting Council (FRC) and the US' Public Company Accounting Oversight Board (PCAOB).
The MMoU aims to encourage and strengthen information sharing and co-operation to offer mutual assistance among IFIAR Members.
The authority's chief executive, Ian Johnson, signed the International Forum of Independent Audit Regulators' (IFIAR) MUlitlateral MoU during the IFIAR plenary meeting in Tokyo.
The MoU, already signed by 21 audit regulators worldwide, aims to encourage information sharing and cooperation among IFIAR members.
Fornelli: I think that coordinating with other standards setters as well as IFIAR may have shifted the PCAOB's attention away from performance standards towards strategic issues.
I do think they lost their way, and I'm pleased to see they are taking on leadership with IFIAR, just as FASB has with global accounting standards that apply in the United States, because we were at risk of losing our primacy.
In December 2012, the International Forum of Independent Audit Regulators (IFIAR), which is composed of independent audit regulators from 46 international jurisdictions, issued its first global survey of audit inspection findings.
There's a group called the International Forum of Independent Audit Regulators (IFIAR) that was started several years after we came into existence.
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