Independent audit regulators from 21 countries participated in the second meeting of the International Forum of Independent Audit Regulators (IFIAR), on September 24 and 25, in Toronto.

The host for the meeting was the Canadian Public Accountability Board and the meeting was chaired by Jeffrey Lucy, Commissioner, Australian Securities and Investments Commission.

The Financial Stability Forum, the International Organization of Securities Commissions, the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, the Public Interest Oversight Board and the European Commission were also present as observers.

Paul Boyle, Chief Executive Officer, UK Financial Reporting Council, was appointed as incoming chairman and Steven Maijoor, managing director, Netherlands Authority for the Financial Markets, as incoming vice chairman.

IFIAR will hold its next meeting in Oslo in April 2008 at the invitation of Kredittilsynet — the Financial Supervisory Authority of Norway.