The Forum of Firms held its mid-year meeting in New York from 2 to 4 June 2026. IECnet Chairman Vincent Domon attended the meeting. Among the key topics on the agenda was the use of AI by audit firms, with a particular focus on the FRC's supervision approach: the UK regulator published landmark guidance earlier this year on the use of generative and agentic AI in audit engagements - the first of its kind globally - making clear that human auditors remain fully accountable regardless of the tools deployed. CPAB presented its latest inspection findings, noting a continued decline in significant audit deficiencies across Canadian firms. A Middle East regulatory update highlighted the rapidly evolving compliance landscape in the region, including new coordinated audit quality inspections across the UAE. Finally, delegates discussed the involvement of key players, including development partners, PAOs, and supreme audit institutions, in driving forward the implementation of IPSAS standards worldwide.
